Friday, April 2, 2021

Daily Market Report 4/2/21

 http://MikesDailyMarketReport.com:  Today, we received the Jobs data from the Bureau of Labor Statistics (BLS).  They revised their February numbers from 379k to 468k; and March came in at 916k -nearly 1 million new jobs reported!!!!!  The Average Work week increased from 34.6 to 34.9 hrs in March, which is very high (compared to historical average in mid-34 hr range).  Meanwhile, the Average Earnings dropped by 0.1% MoM in March.  Lastly, the Unemployment Rate dropped from 6.2% to 6.0%.  Stocks are Up on the Job data!  Meanwhile, MBS dropped 16bps, which led to slightly higher (about .125% rate) Mortgage Rate in the ratesheets today.  Yields rose to 1.71%.

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, April 1, 2021

Daily Market Report 4/1/21

 http://MikesDailyMarketReport.com: Initial Jobless claims jumped up this week from last week's revised 658k people applying for first time benefits to 719k.  Tomorrow will be the Jobs data from the Bureau of Labor Statistics (BLS).  ISM Manufacturing PMI reiterates all of the other manufacturing data that it's getting hot.  It rose from 60.8 in February to 64.7 in March, which is the highest since 1983.  Last of all, Construction Spending dropped by 0.8% in February.  Stocks are Up today after a pretty choppy March.  Investors are reviewing the newly introduced $2.3 Trillion Infrastructure Package that will raise corporate taxes.  MBS are having a good start to the month, as they're up 23bps; so, Mortgage Rates will show some improvement today.  Yields have slid down to 1.67%.

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 please direct message me.



Wednesday, March 31, 2021

Daily Market Report 3/31/21

 http://MikesDailyMarketReport.com: ADP revised their February's data higher, from 117k to 176k; and March's reported 517k job (coming in near forecasts).  Manufacturing continues to heat up in Chicago, as the Chicago PMI jumped up from 59.5 in February to 66.3 in March.  However, Pending Home Sales dropped 10.6% in February, as the Market is dealing with historic lows.  There's plenty of demand, but no supply!  Meanwhile, stocks are Up today, as Funds rebalance their portfolios for end of Q1/month.  Biden is expected to announce his plans for Infrastructure Spending Package.  This doesn't seem to be affecting the Market today, as it's (for the most part) already priced in.  MBS is Up 8bps so far this morning, as it rebounded from it's opening.  Mortgage Rates (for the most part, depending on the Lender and when they release their rate sheets), the pricing should be Unchanged or Better than yesterday's.  Yields didn't move much  today; and currently sit just under 1.72%.

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 please direct message me.



Tuesday, March 30, 2021

Daily Market Report 3/30/21

 http://MikesDailyMarketReport.com:  We have a few Home Price Indices (HPI) to report, which we'll start with Case Shiller HPI.  Case Shiller reports that home prices rose 11.1% YoY in January; while the report by OFHEO, whom gathers data from conforming loan programs (Fannie and Freddie) rose 12.0% in January.  Lastly, the Consumer Confidence spiked from a revised 90.4 in February to 109.7 in March (this will have an impact with Yields).  Stocks are Down this morning, as we approach month/quarter end, and Fund Managers rebalance their portfolios.  Investors are closely watching for any further selling from Archegos Capital Management, whom disrupted the Markets yesterday with their block selling of $30 billion, as they liquidate to repay calls.  Also, Biden may be announcing (maybe as soon as tomorrow) a new plan on rebuilding our infrastructure that may top out at $3 trillion.  This could have a HUGE impact on Yields, as we saw what the Stimulus package did to Yields about a month ago.  Speaking of Yields, it topped out at 1.77% earlier today, and has since subsided down to just under 1.73%.  MBS started the morning much lower, but has improved to being Down 5bps.  Pricing should be a little worse today, compared to yesterday's ratesheet; but Mortgage Rates should be seeing a huge change.

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, March 29, 2021

Daily Market Report 3/29/21

 http://MikesDailyMarketReport.com:  There are no economic data to report today; however, we'll receive March Jobs data this week, starting with ADP on Wednesday.  Stocks are currently in Mixed Territory after being in Negative Territory early on due to an unexpected selloff by a large Hedge fund manager.  They dropped off $30 billion into the Market, which has led other investors to research which sectors and and stocks are affected; needless to say, it was a big disruption.  We will expect some choppiness over the next few days, as the 1st Quarter ends; and Fund Manager rebalance their portfolios to meet expected economic recovery and higher Yields.  Speaking of higher Yields, they're spiking as we speak.  They've pushed up to 1.71% so far.  Meanwhile, MBS was looking good until it just didn't and is currently Down 14bps.  This has led Lenders to reprice already this morning to worse pricing for Mortgage Rates.

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, March 26, 2021

Daily Market Report 3/26/21

 http://MikesDailyMarketReport.com: The Fed's favorite gauge for inflation was released today.  The PCE (Personal Consumption Expenditure) went up 0.2% in February, as it's YoY rose from 1.5% to 1.6%; however, it's Core PCE (excluding the volatile food and energy) rose only 0.1% in February and it's YoY dropped from 1.5% to 1.4%.  The Core PCE is what the Fed terms "Real Inflation" and likes to keep it around 2.0%.  As it appears, we still have room before we reach that level, even though the Markets are anticipating much higher levels.  Another report that was released was Personal Income, which dropped 7.1% in February; and Consumer Spending dropped 1.0%.  Lastly, Consumer Sentiment rose from 83.0 in February to 84.9 in March.  Stocks are in Positive Territory on the low inflation data and higher Consumer Sentiment, but also on good economic data out of Europe and potentially faster vaccinations in the US.  The good economic data in Europe dragged MBS down, as the US Markets opened, but has pulled itself closer to Unchanged levels.  It's currently Down 3bps; however, yesterday, the Market closed in Negative Territory (down about 6-8bps).  This will most likely lead Lenders to price in their rate sheets a bit worse (compared to yesterday's) this morning.  But it's possible that MBS continues some improvement (hence, maybe some Lender repricing for better to the rate sheets).  Meanwhile, Yields spiked to 1.67% early on, but have subsided down to 1.64% level.  Yesterday, it broke back above the 1.62% level again, which is what's putting the pressure on MBS.

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, March 25, 2021

Daily Market Report 3/25/21

 http://MikesDailyMarketReport.com:  The Weekly Initial Jobless Claims finally dropped below 700k, when it was reported that only 684k people applied for first time unemployment benefits last week.  Also, another great report come in, which was the final revision for the Q4 GDP, which came in higher than it's initial (4.1%) to 4.3%.  Stocks are Up on the data; and the choppiness this week has been occuring, as the big Hedge Fund Managers reposition and rebalance their portfolios for the ending quarter.  As COVID cases hit Europe are resulting in more Lock Downs, which initially helped Yields; but that dissipated, as the 7 year Treasury Auction came in a bit poor.  We're looking for Yields to hold below the important Technical Level that we discussed yesterday, which is around the 1.62% range.  We're currently sitting just under the 1.63% range.  MBS also faced a bit of a seesaw action this morning with all of the news being reported.  Currently, it's Up 2bps; so Mortgage Rates should be closely Unchanged from yesterday's close.

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.