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Mark Hemingway

Mortgage Market Update for August 5th

Monday, August 5, 2019 - Article by: Mark Hemingway - Security Financial Services, LLC - Message

News that China has devalued or let its yuan slip below a key level has sent global stock markets lower while US Treasury prices soar. The yield on the 10-year T Note has fallen to a three-year low of 1.77%, though above earlier levels, as global investors seek the ultra-safe haven of the US dollar and the higher yields of US Treasury markets. The Dow Jones Industrial Average was down over 500 points in early trading.

The only economic report released today was the July ISM Service Index which came in at 53.7, down from 55.1 in June. This is the index's lowest reading since August 2016, when it registered 51.8. Within the data it showed that employment component increased. A reading above 50% indicates the non-manufacturing sector economy is generally expanding; below 50% indicates the non-manufacturing sector is generally contracting.

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