Friday, August 14, 2020

Daily Market Report 8/14/20

 http://MikesDailyMarketReport.com: Retail Sales disappointed in July, as it came in at 1.2%, after a 7.5% jump in June.  When you exclude Autos, it went up 1.9% in July.  Productivity rose by 7.3% in Q2 and Unit Labor Costs rose by 12.2%.  Industrial Production continues to progress, as it rose 3.0% in July.  Capacity Utilization rose from 68.5% in June to 70.6% in July.  Consumer Sentiment rose to 72.8%, after forecasts called for a drop.  Business Inventories continue to decline, as they declined 1.1% in June.  Stocks are Mixed again today, but this time, NASDAQ is lone index in Red.  Not much news on Congressional negotiations for new Stimulus package, COVID-19 or tensions with China, as they've been our main headlines for awhile now.  However, Lenders repriced for the worse during the afternoon yesterday, and closed down 9bps.  This morning, we're currently Up 3bps, so Mortgage Rates are Unchanged from pricing after yesterday's close (but lower than yesterday's start).  Also, for those whom are refinancing with conventional loans and received a rate quote from Wednesday or later, then now your looking at a 0.5% increase to the fee of the rate you were quoted.  So, if you have a $300k loan and quoted 0 points, then now you're paying 0.5% point, or $1,500 for that previously quoted rate on top of any Market Changes.  This is due to the new Government Tax (imposed by FHFA -not to be confused with FHA), which Lenders will pass onto the Consumer.  This doesn't affect purchase or any other loan programs.  This is just to make you aware why  you may see any drastic changes in previous quotes.  Meanwhile, Yields have climbed nearly to 0.70%.

Please subscribe to my YouTube Channel at MikesDailyMarketRpt

Also, these videos are base on my views and not represented by any other entity, but my own.  I work as a Loan Officer, and if you'd like information on Mortgages, or how I can assist you, then either direct message me, or visit http://michaelb.swmcretail.com.


Thursday, August 13, 2020

Daily Market Report 8/13/20

 http://MikesDailyMarketReport.com: The Initial Jobless Claims finally dropped below 1 million since the Pandemic, as it reported 963k people applying  for unemployment benefits for first time; which last week's number was 1.19 million.  Stocks are Mixed today, as the DOW remained the lone index in Red.  Not much else is new, as Congress continues to blame one another for not coming to a resolution to a new Stimulus package and numbers are subsiding with COVID-19 cases.  There was one surprise last night that will affect people, whom are looking to refinance their conventional loans (Fannie Mae and Freddie Mac), which they announced (as many would call) a tax of 0.5% point price adjustment effective immediately; so, if you're in middle of refinance and haven't locked yet, then you'll see a 0.5% price adjustment to your cost of the interest rate.  This means that if you're refinancing a $300k loan and were paying 0 points for your rate, then you're going to pay an additional $1,500 for that same rate.  This move surprised everybody.  Meanwhile, MBS started the day much higher and has subsided to +5bps from yesterday's close, so some Lenders (mostly east coast) may reprice for the worse; and here on the West Coast will see (with exception to the new tax) the same pricing as yesterday.  Meanwhile, Yields continue to rise, and currently sit around 0.68%.

Please subscribe to my YouTube Channel at MikesDailyMarketRpt

Also, these videos are base on my views and not represented by any other entity, but my own.  I work as a Loan Officer, and if you'd like information on Mortgages, or how I can assist you, then either direct message me, or visit http://michaelb.swmcretail.com.





Wednesday, August 12, 2020

Daily Market Report 8/12/20

 http://MikesDailyMarketReport.com: The Consumer Price Index rose 0.6% in July, which it's YoY jumped up from 0.6% to 1.0%.  The Core CPI (excluding food and energy) also rose 0.6% in July, and it's YoY increased from 1.2% to 1.6%.  Stocks are Up this morning on overall good sentiment regarding the improving economic trends and progress in COVID-19 between vaccinations coming out soon and cases dropping.  MBS dropped a bit further yesterday (closed down 34bps), so pricing worsened yesterday; and this morning, it was down further, but it's currently Down 3bps.  This worsening trend will push Lenders to come out with a little worse pricing to cover themselves from any further Market deterioration throughout the day.  Yields have skyrocketed over the past few days; as the Markets compete with Stocks for investment dollars, over supply for auctions this week and the Fed's new stance on Inflation.  They are currently around 0.66%.

Please subscribe to my YouTube Channel at MikesDailyMarketRpt

Also, these videos are base on my views and not represented by any other entity, but my own.  I work as a Loan Officer, and if you'd like information on Mortgages, or how I can assist you, then either direct message me, or visit http://michaelb.swmcretail.com.




Tuesday, August 11, 2020

Daily Market Report 8/11/20

 http://MikesDailyMarketReport.com: The NFIB Small Business Index dropped from 100.6 in June to 98.8 in July, as many states reconstituted some form of lockdowns.  The Wholesale Inflation data rose in July, as the Producer Price Index rose by 0.6% in July; and the Core PPI (excluding Food and Energy) rose by 0.5%.  Stocks are Mixed this morning, as the NASDAQ again is the lone index in the Red.  Congress reconvenes their negotiations with another Stimulus Package.  Russia becomes the first to release COVID-19 vaccines.  Mortgage Rates worsened a little bit today, as the MBS is currently Down 17bps.  Meanwhile, Yields have skyrocketed to just over 0.65%.  In the process, they've climbed past their 25 DMA, another ceiling and right near the 50 DMA.  We'll want to watch, as this may be an indicator for MBS to pull back it's recent gains.

 Please subscribe to my YouTube Channel at MikesDailyMarketRpt

Also, these videos are base on my views and not represented by any other entity, but my own.  I work as a Loan Officer, and if you'd like information on Mortgages, or how I can assist you, then either direct message me, or visit http://michaelb.swmcretail.com.



Monday, August 10, 2020

Daily Market Report 8/10/20

 http://MikesDailyMarketReport.com:  No economic data to report today.  Stocks are Mixed, as the NASDAQ is lone index in Red.  President signed Executive Order to extend portions of the Pandemic Stimulus, including unemployment benefits and assisting renters.  There may be legal proceedings to block it.  Also, tensions continue to escalate between US and China.  China counters US' 45 day warning of ban on dealings with BytDance and Tencent by restrictions on more people and companies whom support them over criticisms of China.  MBS is currently Up 6bps, so Mortgage Rates remain Unchanged from Friday's close.  Yields are widely fluctuating, as they test it's new ceiling, but have dipped some (almost to new floor).  They currently sit just under 0.57%.

Please subscribe to my YouTube Channel at MikesDailyMarketRpt

Also, these videos are base on my views and not represented by any other entity, but my own.  I work as a Loan Officer, and if you'd like information on Mortgages, or how I can assist you, then either direct message me, or visit http://michaelb.swmcretail.com.




Friday, August 7, 2020

Daily Market Report 8/7/20

 http://MikesDailyMarketReport.com: The Non Farm Payrolls rose by 1.76 million in July, as it exceeded it's forecast of 1.68 million.  Also, the Unemployment dropped from 11.1% in June to 10.2% in July (almost a full percent).  The Average Hourly Earnings, also, exceeded it's forecast of -0.5% in July by reporting +0.2%.  The Wholesale Inventories dropped by 1.4% in June.  Stocks are Down this morning, as Job creations have slowed, which makes a Stimulus Package even more dire, in the minds of the Investors.  President Trump issued a 45 day window for Tech Companies to stop doing business with Chinese Companies, TikTok and Tencent. This puts a timeframe on negotiations between Microsoft and TikTok.  MBS are Up 2bs, so there's currently no change in Mortgage Rates from yesterday.  Yields have pushed back Up to just over 0.56%.


As I mentioned in the video, these views do not represent anybody else, but my own.  I do work as a Loan Officer, so if I may be of assistance with your refinance or purchase, then please feel free to reach out to me at mikebjork@icloud.com.


Please subscribe to my Blog and YouTube Channel at MikesDailyMarketRpt




Thursday, August 6, 2020

Daily Market Report 8/6/20

http://MikesDailyMarketReport.com: Initial Jobless Claims improved this week, as 1.19 million people applied for first time benefits.  This is down from last week's 1.44 million; and lower than forecast of 1.40 million.  Stocks are Down this morning after a sharp rally yesterday.  Not much news, as Congress is still far apart on any Stimulus negotiations and Corona virus numbers continue to rise.  MBS is Up 13bps reclaiming quite a bit of yesterday's (-19bps) loss.  Mortgage Rates are priced a little better today.  Yields are sitting just under 0.52% currently.

As I mentioned in the video, these views do not represent anybody else, but my own.  I do work as a Loan Officer, so if I may be of assistance with your refinance or purchase, then please feel free to reach out to me at mikebjork@icloud.com.

Please subscribe to my Blog and YouTube Channel at MikesDailyMarketRpt