Daily Market Update 6/28/17

Rates inched higher Wednesday reflecting yesterday’s late selloff of bonds and mortgage-backed securities.  In economic news, the National Association of Realtors reported that Pending Home Sales fell by 0.8% in May, well below the consensus forecast for an increase of 0.5%.  This is the third consecutive monthly sales decline and is largely due to the extreme lack of inventory.  Pending Home Sales for April and May have been below 2016 levels.  No other key data will be released today.

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