Dedicated to provide mortgage interest rate trends for people whom will like to learn more about interest rates in California. The daily posts help to provide current interest rates for home loans. A great tool for people looking to buy a home, refinance or real estate professionals.
http://MikesDailyMarketReport.com: Initial Jobless Claims dropped this week to 787k from last week's revised report of 806k. We're also seeing Continuing Claims continue to decline, which is good news! Stocks are facing razor thin trading today, as Markets will close early today for New Year's Eve. S&P is the only index in positive territory. MBS is currently Up 11bps so far this morning. If you couple that with yesterday's gains, then you should find slightly better pricing fom Lenders today. Yields have slid down to it's 25 DMA (just under 0.92%). Well within it's trading range!
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.
http://MikesDailyMarketReport.com: Manufacturing in the Chicago region improved in December, as the Chicago PMI rose from 58.2 November to 59.5 in December. Pending Home Sales continued it's decline into November, as it dipped another 2.6%. Stocks are trading in Positive Territory this morning. As expected, the Senate rejected the change in the Stimulus package that would have increased the $600 to $2k check to the people. MBS lost some ground yesterday, but still remained above the 25 DMA. This morning, it's re-tracing it's previous gains and is Up 5bps. Mortgage Rates remain Unchanged from yesterday. Yields also remain Unchanged, as it remains just under .94%.
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.
http://MikesDailyMarketReport.com: The Case Shiller HPI showed a spike in Home Appreciation in October, when it jumped Up from 6.6% YoY appreciation to 7.9%. Stocks are in Mixed Territory, as trading continues to be light during the Holidays. The House brought up a measure to increase the Stimulus payout to Americans from $600 to $2,000, which President Trump touted. However, it's now up to the Senate to vote. Mitch McConnell is set to speak today, and everybody is expecting him to state whether or not, this measure will come to a vote in the Senate; so, stay tuned! MBS started the morning off lower than yesterday's close (which did close above the 25 DMA); however, has risen back above the 25 DMA; and is currently Up 5bps. Factoring yesterday's late surge and today's gains, Mortgage Rates should see a slight improvement in it's pricing. Yields are holding steady at just under 0.94%.
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.
http://MikesDailyMarketReport.com: There's no economic data to report today and this will be another light week in terms of Market Trading, as we continue thru the holidays. Stocks are Up this morning on President Trump's reversal on his stance of vetoing the Stimulus Bills, which contain a lot of money to other countries and entities than the American Consumer, which he wanted to get more funds to them. So, now the Brexit and Stimulus Package has certainty; then the next items that Investors will watch will be the Georgia runoff and the COVID numbers. MBS started the morning off much lower (just under it's 50 DMA) and rose much higher. It's currently about 2bps from last Thursday's close and had earlier touched the 25 DMA. Mortagage Rates should be around the same range as last Thursday's pricing and better than last Wednesday's pricing (when I last did my report). Yields are up against it's Technical ceiling at just over 0.95%.
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.
http://MikesDailyMarketReport.com: The Core PCE, which is Real Inflation and used by the Fed, remained Unchanged on it's YoY data at 1.4%. The Initial Jobless Claims revised last week's report from 885k to 892k; however, this weeks report showed it declined to 803k. Durable Goods Orders revised their October data from 1.3% to 1.8%; however, it only rose 0.9% in October (suggesting a slowdown). New Home Sales revised their October data from 999k annualized units to 945k; and it's November data shows a significant drop to 841k. Consumer Sentiment is showing that Consumers are becoming more concerned, as it dropped from it's November reading of 81.4 to 80.7. Stocks are Up this morning on reports out of Europe that a deal has been reached between the UK and the EU. Also, President Trump has strongly worded his displeasure with Congress for allocating a Stimulus Package that send large sums of money to other countries and entities, instead of giving more to the American people. He has said that he won't sign this bill and requests that they send him a bill that will provide to the American people and businesses, not foreign aid. This latter part could further factor into trading; however, trading is light due to the large hedgefund managers already on Holiday break. Meanwhile, MBS is dropping (Down 17bps) and falling below it's 50 DMA now. Mortgage Rates have worsened compared to yesterday's rates. Yields are pushing above it's Technical Ceiling, which could push us toward the 1% threshold; which it's currently sitting at just under 0.97%.
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.
http://MikesDailyMarketReport.com: The Final Q3 GDP rose slightly from it's initial reading from 33.1% to 33.4%. Consumer Confidence digressed a bit in December, as the index dropped from 92.9 (revised lower from 96.1) in November to 88.6. Existing Home Sales dropped from 6.86 million annualized units (revised slightly higher from 6.85 million) in October to 6.69 million in November, as Supply reaches all time lows. Stocks are trading in Negative Territory this morning. Congress (both House and Senate) passed the $900 Billion Stimulus Package and $1.4 Trillion Spending Budget. The Bills will be sent to President Trump to be signed. MBS had a bit of a rough day yesterday; closing well below it's 25 DMA and near it's 50 DM, as pricing worsened . This morning, it's Up 6bps, so Mortgage Rates are comparable to pricing found after yesterday's close; and worse than yesterday morning's pricing. Yields are still hanging around 0.93%.
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.
http://MikesDailyMarketReport.com: There are no economic data to report from the calendar today. Stocks are taking their queue from headlines news; and are currently in the Red, as Investors begin concern over a possible new variant of the coronavirus, which is being labeled as more contagious. These are being reported in Britain and South Africa. On the brighter side is the long-awaited Congressional Agreement on a $900 Billion Stimulus package that is expected to be signed today. MBS started the morning much higher, but has dramatically dropped; currently Down 2bps. Currently, pricing for Mortgage Rates are on par with Friday's close; as it closed just under it's 25 DMA. Yields have climbed a bit since it's open; and is currently sitting around 0.93%.
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.
http://MikesDailyMarketReport.com: The Leading Economic Indicators Index rose 0.6% in November. Stocks are facing a lot of volatility today, as they face a Quadruple-Witching. Also, Congress is still working toward a Stimulus Package, along with a Government Spending Bill, in order to avoid a Government Shutdown. Meanwhile, MBS is currently Down 2bps and sitting just above it's 25 DMA. Yesterday, it worked itself back above the 25 DMA. Yields are still sitting in "No Mans Land" between it's 2 technical levels at just under 0.94%.
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.
http://MikesDailyMarketReport.com: Housing Starts rose in November to 1.547 million annualized units (up from 1.528 million in October). It's counter-part, Building Permits, rose to 1.639 million annualized units in November (up from 1.544 million in October). The Philly Fed Index, which measures manufacturing in the Philadelphia region, dropped significantly, from 26.3 in November to 11.1 in December. Another very disappointing report, was the Initial Jobless Claims, as 885k people applied for first time benefits. However, Stocks are Up this morning, disregarding the Mixed economic data, on increasing likelihood of a Stimulus Package arriving sooner than later. MBS were up initially this morning; however, it dropped on talk of more Stimulus. It's currently in Unchanged level, so Mortgage Rates remain Unchanged; and it still sits below it's 25 DMA. Yields rose, as well on the talk of more Stimulus; and now sit just under 0.94%.
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.
http://MikesDailyMarketReport.com: Retail Sales declined a second continuous month in December, as it declined by 1.1%; as it's November's numbers were revised from +0.3% to -0.1%. Markit Manufacturing PMI dropped from 56.7 in November to 56.5 December; and it's Markit Services PMI dropped from 58.4 to 55.3. The Services Industry took a pretty big hit with the renewed lockdowns, as the Markit report indicates. The NAHB Housing Market Index dropped from 90 in November to 86 in December. This report is a survey by Home Builders, which indicates their confidence in the economy. Lastly, the Business Inventories rose by 0.7% in October. Stocks are trading in Mixed Territory this morning, as the Markets await news of 2 very important events (the FOMC announcement/statement and Congressional Stimulus Package). The Fed will make their announcement at 11am PST. We don't expect really any change; however, we're looking for any possible changes to their Asset Purchase Program. If they abstain, then it could hurt Mortgage Rates (especially, if a Stimulus Package is passed). If they increase it, then it will help to offset the Stimulus Package effect. It's appearing that Congress is nearing a deal on the Stimulus Package, which some are saying that it could pass as early as today. Stay tuned! This could get bumpy for the Markets, especially for Mortgage Rates today! Speaking of Mortgage Rates, MBS are currently Down 8bps. They have fallen below it's 25 DMA and have tested it's 50 DMA, as well. This downturn, has led most Lenders to worsen their pricing from yesterday's pricing. Yields have climbed up (even hitting near 0.96%), but are off it's earlier highs at just under 0.93%.
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.
http://MikesDailyMarketReport.com: The Empire State Index, which measures manufacturing in the NY region, came in at 4.9 on it's December index, after it posted a 6.3 previously. The Capacity Utilization improved from 72.8% in October to 73.3% in November; while Industrial Production had a revision in October from 1.1% to 0.9%. It's November data came in at 0.4% Stocks are Up this morning on increased talk on a new bipartisan stimulus package that will contain provisions from both factions. Als, the FDA will meet this week on the Moderna vaccine, which had a high efficacy rate. MBS are currently Down 5bps, which isn't enough to see any changes with Mortgage Rates so far today. Yields held up on their 25 DMA and are trying to push higher, as to be expected when talking about more stimulus (or government spending). It's currently sitting just under 0.91%.
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.
http://MikesDailyMarketReport.com: There are no economic data today to report. Stocks are Up this morning on news of vaccines beginning to be distributed across the US; and the UK PM and EU President announcing the scrapping of a deadline to work out a deal between the 2 entities. It is being reported that NYC Mayor De Blasio stated that NYC may want to prepare for a Full Shutdown, which is helping MBS this morning. MBS started the morning much lower, but has since went into positive territory (+5bps). The current pricing will lead Lenders whom priced the East Coast to better pricing, which should match what we have seen at Friday's close. Yields started the morning much higher due to talk about new stimulus, but is weakening, as it is sitting between it's 25 DMA and Technical line at just under 0.90%.
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.
http://MikesDailyMarketReport.com: Both the Producer Price Index (PPI) and Core PPI rose 0.1% in November. This index gauges inflation in the Wholesale sector. The Core PPI's YoY rose sharply from 1.1% to 1.4%. Consumer Sentiment rose from 76.9 in November to the initial December data of 81.4. Stocks are Down primarily due to pessimism over a Stimulus package to be completed any time soon and an increased possibility of a "hard" Brexit, as talks between the UK's PM and EU's President appear not effective. FDA advised to move forward with the emergency vaccines by BioNTech and Pfizer. MBS is Up 12bps, so we'll see a bit of improvement with Lenders' Rate sheets. Also, Yields have slid down to 0.88%; and below it's Technical floor and 25 DMA.
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.
http://MikesDailyMarketReport.com: Both the Consumer Price Index (CPI) and Core CPI (excludes food and energy) rose 0.2% in November; however, it's YoY remained unchaged from previous month. The CP remained at 1.2% and Core CPI at 1.6%. Bad News with Jobs, which the Initial Jobless Claims spiked to 853k last week. We saw steady declines each week for the past month; and last week's report was 712k. This could be due to recently renewed Lockdowns around much of the US. Stocks are Mixed this Morning, as the NASDAQ remained the only index in Positive Territory. As we continue to see spikes in the Corona Virus numbers across the US (and the World), we're also seeing Congress sputtering with a compromise to new stimulus packages. The main number we're seeing is around $900 Billion, but they're still working thru some sticking points with each side. Also, the FDA is meeting today to review the risks involved with the BioNTech and Pfizer vaccines before they take a vote on releasing it to the public. They will be having another similar meeting next week for Moderna's vaccine. The ECB announced their plan to increase their pandemic emergency bond purchasing by $500 Billion euros and extend their long-term refinancing. Lastly, the UK PM and EU President have extended their talks thru Sunday, so they can work thru an agreement prior to the December 31st deadline. MBS is Down 2bps so far this morning, after a pretty good test to it's 25 DMA floor. Usually, the bad economic data will help mortgage rates; however, this is one of those situations that the bad data only emphasizes the need for more stimulus, which isn't good for bonds. Mortgage Rates remain Unchanged from yesterday's pricing. Yields are sitting just above 0.93% this morning.
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.
http://MikesDailyMarketReport.com: Wholesale Inventories rose 1.1% in October. Stocks are Down this morning. The big news today that's driving the Markets is the new proposal by Mnuchin and the White House on for new Stimulus, which is $916 billion. This proposal may have a bit more teeth, as it includes some of the components that the Democrats want in the package, along with the other needed components. Also, the FDA will be meeting tomorrow regarding the next steps to authorizing the release of the vaccines to the public. As mentioned yesterday, UK PM Boris Johnson will visit Belgium to meet the EC President in order to hammer out some of the gaps between both parties before the UK exits the EU. The deadline is coming up fast, which is December 31st. A hard exit (no deal) can severely disrupt the Markets. Meanwhile, the MBS started the morning much lower, but since has climbed up to -2bps. Lenders most likely have priced in a little worse with their Mortgage Rates today as a result of the MBS open, as caution. This is a result of Supply/Demand principle, as Treasuries are used to pay for any upcoming Stimulus package (more supply and less demand). So, the Stimulus talk isn't so good for Mortgage Rates. Yields are up this morning to just under 0.95%
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.
http://MikesDailyMarketReport.com: We received the final revision for the Q3 Labor Costs, which rose from -8.9% to -6.6%; and the final revision for Q3 Productivity dropped from 4.9% to 4.6%. However, Stocks are trading in Positive Territory this morning. A 90 year old woman in the UK received the first vaccine in the UK, as they begin vaccinations there. They're still working thru the regulations in the US in order to begin here. As we know, the numbers are still spiking. There's a bit of a divide in the Senate on a new Coronavirus Package, as some want a $908 billion joint bill to be passed; and another faction wants to slim it down to around $500 billion package. MBS is Up 3bps currently, after starting the morning higher, then it dropped (testing the 25 DMA), only to return near it's opening. Yields have come down a little bit, as it sits just under 0.91% now.
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 either direct message me, or visit http://michaelb.swmcretail.com
http://MikesDailyMarketReport.com: There are no economic data to report today, so the Markets are looking at geopolitical events for their Movements today. Stocks are in Mixed Territory, as NASDAQ is currently the only index in Positive Territory, after many of the indexes setting new highs last Friday. Cases for COVID are rising, as are hospitalizations; and calls for more Stimulus are being pushed to Congress to act. Reuters is reporting that the Trump Administration is applying sanctions to a few additional Chinese officials for China's actions with recent Hong Kong events; and Russell index is expecting to drop a few Chinese companies for their role with China's military. BREXIT is coming back into light today, as we approach their newest deadline (December 31st). It's appearing more like a Hard Break, as it appears that both sides are not able to bridge some parts of an agreement. As we get closer to the deadline, this will make bigger waves in the Markets. MBS are Up 13bps this morning after it's Sell off on Friday. Mortgage Rates have a slight improvement from Friday's close. Yields have slid a little bit (down to just under 0.93%).
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 either direct message me, or visit http://michaelb.swmcretail.com
http://MikesDailyMarketReport.com: Today, we receive data from the Bureau of Labor Statistics (BLS). We'll start off with Average Earnings for the month of November, which rose by 0.3%. The "biggie", which is the Non Farm Payrolls had a lower revision for October, which went from 638k to 610k; and November was a huge disappointment at 245k. Average Work Week Hours remained the same at 34.8 hours per week. The Unemployment Rate dropped from 6.9% in October to 6.7% in November. Lastly, the Factory Orders revised their September data from 1.1% to 1.3%; and it's October number rose 1.0%. This is 6 consecutive months of growth in Factory Orders. Stocks are Up today! Normally bad job data would disappoint, but in this case, "bad news is good news". Investors view this as more data to push Congress into more Stimulus to help the economy. As a result, MBS is currently Down 16bps, which Mortgage Rates worsened by about an .125% to the rate today. As we mentioned about more Stimulus, the weakens MBS and Treasuries, as more will be needed in order to pay for the Stimulus -More Supply, but not enough Demand. This is giving Yields more ammo to rise, as it's challenging it's Technical ceiling and sitting just under 0.97%.
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 either direct message me, or visit http://michaelb.swmcretail.com
http://MikesDailyMarketReport.com: The Initial Jobless Claims reported fewer claims last week, which 712k people applied for first time benefits. Last week's report was revised higher, from 778k to 787k. Also, people are leaving the Unemployment, as Continuing Benefits dropped from approximately 6 million to 5.5 million. ISM Non Manufacturing shrunk from 56.6 to 55.9 in November. Stocks are Up this morning, as they review the good jobs data today. MBS is Up 3bps, so there wasn't any movement with Mortgage Rates from yesterday's pricing. Yields have dipped down to 0.92%.
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 either direct message me, or visit http://michaelb.swmcretail.com
http://MikesDailyMarketReport.com: The ADP, which will be the first of 3 jobs data that we'll see this week, had a revision higher to last week's report. It was initially stated that 365k new jobs in the Private Sector were created for October; however, it was revised to 404k. It dipped to 307k in November on forecasts of 410k. Stocks are taking a breather after a very strong November and yesterday's rally. A few headline news includes the UK approving emergency vaccines from Pfizer and BioNTech; Stimulus negotiations hit a snag when Mitch McConnel reiterated his point on a "targeted stimulus" position in lieu of a broader base; and Mnuchin and Powell continue their testimonies to Congress, as they meet before a House Committee today. MBS are Up 5bps this morning after a bit of a rough day yesterday. We closed Down 33bps yesterday, which led Lenders to re-price for the worse. So Mortgage Rates will fall closer to yesterday's pricing after close, or a bit higher than yesterday morning's report. Yields were pushing higher earlier this morning and have shown some weakness. It's sitting just under 0.95%, after pushing upwards around 0.96%.
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 either direct message me, or visit http://michaelb.swmcretail.com
http://MikesDailyMarketReport.com: Construction Spending rose 1.3% in October. The ISM Manufacturing Index, like yesterday's Chicago PMI report, dipped from 59.3 to 57.5 in November. The ISM Manufacturing is considered the "Gold Standard" for the Manufacturing reports. Stocks are Up after a very big November. Congress is restarting Stimulus talks again. Mnuchin and Powell are testifying before Congress. Also, according to a report by Adobe Analytics, Cyber Monday broke another record at $10.8 Billion in online sales yesterday. However, MBS has lost their gains from yesterday, and are currently Down 23bps; so, Mortgage Rates have stepped up a little bit today. Also, Yields are having a big day, as it jumps above it's 25 DMA and the next Technical level. It's currently sitting at 0.92%.
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 either direct message me, or visit http://michaelb.swmcretail.com
http://MikesDailyMarketReport.com: The Chicago PMI, which measures manufacturing in the Chicago area, dropped from 61.1 to 58.2 (anything above 50 is considered growth or expansion). However, Pending Home Sales dropped 1.1% in October. Stocks are taking a bit of a breather, after a pretty big month, as all 3 indexes are in Negative Territory. It was reported last night that President Trump may add 2 large Chinese companies to the Export Blacklist (SMIC, their largest chip maker, and CNOOC, an oil giant. This doesn't appear to be affecting the Markets at this time. Meanwhile, MBS is Up 8bps (after closing upwards of 25bps on Friday's short open). So, you'll find an improvement with Mortgage Rates from Wednesday's rates (maybe as much as 0.25% to the rate improvement). Yields have been pushed below it's 25 DMA again, and it's trying to work it's way back above it. It's sitting just under 0.85%.
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 either direct message me, or visit http://michaelb.swmcretail.com
http://MikesDailyMarketReport.com: The 2nd reading for the Q3 GDP remained Unchanged at 33.1%. The Durable Goods Orders revised their September numbers from 0.5% to 2.1%, but it came in at 1.3% for October; when you exclude Transportation, then it rose 1.3% in October. Last week's Jobless Claims were revised higher from 742k to 748k, which this week's report came in at 748.5k. The Continued Claims have dropped by approximately 300k too. Personal Income was revised from 0.9% in September to 0.7%; however, it dropped 0.7% in October. Consumer Spending revised their September number of 1.4% to 1.2%, which October reported 0.5%. The PCE (Personal Consumption Expenditure) remained Unchanged in October; and it's YoY dropped from 1.4% to 1.2%. The Core PCE (excludes food and energy -and is Fed's favorite gauge for consumer inflation) also remained unchanged for October; however, it's September report was revised higher from 1.5% to 1.6% for YoY and dropped down to 1.4% in October. The Fed would like this number closer to 2.0% (and maybe even 2.5% for a duration). New Home Sales for September were revised higher, from 959k to 1.002 million; however, it's October annualized units shrunk down to 999k. The Consumer Sentiment slightly dropped from 77.0 to 76.9 in November. Later today (around 11am PST) the FOMC Minutes will be released. Stocks are trading in Mixed Territory, as Investors cash in on profits after big day for DOW and S&P yesterday. NASDAQ is lone index in Positive territory today. MBS is Up 13bps, so Mortgage Rates should be improved from what we've seen this week; and in close alignment to what we saw on Thursday/Friday of last week. Yields are sitting at 0.87%.
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 either direct message me, or visit http://michaelb.swmcretail.com
http://MikesDailyMarketReport.com: The Case Shiller Home Price Index saw a big spike in home appreciation for the month of September, as it rose 6.6% YoY. Meanwhile, the Consumer Confidence dropped a bit in November to 93.1, from October's 100.9. Stocks are Up this morning, as the DOW hit another Milestone -trading over 30k for the first time! Even though cases have increased, Investors are feeling better about the vaccines and medical help to treat them. Meanwhile, Biden has tabbed former Fed Chair Janet Yellen to be his Treasurer once (or if ) he takes office. MBS is currently Down 3bps, but were down further earlier this morning. East Coast Lenders may have priced a bit worse due to this; however, pricing is Unchanged from yesterday, here, on the West Coast for Mortgage Rates. Yields are clawing their way back up, as they are now sitting around 0.88%.
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 either direct message me, or visit http://michaelb.swmcretail.com
http://MikesDailyMarketReport.com: Today, we received reports from the IHS Markit PMI, which they show Manufacturing rising from 53.4 in October to 56.7 in November; and Services rose from 56.9 in October to 57.7 in November. Overall, a very good report! Stocks are Mixed this morning on light trading, as this is a short Holiday week. NASDAQ is the lone index in the Red this morning. The Headline news mostly covers some optimism for COVID related news on vaccines and Health Officials okaying experimental drugs to help with COVID patients, as numbers rise; and worries about it spreading more during the Holiday season, as families gather. MBS is Down 14bps this morning, so Mortgage Rates crept up slightly (about an .125% to the rate). Yields jumped above it's 25 DMA and Technical level this morning, and now sits just under 0.86%.
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 either direct message me, or visit http://michaelb.swmcretail.com
http://MikesDailyMarketReport.com: We don't have any economic data to report today. Today is the last full week prior to Thanksgiving, as many of the large Hedge funds will be out all of next week for vacation, so it could get a little choppy due to the smaller investors. Currently, the Stock Market is Mixed, as the NASDAQ is the lone index in Positive Territory. All week, investors have been deliberating back-and-forth between optimism with the vaccines and the current status of the rising cases. We had a surprise announcement by the Treasury today when Mnuchin requested the balance of the unused funds for the special lending programs created under the first Stimulus, which were set to expire at the end of the year. The Fed prefers to hold onto the funds, as means to help the Markets feel secure; whereas, the Treasury feels that it is it's obligation to return the unused funds to Congress and re-position it, as they see fit (possibly another stimulus). The reaction by the Markets isn't too big on this news, but the Media is playing this out like there's a rift between the 2 agencies. Meanwhile, MBS is Down 5bps this morning; however, MBS had further gains yesterday afternoon; so, this has led to Mortgage Rates remaining the same, or Unchanged from yesterday's pricing. Also, Yields have been pushed under it's double layer of Technical level and 25 DMA, and trying to work it's way back. It's currently sitting just under 0.84%.
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 either direct message me, or visit http://michaelb.swmcretail.com
http://MikesDailyMarketReport.com: The Manufacturing in the Philadelphia region dipped a bit in November, as the Philly Fed Index shows it went from 32.3 in October to 26.3 in November. This is still a relatively high number, but we'll watch this trend. However, the Initial Jobless Claims jumped up to 742k last week, after we were seeing approximately 4 weeks in a row with declining data. On a positive note, Existing Home Sales jumped up from 6.54 million annualized units in September to 6.85 million in October. Also, the Leading Economic Indicator continued it's trend of rising 0.7% in October. Stocks are in Mixed Territory this morning, as the NASDAQ remains the lone index in Positive Territory. The rise in COVID cases and announcements of further lockdowns, including the NYUSD announcing students will return to online learning yesterday. This will further cripple the economy, especially without any stimulus coming any time soon! MBS has regained it's losses this morning, as Mortgage Rates improved. We should be priced the same as we saw at the close of Tuesday's pricing. MBS is currently Up 9bps. Yields continue to be held below it's Technical level and sit just below 0.86%
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 either direct message me, or visit http://michaelb.swmcretail.com
http://MikesDailyMarketReport.com: Housing Starts rose from 1.415 million annualized units in September to 1.530 million in October; however, Building Permits remained Unchanged at 1.530 million. Stocks are trading in Positive Territory, as Investors go back-and-forth with corona virus cases rising and soon to be released vaccines. Pfizer announced their final testing came in at 95% and will be applying for the vaccines. Meanwhile, MBS is Down 8bps and appear to be losing more ground as this report is being completed. We had a price improvement yesterday and closed Up 25bps, which was Up from +13bps when I did yesterday morning's report. This basically means that Mortgage Rates are worse than where we closed yesterday; however, its' about the same as yesterday morning's report. Yields are now challenging it's new Technical ceiling, as it sits just under 0.87%.
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 either direct message me, or visit http://michaelb.swmcretail.com
http://MikesDailyMarketReport.com: Import Prices dropped by 0.1% in October. The Retail Sales report indicated it's lowest MoM increase since the Pandemic with a 0.3% in October; but if you exclude Autos, then it was only 0.2% increase. The Retail Sales has become a more important data point to Investors, as they watch Consumer activity; whereas, they already see that Jobs aren't returning as fast as one would wish. Capacity Utilization increased to 72.8% in October. Industrial Production increased by 1.1% in October. The NAHB Housing Market Index rose from 85 in September to 90 in October. Lastly, Business Inventories rose 0.7% in September. Stocks are Down on the Retail Sales data this morning. Meanwhile, MBS broke above it's Technical ceiling and are Up 13bps. Mortgage Rates will show some improvement based on this projection. Also, Yields have slid below it's Technical floor and sit around 0.87%.
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 either direct message me, or visit http://michaelb.swmcretail.com
http://MikesDailyMarketReport.com: There are no economic data to report today. The main headline affecting the Markets is Moderna's announcement that their vaccine has 94.5% efficacy (higher than Pfizer's report last week). Stocks are Up this morning on the news; however, a bit more moderate compared to last Monday's report, which settled down a bit throughout the remaining week. MBS is Unchanged from Friday's close, so Mortgage Rates also remain Unchanged. Yields have risen to just under 0.91%.
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 either direct message me, or visit http://michaelb.swmcretail.com
http://MikesDailyMarketReport.com: The inflation on the Wholesale side of the economy (also, as we had CPI yesterday) pull back in October, as the Core PPI rose only 0.1% in October, and it's YoY dropped from 1.2% to 1.1%. The headline PPI, however, rose 0.2% for MoM in October. Consumer Sentiment dropped in it's mid-readings in November from 81.8 in October's final reading to 77.0 so far in November. Much of this has to do with renewed concerns over rising cases of coronavirus and talk of more lockdowns. Stocks are Up this morning on primarily due to good reports from Disney, Cisco and 3M. Investors are watching with optimism for future growth with talk of vaccines, etc.., but also, realizing the present, with rising cases and talk of more lockdowns. MBS is currently Unchanged from yesterday's close; however, MBS did continue it's rally yesterday (closing +38 bps). Many Lenders repriced yesterday with better Mortgage Rates. So, Mortgage Rates should be priced around yesterday's close and better than yesterday's opening. Yields are bouncing off it's Technical level of Support and now up to 0.89%.
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 either direct message me, or visit http://michaelb.swmcretail.com
http://MikesDailyMarketReport.com: The CPI and Core CPI were flat in the month of October; so, both of their YoY results dropped. The CPI dropped from 1.4% to 1.2% and Core CPI dropped from 1.7% to 1.6% in October. Also, we have good news on Jobs; whereas, the Initial Jobless Claims continue to decline, which only 709k people applied for first time benefits last week. Another important factor to consider is the continuing jobless claims dropped below 7 million for the first time since this whole Pandemic began (6.786 million). Stocks are in Mixed Territory, as NASDAQ is the lone Index in Positive Territory. Investors are getting worried about the spikes in the COVID numbers and rhetoric about possible lockdowns again. Meanwhile, MBS has jumped above it's 100 DMA and is Up 20bps; so, Mortgage Rates have shown some improvement from Tuesday's close. Yields have come down abit, and sit just under 0.92%.
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 either direct message me, or visit http://michaelb.swmcretail.com
http://MikesDailyMarketReport.com: No economic data to report today. Market will be closed tomorrow, so next report will be Thursday. Stocks are in Mixed Trading, as the NASDAQ being the lone index in the Red. Investors are re-evaluating their positions in the Market, as cases of COVID are increasing in many areas. The vaccine was good news, however, it will take months for it to be accessable. Meanwhile, MBS had a Bond Rollover, which occurs monthly. This is why it appears lower on the chart, but pricing hasn't been affected. It's simply a reset for MBS. MBS pulled back yesterday, as it faced -63bps, then it closed -44bps. Most lenders didn't change their pricing, but you may see that slight improvement today. We're currently Up 5bps; and on the chart, sitting just below it's 100 DMA. Yields are trying to break above it's next Technical Level, but it seems to be holding. It's currently sitting at 0.95%.
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 either direct message me, or visit http://michaelb.swmcretail.com
http://MikesDailyMarketReport.com: There are no economic data to report. There's only some Treasury Auctions scheduled for today. Most of the data will be reported on Thursday and Friday of this week. The Market will be closed on Wednesday, due to Veterans Day. Stocks are WAY Up this morning, as the DOW has topped 1k. The Market is being driven primarily due to updates on COVID-19 vaccinations, as Pfizer and BIO N Tech reported high success rates on their late stage testing. I believe Pfizer reported 90%, which 50% is considered ok. Also, many pundits are counting the elections to Biden, as these are just the forecasts, not the actual certifications. We'll most likely see the outcome in a few months, assuming it will go to the Supreme Court. Meanwhile, the Stocks big surge has pulled investment dollars from Bonds, as MBS is Down 63bps; which means that Mortgage Rates has seen worse pricing today. Yields have shot all the way Up to .95%.
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 either direct message me, or visit http://michaelb.swmcretail.com
http://MikesDailyMarketReport.com: Today is the big day for Jobs Data, which the Bureau of Labor Statistics released thier reports. The Average Earnings modestly rose 0.1% in October. The Non-Farm Payrolls rose by 638k new jobs, while the Unemployment Rate dropped from 7.9% in September to 6.9% in October. This can be a little misleading, as we saw an uptick in people leaving Unemployment for part-time work. We saw some of this after the Credit Crisis. Lastly, the Wholesale Inventories rose by 0.4% in September. Stocks are Up again today, as we go thru more Election saga. The Fed provided their announcement yesterday, which didn't change much, but they did reiterate the necessity of rolling out another Stimulus program, as many people are really struggling. MBS is currently Down 16bps, so Mortgage Rates have worsened (about an 0.125% to the rate). While Yields skyrocketed past it's 25 DMA and next Technical level to 0.82%.
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 either direct message me, or visit http://michaelb.swmcretail.com
http://MikesDailyMarketReport.com: Last week's Jobless Claims were revised higher by 7k (758k), and this week's report came in at the same as last week's initial number of 751k. Productivity for Q3 preliminary numbers show a 4.9% increase. Q2 had a revision to 10.6%, from 10.1%. Q3 Labor Costs had preliminary numbers reflecting a loss of 8.9%; after it's Q2 was revised lower from 9.0% to 8.5%. Stocks continue their Positive run, as more investors sink in more investment dollars that sat on the sideline due to Uncertainty in the Markets, but it seems to becoming a bit clearer now, as more states reveal their tallies; however, we do expect a final announcement to be delayed, as these results will be contested in the courts. The Fed will be wrapping up their FOMC today and provide their announcement later today. We don't expect any movement from them at this time. More focus has been placed on the election results. MBS continue it's rise, as it's Up 13bps currently. Mortgage Rates will look a little nicer today! Yields started lower, but has risen a little bit today; and is currently sitting at 0.76%.
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 either direct message me, or visit http://michaelb.swmcretail.com
http://MikesDailyMarketReport.com: This week, we'll see Jobs data from Octobers numbers. Today, we have the ADP Payroll, which (very much) underwhelmed us with 365k new jobs in the Private Sector. This is after 749k was reported in September; and forecasts called for 650k in October. The ISM Non-Manufacturing PMI Index dropped from 57.8 in September to 56.6 in October. The Markit Services showed a completely different story, but we didn't have it on our calendar to report the actual number; but, it indicated that it rose in October. The ISM is a more closely watched index, compared to the Markit index. Stocks are WAY Up this morning, as Investors become clearer on possibility of economic stimulus; but there's some Uncertainty, as to whom will win the Presidential race. The Senate seems to be intact with Republican control (even when they lost one seat). This has been the stalemate for a much larger stimulus package, as the Senate wants a smaller package. This has created more certainty for the Markets. The House appears to still be under control by Democrats (even though they lost a few seats). The counts are too close to call for a number of states for the Presidential election, so it will take longer to get any results; and this will most likely result in legal battles, which will delay the results of a winner. Meanwhile, we are still receiving Corporate Earnings Reports, which have been decent; but nothing of note to report in this video. The Fed begins their 2 day meeting, which was delayed by a day, due to the Election yesterday. The FOMC will provide their announcement tomorrow, which we don't anticipate anything new from them. MBS has leaped UP 56bps on the election results, which means that you'll find a fairly nice improvement in the Mortgage Rates today. Yields have fallen considerably, Down to 0.77%, which they were Up to approximately 0.90%. This is mostly the result of the election on the Senate seats, as it will appear that the next Stimulus won't be as large as what the House was offering. Having less debt, is lowering the yields!
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 either direct message me, or visit http://michaelb.swmcretail.com
http://MikesDailyMarketReport.com: Factory Orders rose by 1.1% in September. Stocks are Up on upcoming US Election today and Q3 Corporate Earnings continue to go well. MBS is Down 8bps so far this morning, after losing it's momentum yesterday. Lenders repriced for the worse yesterday and have reported even worse pricing than yesterday's close. One silver lining is the possibility of a contested election results, which will create uncertainty in the Market. This could potentially help Mortgage Rates, at least temporarily. We'll watch for the election results. Meanwhile, Yields are pushing against another Technical Level, which we haven't seen since March. It's sitting around 0.89% now.
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 either direct message me, or visit http://michaelb.swmcretail.com
http://MikesDailyMarketReport.com: The ISM Manufacturing finished October at 59.3 (vs. September at 55.4). Quite a Jump! And great news for Manufacturing sector! However, Construction Spending came in only Up .3% (wich forecasts calling for 1.0% increase). Investment Dollars appear to be coming back into the Markets, after last week's selloff. Stocks are Up this morning on the ISM report and Q3 Corporate Earnings. Elections are tomorrow, and have Investors worried over a delayed winner. This could lead to a drop in stocks in the coming days, if this occurs; however, this may help MBS and Mortgage Rates! Currently, MBS is Up 16bps (topping both it's 25- and 50 DMA). Lenders will provide better pricing for Mortgage Rates this morning! Yields have fallen Down to 0.83%.
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 either direct message me, or visit http://michaelb.swmcretail.com
http://MikesDailyMarketReport.com: Consumer Spending rose by 1.5% MoM in September, while Personal Income rose by 0.9%. Employment Costs, for Q3, rose by 0.5%. We received data on the Fed's favorite gauge for inflation, the Personal Consumption Expenditur (PCE); actually it's Core PCE is what they view, as it removes the volatility of food and energy. Both the PCE and Core PCE rose by 0.2% MoM in October; however, the PCE remained Unchanged at 1.4%, while the Core PCE dropped from 1.6% in September to 1.5% YoY. Manufacturing in Chicago region dipped a little bit, when the Chicago PMI reported it went from 62.4 in September to 61.1 in October. Lastly, the Consumer Sentiment improved in October, as it's initial read for the month, came in at 81.2; and it finalized at 81.8. Stocks are Down this morning, even though the FAANG companies whom released their earnings last night, had exceeded expectations. Stocks are still concerned about possible lockdowns in the US, as Europe has begun implementing them due to higher reported virus cases; and also, the possibility of a contested US election next week, which results could take weeks. MBS is Unchanged from yesterday's close; however, the Market further deteriorated and Lenders re-priced a little bit worse. So, Mortgage Rates are worse today (compared to yesterday morning's report), but unchanged from yesterday's close. Yields have continued it's ascent to 0.86%
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 either direct message me, or visit http://michaelb.swmcretail.com
http://MikesDailyMarketReport.com: Q3 GDP rose 33.1% after a loss of 31.4% in Q2. Of course, these numbers are a bit skewed due to lockdowns and Government Stimulus. However, they do look promising! Another promising report came out in the Initial Jobless Claims, which (again) was lower than the previous week. Only 751k applied for benefits last week! Unfortunately, the Pending Home Sales didn't get the memo, as it showed a drop of 2.2% in September. Stocks are Up this morning based on the economic data, but they are still a bit jittery over the increase in virus cases and possible lockdowns/restrictions, as much of Europe is currently undertaking. Also, the elections for next week provide a bit of intrigue, as if it's too close, then it may be contested. The Markets like certainty, and this is not certain! MBS is currently Down 2bps and sitting between it's 25- and 50 DMA. It started the morning higher, but has retracted to unchanged levels; so, Mortgage Rates remain Unchanged from yesterday's pricing. Yields are pushing up against the Technical Level again, after some moment shifted yesterday (when it touched off it's 25 DMA and closed higher). It's resurgence is sitting at 0.81% now.
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 either direct message me, or visit http://michaelb.swmcretail.com
http://MikesDailyMarketReport.com: There are no economic of "note" to report today. We did receive data on Mortgage Applications, which were up last week for both purchase and refinance. Stocks are in Negative Territory, as new cases for COVID rise across US and Europe. Investors are concerned over possible new lockdowns, which will further harm the global economy. Also, the election is less than a week away; so, we'll see how the Market reacts to it's results. MBS are Down 5bps and testing it's 25 DMA. Mortgage Rates remain Unchanged from yesterday's pricing. Yields have also fallen some, as it broke beneath an important Technical Level yesterday. It's sitting around 0.77% now.
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 either direct message me, or visit http://michaelb.swmcretail.com
http://MikesDailyMarketReport.com: Durable Goods jumped up 1.9% in September (greater than 0.5% forecasts). When you exclude "big ticket" items, like Transportation, it went up 0.8%. Case Shiller jumped from 3.9% YoY in July to 5.2% in August. Huge Increase! However, Consumer Confidence dipped a little bit, from 101.8 in September to 100.9 in October. Stocks are trading in Mixed Territory, as the DOW continues it's decline; S&P dipping it's toes back and forth between positive and negative territory; and NASDAQ is in Positive Territory. A Merger between AMD and Xillinix was announced, which is helping to prop up the NASDAQ, along with upbeat Corporate Earnings Reports. MBS is Up 5bps and trying to break up against it's 50 DMA again, after it lost some ground yesterday (closing +13bps). Mortgage Rates remain Unchanged from yesterday's pricing. Yields fell below an important Technical yesterday, and still drifting lower (sitting aroun 0.78%).
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 either direct message me, or visit http://michaelb.swmcretail.com
http://MikesDailyMarketReport.com: New Home Sales dropped in September from 1.011 million annualized units in August to 959k. Forecasts were calling for an increase to 1.025 million. Stocks are Down, as COVID related cases spike in the US. Europe has started to lock down again, which worries Investors that the US will do the same, as we're trying to bring the economy and jobs back. There are more Q3 Earnings Reports coming out this week, which will have some notable High Tech Corporations releasing their's (namely Microsoft and Alphabet). MBS has jumped Up 17bps and is testing it's 50- and 25 DMA ceiling. Mortgage Rates are priced better today! Yields have fallen below it's Technical floor and now testing another Technical Level that provided a tough ceiling. Question will be, if it will be a tough floor, as it's being tested. Yields are Down to just under 0.80%.
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 either direct message me, or visit http://michaelb.swmcretail.com
http://MikesDailyMarketReport.com: The Markit Manufacturing PMI modestly rose by 0.1 to 53.3 in October; while it's couter-part, Markit Services PMI rose from 54.6 in September to 56.0 in October. Stocks are trading a little light this morning and in Mixed Territory (S&P is only index in Positive Territory), as Investors continue to watch for any progress toward a new Stimulus Package. Some Good News for Gilead, as it's remdesevir drug for hospitalized COVID patients gained FDA approval. The Q3 Earnings Reports continue to be release, however, nothing big to report there. MBS started lower, just above it's 100 DMA, and have moved upward, which it's currently Up 5bps from yesterday's close. Mortgage Rates should be Unchanged from yesterday's pricing. Yields seem to be showing some early signs of slowing down, as it topped 0.86%, but has since pulled back down to 0.84%.
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 either direct message me, or visit http://michaelb.swmcretail.com
http://MikesDailyMarketReport.com: Initial Jobless Claims dropped to it's lowest level since March. It was reported today that only 787k people applied for first time benefits last week, which is lower than forecasts of 860k. Existing Home Sales jumped up to 6.54 million annualized sales in September from 6.0 million in August. Leading Indicators were up 0.7% in September. Stocks are Down this morning on growing concerns that a new Stimulus Package won't be completed prior to the Election, as this is deemed necessary. Q3 Corporate Earnings are still being reviewed, including Tesla's, which was released. Investors are watching the progress (or lack of) a New Stimulus Package; growing numbers of COVID cases, which may lead to more lockdowns; and the progress of Barrett's nomination toward Supreme Court. MBS was testing it's 100 DMA, but has scaled back from it's earlier lows; and currently Down 6bps. We're around the same level as yesterday, so we shouldn't see any changes in Mortgage Rates today. However, Yields continue it's torrid pace, and are Up to around 0.85% now.
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 either direct message me, or visit http://michaelb.swmcretail.com
http://MikesDailyMarketReport.com: No economic data to point out today. The Stock Market is Up again today on continued optimism, as the White House and House are working on a deal for new stimulus; however, this could get help up by the Senate, whom have been calling for a smaller Stimulus package. The Fed Beige Book, which provides us with a Micro view of the economy around the various regions in the US, will be released later today. Q3 Corporate Earnings Reports continue to be released, whch a headline for Netflix disappointed, as they lost subscribers due to protests over one of their films (deemed highly inappropriate). Like yesterday, we have a few more Fed Members speaking today. MBS started the morning much lower and has since pulled back to being Down 6 bps from yesterday's close. Yesterday, we were in this level, before pulling back. We're in similar lows that we saw a few weeks ago; however, Yields didn't break the Technical level around 0.79%. Yesterday, they broke above it, and sit just under 0.81% now. Mortgage Rates are a little worse today, as a result.
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 either direct message me, or visit http://michaelb.swmcretail.com
http://MikesDailyMarketReport.com: The Housing Starts were revised lower in August, from 1.416 million annualized units to 1.388 million. In September, they rose to 1.415 million. Technically, they rose, but ultimately, it was nearly the same. Building Permits (future Housing Starts) rose from 1.476 million in August to 1.553 million in September, exceeding forecasts of 1.520 million. Stocks are in Positive Territory on news that there may be progress on a Stimulus Deal package. Also, to note, that the DOJ has filed an Antitrust Lawsuit against Google, so stay tuned! Q3 Corporate Earnings Reports are being released, but nothing big to report today. Also, there are a few Fed Members speaking at their engagements today, so this could always be a Market Mover, as well. MBS is currently Down 6bps. They were denied by it's 25- and 50 DMA yesterday and lost ground by closing -9bps. Coupled with yesterday's losses and today's, then Lenders will price Mortgage Rates slightly worse today. Meanwhile, Yields are testing it's next Technical level (same one from a few weeks ago, which held the entire week); and sitting just under 0.78%.
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 either direct message me, or visit http://michaelb.swmcretail.com
http://MikesDailyMarketReport.com: The NAHB Home Builders Index indicate the growing confidence with Home Builders in the month of October, as it rose from 83 in September to 85 in October. Stocks started of in Positive Territory, but soon after, went into the Red. The hopes for a Stimulus package prior to the election is quickly dwindling down, which this optimism is helping to prop up both stocks a yields. The release of Q3 Corporate Earnings Reports will continue this week, which we have Netflix and Tesla being released this week. Investors were impressed with China's report for Q3, which grew to 4.9% and pushing it closer to it's 2020 forecasts of 5.5% -6.0% range. MBS started much lower this morning; however, as the Stock Market turned Red, then they rose to Unchanged pricing from Friday's close (still just below it's 25- and 50 DMA). Pricing may have been a little worse this morning for the East Coast, but should have improved to Unchanged levels (based on Friday's close) on Mortgage Rates; and West Coast should be pricing in at the same levels as Friday's close. Yields have been rising on optimism for a Stimulus package; and have rose above another Technical Level. It's sitting around the 0.77% level.
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 either direct message me, or visit http://michaelb.swmcretail.com
http://MikesDailyMarketReport.com: Retail Sales surprised investors, as it rose 1.9% in September on forecasts of 0.7%; even when you exclude Autos, it rose 1.4%. This adds to the Consumer Sentiment, which rose from September's number at 80.4 to 81.2 in mid-October. Capacity Utilization rose only by 0.1% to 71.5% in September; however, Industrial Production surprised the Markets with a drop of 0.6% on forecasts of an increase of 0.5%. This is something that we'll need to watch, as it could indicate negative numbers for the economy. Lastly, Business Inventories rose 0.3% in August. Stocks are Up this morning on the Retail Sales and Consumer Sentiment reports. The Q3 Corporate Earnings are still being released, but nothing of note to report. Pfizer mentioned that they could potentially release a vaccine by end of November on an emergency basis, if needed, while cases around Europe and a few states in the US have increased. Investors are still in hope of a Stimulus Package prior to next month's elections; which has the Democrats at $2.2 Trillion, Trump at $1.8 Trillion and Senate at $500 Billion. Looks like an impasse to me! MBS is currently Down 2bps, coupled with yesterday's late decline, may lead many Lenders to price more negatively today (most likely a difference of 0.125% in rate). They broke below their 25- and 50 DMA. Yields broke back above it's Technical level and sit just above it's 0.74%.
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 either direct message me, or visit http://michaelb.swmcretail.com
http://MikesDailyMarketReport.com: We have a mixed bag of economic data today! The Import Price rose 0.3% in September (this is a low impact data point). The higher data points include the following Manufacturing reports: The Philly Fed Index rose to 32.3 in October and the NY Fed Index rose 10.5. However, the Initial Jobless Claims rose 58k from last week's report to 898k. Stocks are Down, as we've been seeing weakness from them this week! Sentiment toward possible higher COVID numbers and tighter restrictions in Europe, along with lack of progress on another Stimulus package is weighing on Investors' moods. More Fed Members are out speaking today; along with more Q3 Corporate Earnings Reports being released. MBS is showing some uncertainty this morning, as it's tested both positive and negative directions, which we see by the star shape in the candle. It's currently Up 3bps; however, yesterday, we closed Up 13bps. You should see better pricing with Mortgage Rates today. Yields have pulled back a bit from earlier lows, which tested it's 25 DMA; however, now it's sitting just under 0.72%.
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 either direct message me, or visit http://michaelb.swmcretail.com
http://MikesDailyMarketReport.com: The Producer Price Index, or PPI, rose 0.4% in September; same for the Core PPI, which excludes food and energy. The Core PPI jumped from 0.6% in August to 1.2% in September on a Year over Year (YoY) basis. Surprisingly, this hasn't had much impact on the Markets. Stocks are Up this morning. Yesterday, they were all in Positive Territory; however, after I provided my report, the DOW and S&P went into the Red. We have more financial companies and banks releasing their Q3 Corporate Earnings today, which is having the most impact in the Market; however, the recent pause for Pharm Companies J & J and Eli Lilly pausing their trials have some investors concerned over another wave of outbreak. There are several Fed Members speaking today, which may have some impact in the Market.
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 either direct message me, or visit http://michaelb.swmcretail.com
http://MikesDailyMarketReport.com: The Consumer Price Index, or CPI, rose only 0.2% in September, as did it's Core CPI; however, it's YoY rose from 1.3% to 1.4% and it's Core remained Unchanged at 1.7% YoY. Stocks started the Morning in Positive Territory, as Q3 Corporate Earnings Reports begin to be released. Today, we're seeing a lot of Banks and Financial Institutions releasing their's. Johnson & Johnson paused their vaccine trials, as they experienced some issues. Apple and Amazon begin their special events today, as Apple is set to announce their new 5G capable iPhones and Amazon begins their 2 day Sales Event, Prime Day! MBS had a Bond Rollover on Friday, which is why the chart looks like it worsened; but in reality, it improved by 18bps so far this morning. The Rollover is simply a reset in pricing, as October's MBS are packaged to be sold in the Market; and now we begin November's batch of MBS. Yields have slipped below it's Technical level and approaching the next level below it. It currently sits just under 0.74%.
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 either direct message me, or visit http://michaelb.swmcretail.com
