MBS down 28 bps on the open, stocks down a couple of points too.

The mortgage market started the day lower, with MBS down 28 bps. Stocks were also down a couple of points.

Jobless Claims slightly better than expected, but bonds still sell off.

Initial Jobless Claims came in slightly better than expected, but bonds still sold off. The market is blaming the announcement of a large corporate bond offering from Nasdaq that’s expected to price today.

Existing Home Sales basically flat in May, down 20% year-over-year.

Existing Home Sales were basically flat in May, rising only 0.2%. On a year-over-year basis, sales were down 20%. The median home price fell 3.1%, while inventory remains tight.

Fed Chair Powell’s testimony was hawkish, MBS close down 44 bps.

Fed Chair Powell’s testimony was hawkish, and MBS closed the day down 44 bps. Stocks, on the other hand, won with a 16 point increase.

Key takeaways:

  • MBS are down 44 bps.
  • Stocks are up 16 points.
  • Jobless Claims were slightly better than expected.
  • Existing Home Sales were basically flat in May.
  • The median home price fell 3.1%.
  • Fed Chair Powell’s testimony was hawkish.

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