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  4. Market Update – S&P 500 Results Higher Than Estimates
Yesterday, mortgage prices moved higher after a strong 5-year auction. Over 80 percent of companies in the S&P 500 have reported second-quarter results higher than analyst estimates, moving 10-year treasury prices lower while mortgage bonds have stayed relatively flat. Today, mortgages are slightly lower from yesterday’s close before the sale of $29 billion 7-year notes, the last of three note auctions this week.


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