http://MikesDailyMarketReport.com: The NFIB Small Business Index, which measures the confidence level with Small Businesses, rose from 104.3 to 104.5 in February. This, like many other data that will be reported can almost be disregarded, as we've entered a new catalyst to our economy, which this data being reported is unaffected. We won't really know the impact until we see this month's data being reported next month, as we're in the infantile stages of being affected of the coronavirus. Stocks took it's worst single day beatdown yesterday since 2008 (during the height of the Credit Crisis Meltdown); and this morning, it appeared to regain some of those losses, only to lose it all and go into the Red. MBS lost it's huge gains yesterday to close Unchanged, causing a few price changes for the worse. Right now, it's Down 14bps, so Mortgage Rates are down a bit further. This could potentially change, if Investors allocated their investments into MBS as a flight to safety, which will boos the MBS and improve pricing for Mortgage Rates. Yields closed the gap that was created yesterday and were trying to claw it's way back up above the new ceiling of resistance, only to be turned back down and currently sit at .60%. As I've mentioned, due to the overwhelming volume, you may find Lenders pricing higher rates, as they're trying to work their way thru the massive amount of business that is now being bottle-necked in the process. My advice is to be patient and be prepared for a bit of a bumpy road, as the current environment is a bit chaotic. Catch you on tomorrow's video!
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