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Will the 9-Day Rally Continue?
After jumping by more than 2% yesterday stock futures are looking to extend the rally on Friday morning, despite some disappointing earnings reports. The day ahead is pretty light with only an update on consumer confidence scheduled for release. Traders will determine if profit-taking will head to center stage now, or whether the nine-day rally is the start of a bigger climb.rn
Fed Purchases $21.125BN Agency MBS in Week Ending July 22
The goal of the Federal Reserve's agency MBS program is to provide support to mortgage and housing markets and to foster improved conditions in financial markets more generally. Only fixed-rate agency MBS securities guaranteed by Fannie Mae, Freddie Mac and Ginnie Mae are eligible assets for the program. The program includes, but is not limited to, 30-year, 20-year and 15-year securities of these issuers.
Freddie Mac Weekly Summary: Slight Increases in Mortgage Rates
Home buyers and refinancers waiting and hoping for a return of record low rates suffered a setback this week as fixed rates reversed a three-week downward trend. Only the short-term adjustable rate mortgage was lower than the previous week.rnrn
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