Monday, March 9, 2020

Daily Market Report 3/9/20 There are no economic reports today.  Stocks have completely nosedived this morning, even hitting a 15 minute halt in trading due to the drop of 7% in the DOW.  It was down over 2k this morning, and is currently down about 1500 currently.  This is on more news of the coronavirus spreading, and news of a possible Oil War between Russia and OPEC.  Instead of pulling back on the oil production, then they're going to raise production and cut prices (which are around $30/barrel now).  This has really helped the Mortgage Rates, as they were Up around 80bps during early trade, but has since pulled back and are currently Up around 49bps.  They're up above it's previous ceiling and touched on a new ceiling.  Yields have dramatically fallen, and even touched down around .41%, but are now currently around .53%.  They too broke below it's floor, which is now a ceiling.  There was a large gap to open it's trading, so don't be surprised if there's some pullback.  Now, technically (by what the Markets are showing) Mortgage Rates should be Better, but we're seeing a lot of pullback by Investors with their Rates, which are not pricing with what we see in this trading.  Many are raising their prices due to the volume, which we're hoping it will shake itself out within the next few days.  We have found that some Investors are still pricing well, so it's not everybody.  Just want to give you a heads up if you get quoted on pricing that seems to be a bit high.

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