Thursday, December 3, 2020

Daily Market Report 12/3/20

http://MikesDailyMarketReport.com:  The Initial Jobless Claims reported fewer claims last week, which 712k people applied for first time benefits.  Last week's report was revised higher, from 778k to 787k.  Also, people are leaving the Unemployment, as Continuing Benefits dropped from approximately 6 million to 5.5 million.  ISM Non Manufacturing shrunk from 56.6 to 55.9 in November.  Stocks are Up this morning, as they review the good jobs data today.  MBS is Up 3bps, so there wasn't any movement with Mortgage Rates from yesterday's pricing.  Yields have dipped down to 0.92%.

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, December 2, 2020

Daily Market Report 12/2/20

 http://MikesDailyMarketReport.com: The ADP, which will be the first of 3 jobs data that we'll see this week, had a revision higher to last week's report.  It was initially stated that 365k new jobs in the Private Sector were created for October; however, it was revised to 404k.  It dipped to 307k in November on forecasts of 410k.  Stocks are taking a breather after a very strong November and yesterday's rally.  A few headline news includes the UK approving emergency vaccines from Pfizer and BioNTech; Stimulus negotiations hit a snag when Mitch McConnel reiterated his point on a "targeted stimulus" position in lieu of a broader base; and Mnuchin and Powell continue their testimonies to Congress, as they meet before a House Committee today.  MBS are Up 5bps this morning after a bit of a rough day yesterday.  We closed Down 33bps yesterday, which led Lenders to re-price for the worse.  So Mortgage Rates will fall closer to yesterday's pricing after close, or a bit higher than yesterday morning's report.  Yields were pushing higher earlier this morning and have shown some weakness.  It's sitting just under 0.95%, after pushing upwards around 0.96%.

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, December 1, 2020

Daily Market Report 12/1/20

 http://MikesDailyMarketReport.com: Construction Spending rose 1.3% in October.  The ISM Manufacturing Index, like yesterday's Chicago PMI report, dipped from 59.3 to 57.5 in November.  The ISM Manufacturing is considered the "Gold Standard" for the Manufacturing reports.  Stocks are Up after a very big November.  Congress is restarting Stimulus talks again.  Mnuchin and Powell are testifying before Congress.  Also, according to a report by Adobe Analytics, Cyber Monday broke another record at $10.8 Billion in online sales yesterday.  However, MBS has lost their gains from yesterday, and are currently Down 23bps; so, Mortgage Rates have stepped up a little bit today.  Also, Yields are having a big day, as it jumps above it's 25 DMA and the next Technical level.  It's currently sitting at 0.92%.

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, November 30, 2020

Daily Market Report 11/30/20

 http://MikesDailyMarketReport.com:   The Chicago PMI, which measures manufacturing in the Chicago area, dropped from 61.1 to 58.2 (anything above 50 is considered growth or expansion).  However, Pending Home Sales dropped 1.1% in October.  Stocks are taking a bit of a breather, after a pretty big month, as all 3 indexes are in Negative Territory.  It was reported last night that President Trump may add 2 large Chinese companies to the Export Blacklist (SMIC, their largest chip maker, and CNOOC, an oil giant.  This doesn't appear to be affecting the Markets at this time.  Meanwhile, MBS is Up 8bps (after closing upwards of 25bps on Friday's short open).  So, you'll find an improvement with Mortgage Rates from Wednesday's rates (maybe as much as 0.25% to the rate improvement).  Yields have been pushed below it's 25 DMA again, and it's trying to work it's way back above it.  It's sitting just under 0.85%.

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, November 25, 2020

Daily Market Report 11/25/20

 http://MikesDailyMarketReport.com:   The 2nd reading for the Q3 GDP remained Unchanged at 33.1%.  The Durable Goods Orders revised their September numbers from 0.5% to 2.1%, but it came in at 1.3% for October; when you exclude Transportation, then it rose 1.3% in October.  Last week's Jobless Claims were revised higher from 742k to 748k, which this week's report came in at 748.5k.  The Continued Claims have dropped by approximately 300k too. Personal Income was revised from 0.9% in September to 0.7%; however, it dropped 0.7% in October.  Consumer Spending revised their September number of 1.4% to 1.2%, which October reported 0.5%.   The PCE (Personal Consumption Expenditure) remained Unchanged in October; and it's YoY dropped from 1.4% to 1.2%.  The Core PCE (excludes food and energy -and is Fed's favorite gauge for consumer inflation) also remained unchanged for October; however, it's September report was revised higher from 1.5% to 1.6% for YoY and dropped down to 1.4% in October.  The Fed would like this number closer to 2.0% (and maybe even 2.5% for a duration).  New Home Sales for September were revised higher, from 959k to 1.002 million; however, it's October annualized units shrunk down to 999k.  The Consumer Sentiment slightly dropped from 77.0 to 76.9 in November.  Later today (around 11am PST) the FOMC Minutes will be released.  Stocks are trading in Mixed Territory, as Investors cash in on profits after big day for DOW and S&P yesterday.  NASDAQ is lone index in Positive territory today.  MBS is Up 13bps, so Mortgage Rates should be improved from what we've seen this week; and in close alignment to what we saw on Thursday/Friday of last week.  Yields are sitting at 0.87%.

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, November 24, 2020

Daily Market Report 11/24/20

 http://MikesDailyMarketReport.com: The Case Shiller Home Price Index saw a big spike in home appreciation for the month of September, as it rose 6.6% YoY.  Meanwhile, the Consumer Confidence dropped a bit in November to 93.1, from October's 100.9.  Stocks are Up this morning, as the DOW hit another Milestone -trading over 30k for the first time!  Even though cases have increased, Investors are feeling better about the vaccines and medical help to treat them.  Meanwhile, Biden has tabbed former Fed Chair Janet Yellen to be his Treasurer once (or if ) he takes office.  MBS is currently Down 3bps, but were down further earlier this morning.  East Coast Lenders may have priced a bit worse due to this; however, pricing is Unchanged from yesterday, here, on the West Coast for Mortgage Rates.  Yields are clawing their way back up, as they are now sitting around 0.88%.

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, November 23, 2020

Daily Market Report 11/23/20

 http://MikesDailyMarketReport.com: Today, we received reports from the IHS Markit PMI, which they show Manufacturing rising from 53.4 in October to 56.7 in November; and Services rose from 56.9 in October to 57.7 in November.  Overall, a very good report!  Stocks are Mixed this morning on light trading, as this is a short Holiday week.  NASDAQ is the lone index in the Red this morning.  The Headline news mostly covers some optimism for COVID related news on vaccines and Health Officials okaying experimental drugs to help with COVID patients, as numbers rise; and worries about it spreading more during the Holiday season, as families gather.  MBS is Down 14bps this morning, so Mortgage Rates crept up slightly (about an .125% to the rate).  Yields jumped above it's 25 DMA and Technical level this morning, and now sits just under 0.86%.

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