Existing home sales in May, which were expected to show and increase actually fell 2.2%, according to the National Association of Realtors. The Federal tax credit which expired April 30, was expected to provide a boost to home sales, and we still may see that in the June data, as purchases must be complete by June 30 to qualify for the tax credit.
Monday’s rally in the stock market faded as the day wore on, and stocks opened flat this morning. Bond prices continue to improve with mortgage bonds better by .125% to .25% in price.
The U.S. Treasury will auction $40 billion of 2 year notes today, and the Federal Reserve begins its two day policy meeting.
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Does this mean lower rates are coming soon? Like 3.99% 15 year fixed loan>
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