Stock markets are rebounding sharply this morning as this morning’s data eased concern the economic expansion was slowing sharply. In the U.S., the Institute for Supply Management reported its manufacturing index fell slightly to 55.5 in July from 56.2 in June. Keep in mind a reading above 50 reflects expansion. In addition to this an index gauging economic activity across 24 developed nations rose 2.3% to its highest level since May.
As one would expect, the rally in stocks is causing a reversal in the bond market, although the yield on the 10 year Treasury note remains below 3.0%, currently trading at 2.94%. The significant decline in interest rates coupled with low home prices makes this a great time to buy a home. Please contact your Home Savings of America sales professional to review HSOA’s purchase incentives.
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