The FHFA House price index rose +0.4% in June, following a +0.2% gain in May (-5.1% YoY) and for July the index disappointed expectations of +0.5%, up a meager +0.1%. The Markit PMI manufacturing index advanced in August to a final 57.9 vs. the mid-month reading of 58.0 and a final July reading of 55.8, and consensus for September is for a slight improvement to 58. The Richmond Fed manufacturing index for August was up +5 points to 12 and consensus for September is for a small decline to 10. Treasuries are advancing for the fourth consecutive day after the U.S. air strikes in Syria and geopolitical tensions in Israel sparked a renewed flow to safe-haven assets. The curve has bull flattened with 2s10s down -1.5 bps.
GNMA Issuer Fannie Mae and Freddie Mac Direct Lender Licensed throughout the U.S. and Puerto Rico Privately Held Mortgage Bank for Over 32 Years Excellent Underwriting / Funding Turn Times
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