Daily Market Update 6/2/09

Mortgage rates were little changed Tuesday following Monday’s sell-off of Treasurys and mortgage-backed securities, although it has been a volatile session. The National Association of Realtors reported a 6.7% rise in Pending Home Sales in April, following a 3.2% gain in March. While nearly half of reported sales were “distressed” properties, many analysts view the results as evidence the housing market has reached bottom. Stocks moved modestly higher. No other economic data will be released today.

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