Friday, June 11, 2021

Daily Market Report 6/11/21

 http://MikesDailyMarketReport.com:  Consumer Sentiment rose to 86.4 in June, as Consumers are feeling a bit better (compared to May); however, there is still concerns lingering over inflation, as their costs are higher.  Stocks are in Mixed Territory, as NASDAQ is lone index tip toeing back and forth between Negative and Positive Territory.  Yesterday's inflation news was shrugged off, even though it would hurt both the Equity and Bond Markets, as Investors are onboard with the Fed's transitory message for now.  There is no catalyst for any Market movement today, so they will look toward next week's FOMC; and listen for any news on any discussion of tapering.  Meanwhile, MBS had a rollover, so it's placement on the chart may look a little out of whack.  It just means that MBS had a reset with their pricing, which doesn't affect Mortgage rates pricing, and is now funding loans for July's coupon (reason behind 30 day locks).  We had 2 price improvements yesterday; one of which brought the level of pricing to the same as Wednesdays, as the Market initially opened worse.  However, it kept improving and closed up about 16bps higher; thus, enough for another price improvement.  Today, there is some selloff; and it's Down about 20bps now.  It's now below it's 25 DMA and testing it's 50 DMA.  Mortgage Rates did worsen; and should be close to pricing seen around Wednesday's close.  Yields fell to about 1.44% yesterday; and now recovered a little bit to just under 1.46%.  It's currently sitting between 2 Technical levels.  It tested the ceiling earlier, but it held and it pulled back a bit.

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 please direct message me.



No comments:

Post a Comment