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Market Rates July
MOMENTS IN HISTORY
Source: DatesInHistory.com, HistoryOrb.com, Wikipedia.org, History.com, & On-This-Day.com
THE WEEK IN REVIEW
We finish the week out with June New Homes Sales, which dropped -6.8% to 482K. The decline follows a downwardly revised -1.1% decrease in May. For the most part, the Q2 housing sector has reflected significant improvement. Today's data release offers a dose of reality that we interpret as an indication that the rate of improvement in the housing sector is less impressive than appeared to be on track. We also note that this data series tends to be very erratic on a month-to-month basis, and new home sales are still up 18.1% on an annual basis. After the dust settled, Treasury yields continued to trade below the 2.30% mark in 10s, with MBS pricing fairly unchanged on the day. We look to still hold the 2.27% support level, but we need a stronger push below to boost the case for better rates into next week.
UPCOMING MARKET DATA
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