http://MikesDailyMarketReport.com: The Business Activity around the Philadelphia region slowed up a bit in August, as the Philly Fed Index indicated that it droppe from 21.9 in July to 19.4 in August. The Initial Jobless Claims reached a new low since the beginning of the pandemic, as it reported 348k applying for first time benefits; meanwhile, continuing claims continue to decline. Obviously, this is good news, as (hopefully) more people are going back to work. Lastly, the Leading Economic Indicators report 0.9% jump in July. Stocks are being impacted by the release of the FOMC Minutes that were released yesterday. There really wasn't news, as many of the Fed Members have been voicing the probability that the Fed could look to pull back on stimulus sooner than later since the FOMC took place last month. After the release of the Minutes, MBS improved a bit, as Investors looked for a Flight to Safety. Based on yesterday's late gains and today's slight improvement, then Lenders will have better pricing than yesterday morning; and should be comparable to Monday's pricing. MBS is currently Up 6bps. Yields fell back between the 2 Technical levels and sit just a hair below 1.24%.
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