The S&P 500 Index is up 0.16% to a 4-month high, while the Nasdaq 100 has reached a new all-time high, increasing by 0.34%. The Dow Jones Index is down 0.09%. These movements follow a ceasefire between Israel and Iran, which is providing market optimism. However, US new home sales for May fell 13.7% month-over-month, more than the anticipated 6.7% decrease, landing at a 7-month low of 623,000.
In mortgage news, applications increased by 1.1% in the week ending June 20, though the purchase sub-index fell by 0.4%. The average 30-year fixed mortgage rate rose to 6.88%. Key economic indicators this week include expected unchanged Q1 GDP at -0.2%, and initial unemployment claims projected to decrease by 2,000 to 243,000.
Overseas markets are mixed; the Euro Stoxx 50 is down 0.53%, while China’s Shanghai Composite is up 1.04%. The 10-year T-note yield is up 3.3 bps to 4.328%. Fed comments suggest a wait-and-see approach on interest rates, with a 21% chance of a 25 bps rate cut at the upcoming FOMC meeting.
