http://MikesDailyMarketReport.com: Initial Jobless Claims for last week exceeded it's estimate of 2.5 million, which it came in at 3.283 million. The previous record was 695k in 1982; and the highest it reached during the past Credit Crisis, a decade ago, was 655k; so, you can see how much of an impact this pandemic has made on our economy compared to previous economic crisis. The 4th Quarter GDP remained unchanged, as it's final number remains at 2.1%. Stocks are Up this morning, after being in Negative Territory, as the Senate passed the Stimulus package. Next it will go to the House on Friday; and if it passes there, then onto the President to be signed this weekend. MBS has had some large swings this morning, as it's figuring which direction to move. It's currently Up 27bps. Because of the large swings this moring, it will be difficult to determine Mortgage Rates. I plan to work on a video going over what's happening in the Mortgage Industry, as many people are being affected, and I see lots of misinformation being stated by the Media and others. There are lots of reports of Mortgage Rates dramatically dropping, but Lenders offering these much lower rates that is being reported. I want to explain why and what to expect, so stay tuned. Yields have dropped to 0.80%.
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