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



Wednesday, August 5, 2020

Daily Market Report 8/5/20

http://MikesDailyMarketReport.com: We get to look at the first of 3 employment numbers for July today, starting with the ADP Employment.  June's numbers were revised higher, from 2.37 million to 4.31 million.  However, July's data was sorely disappointing, coming in at 167k.  Investors are shaking it off a bit, due to the June's much higher revision.  Markit Services PMI reached expansion territory, when it registered 50.0 on it's index.  Also, the ISM Services Index jumped up to 58.1%.  Both of these Services Indexes are reporting for July's numbers.  Stocks took notice of the Service Industry data; the better than expected earnings reports that came out today; and comments by Steven Mnuchin regarding an agreed time frame, as to when Congress will complete a Stimulus package, which will be Friday.  So, Stocks are in Positive Territory.  MBS are currently Down 13bps based on the Market News, but also, the announcement of the volume being sold at auction, which the increase in supply is lowering prices (hence, increasing yields).  Mortgage Rates are priced a little worse today (compared to yesterday's close).  Yields are Up again, and sitting just under 0.55%.

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



Tuesday, August 4, 2020

Daily Market Report 8/4/20

http://MikesDailyMarketReport.com: Factory orders continued into June with positive results, as it increased by 6.2%.  Stocks are lightly trading today in Positive Territory.  Investors are watching Congress, as they negotiate a new Stimulus Bill.  MBS is currently Up 8, but it has fluctuated higher (Up 13bps); so, most Lenders will have their rates remain Unchanged, but the more aggressive Lenders may have priced slightly better today.  Yields have come back lower this morning, and currently sit just above 0.52%.

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



Monday, August 3, 2020

Daily Market Report 8/3/20

http://MikesDailyMarketReport.com: Markit Manufacturing dropped a little bit in July, as it went from 51.3 in June to 50.9 July. ISM Manufacturing Index rose from 52.6% to 54.2%. Anything above 50 is considered in expansion territory; and the ISM Manufacturing is considered the "gold" standard. Construction Spending dropped by 0.7% in June. Stocks are all trading in Positive Territory this morning. There's no news regarding any agreement for next round of Stimulus, as the $600/week benefit expired on Friday. Also, we're still seeing Earnings Reports being released. Reports show that Manufacturing in both Europe and China improved, as well. The big news over the weekend is the talk about the possibility of TikTok being banned in the US, and possibly Microsoft buys it's US operations. MBS are currently Unchanged from Friday's close; so Mortgage Rates remain Unchanged. Yields broke above it previous ceiling and sitting just below 0.56%. The previous ceiling was initially it's floor until last Thursday when Yields dropped below it (Friday, it tried, but failed to remain above). 

 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





Friday, July 31, 2020

Daily Market Report 7/31/20

http://MikesDailyMarketReport.com:  Consumer Spending rose 5.6% in June; while Personal Income dropped 1.1% in June.  The Fed's favorite index that gauges inflation Personal Consumption Expenditure(PCE) without the food and energy being added came in very tame in June, as it only rose 0.2% in Mom; however, it's YoY dropped from 1.0% to 0.9%.  The last thing we want is inflation.  The Employment Cost Index rose 0.5% in Q2.  This is another inflationary data that the Fed likes to watch.  This was fairly tame.  Manufacturing in the Chicago area had good news, as the Chicago PMI came in at 51.9, which brought it back into expanding territory (above 50 in the index).  This was after it came in at 36.6 in June.  Consumer Sentiment dipped a bit in July, as it went from 73.2 in June to 72.5 in July.  Stocks are in Mixed Territory again this morning, as NASDAQ continues to heat up with the large Tech Companies (Apple, Alphabet, Facebook, Amazon, etc..) all posting above expectations on their earnings; while, energy companies, like Chevron and Exxon were hit very hard in Q2 and posting record losses.  President Trump offered to temporarily extend the $600/week benefits while Congress negotiates next Stimulus/Recovery Bill; however, it was rejected by the Democrats in order to use as leverage and get a larger bill passed.  MBS is currently Up 5bps, but Mortgage Rates remain Unchanged this morning from yesterday's close.  Yields fell below their double floor of support yesterday and trying to claw their way back above it.  It resides just above the line at just under 0.55%.

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, July 30, 2020

Daily Market Report 7/30/20

http://MikesDailyMarketReport.com: Initial Jobless Claims had another little spike again this week, which it increased from last week's number of 1.42 million people applying for unemployment benefits for first time to 1.43 million in this week's report.  Also, we get an initial look at the GDP for Q2, which went into the record books (not in a good way) at -32.9%; and Q1's GDP was -5.0%.  Stocks are mostly in the Red, but NASDAQ is the lone index in Positive Territory.  Some of the big Tech Stocks will be releasing their Earnings Reports after the bell tonight, which may influence tomorrow's trading.  The rising cases in covid-19 and the bickering between political parties is weighing a bit on the Markets.  Meanwhile, we've been seeing some improvement with Mortgage Rates over the past few days, as MBS is currently Up 13bps this morning.  Yields broke below their floor of support yesterday and are now testing their new floor, and reside just under 0.55%.

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


Wednesday, July 29, 2020

Daily Market Report 7/29/20

http://MikesDailyMarketReport.com: The Pending Home Sale Index rose 16.6% in June.  Stocks are Up this morning before the FOMC finishes and Fed Chair Powell announces their decision at 11:30 am PST.  They are not expected to change rates.  Their Announcement may not have much impact with the Market today, as they pretty much said everything they wanted to say prior to the week before the FOMC.  We're still getting Corporate Earnings Reports; and the Heads for the Big Tech Firms will be meeting before a House Committee today.  MBS is Up 14bps, after closing up 30bps yesterday, which you should find better pricing for Mortgage Rates today.  Yields are fighting to remain above it's floor again and sitting at 0.58%.

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


Tuesday, July 28, 2020

Daily Market Report 7/28/20

http://MikesDailyMarketReport.com: The Case Shiller HPI showed a slowdown in National Home Prices in May, as it dropped from 4.6% YoY Appreciation in April to 4.5%.  I'm confident this will rise, as we head into summer.  Consumer Confidence dropped from 98.3 in June to 92.6 in July, as several states increase further lockdowns.  Confidence in economy growing was still growing.  Stocks are in Mixed Territory this morning, as the S&P was the lone index in Positive Territory, and it was barely above water.  MBS is Up 16bps, which will lead Lenders to provide better pricing today.  We're in the 103 range on the 2.0 MBS coupon, which hasn't been sustainable.  We'll see if it can stick this time!  Yields have climbed to just under 0.60% and pushing up against it's 50 DMA.

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


Monday, July 27, 2020

Daily Market Report 7/27/20

http://MikesDailyMarketReport.com: The Durable Goods Orders increased 7.3% in June, surpassing it's forecast of 6.5%.  There will be other reports this week, which includes the first look at Q2 GDP; and the FOMC starts tomorrow, with their Announcement on Wednesday.  Stocks are trading in Positive Territory, as many of the Big Tech Companies will release their Earnings Reports this week.  We're still looking at tensions with China and increasing coronavirus infections.  Some good news has the Republicans in agreement with each other on proposal for next Stimulus package, which will be brought to their counter-parts (Democrats) to negotiate.  This could be a long, drawn-out period.  MBS is currently Up 9bps, as it is currently off of it's Opening High.  Mortgage Rates remain Unchanged from Friday.  Yields continue to add pressure to it's floor of support, as it resides just above 0.58%.

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


Friday, July 24, 2020

Daily Market Report 7/24/20

http://MikesDailyMarketReport.com: Markit Manufacturing PMI moved into Expansion territory in July, as it went from 49.8 in June to 51.3.  Markit Services PMI improved in July, as it's June number was 47.9 and jumped up to 49.6 in July.  Anything below 50 is contraction territory and anything above it is expansion on these reports.  New Home Sales jumped up dramatically in June, as it went from 682k annualized units in May to 776k in June.  Stocks are Down this morning over concerns of the growing tensions between US and China; and the lack of development in next Stimulus/Recovery Bill from Congress.  MBS is currently Unchanged from yesterday's close, as Mortgage Rates also remain Unchanged.  Yields are still around 0.58%, but adding heavy pressure to it's floor.

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, July 23, 2020

Daily Market Report 7/23/20

http://MikesDailyMarketReport.com: The Initial Jobless Claims for the first time since Feb/March, as last week's report was 1.31 million people applying for first time benefits to this week's report at 1.41 million.  Leading Economic Indicators dropped from 3.2% in May to 2.0% in June.  The rise in Jobless Claims spooked investors, as Stocks go into the Red this morning.  They continue to look at Corporate Earnings Reports, but the next focus is the negotiations for the next round of Stimulus/Recovery package by Congress, as both Republicans and Democrats have a wide gap to bridge.  This next round is expected to be more tenuous and may take longer, as this round of negotiations aren't as dire as previous round.  MBS started the morning much higher, but has settled down a bit; and is currently Up 5bps.  The accumulation of rising MBS over the past few days will lead to better pricing (not so much from yesterday's pricing, but from Monday or last Friday's).   Yields have come down further and sitting just above it's floor of support at 0.58%.

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

Wednesday, July 22, 2020

Daily Market Report 7/22/20

http://MikesDailyMarketReport.com: The Existing Home Sales jumped Up from 3.91 million annualized units in May to 4.72 units in June.  This is just over 20% MoM jump, which is the largest, according to NAR.  Stocks are Up this morning on Corporate Earnings releases, despite tensions continuing to heat up between US and China, as the US ordered China to close their Houston Consulate.  As expected, China is threatening retaliation.  MBS is Up 5bps so far this morning, which isn't enough movement to improve Mortgage Rates, so they remain Unchanged.  Yields have slid down to about 0.59%.

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



Tuesday, July 21, 2020

Daily Market Report 7/21/20

http://MikesDailyMarketReport.com: There are no economic data to report today, so Stocks are taking their queues from Corporate Earning releases and Geo-Political News. This morning, Stocks are Up.  The EU announced an $858 Billion plan that will provide Grants and Loans to countries whom need assistance during this time.  This was well received in the Markets.  The Fed Reserve has 2 new nominees being addressed before a Senate Committee today.  MBS has started the day lower, but is currently Up 6 bps.  Lenders will tend to keep their Mortgage Rates Unchanged from yesterday's pricing.  Yields are currently sitting just under 0.61%.

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


Monday, July 20, 2020

Daily Market Report 7/20/20

http://MikesDailyMarketReport.com: This will be a light week, this week, in terms of economic data being released.  We have to data to report today, so the Markets are taking their queues from the news.  Stocks are in Mixed Territory, as the DOW is the lone index in the Red.  This week, we'll see Earnings Reports from the Technology Sector.  Cases of Coronavirus continue to increase, as Gov'ts in both the US and EU reconvene this week to discuss the next phase of Stimulus/Recovery packages for their respective economies.  The US Congress is facing mounting pressure as the $600/week Unemployment expires this week.  It was reported a few weeks ago that 2/3 of the recipients were making more money on Unemployment than going back to work.  Look for a possible long disputed negotiations from both sides before any package is passed.  MBS started the morning higher, but is off it's highs, and sitting about 5bps higher than Friday's close.  So, Mortgage Rates remain Unchanged.  Yields sit just under 0.62%.

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


Friday, July 17, 2020

Daily Market Report 7/17/20

http://MikesDailyMarketReport.com: Housing Starts improved to 1.19 million annualized units in June; and Building Permits increased to 1.24 million annualized, as they begin to reach pre-covid levels.  However, Consumer Sentiment dropped from 78.1 to 73.2 in July, as Covid cases rise and Government officials add more restrictions and closures.  Stocks have been Up and Down already this morning.  They started in Positive Territory early on, due to optimism for more Stimulus, as Europe passed their recent package.  Then they turned negative on the Consumer Sentiment data.  Now, it's mostly Mixed, as the DOW is the lone index in Negative Territory.  MBS started the morning in positive territory, but has since, moved into the Red (Down 2bps), as it did late yesterday (being in Positive territory to closing in the Red).  Yields are slightly Up, and sit just under 0.62%.

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, July 16, 2020

Daily Market Report 7/16/20

http://MikesDailyMarketReport.com: Initial Jobless Claims dropped down slightly to 1.30 million people applying for first time benefits.  Retail Sales rose 7.5% in June; and when you exclude Autos, it rose 7.3%.  Manufacturing in the Philadelphia Region continues with strong numbers, as the Philly Fed Index reports it dropping from 27.5 in June to 24.1 in July; however, it was higher than it's estimates of 18.1.  Business Inventories dropped 2.3% in May.  Stocks are Down this morning, as they receive Q2 Earnings Reports.  China reported less favorable consumer data, which has investors a bit concerned; as well as the tensions building between them and the US.  MBS is Up 17bps, which will have Lenders come out with better pricing on their Mortgage Rates this morning.  Yields have come down a bit and sit just under 0.61%.

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

Wednesday, July 15, 2020

Daily Market Report 7/15/20

http://MikesDailyMarketReport.com:  Manufacturing in the NY region improved in July, as the Empire State Index indicated that it went from -0.2 in June to 17.2 in July.  Industrial Production rose to 5.4% in June; and Capacity Utilization rose to 68.6%.  Later today, we'll get a micro view of the US economy, as the Fed Beige Book will be released.  Stocks started the day off in Positive Territory on news by Moderna and an Oxford Research (assisted by Astra Zaneca) regarding positive results for vaccinations.  Also, up today are more Earnings Reports.  President Trump signed a bipartisan bill with sanctions against China for the actions toward those in Hong Kong and signed an order to remove preferential treatment for Hong Kong.  Of course, China has vowed retaliation.  MBS are Up 2bps this morning.  After yesterday's sell off, the Lenders whom repriced for the worse will leave their Mortgage Rate pricing Unchanged; those whom did not change pricing yesterday will be more inclined to come out with worse pricing today.  Yields rose to just under 0.64%.

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


Tuesday, July 14, 2020

Daily Market Report 7/14/20

http://MikesDailyMarketReport.com: The NFIB Small Business Index, which measures the confidence among Small Businesses, rose to 100.6 in June.  The Consumer Price Index rose to 0.6% in June, as it did on a YoY basis too.  The Core CPI (exclusion of food and energy), rose 0.2% in June and it's YoY rose to 1.2%.  Stocks are trading in Mixed Territory, as NASDAQ is lone index in the Red today.  Some believe it may be correcting itself after a bit of a build up recently.  However, we did kick off Q2 Earnings reports, which were disastrous for Banks yesterday.  Part of the reversal in the Markets were announcements of new Lockdowns in parts of the country, especially CA, due to the recent spikes in infections.  Tensions continue to grow between US and China, as China sanctions Lockheed Martin, after US approved sales of missle parts to Taiwan.  Meanwhile, MBS is Up 27bps, which has led Lenders to improve their pricing on Mortgage Rates today.  Yields are getting pushed back a bit, as they drop just under 0.61%.  If you look at the Chart, it seems like this is a floor being established, as it doesn't really deviate much lower than this level.

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


Monday, July 13, 2020

Daily Market Report 7/13/20

http://MikesDailyMarketReport.com: There are no economic data to report today.  Stocks are Up this morning on the FDA fast-tracking Pfizer and BoNTech SE with their covid-19 vaccinations; despite the rising cases in the US and rising tesnions with China.  MBS had a big reversal on Friday and closed Down 31bps; and this morning, it's Down 11bps. This has let to a few price changes  by Lenders to worsen pricing.  Yields have climbed their way back up a little bit and currently sit at just over 0.64%.

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

Friday, July 10, 2020

Daily Market Report 7/10/20

http://MikesDailyMarketReport.com: The Producer Price Index, which measures inflation on the Wholesale level, dropped 0.2% MoM; whereas, the Core PPI (excludes food and energy) dropped 0.3% MoM.  The Core PPI's YoY dropped from 0.3% to 0.1%.  Stocks are trading in Mixed Territory this morning, as NASDAQ seems to be taking a break after it's Tech Stocks been trending higher for awhile now.  The Corona virus related news still tops the headlines.  Gilead announced some good news with their research.  On another topic in the news, is China announced they will impose their own sanctions on US after the US imposed sanctions on some individuals and businesses for their roles in Uighurs' human rights abuses.  This is boding well for MBS, as they're Up 11bps now.  Mortgage Lenders will be poised to improve pricing for Mortgage Rates again today.  Yields have tested their floor of support this morning and currently just under 0.62%.

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, July 9, 2020

Daily Market Report 7/9/20

http://MikesDailyMarketReport.com: Initial Jobless Claims continues with their downward trend (thankfully!), as this report came in at 1.31 million people applying for first time benefits.  Last week's report came in at 1.41 million.  It's a light day today, so not much news is affecting the Markets.  Stocks are Down this morning, as Investors begin to realize a recovery won't happen fast enough, or a V-shaped recovery.  MBS is taking for granted the Stocks recent struggles, as it's Up 14bps this morning, which will lead Lenders to price their Mortgage Rates even better.  Yields have fallen further, to just under 0.63%.  If you're floating your rate for better rates, then be a bit cautious, as MBS has drifted a bit far from it's 25- and 50 DMA.  When it drifts too far, then it has a habit of being dramatically pulled back, like a leash effect.  Also, Yields are at a position now that has shown some support, so they could revert to higher levels again soon.

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

Wednesday, July 8, 2020

Daily Market Report 7/8/20

http://MikesDailyMarketReport.com:  There were no data to report on the Economic Calendar today, but tomorrow will provide us with the Weekly Initial Jobless Claims.  It will be interesting to see if we continue the downward trend.  Stocks started the morning strong (led by Tech stocks), but has since pulled back, as the DOW and S&P dropped into the Red.  Investors are watching the increase of corona virus cases rise and possibility of parts of economy closing again, so they're looking toward Congress for another possible stimulus package.  Also, last night, Bloomberg reported the possibility that the President's top advisors are recommending him to undermine the Hong Kong Dollar, as a retaliation to  China's new security law on Hong Kong.  This could also pose as problem for US' own currency, if this was to be implemented.  MBS is rebounding this morning on the earlier stock rally.  It started down 17bps, but has now pulled to being Down 5bps.  East Coast Lenders most likely rolled out worse pricing and may be sending out price improvements. If this continues, and lenders are comfortable with the pull back, then we'll probably see pricing go back to Unchanged from yesterday's close (improvement for east coast or unchanged for west coast).  Yields have also pulled back from earlier rise, and now reside just under 0.66%.                                                                                                           
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


Tuesday, July 7, 2020

Daily Market Report 7/7/20

http://MikesDailyMarketReport.com: Job Openings improved in May, as it rose from 5 million in April to 5.4 million in May.  However, that wasn't quite enough to keep stocks in positive territory, as the DOW and S&P have slid into the Red.  Currently, they're trading in Mixed territory.  They were soured, as Investors listen to Fed Member (from Atlanta) Bostic state that the US economy appear to be "leveling off".  The European Commission lowered it's economic forecast again.  And the reality of rising infections of covid-19 cases, which is leading some areas back to closures, have begun to sink in that the US economy may not have the V-shaped recovery, as they hoped.  There are reports that show we may not return to the pre-pandemic numbers until 2022.  On the other hand, this is helping MBS, which is currently Up 20bps.  This will lead to better pricing for Mortgage Rates.  Also, Yields have slid below it's 50 DMA again and currently sit near 0.67%.

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

Monday, July 6, 2020

Daily Market Report 7/6/20

http://MikesDailyMarketReport.com: We have some data from the Services Sector today.  We'll start with the Markit Services PMI for the month of June, which rose from 46.7 to 47.9.  It's counter-part, the ISM Non-manufacturing Index, which is also the "gold" standard for this data, rose from 45.4% to 57.1% in June.  Anything above 50 is considered expansion.  This bode well for the Markets today.  Stocks are Up on optimism on continued growth of the economy, despite the rising covid infections.  MBS is Up only 2bps, so Mortgage Rates hold steady and remain Unchanged in pricing.  Yields have crept up, above the 50 DMA and it's next technical ceiling, and currently sits just under .70%.

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, 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%

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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



Tuesday, June 23, 2020

Daily Market Report 6/23/20

http://MikesDailyMarketReport.com:  We had some some improvement in both Manufacturing and Services sectors in the month of June, as the Markit PMI indicated with their indexes.  The Markit Manufacturing PMI rose from 39.8 in May to 49.6 in June; and the Markit Services PMI rose from 37.5 in May to 46.7 in June.  However, a 50 or greater is considered growth or optimism for these indexes.  We also received data on New Home Sales, which rose from 580k annualized units in April to 676k in May.  Stocks like the data are currently Up this morning.  Before the Markets opened, they (futures) were trading in a Mixed pattern, as Peter Navarro was interviewed on Fox News on Monday evening, and made confusing statements about the Phase One deal with China being over.  However, later, President Trump tweeted that the deal with China is not over, and continuing on.  This appeased the investors for this mornings trades.  MBS is currently Unchanged from yesterday's closed (which closed -9bps) and just atop it's 50 DMA.  The movement is not enough to change Mortgage Rates.  Yields started the day higher (just above it's 25 DMA), but has come down a bit (0.73%) and settling in at the level just above it's 50 DMA.

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


Monday, June 22, 2020

Daily Market Report 6/22/20

http://MikesDailyMarketReport.com: Existing Home Sales dropped from 4.33 million annualized units to 3.91 million units in May.  The forecast had it at 3.80 million.  NAR stated that they feel this was the bottom, as they faced lockdowns from the pandemic, and lower inventory levels.  Stocks are higher on the day and in Positive Territory, as they're led by Tech industry.  Investors still have one eye on the rise of Coronavirus cases being announced globally and any impact it may present.  Meanwhile, MBS started the day higher, but has since dropped below it's 25 DMA and is Down 6bps currently.  This is not enough movement to create any price changes for Mortgage Rates, as they remain Unchanged.  Yields are down from it's opening and sitting on a level just above it's 50 DMA and at 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


Friday, June 19, 2020

Daily Market Report 6/19/20

http://MikesDailyMarketReport.com: Sorry for the audio in today's recording.  I am currently experiencing technical issues with my video program, so I utilized the video recording embedded in PowerPoint.  I hope to have this rectified for Monday's video.  Back to the video: There are no data to report on the Economic Calendar today.  Stocks are currently in Positive Territory, but off from initial highs, which came from a report by Bloomberg on China ramping up purchases on US Agricultural products to meet the Phase 1 objectives, as they were delayed to the pandemic complications.  There are a few Fed Members speaking today, so the Markets will be listening.  MBS is Down 9bps this morning, off from earlier lows that the 50 DMA held, and back below the 25 DMA.  Mortgage Rates should be relatively similar to yesterday's pricing, so I'd say Unchanged.  Yields are off from earlier highs and now sitting at approximately 0.71%.

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 18, 2020

Daily Market Report 6/18/20

http://MikesDailyMarketReport.com: Initial Jobless Claims was a bit disappointing today, as last week's report was revised slightly higher to 1.57 million people apply for first time benefits, as it dipped to 1.51 million in this week's report.  It was widely expected to see it drop to 1.31 million.  It is trending in the "right" direction; however, it just didn't go fast enough.  On the other hand, Manufacturing in the Philadelphia region surprise everyone with a fairly hot number.  It went from -43.1 to +27.5.  It was expected to be -20.0.  Also, good news with the Leading Economic Indicators, as it went from -6.1% in April to 2.8% in May.  Mixed data today!  Stocks started in the Red this morning, but has since improved.  The DOW is now the only index tip-toeing back and forth between Positive/Negative Territories.  This uncertainty in the Market has been very clear this week, as investors try to get a grip on economic activity and coronavirus news.  There's been an uptick with new cases reported in China and a few US states, so the fear of a 2nd wave is real!  There will be a few Fed Speakers today, so investors will pay attention closely on their thoughts.  MBS is currently Up 6bps and pushing up on it's 25 DMA.  Currently, there's no change in pricing for Mortgage Rates, but it's trending toward more positive position, if this keeps up.  Yields have fallen below it's 25 DMA and sitting at 0.70% and having less pressure on MBS.

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 17, 2020

Daily Market Report 6/17/20

http://MikesDailyMarketReport.com: Housing Starts had a slight uptick in May (from 934k to 974k), but didn't meet forecasts of 1.13 million annualized units.  However, Building Permits was a bit better in May, as it improved from 1.07 million to 1.22 million (nearly meeting it's forecasts of 1.25 million).  Stocks have been improving daily, but settling off their highs.  Today, they're in Mixed Territory, as the DOW is lone index, slightly in the Red.  Fed Chair Powell is in his second day of testimony, bu this time with the House.  We saw a lot of fluctuations in the Markets, as he was speaking today.  Investors are trying to be bullish and hope for a V recovery, which they're clinging to a great Retail Sales number recently, new coronavirus drugs and economies reopening; however, they have another eye on more outbreaks of coronavirus in China and numbers rise in several places in the US.  This uncertainty can only go so far with the Markets, and possibly sour, as they realize that it's going to take time for a recovery (longer than what they're hoping).  MBS is showing this on their charts too, as they're currently Down 5bps and still sitting between it's 25- and 50 DMA.  Mortgage Rates remain same as yesterday.  Yields are down a bit, and are sitting just above a level of support (just below 0.75%).

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


Tuesday, June 16, 2020

Daily Market Report 6/16/20

http://MikesDailyMarketReport.com: Retail Sales came in much hotter than expected, as it improved by 17.7% in May; and it jumped up 12.4% when you exclude Autos.  Industrial Production improved by 1.4% in May, which was a little under expectations of 2.8%.  Capacity Utilization, also, slightly rose up to 64.8%, which was below the 66.8% expectations.  The NAHB Home Builders Index rose 21 points to 58, which measures the confidence of Home Builders.  Business Inventories dropped 1.3% in April.  Stocks started Up quite high this morning, which continued a trend in yesterday's stock turn-around (approximately by 800 points in the DOW).  Yesterday's turn-about was based on the Fed's expansion in Corporate Bond purchases in the Secondary Market.  Today, Stocks started higher based on the Retail Sales and Home Builders Index; but also good news on Dexamethasone, which may be helpful for those whom have been infected with the coronavirus, as a means to lowering the death rate.  Stocks and MBS are really swinging in varying directions currently, while the Fed Chair has been testifying before the Senate Committee.  Currently, MBS is Down 9bps and is now sitting between the 25- and 50 DMA.  I'd say that Mortgage Lenders will price their Mortgage Rates a little worse today, in order to cover themselves with this volatility.  If it closes at the -9bps level, then it may benefit us going forward, which we've seen trends reverse (see the video and it's graph for clarification).  Yields have been wild too!  They closed yesterday way down, at 0.65%, and below it's 25- and 50 DMA; however, this morning, it jumped up 10 points to 0.75%, and above it's 25- and 50 DMA.

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


Monday, June 15, 2020

Daily Market Report 6/15/20

http://MikesDailyMarketReport.com: Manufacturing in the NY region is showing some improvement in June, as the Empire State Index reported a -0.2 (after a -48.5 in May).  Anything below 0 is considering contraction.  Stocks are Down this morning over concerns of a new wave of coronavirus, as many states have been reporting a bit of a spike.  Also, China has reported a spike in their testing and have begun to cancel many events, and closed the largest Market due to findings of it being a source for the infections.  Another concern for investors is the recent economic data from China that was recently released that indicates that the economy won't rebound as fast as they'd like.  MBS started the morning on a great note, but has since fallen a bit into negative territory, as it's currently Down.  This may lead east coast lenders to reprice for the worse, as MBS was up much higher; whereas, the west coast will be just releasing their rates, which will reflect any reprices and should look pretty close to Friday's numbers.  Yields are trying to stay above it's 25 DMA, as it's sitting just below 0.69%.

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


Friday, June 12, 2020

Daily Market Report 6/12/20

http://MikesDailyMarketReport.com: The Consumer Sentiment rose in June, going from May's 72.3 to 78.9 in June.  Stocks are trying to make up some of the losses from yesterday, as they are all trading in Positive Territory.  They're reflecting on higher reported cases of covid-19 in some states, which raises concerns of a 2nd Wave; comments from the Fed earlier this week; and recent comments by the IMF, whom mentioned that the global economy will be scarred from this, and it will take take to heal.  MBS is currently Down about 5bps, so Mortgage Rates remain Unchanged.  Yields are sitting between it's 25- and 50 DMA, as it's around 0.68%.

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 11, 2020

Daily Market Report 6/11/20

http://MikesDailyMarketReport.com: The Initial Jobless Claims are still trending lower with people applying for first time benefits, as it dropped from 1.90 million in last week's report to 1.54 million this week.  Wholesale inflation improved a bit in May, as the Producer Price Index rose 0.4% in May, after it dropped 1.3% in April.  It's YoY improved from -1.2% to -0.8%.  The Core PPI (excluding food & energy), dropped 0.1% in May; and it's YoY dropped from 0.6% in April to 0.3% in May.  Stocks are WAY Down this morning, as the DOW was down by as much as around 1400 points.  The comments by the Fed yesterday made them realize the economy isn't going to rebound as quickly as they thought, as the Fed said that rates will remain low for awhile, and they will continue their MBS purchases.  They also forecasted a negative GDP this year with it improving next (not enough to make up for 2020); and High Unemployment which will slowly trend lower.  They're projecting approximately 10% for Rate of Unemployment this year.  Also, there is some concern of a 2nd wave of the coronavirus, as we hit the 2 million mark and 120k in deaths for the US.  MBS rallied yesterday (closed +41bps) and above it's 25- and 50 DMA.  Currently, it's off its earlier high, but still Up 13bps.  Mortgage Rates improved again today.  On the note of rates being low for quite awhile from the Fed, Yields plummeted down to it's 50 DMA and sits just under 0.68%.

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 10, 2020

Daily Market Report 6/10/20

http://MikesDailyMarketReport.com: The Consumer Price Index dropped 0.1% in May, while it's YoY dropped from 0.3% to 0.1%.  The Core CPI (excluding food & energy) also dropped 0.1% in May, and it's YoY dropped from 1.4% to 1.2%.  The big discrepancy in the YoY between the Headline data and it's Core is due to the drop in Energy (Oil) prices.  Now that the economy is reopening, it's alleviating some concerns of the possibility of deflation.  The Fed will wrap up it's FOMC today and give their announcement around 11:30am PST.  Investors will listen for any comments about last week's Jobs data and any changes or plans with the current actions (like their daily purchase of MBS, which has helped to stabilize the Mortgage Rates).  Meanwhile, MBS had their Bond Rollover yesterday, which was about -22bps.  This has no effect on pricing.  It's basically a reset to the next month's pricing; as this occurs every month, and why we have 30 day locks/pricing.  Currently, MBS is Up 9bps, which will put them in comparable territory, as yesterday's pricing; so, Mortgage Rates remain the Unchanged.  The MBS did pull back a bit in the afternoon yesterday due to a poor Treasury Auction, and closed only +9bps (vs. +23bps earlier in the day).  Yields continue to decline, as it's stochastic chart shows a negative cross-over, which indicates a trend reversal.  They currently sit just under 0.78% so far this morning.

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


Tuesday, June 9, 2020

Daily Market Report 6/9/20

http://MikesDailyMarketReport.com: The Confidence with Small Business owners grew in May, as the NFIB Small Business Index showed that it went from 90.9 in April to 94.4 in May.  Today is the start of the Fed's 2 day FOMC, which they'll provide their statement tomorrow.  No expectations of any changes in rates; however, investors want to hear the Fed's response to last week's Job data.  MBS is Up again this morning, and breaking above it's 50 DMA (as it broke above it's 25 DMA yesterday) and is Up 20bps.  Mortgage Rates improved again!  Yields have slide down to just under 0.82%, as they resist pressure on MBS; and sit in the mid-range between it's 100 DMA and 50 DMA.

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


Monday, June 8, 2020

Daily Market Report 6/8/20

http://MikesDailyMarketReport.com: There are no Economic Data to report today.  Stocks are Up this morning.  Investors are still feeling a bit enthusiastic about Friday's Jobs data, and what will be the Fed's response to it when they convene for their FOMC this week, beginning tomorrow with their announcement on Wednesday.  MBS is Up 25bps this morning and challending it's 25 DMA. Mortgage Rates improved a bit this morning.  Yields have slid down to 0.86%, having less pressure on MBS.

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


Friday, June 5, 2020

Daily Market Report 6/5/20

http://MikesDailyMarketReport.com: Jobs are THE NEWS today!  The Bureau of Labor reports that 2.5 million jobs were created in May, as most economists forecasted a loss of 7.25 million.  The April number was revised a bit higher, going from 20.5 million in losses to 20.7 million i losses.  Also, the Unemployment Rate dropped from 14.7% to 13.3%, as most economists expected it to rise to 19.0%.  The Average Hourly Earnings dropped 1.0% in May, which may have been a result in 0.5 hour increase to the Average Weekly Hours worked.  Stocks are well into Positive Territory on the Jobs data, as the DOW topped 800 this morning.  There's optimism for a quick recovery.  Meanwhile, MBS is currently Down 17bps, and off from earlier lows (down 27bps).  As expected from the news, Mortgage Rates have worsened a bit today.  We are in a territory now that they can continue to worsen a bit more, as there is nearly 1.5 points spread between the 25 DMA (now ceiling) and 100 DMA (it's floor).  Yields are approaching it's 100 DMA and adding more pressure on MBS, as it's now up to 0.93%.

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

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Thursday, June 4, 2020

Daily Market Report 6/4/20

http://MikesDailyMarketReport.com: Initial Jobless Claims came in a little higher than forecast, but still on the lowering weekly trend at 1.88 million people applying for first time benefits.  Productivity released it's final Q1 report, which dropped by 0.9%, which was better than it's initial at -2.5%.  However, Unit Labor Costs rose from it's initial of 4.8% to 5.1% for it's final Q1 numbers.  Stocks are taking a bit of a breather this morning, after a long rising run for the week, and just before tomorrow's Jobs data.  The ECB announced they'll increase their Bond Buying Program and extended it's time frame too.  MBS is currently Down 17bps, so Mortgage Rates worsened a bit today.  Yesterday, it closed at it's 50 DMA; but today, it started below it, which has a lot of room beneath it for rates to continue to rise.  It may be prudent, if you have any short-term look with your transaction to lock in your rate, as investors are looking for any reason to pour more funds into the stock market.  Yields have the inverse, as they're above it's 50 DMA and have plenty of room to add more pressure to MBS.  It's currently sitting at 0.81%

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
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Wednesday, June 3, 2020

Daily Market Report 6/3/20

http://MikesDailyMarketReport.com: ADP Employment Report had a positive revision in it's April numbers by approximately 600k, and it's May's numbers came in at a loss of 2.760 million; however, forecasts had it at a loss of 8.663 million.  Markit Services PMI improved their reports to 37.0 in May; also, the ISM Non-Manufacturing Index improved to 45.4.  So, we're seeing some improvement in our Services sector in May, as we saw some improvement in Manufacturing yesterday.  Factory Orders dropped by 13% in April.  Investors are still in a Euphoric mood, as stocks continue at this torrid pace, which flamed a bit higher after seeing the ADP Employment Report.  At some point, they'll need to take their heads out of the clouds and realize that the economy has a ways to go after the pandemic, and now the domestic violence; and to top it off, the increasing tensions with China.  MBS broke below it's double floor of support (25- and 50 DMA) and is Down 17bps this morning.  The Fed is expected to buy about $4.5 Billion in MBS today, so we'll see if we can get back above that floor.  Mortgage Rates were priced a bit worse this morning.  Yields are adding the pressure to MBS, as it broke above it's 50 DMA and is sitting at 0.75%.

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

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Tuesday, June 2, 2020

Daily Market Report 6/2/20

http://MikesDailyMarketReport.com: Quiet news day today, as there are no data to report on the Economic Calendar; and the Headline news is based on Investors Optimism of the reopening, while shrugging off the domestic violence and rising tensions with China.  Stocks are currently in Mixed Territory, as the NASDAQ is the lone index in the Red this morning.  Yesterday, MBS broke above it's 25 DMA and closed Up 9bps.  Today, it's testing it's floor (25 DMA) and is Down 6bps.  Mortgage Rates remain Unchanged from yesterday's pricing.  If we can remain above these 2 lines (25 DMA and 50 DMA), then we will see some improving Mortgage Rates.  Yields had closed below it's 25 DMA yesterday; however, this morning is above it and pressing against it's 50 DMA.  It's currently at 0.68%.

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