http://MikesDailyMarketReport.com: The Initial Jobless Claims had a 70k spike in first time unemployment applicants last week, as it hit 281k. Manufacturing in the Philadelphia completely fell off in March, as it went from a very nice February of 36.7 to -12.7 in March, which is in contraction. Stocks were Up for a bit this morning on some recent moves by the Fed (such as setting up a temporary dollar swap with other central banks to meet the global demands for the dollar and a facility to assist money market funds to meet the demands of investors request to redeem their mutual funds. However, they soured and have begun to dig themselves back into the Red. MBS is also having major swings, as it was down 25bps this morning, then swung high to just over 100bps and now is sitting Up 41bps. Because of these constant and big swings, it's really difficult to project where a Lender is pricing, as they try to maintain the pricing; as a result, it's been difficult for Loan Officers to lock rates because of the constant price changes throughout the day. Yields are currently sitting just above it's floor of support at 1.09%.
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