Wednesday, September 23, 2020

Daily Market Report 9/23/20

 http://MikesDailyMarketReport.com: We have reports from Markit PMI for the month of September to report today.  The Market Manufacturing PMI rose from 53.1 to 53.5; and the Markit Services dipped from 55.0 to 54.6.  These are MoM from August to September numbers; and anything above 50 represents expansion.  Stocks are Down, even though they initially started positive, this morning.  It's a culmination of a variety of headline news, which has Treasury Secretary Mnuchin and Fed Chair Powell testifying for the 2nd day before another subcomittee in the House.  Johnson & Johnson becomes the 4th manufacturer to begin the final stage for COVID vaccination testing.  US and China are showing some more tit for tat type of behaviors, as President Trump calls out China for their role in the spread of the Coronavirus Pandemic; and China is considering blocking the sale of TikTok to US companies.  Investors are also concerns over possible legal hurdles that may take place after the US elections, as both parties fight for control.  There are a number of Fed members speaking today, which we don't anticipate any surprises, as the FOMC made their announcement last week.  MBS is currently Up 2bps, so Mortgage Rates continue to move sideways and remain Unchanged.  Yields are testing their 25 DMA and another Technical level; and currently sit near 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



Tuesday, September 22, 2020

Daily Market Report 9/22/20

 http://MikesDailyMarketReport.com:  Existing Home Sales improved from 5.86 million annualized units in July to 6.00 million in August.  Meanwhile, Stocks are trading in Mixed Territory, as the DOW is lone index in the Red.  Some of the sentiment from yesterday is continuing into today's trading.  Investors are watching for possible renewed lockdown measures in Europe; and the heated debates between the 2 political parties regarding the replacement of RBG and any stimulus packages.  Treasury Mnuchin and Fed Powell are testifying before House Finance Committee this morning.  MBS is only Up 2bps, so Mortgage Rates remain Unchanged today.  Yields having swings that challenge both it's 25- and 100 DMA is currently sitting between the 2 lines (around 0.67%).

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, September 21, 2020

Daily Market Report 9/21/20

 http://MikesDailyMarketReport.com:  There are no economic data to report today, so Markets are looking to the headlines today.  Stocks are WAY Down this morning on concerns of more restrictions in Europe, as they saw some of their COVID Cases rise.  Also, a major news article from Buzzfeed, which other outlets followed, on some Major Banks working with some very notorious people (not in a good way) on Money Laundering schemes.  Also, Investors are seeing if there is any impact on the death of US Justice Ginsberg and possible replacement, as politics heats up.  They're also watching for any news on an Stimulus package, which they still view as being necessary in a recovery.  MBS is currently Up 13bps, so Mortgage Rates are improved from Friday's close.  We should be on par with pricing found last Wednesday.  Yields are Down (below both it's 25- and 100 DMA) to just under 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



Friday, September 18, 2020

Daily Market Report 9/18/20

 http://MikesDailyMarketReport.com:  The Consumer Sentiment improved so far in September, as it jumped to 78.9 from August's 74.1.  The Leading Economic Indicator had a positive revision in July, going from 1.4% to 2.0%; however, it dropped to 1.2% in August.  Stocks are all in the Red this morning, threatening to ruin this week's gains in the Market.  There is a Quadruple Witching in today's trading action, which will create a lot of this volatility in the Stock Market.  We had a few Fed Speakers speak today, which are having some impact, especially with the Bond Market, as Fed Member Bullard discussed possibilities of inflation rising (inflation is the enemy to Bonds), which included a bottleneck in the supply chain.  MBS started the morning higher, only to give up those gains.  We're currently Down about 2bps.  All week, we've been going in a sideways pattern; so, there hasn't been much, if any, movement with Mortgage Rates this week.  Yields continue their slight incline, as they grapple with it's 25 DMA and a Technical Level (just above it).  It's currently sitting around 0.69%.

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, September 17, 2020

Daily Market Report 9/17/20

 http://MikesDailyMarketReport.com:  The initial Jobless Claims reported 860k people applying for first time unemployment last week, which is down from 893k in it's previous report.  Housing Starts pulled back in August, as it went from 1.49 million annualized units in July to 1.42 million in August.  Also, Building Permits dropped from 1.48 million in July to 1.47 million in August.  Manfacturing in Philadelphia region was down a little bit, but still in decent territory, in it's September report for Philly Fed Manufacturing, as it came in at 15.0.  Stocks are Down this morning, as Investors' mood were less optimistic of a quick recovery.  The Fed is providing all the right tools, which is positive, but they also indicated all of the unknowns and indicated this could be longer than what most had hoped for.  MBS started the day much higher, but has since rescinded and is only Up 3bps (below it's 25- and 50 DMA); so, Mortgage Rates remain Unchanged from yesterday's pricing.  Yields are still testing both their floor and ceiling, but have been sitting in the space between it's 25- and 100 DMA.  It's currently at 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, September 16, 2020

Daily Market Report 9/16/20

 http://MikesDailyMarketReport.com: Retail Sales MoM of 0.6% was a bit of disappointment for Investors this morning; and when you exclude Autos, it only went up 0.7% for August.  Not to be surprised, but NAHB Home Builders Index rose from 78 to 83 in September, as confidence is rising among Home Builders.  Business Inventories only increased by 0.1% in July.  Stocks have been in Mixed Territory, but have since moved in Positive Territory, as it awaits the FOMC Announcement and it's Press Hearing.  This will be a very interesting Press Hearing after the Fed announced a "Big" change to their policy about 2.5 weeks ago.  There will be a lot of questions and interest to see if it was a prelude to something more to come (being announced at this meeting).  MBS is currently Down 2bps; however, Mortgage Rates remain Unchanged from yesterday's pricing.  Yields still sit between it's 25 DMA and 100 DMA; just under 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



Tuesday, September 15, 2020

Daily Market Report 9/15/20

 http://MikesDailyMarketReport.com: The Manufacturing in the NY region spiked in September, as the Empire State Index reports it went from 3.7 in August to 17.0 in September.  Industrial Production Index reported an increase of 0.4% in August; while Capacity Utilization improved from 71.1% in July to 71.4% in August.  Stocks are Up this morning on some Tech News, as some Mergers being announced (like NVidia's announcement); and Apple will present some of their new product lines today.  The FOMC begins their 2 day meeting today and provide their announcement tomorrow.  This will be an interesting meeting, as media and investors have a lot of questions for the Fed regarding their big announcement about 2.5 weeks ago with their new "average" inflation target related to jobs policy change.  MBS lost their footing later in the day yesterday, as the Stock Market had begun to heat up, and closed down 9bps.  This morning, it's currently Down 5bps, so Lenders will price Mortgage Rates a little worse today.  Yields are trying to break above it's 25 DMA and currently sits at 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



Monday, September 14, 2020

Daily Market Report 9/14/20

 http://MikesDailyMarketReport.com:  We don't have any Economic Data to report today, but the rest of the week (starting tomorrow) will be full of reports.  Today, Stocks are taking their queues from the headline news (namely reported over the weekend).  Astra Zeneca announced they'll be re-starting their vaccine trials, after a pause when one of the patients mysteriously became ill.  Pfizer reported that they're near end of trials and may have vaccines out by end of year.  Also, it appears that Oracle may have become the winner of the TikTok sweepstakes, as several US companies were competing for it's rights.  It was facing a ban in the US, if it was controlled by a US company.  This has generated a optimistic mood in the Markets today.  MBS started a bit lower, which may have led pricing on the east coast to be a little worse than Friday's; however, it's currently Unchanged from Friday's close, as the west coast starts to roll out their pricing.  Mortgage Rates are Unchanged.  Yields are also Unchanged from Friday's close, as it is currently sitting at 0.67%.

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, September 11, 2020

Daily Market Report 9/11/20

 http://MikesDailyMarketReport.com: Today, we received data on inflation for Consumers with the Consumer Price Index, which had a MoM of 0.4% in Aug.; as did it's Core CPI (excluding food and energy).  The Core CPI's YoY rose from 1.6% to 1.7%.  We'll keep an eye on this data, as we'll want it to plateau at some point, and not go out of control.  Meanwhile, there is light trading today in Stocks, which are all currently in Positive Territory.  There is still some correction/re-balancing going on (especially with Tech Stocks); and Investors are growing pessimistic on a new Stimulus Bill prior to the November elections, as the Democrats defeated a Republican Bill in the Senate (this was expected).  MBS went thru a Bond Rollover today.  On the chart, it will appear to be lower; but it doesn't affect our pricing, as it's just a reset for the MBS on October's purchases of these MBS bundles.  We had improvement from yesterday, as it was down 9bps when we did the video, which reversed and closed up 5 or 9bps in positive territory.  Today, we're currently Up 11bps.  Coupled with yesterday's improvement and today's current standing, Lenders are poised to price Mortgage Rates better today.  One caveat to mention is the new FHFA g-fee that was re-scheduled to December will be priced into loans next week.  This is a 0.5% point fee that they elected to add onto any refinance with conventional loans (Fannie Mae or Freddie Mac).  This does not affect purchase transactions or other loan programs (like FHA, VA, USDA, Jumbo, etc...).  The new fee will increase the Mortgage Rates by approximately 0.25% to 0.375% to the interest rate.  If you're floating or on the fence, then I'd suggest hurry and lock prior to this fee being added on.  On the flip side, we have Yields, which have weakened a bit; and currently sits around it's 25 DMA at 0.67%.

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, September 10, 2020

Daily Market Report 9/10/20

 http://MikesDailyMarketReport.com:  Initial Jobless Claims remained unchanged from last week's report of 884k people applying for unemployment, which was a little hotter than it's forecast of 846k.  Inflation in the Wholesale Sector rose in August, as the Producer Price Index rose 0.3% MoM; and it's Core PPI (excluding food and energy) rose 0.4%.  Lastly, the Wholesale Inventories dropped in July by 0.3% MoM.  Stocks are trading in Positive Territory this morning.  The ECB gave their announcement earlier in the morning, as they left their interest rate at -0.5% and stated that they feel the Q3 and Q4 will show improvement.  There were some concerns regarding the strength of the Euro asked upon Christine Lagarde whom felt the stronger Euro isn't a concern at this time.  MBS is trading between a range of it's 25 DMA (ceiling) and 50 DMA (floor); as it's currently Down 9bps and testing the 50 DMA.  This isn't enough for Lenders to worsen pricing; so, Mortgage Rates remain Unchanged from yesterday's pricing.  Yields have climbed a bit further today, as they now sit around 0.72%.

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, September 9, 2020

Daily Market Report 9/9/20

 http://MikesDailyMarketReport.com: There are no economic data to report today.  Stocks are finally Up this morning after a brutal few days of negative trading.  AstraZeneca announced a delay with their vaccine, as they sort out a patient whom became sick without any explanation.  Also, Joe Biden announced his proposal for a Corporate Tax that will punish those whom offshore their profits and incentives for those whom create jobs in the US.  There's really no catalyst today that's a direct influence on the Markets.  MBS is currently Down 8bps, as it re-tries to test it's 25 DMA.  There is a 10 Yr Treasury Auction later today that could potentially have influence with the Markets, so stay tuned!  The Yields have climbed a bit and testing a Technical level; and sitting just a hair below 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



Tuesday, September 8, 2020

Daily Market Report 9/8/20

 http://MikesDailyMarketReport.com:  The NFIB Small Business Index rose from 98.8 in July to 100.2 in August.  This index indicates the confidence level for Small Business Owners, which make up the bulk of employment for US jobs.  Stocks are taking another beating today.  President Trump indicated over the weekend that he wants the US to not rely on China for manufacturing and wants to bring those manufacturing jobs back to the US.  China's response was to start manufacturing their own microchips/processors and not be reliant on US Technology, which is especially hurting the Tech Stocks.  Also, the CEOs for the Big Pharma companies whom are working on the COVID-19 vaccinations pledged to release only vaccinations that are safe and ready to be released to the public (looking for vote of confidence).  MBS were up early in trade, but has pulled back (just below it's 25 DMA) so far this morning.  It was Up 20 bps earlier, so Lenders on east coast would start off with better pricing; however, the pull back has rescinded about 11bps;  and MBS is currently Up only 9bps.  This means that Lenders on east coast are most likely looking to reprice for the worst, while the west coast is showing pricing similar to what we saw on Friday.  Yields have come down to 0.68% so far this morning.

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, September 4, 2020

Daily Market Report 9/4/20

 http://MikesDailyMarketReport.com: Non-Farm Payrolls came in with 1.371 million new jobs for the month of August; and the Unemployment Rate dropped from 10.2% to 8.4%.  Average Workweek hours slightly rose by 0.1 hrs to 34.6 hrs.  Stocks are having another bad day, as Investors appear to be profit taking and rebalancing their portfolios.  MBS is Down 19bps currently, as it dropped below it's 25 DMA and approaching it's 50 DMA, as it's next level of support.  This will lead Lenders to price Mortgage Rates a little higher today than yesterday's pricing.  Yields have climbed above several layers today and currently sit just under 0.69%, which is it's next level of resistance.

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, September 3, 2020

Daily Market Report 9/3/20

 http://MikesDailyMarketReport.com:  Initial Jobless Claims dropped from an upward revised number last week of 1.011 million people applying for first time benefits to this week's 881k.  The Final revision to Labor Costs dropped from 12.2% to 9.0% in Q2; and Productivity rose from 7.3% to 10.1%.  ISM Non-Manufacturing PMI dipped from to  58.1% in July to 56.9% in August.  However, the IHS Markit Services PMI increased from 54.8 in July to 55.0 in August.  Anything above 50 in these 2 indices indicate growth/expansion.  Stocks are WAY Down this morning, being led by Tech Stocks.  This looks like a bit of a correction, but also Investors are getting a bit discouraged by the lack of progress from Congress on a Stimulus package.  MBS is trending upwards, and currently Up 8bps, which means that Mortgage Rates are improving.  Yields have fallen pretty hard, and currently down below it's triple layer of support.  It's currently sitting just under 0.62%.

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, September 2, 2020

Daily Market Report 9/2/20

 http://MikesDailyMarketReport.com:  ADP Payroll reported a positive revision to their July data, from 167k to 212k.  They reported that August had 428k new jobs, which is well below the forecast of 950k.  Factory Orders had a positive revision in June, which they had a MoM improvement from 6.2% to 6.4%; which they maintained that same pace in July, as it jumped up 6.4% again in July.  Stocks are trading in Positive Territory this morning.  Bloomberg reported that Treasury Secretary Mnuchin and Nancy Pelosi are resuming talks regarding Stimulus Package, which is viewed as a necessity to get the economy back in order.  Also, Dr. Fauci stated that vacciness may be here sooner than later.  Meanwhile, MBS is Up 3bps.  We've seen improvements later in the day in the MBS Market, which yesterday was no exception, as it closed +14bps.  When you look at yesterday's improvement and today's continuation, then you will find Lenders providing a little better pricing with their Mortgage Rates.  Also, the MBS is above it's 25 DMA and trending upward.  Yields, however, have been trending lower, and are now testing it's 100 DMA.  It's just slightly higher than 0.65%.

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, September 1, 2020

Daily Market Report 9/1/20

 http://MikesDailyMarketReport.com: The IHS Markit Manufacturing PMI rose from 50.9 in July to 53.1 in August.  The ISM Manufacturing PMI rose from 54.2% in July to 56.0% in August.  This is the highest reading since January 2019 for ISM.  Any number above 50 is considered growth, expansion.  Globally, we're seeing improvements with China and Europe too.  Construction Spending only increased 0.1% in July.  Stocks are Up this morning, as the Technology Sector continues it's lead in the Markets.  Investors are beginning to reevaluate their positions in the Market, which we could see some corrections in the near future, as much of the trading has been based on optimism.  The reality may not have reached the optimism level yet.  MBS is currently Up 8bps.  Market closed higher (+16bps) yesterday, which many Lenders repriced with better pricing.  Based on yesterday's reprice and this mornings gains, then Lenders will have better pricing than yesterday mornings rates, but similar to yesterday's close.  It's approaching it's 25 DMA, which is now a ceiling.  Yields were a bit higher (about 0.73%), but have subsided to just under 0.70% now.

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.