Wednesday, June 29, 2022

Daily Market Report 6/29/22

 http://MikesDailyMarketReport.com:  The Q1 GDP released it's final revision, which dropped another .1% from the previous revision; and the final is a drop of 1.6% for Q1.  MBS is Up today, which it was around 17bps in the beginning of the video, then it jumped up to 25bps.  If this continues, then we could see more price improvements; but overall, Mortgage Rates improved from yesterday.  Speaking of yesterday, it rebounded late in the day to closing up 3bps, after being in negative territory all day.  Improved inflation data out of Germany started a little rally with Euro Bonds, which trickled over to the US.  Sentiment is feeling optimistic ahead of the PCE release tomorrow; however, the CPI sorely disappointed about 2 weeks ago.  This report will have greater impact, as it's the Fed's favorites gauge for consumer inflation.  Meanwhile, many of the global central bankers are speaking at a Forum (including Powell from US and Lagarde from the EU) have the Markets in a better mood too, as they discuss how they're handling the global inflation.  Yields have slid all the way down to 3.11% and coming closer to it's 25 DMA again.

**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.



Tuesday, June 28, 2022

Daily Market Report 6/28/22

 http://MikesDailyMarketReport.com:  The Case Shiller Home Price Index (HPI), which measures home prices in the 20 largest metros in US, rose 1.8% in April while it's YoY rose to 21.2% (after March lower revision from 21.2% to 21.1%).  The FHFA HPI, which follows conforming loans, rose 1.6% in April while it's YoY dipped to 18.8% (from 19.1%).  Lastly, the Consumer Confidence continues to drop, as it dipped all the way to 98.7 in June.  This is important because if Consumers aren't feeling good about the economy, then they will stop buying, which in turn helps the economy to continue to move along; but the high inflation (namely food and energy) are eating away at many peoples' ability to buy any of the extras in their life (and thus not feeling good about it).  Stocks started up earlier on news from China on more loosening of COVID restriction; however, that changed after the US data were released.  NY Fed Williams noted that he feels the economy will slowdown, but won't go to recession.  However, there are some economists already stating that we may already be in a recession; and many more are concerned with those very prospects possibly happening.  MBS started lower today, but seemed to maintain between -8 and -11bps for mid-day; and toward end of the day has slightly improved to -5bps.  We may not see any changes with Mortgage Rates today, but there may be some changes with the pricing.  The 3.20% seem to be holding the Yields and is currently just under 3.19%.  Remember, the  PCE report will be released on Thursday.  The CPI report that was released a few weeks ago have a severely negative effect with the Markets.  The PCE carries a bit more weight, as it's the Fed's favorite gauge for Consumer inflation.  So, be prepared ahead of time!

**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.



Monday, June 27, 2022

Daily Market Report 6/27/22

 http://MikesDailyMarketReport.com:  Durable Goods Orders rose 0.7% in May, exceeding expectations of 0.1%.  Pending Home Sales broke it streak of declines in May, as it rose by 0.7% to 99.9k annualized units.  There are a number of important data to watch this week, but none more important than Thursday's PCE release.  PCE is the Fed's favorite gauge for inflation, which carries a bit more weight than the CPI, which the Markets reacted quite negatively a few weeks ago with it's release.  Both Markets are Down today, as MBS started the morning down around 30bps, then it subsided, but when the poor auction results were released around 10am PST for the 5 year Treasury, then it dropped back down toward the lows of the day (about -30bps), as Mortgage Rates worsen by approximately .125% to the rate.  Yields are testing a 3.17% ceiling, as they're currently just under 3.20%, which is another ceiling.  Let's hope this holds!

**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.



Friday, June 24, 2022

Daily Market Report 6/24/22

 http://MikesDailyMarketReport.com:  New Homes Sales beat expectations for May, as it jumped up 10.7% to 696k seasonally adjusted units.  However, Consumer Sentiment dipped down to 50.0 in June.  A few bits that we don't normally look at, but Fed Chair Powell made a comment about it, which raised it's importance this week.  The comment was regarding the Consumer Sentiment toward inflation, or outlook of inflation over a 1 year and 5 year period.  Both were recently lower in June, compared to May's outlook.  The 1 year went from 5.4% to 5.3%; and the 5 year went from 3.3% to 3.1%.  This helped to ease concerns for many investors, as Stocks improved yesterday and have continued this trend today.  As a result, money has flowed over to Equities from Bonds.  Yesterday, MBS was up 77bps, and closed only up 25bps.  Pricing for Mortgage Rates improved yesterday (from Wednesday's ratesheet), but did lose some of the better pricing, as the Market deteriorated.  Today, MBS is currently Down about 17bps, so again Mortgage Rates worsened (compared to yesterday's close).  Meanwhile, Yields spiked upwards to just under 3.13%.  Yesterday, it was down to around 3.03%.

**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.



Thursday, June 23, 2022

Daily Market Report 6/23/22

 http://MikesDailyMarketReport.com:  The weekly Initial Jobless Claims dipped to 229k last week, after last week's report was revised higher, from 229k to 231k.  Also, there was a slight increase to the Continuing Claims from last week.  The Markit PMI released their 2 reports (Manufacturing and Services) for the month of June, which anything above 50 is considered expansion.  The Markit Services PMI dropped from 53.4 in May to 51.6 in June; and the Markit Manufacturing PMI dropped from 57.0 in May to 52.4 in June.  Fed Chair Powell wraps up his 2 day testimony before the House Committee today.  Investors continue to be concerned that the hawkish Fed policy will force the economy into a recession.  There have been recent signs that the economy may not be as strong as the Fed has been stating.  And the Investors recognize this.  Meanwhile, MBS received a boost early on after poor PMI data from Europe sparked some Bond buying in Europe, which trickled over to the US.  We're currently down from earlier highs (over the past hour), which was up to 77bps; however, while I was doing this video, we were ranging between Up 33bps to 50bps.  Overall, pricing for Mortgage Rates are doing better than yesterday, which closed up 45bps.  We're getting closer to getting back to the 25 DMA in both the MBS and Yields.  Yields dropped down to just under 3.05%.

**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.



Wednesday, June 22, 2022

Daily Market Report 6/22/22

 http://MikesDailyMarketReport.com:  There's no notable items on the Economic Calendar today, but there was some positive from the MBA's Mortgage Loan Activity, which reported an increase of Mortgage Loan Origination with Purchase Transactions.  Fed Chair Powell begins his 2 day Congressional Testimony today.  His statements are pretty much the same.  He is talking very hawkish, but also trying to assure the Markets that the economy is doing well and it can handle higher rates.  Meanwhile, Investors are still concerned over the possibility of an upcoming recession due to the Fed Policy Path.  Stocks are down today, as the Money is flowing back into the Bond Market, as a Flight to Safety.  The price of oil has recently subsided dramatically.  It was around $122/barrel about a week ago and now it's down to about $106/barrel today.  Part of this is chatter with the Whitehouse regarding the possibility of suspending the federal gas tax for 3 months and encouraging state level to do so, as well.  MBS closed yesterday in almost Unchanged levels (down 3bps) after being deeper in the red for most of the day.  Today, it's Up about 48bps (off a little from earlier highs); so, Morgage Rates have improved today.  Also, Yields dropped a bit too, as it's sitting around 3.16%.  It closed yesterday at 3.28%.

**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.



Tuesday, June 21, 2022

Daily Market Report 6/21/22

 http://MikesDailyMarketReport.com:  Existing Home Sales dipped 3.4% in May to 5.41 million seasonally adjusted units.  There's not a lot of data being released this week on the Economic Calendar, so most impact will come from headline/geopolitical news or investor sentiment.  Stocks are Up today, as investment dollars continued to flow from Bonds to Equities.  MBS started the morning down much lower and is currently Down 16bps, as Lender ratesheets have worsened since Friday's Market close.  Yields have shot up to just under 3.30% today.

**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.