Daily Market Report 7/18/22

 http://MikesDailyMarketReport.com:  NAHB Housing Market Index dramatically dropped from 67 in June to 55 in July.  This index gauges the confidence level for Home Builders, which is extremely low in July, as this will most likely lead to a dramatic drop in Permits and New Home Sales, as Home Builders lose confidence.  However, Investors are happy with the Q2 Corporate Earnings, so Stocks are Up again today.  This week will mostly show Housing data and the most impactful will the ECB meeting on Thursday when they're expected to hike rates for the first time in 11 years.  MBS started the morning way down (down about 30+ bps), but have pulled back after testing the 25 DMA floor; and is now currently Down 9bps.  Mortgage Rates were worse, but if this improvement trend continues, then we may find Lenders to re-price their ratesheets for the better and pull Mortgage Rates closer to the same pricing as found at the close of Friday.  Yields are off from earlier highs when they tested it's 50 DMA and is currently at 2.97%.

**As Mortgage Rates spiked over 6% over past few days, ask me about our 7/6 ARM, which may be a good alternative for you or your client.  Contact me today!**

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.

Daily Market Report 7/15/22

 http://MikesDailyMarketReport.com:  Retail Sales grew by 1.0% in June.  A report that we don't normally pay much attention is the Import Prices, which showed an increase of 0.2%.  I'm looking at it now because the Fed will be convening for their 2 day event in about 1.5 weeks and could show inflation data.  This was very tame, so it's good news.  To move on, we got more good news with manufacturing in the NY region, as the Empire State Index rose to 11.1 in July (after a few months contracting).  But Industrial Production (of course, this is for June; as the previous is more current, but just a micro view) contracted by 0.2% in June.  The Consumer Sentiment slightly improved in July, as it rose from 50.0 to 51.1.  These are the lowest positioning in about 40 years.  This seems to be a result that consumers are feeling some slight improvement with inflation; and may be taking a "wait and see" approach".  Both Markets are reacting positively to the economic data.  Also, today's release of corporate earnings had a bit more positive note, so it's helping with stocks.  However, the possibility of a 100bps rate hike at the July FOMC was reduced; which did receive some help from comments by Fed Members.  Meanwhile, MBS is back above the 25 DMA and have been ranging between 14-19bps while doing this video.  Mortgage Rates did improve from yesterday's close, which should put our pricing closer to Wednesday's close (similar pricing).  Also, Yields have slid down to 2.93%, adding less pressure to MBS.

**As Mortgage Rates spiked over 6% over past few days, ask me about our 7/6 ARM, which may be a good alternative for you or your client.  Contact me today!**

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.

Daily Market Report 7/14/22

 http://MikesDailyMarketReport.com:  Initial Jobless Claims continue to increase each week, as this week's report has 244k new filings for benefits.  However, the Continuing Claims did shrink from last week.  The Producer Price Index (PPI), which measures inflation on the Wholesale side, reported a 1.1% increase in June.  However, the Core PPI (excludes food & energy) rose only 0.4% and it's YoY dropped from 8.5% in May to 8.2% in June.  Both Markets are down today!  The concern that the Fed may increase it's rate hike from 75 bps to 100 bps increased to 75% chance and is having a negative reaction with the Markets.  There were a few Fed Members speaking today, but none of them dismissed the sentiment; and indicated that they will review data between now and then before making any final decisions.  Also, today is the first day for Q2 Corporate Earnings to be reported, which didn't go well for many of the large US Banks.  MBS is currently Down 20bps and sitting south of the 25 DMA.  Mortgage Rates are a little worse today (vs yesterday's close).  However, it did improve some because the Market was down much more earlier on; and since then, it subsided a bit, which led Lenders to reprice for the better, but not enough to be unchanged or better than yesterday's pricing.  Yields had spiked to 3.03%, but has since come down to 2.96%.

**As Mortgage Rates spiked over 6% over past few days, ask me about our 7/6 ARM, which may be a good alternative for you or your client.  Contact me today!**

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.

Daily Market Report 7/13/22

 http://MikesDailyMarketReport.com:  The CPI report came out a bit hotter for June than expected.  The CPI (headline number) went up 1.3% (higher than the 1.1% forecasts); and it's YoY jumped from 8.6% in May to 9.1% in June.  However, the Core CPI (excluding food & energy) rose 0.7%; but it's YoY dropped from 6.0% in May to 5.9% in June.  This was considered the BIG impactful report for this week, as it sent both Markets last month into a tailspin.  Stocks are still in Negative Territory; however, MBS and Treasuries have rebounded from it's initial reaction.  MBS was below it's 25 DMA and down 58bps, only to rebound to currently Up 2bps (and back above the 25 DMA).  This has led Lenders to reprice for the better; however, the better pricing brings us to Unchanged pricing from yesterday's close (as we had worse pricing early on this morning).  Similarly, Treasuries are off of earlier highs (3.07%) to currently 2.94%.  The rebound in pricing, as I'm hearing is that Investors are thinking that inflation has peaked, which the YoY drop in Core CPI may have provided this assurance.  The Investors will watch for the upcoming (starting tomorrow) Q2 Corporate Earnings reports, which will have major implications with the Markets.  Also, to note, that Investors raised the odds of the Fed raising the Fed Funds rate by 100 bps at it's July meeting from 6% to 42%.  It's currently expected to be at 75bps, but the inflation data may have altered those plans!  Another reason for the sentiment with Investors is they know the Fed will continue to raise interest rates in 2022, but they also feel that the Fed will reverse course in 2023, as the economy will slow and chances of a recession is a strong possibility.

**As Mortgage Rates spiked over 6% over past few days, ask me about our 7/6 ARM, which may be a good alternative for you or your client.  Contact me today!**

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.

Daily Market Report 7/12/22

 http://MikesDailyMarketReport.com:  The NFIB Small Business Index continued it descent to 89.5 for June.  This is lowest since the height of the Pandemic; and prior it was just after the Great Recession in 2013.  Inflation is the biggest concern for Small Businesses.  This index is important because Small Businesses make up the bulk of employment in the US; and if they don't have confidence, then there will be less jobs available.  The 10 year Treasury Auction was much weaker than expected, so the Bond Market quickly changed it's direction.  MBS was up around 20bps early on, but is now down to about 3bps.  It's currently sitting between it's 25 DMA and 50 DMA.  Mortgage Rates were better earlier on this morning, but many Lenders are repricing for the worse to Unchanged levels (from yesterday's close).  Yields are off from it's lows (2.90%) to about 2.96% now.  Tomorrow, the CPI report will be released and will have a big impact with the Markets.  Investors are hoping to see inflation peak.  Last month, it was hotter than expected and both Markets tanked, as a result.  Then on Thursday, we'll get inflation data on the wholesale sector (PPI) and first release of Corporate Earnings Reports for Q2.  Investors will be closely watching these reports.  So, stay tuned!

**As Mortgage Rates spiked over 6% over past few days, ask me about our 7/6 ARM, which may be a good alternative for you or your client.  Contact me today!**

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.

Daily Market Report 7/11/22

 http://MikesDailyMarketReport.com:  There are no economic data to report for today, but the most impactful data to be reported this week will be the CPI report on Wednesday.  The last report didn't bode well for the Markets; but the PCE came in a bit tamer (and is the Fed's favorite gauge for inflation) the other week, so it will be interesting to see if the CPI report will come in a bit tamer too.  Renewed concerns over global supply issues and inflation arose today, as China announces more lockdowns for areas with a pickup in COVID cases, as they aim for 0 tolerance.  They make up approximately 25% of global manufacturing, so this will most likely hurt global supplies and push inflation a bit further.  Stocks are down today, as investment dollars flow over into Bonds/Treasuries.  This is also a bit of a spill over from the EU Markets as their Bond Market rallied a bit today too.  MBS is currently Up 33bps, as Mortgage Rates show some improvement over Friday's close.  They move back above the 25 DMA after closing below it on Friday.  Similarly, Yields dropped below 3.00% and currently sit at 2.99%.  On Friday, it touch the 25 DMA, but remained below it.

**As Mortgage Rates spiked over 6% over past few days, ask me about our 7/6 ARM, which may be a good alternative for you or your client.  Contact me today!**

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.

Daily Market Report 7/8/22

 http://MikesDailyMarketReport.com:  The waiting is over for this week's big report, Non-Farm Payrolls (from the Bureau of Labor Statistics, or also referred as BLS).  The Non-Farm Payrolls came in much hotter than expected to 372k in June, as forecasts were calling for 268k.  Unemployment Rate remained Unchanged at 3.6%.  Average Earnings rose 0.3% while Average Workweek Hours remained Unchanged at 34.5 hours.  Lastly, the Wholesale Inventories rose 1.8% in May.  Both Stocks and Bonds are reacting negatively to the released data today.  Stocks are down because it means the Fed will most likely continue down the path aggressively to fight inflation, which in cause will slow the economy (possibly recession).  For Bonds, it's 2 fold.  Generally, good data is bad for bonds, as it's typically a flight to safety for investment dollars (when economy is bad, then money moves over into the Bond Market); and the path for the Fed Policy being the other.  MBS is currently Down 33bps, so Mortgage Rates take another negative hit today.  We lost much of the ground that was gained last week, as MBS is now breaking below it's 25 DMA.  Similarly, but inversely, Yields have climbed all the way to just below 3.10% (as it touched off 2.75% earlier this week).  It's touching off, just below it's 25 DMA currently.

**As Mortgage Rates spiked over 6% over past few days, ask me about our 7/6 ARM, which may be a good alternative for you or your client.  Contact me today!**

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.