http://MikesDailyMarketReport.com: Happy New Years! Hope you all have a fun, safe New Years Eve tonite! We have a few data to report, which we'll begin with the Case Shiller HPI for October, which it rose from 3.2% to 3.3% YoY. This is considered the "Gold Standard" index for Home Prices. Consumer Confidence rose from 125.5 to 126.5 in December, which is another good sign for the economy. Stocks are Down again this morning on rather light trading. This time of year, the Big Trading Houses are typically working with skeleton crews, so we could see larger than normal swings in the Market because the Hedgefunds aren't trading to offset these types of swings. President Trump tweeted that they will be signing the Phase One deal at the White House on January 15th. The good news is already priced into the Stock Market. The MBS is currently Down 6bps. Yesterday's close had a late rally and closed Up 5bps. Many Lenders improved their pricing in the late afternoon. So, Mortgage Rates are better than yesterday morning's pricing, but the same as after the price improvements in the afternoon. Yields have inched it's way back up to 1.91% so far this morning.
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