Daily Market Update 6/22/10

Mortgage rates eased to their lowest levels of the year Tuesday on weaker than expected economic data. The National Association of Realtors reported Existing Home Sales fell 2.2% in May. A gain of 5.5% had been forecast. Results from today’s 2-year Treasury auction will come out at 1:00 PM. Investors will now likely turn their focus to tomorrow’s FOMC meeting of the Federal Reserve. No rate changes are expected, but the statement issued following the meeting may offer clues about the direction of future monetary policy.

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