Tuesday: Existing Home Sales, Richmond Fed Mfg, Fed Chair Powell

From Matthew Graham at Mortgage News Daily: No Easy Victories For Mortgage Rates

10yr yields may have hit their lowest levels in months in the wee hours of the morning and people may always perceive a bit too much correlation between 10yr yields and mortgage rates, but the latter didn’t have quite the same success. To be fair, Treasuries ended up losing ground as the day progressed, but even so, they are nearer to their recent lows than mortgage rates. [30 year fixed 3.25%]
emphasis added

• At 10:00 AM ET, Existing Home Sales for May from the National Association of Realtors (NAR). The consensus is for 5.72 million SAAR, down from 5.85 million.

Housing economist Tom Lawler expects the NAR to report sales of 5.78 million SAAR for May.

• Also at 10:00 AM, Richmond Fed Survey of Manufacturing Activity for June.

• At 2:00 PM, Testimony, Fed Chair Jerome Powell, The Federal Reserve’s Response to the Coronavirus Pandemic, Before the Select Subcommittee on Coronavirus Crisis, U.S. House of Representatives