Thursday, July 2, 2020

Daily Market Report 7/2/20

http://MikesDailyMarketReport.com: The Markets will close at 11am PST today and will be closed tomorrow in observance of Independence Day.  The data that would normally be released tomorrow, are released today.  The big report, Nonfarm Payrolls provided 4.8 million jobs in June.  Unemployment Rate fell to 11.1%.  Average Hourly Earnings dropped 1.2% in June.  The Weekly Initial Jobless Claims continued trending lower (albeit at a slower pace) to 1.43 million.  Factory Orders jumped up 8.0% in May.  Stocks started  Up much higher on the news of the jobs data, but have subsided quite a bit when news of some states pulling back on re-opening the economy, as the US hit a new high of 52k new cases of covid-19 on Wednesday.  They're still up, but off from earlier highs.  MBS was in negative territory, while stocks were up, but has moved into positive territory again, and currently Up 11bps.  Yields had initially broke thru all of their ceilings and tested their 25 DMA; but has scaled back to 0.67% (below their ceilings).

I will be moving to a new Lender, whom is National, so they can do loans in 48 states.  If you'd like to discuss your loan scenario, then either DM me from this social media site, or feel free to contact me via my personal email for now, as I'll be going thru a licensing transitioning period.  my personal email is mikebjork@icloud.com.

Please subscribe to my Blog and YouTube Channel at MikesDailyMarketRpt



Wednesday, July 1, 2020

Daily Market Report 7/1/20

http://MikesDailyMarketReport.com:  The ADP had some great news today, as it revised it's May numbers from a loss of 2.76 million jobs to 3.065 million jobs created.  The June numbers for June came up a bit shy of the 3.00 million forecast, which was 2.369 million jobs created.  Also, ISM Manufacturing had good news for June, as it went from 43.1 in May to 52.6 in June.  Anything above 50 is in expansion territory; so, we went from contraction previously to expansion.  Great news for a recovery!  Construction Spending continued it's decline, as it dropped 2.1% in May.  Later today, we'll see the notes from the FOMC Meeting in June.  Investors are interested in viewing it.  Stocks are Up on the positive economic data, but also some positive results on a vaccine being engineered by Pfizer.  MBS started the morning down a bit, but is now Unchanged; as, Mortgage Rates remain Unchanged from yesterday's pricing.  Adding pressure to MBS is Yields, which have risen to 0.69%, and breaking above it's 50 DMA and challenging it's next ceiling of resistance.  If this trend continues, then you may want to look into a locking bias; for now, floating is ok.

I will be moving to a new Lender, whom is National, so they can do loans in 48 states.  If you'd like to discuss your loan scenario, then either DM me from this social media site, or feel free to contact me via my personal email for now, as I'll be going thru a licensing transitioning period.  my personal email is mikebjork@icloud.com.

Please subscribe to my Blog and YouTube Channel at MikesDailyMarketRpt



Tuesday, June 30, 2020

Daily Market Report 6/30/20

http://MikesDailyMarketReport.com: The lockdown didn't stop home values from rising, according to Case Shiller,  as it's Home Price Index indicated that  home values rose from 4.6% YoY in March to 4.7% in April.  However, news weren't so great in Chicago, as manufacturing is still a concern.  The Chicago PMI only rose from 32.3 to 36.6 in June.  Anything below 50 is contraction/pessimistic territory.  It's counter-parts in the NE have vastly improved to near 50 territory.  But Consumer Confidence has improved from 85.9 in May to 98.1 in June.  Stocks are Up on this news, as they watch Fed Chair Powell and his counter-part at the Treasury, Steven Mnuchin, testify before the House Committee.  Also, there are a few Fed Speakers today.  MBS is currently Up 8bps and trending upward.  This isn't quite enough to see any rate improvement, as Mortgage Rates remain Unchanged.  Yields are trending lower and currently sit around 0.63%

Please subscribe to my Blog and YouTube Channel at MikesDailyMarketRpt



Monday, June 29, 2020

Daily Market Report 6/29/20

http://MikesDailyMarketReport.com:  After dropping 21.8% in April, Pending Home Sales rebounded in a big way in May, as it jumped up 44.3% in May.  Stocks were a bit mixed this morning, as the NASDAQ was the only index in the Red this morning, but not by much.  Coronavirus remain in the spotlight, as the numbers continue to increase and the V shaped recovery may not be in the cards.  MBS started a little higher this morning, but has since withdrawn and sit at Unchanged levels from Friday's close; so, Mortgage Rates remain the same as Friday's.  Yields have pulled back too, as it sits at 0.64%.

Please subscribe to my Blog and YouTube Channel at MikesDailyMarketRpt


Friday, June 26, 2020

Daily Market Report 6/26/20

http://MikesDailyMarketReport.com:  Personal Income dropped by 4.2% in May; whereas, its counter-part, Consumer Spending rose 8.2% in May.  Both the PCE and Core PCE rose by 0.1% in May.  The PCE's YoY dropped from 0.6% in April to 0.5% in May; whereas, the Core PCE remained Unchanged at 1% in May.  Consumer Sentiment declined from initial 78.9 to 78.1 for final revision to June, which was probably due to the Mass Protests and Riots.  Meanwhile, Stocks are Down again over concerns of rising cases of Covid-19 .  Investors are reviewing the latest updates on the Banks Stress Tests released yesterday evening and the loosening of restrictions of the Volcker Rule on Banks.  The ECB's Christine Lagarde stated that she feels that we're past the low point of the pandemic, however, there's still the possibility of a 2nd wave.  MBS is doing well today, as they're Up 19bps; so Mortgage Rates are improving more today.  Yields are falling, and currently sit around 0.63%.

If you're located in California and looking to either buy a home or refinance and would like my assistance, then please click on the following link and answer a few questions: HERE

Please subscribe to my Blog and YouTube Channel at MikesDailyMarketRpt


Thursday, June 25, 2020

Daily Market Report 6/25/20

http://MikesDailyMarketReport.com:  Initial Jobless Claims continue their trend downward, but not quite at the pace everybody wishes, as they to from 1.51 million people applying for first time benefits in last week's report to 1.48 million in today's report.  Durable Goods Orders rebounded in May, jumping up 15.8%; and when you exclude Transportation, then it jumped up 4.0%.  Q1 GDP remained unchanged at -5.0%.  This is the final revision for Q1 GDP.  Investors will be looking to Q2 next month.  Stocks started the morning higher on news that Bank Regulators will be loosening some of the restrictions on Banks, placed by Volcker's Rule, that will allow Banks to invest in large capitals and not have to save funds for dividends, in order to free up capital in the Markets.  Stocks have since gone into Negative Territory this morning, and will be waiting on results from Bank Stress Tests.  MBS is Down 2bps, so Mortgage Rates remain Unchanged.  They closed upward of +9bps yesterday, furthering away from 25 DMA.  Yields lost all of it's gains yesterday, which brought it past 50 DMA and right up to 25 DMA, and now back below all of those levels, sitting at 0.67%

If you're located in California and looking to either buy a home or refinance and would like my assistance, then please click on the following link and answer a few questions: HERE

Please subscribe to my Blog and YouTube Channel at MikesDailyMarketRpt



Wednesday, June 24, 2020

Daily Market Report 6/24/20

http://MikesDailyMarketReport.com: The FHFA Home Price Index pulled back in April, as it went from 5.9% YoY appreciation in March to 5.5% YoY in April.  This will most likely begin to rise again, as the economy begins to reopen.  Stocks are Down this morning over concerns of a possible 2nd Wave of Coronavirus, as more reports come in with higher numbers, including higher hospitalization rates in some areas.  There have been some reports that the US may impose some tariffs on aluminum from Canada and some goods from Europe.  This doesn't sit well, as it may escalate into trade tension, which is not welcomed during this current economic crisis.  The IMF revised their reports lower again.  MBS is Up on 2bps currently.  It started the morning lower, testing it's new floor (25 DMA); but it's also off from it's highs; thus, creating some uncertainty in the Markets on it's direction.  Yields started the morning lower, but has been testing it's 25 DMA and currently just sits below it (just under) 0.70%.

If you're located in California and looking to either buy a home or refinance and would like my assistance, then please click on the following link and answer a few questions: HERE

Please subscribe to my Blog and YouTube Channel at MikesDailyMarketRpt