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%.
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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.