Daily Market Report 4/30/20

http://MikesDailyMarketReport.com: Just a forewarning, I may have rambled on a bit too much today, so I apologize beforehand.  However, we do have a lot of economic data to report today.  The Weekly Jobless Claims came in at 3.84 million, with revisions of approximately +15k in the previous report.  This will most likely bring us to approximately 17% Unemployment Rate, which we'll see those numbers next Friday when the BLS release their reports.  The Employment Cost Index rose by 0.8% in Q1.  Personal Income dropped by 2.0% in March, while Consumer Spending dropped by 7.5%.  These numbers will most likely worsen once we see April's data.  The Personal Consumption Expenditure (PCE), which is consumer inflation data reported  a MoM drop of 0.3% in March and a YoY drop from 1.8% to 1.3%; however, when you remove food and energy from the equation, then we have the Core PCE (also called "Core Inflation"), which is the Fed's favorite measure of inflation; and it dropped by 0.1% (sorry, I erred in the video, by stating it rose by 0.1%) MoM, while it's YoY dropped from 1.8% to 1.7%.  The headline number had a greater drop due the sudden decline in oil prices.  Manufacturing in the Chicago region contracted even further, as the Chicago PMI reported it at 35.4 on it's index for April.  Stocks are Down on the Job data.  The ECB announced that there were no changes to rates and they will continue to provide the necessary tools to help get the European economy back to running again.  MBS is Up 9bps, but yesterday it closed off it's earlier highs, which places pricing as Unchanged.  Yields haven't moved much either, as it's sitting at 0.59%.

If you're located in California and looking to either buy a home or refinance and would like my assistance, then please click on the following link and answer a few questions: HERE

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Daily Market Report 4/29/20

http://MikesDailyMarketReport.com: The initial view of Q1 GDP shows the economy dropped 4.8%, which is on the heels of Q4 being up 2.1%.  Pending Home Sales dropped 20.8% in March.  The FOMC wraps up their 2 day meeting today, which Fed Chair Powell will provide his announcement at 11:30am PST.  Stocks are Up this morning on positive news from Gilead.  MBS are also Up 13bps, which Lenders will have improved pricing today.  Yields are currently sitting around 0.60%.

If you're located in California and looking to either buy a home or refinance and would like my assistance, then please click on the following link and answer a few questions:  HERE

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Daily Market Report 4/28/20

http://MikesDailyMarketReport.com: The Case Shiller Home Price Index rose from 3.9% to 4.2% in February, which indicates the Real Estate Market heating up prior to coronavirus.  Consumer Confidence dropped from 118.8 to 86.9 in April.  Stocks started the morning Up, but has since drifted into the Red.  The optimism from yesterday, as many parts of the economy begin to re-open.  Oil has slid a bit again to $12/barrel, raising concerns.  Some major Tech Corporate Earnings will be release after hours this week.  Also, the Fed will begin their 2 day meeting today, with their announcement tomorrow.  There aren't any expectations to any rate movement, but investors will listen intently to any changes of current policy, such as their Bond purchases.  MBS is Up 11bps, so Mortgage Rates see a slight improvement in their pricing today.  Yields have fallen down to 0.61%.

If you're located in California and looking to either buy a home or refinance and would like my assistance, then please click on the following link and answer a few questions: HERE

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Daily Market Report 4/27/20

http://MikesDailyMarketReport.com: There are no economic data to report today.  Stocks are Up on optimism that parts of the world are re-opening their economy, including a few states in the US.  Investors are watching Oil, as it dipped again to $12-$13/barrel.  MBS is Down 11bps, as Mortgage Rates worsened a bit today.  We may have an opportunity, as the 25 DMA may prop them up higher, as it continues it's ascend.  Yields are Up to 0.65%.

If you're located in California and looking to either buy a home or refinance and would like my assistance, then please click on the following link and answer a few questions: HERE

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Daily Market Report 4/24/20

http://MikesDailyMarketReport.com: Durable Goods Orders dropped by 14.4% in March; and only dropped by 0.2% when you exclude Transportation.  Consumer Sentiment dropped from 89.1 in March to 71.8 in April. Stocks started the day in Positive Territory, but the DOW has since gone into Negative Territory.  Oil prices are starting to rise a bit (up to around $17-$18/barrel).  Also, the new Stimulus package (mostly for PPP and hospitals) had passed the House yesterday and will await President Trump's signature.  MBS are currently Up 13bps, which leads them to approximately the same pricing as yesterday, as they lost most of their day's gains late in the day.  Most Lenders didn't reprice for the worse, so Mortgage Rates will remain approximately the same.  Yields haven't moved much today, as they sit at 0.60%.

If you're located in California and looking to either buy a home or refinance and would like my assistance, then please click on the following link and answer a few questions: HERE

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Daily Market Report 4/23/20

http://MikesDailyMarketReport.com: Weekly Jobless Claims came in at 4.43 million people applying for Unemployment for the first time last week.  Both the Manufacturing and Services Industries continue to sink, as Markit PMI released their reports showing Manufacturing dropping from 48.5 in March to 36.9 in April; and Services dropping from 39.8 to 27.0.  Any number below 50 in these indexes indicates contraction.  Meanwhile, New Home Sales dropped from 741k to 627k in March, after February's data was revised lower from 765k.  Stocks are Up this morning, even though Q1 Earnings Reports are still being released, and the numbers have looked quite grim; but they're having some as summer approaches and some states are beginning to reopen.  MBS is Up 14bps, which will translate to an improvement with Mortgage Rates.  Yields are hanging around just below 0.61%.

If you're located in California and looking to either buy a home or refinance and would like my assistance, then please click on the following link and answer a few questions:  HERE

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Daily Market Report 4/22/20

http://MikesDailyMarketReport.com: There were no economic data to report today.  Stocks are Up this morning on news of the new PPP Stimulus package passing thru Senate yesterday, which it will now go to House tomorrow.  This new package will help both Small Businesses and Hospitals.  MBS is Up 13bps, so Mortgage Rates may see some improvement in their pricing today.  Yields have climbed back up to 0.63%.

If you're located in California and looking to either buy a home or refinance and would like my assistance, then please click on the following link and answer a few questions: HERE

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Daily Market Report 4/21/20

http://MikesDailyMarketReport.com: Existing Home Sales dropped 8.5% in March, down to 5.27 million annualized units.  Stocks are Down this morning on the struggles of the Oil Industry, as they went into negative territory for the first time for price per barrel.  There's a new package with Congress now that will hopefully get passed this week to help Small Businesses (such as the PPP).  Also, the FHFA is finally doing something to help the Servicers. They are going to cap their investment payment to 4 months.  It's not quite what we were seeking, but it's heading in the right direction.  MBS is currently Down 2bps, so Mortgage Rates remain Unchanged from yesterday's pricing.  Yields have fallen down to 0.56% now.

If you're located in California and looking to either buy a home or refinance and would like my assistance, then please click on the following link and answer a few questions: HERE

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Daily Market Report 4/20/20

http://MikesDailyMarketReport.com: There are no economic data to report today.  Stocks are in Negative Territory, as Oil drops below $11/barrel on low demand based on the coronavirus quarantines.  Also, Congress is working on a plan to help replenish up to $350 billion for the PPP, which is helping Small Businesses from having to layoff employees.  Hopefully, this will be completed soon!  MBS is also Down 16bps, so Mortgage Rates have inched up slightly (approximately .125%).  The Fed has been purchasing enough to keep the floating in approximately in the same level for the past few weeks.  This has helped to stabilize them.  Yields are currently just below 0.63%.

If you're located in California and looking to either buy a home or refinance and would like my assistance, then please click on the following link and answer a few questions: HERE

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Daily Market Report 4/17/20

http://MikesDailyMarketReport.com: The Leading Economic Indicator Report shows a decline of 6.7% drop in March, which is a new record.  Stocks are Up this morning on optimism of a new treatment for the coronavirus by Gillead and the President unveiled his plan for states to begin reopening their economies.  MBS started the day lower, but is currently Up 6 bps.  Mortgage Rates remain unchanged from yesterday's pricing at close of the day; however, the close was a little worse in pricing as the Market changed directions late in the day.  Yields are currently sitting at 0.61%.

If you're located in California and looking to either buy a home or refinance and would like my assistance, then please click on the following link and answer a few questions: HERE

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Daily Market Report 4/16/20

http://MikesDailyMarketReport.com: Weekly Jobless Claims reported 5.25 million people applied for Unemployment Benefits for the first time last week.  This should push our Unemployment Rate between 15% - 20% now.  Housing Starts dropped from 1.564 million in February to 1.216 million in March.  Building Permits dropped from 1.452 million in February to 1.353 million in March.  Manufacturing in the Philadelphia region dropped even further, at levels not seen since 1980 (like in yesterday's Empire State Index), which it dropped from -12.7 in March to -56.6 in April.  Stocks are in Mixed Territory, but showing signs of improvement.  There are reports that many Global Leaders are making plans to re-open their economies, which will have to adjust to enough safety, as to not reactivate the pandemic.  MBS is Up 19bps, so Mortgage Rates have improved a bit this morning.  Yields are now down to 0.60%.

If you're located in California and looking to either buy a home or refinance and would like my assistance, then please click on the following link and answer a few questions: HERE

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Daily Market Report 4/15/20

http://MikesDailyMarketReport.com: Retail Sales dropped 8.7% in March; and when you exclude Autos, then it dropped 4.5%.  Manufacturing in the NY region had a steep decline, as it came in -78.2.  Industrial Production dropped 5.4% in March.  Capacity Utilization dropped from 77.0% to 72.7% in March.  Business Inventories continued with their decline in March, by dropping 0.4%.  Home Builders Index, which measures the confidence level for Home Builders had a sharp decline in April, as it went from 72 to 30.  Later today, we'll get to view the Fed's Beige Book, as it provides more of a Micro View of the economy in the US, as each region posts their data.  Stocks are trading in Negative Territory, as the Economic data and Q1 Earnings Reports have been very disappointing to Investors.  MBS is Up 20bps this morning, as Mortgage Rates show some Improvement after it's recent decline this week.  Yields are currently hanging just under 0.65%.

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Daily Market Report 4/14/20

http://MikesDailyMarketReport.com: There are no economic data to report today.  Stocks are in Positive Territory this morning, as there appears to be some light at the end of the tunnel of this current pandemic.  Seems like the amount of cases and deaths are dipping each day, so there's talk about possibly opening up the economy and try to bring back some "norm" in our daily lives.  Also, Q1 Earnings Reports are starting to be released, as the Banking sector is due out this week.  There's a lot of warnings on the negative outlook of these coming reports.  MBS is currently Down 6pbs, which is off it's earlier low of -19bps.  The west coast receives their pricing later than the east coast, so our pricing should be about the same as our close yesterday.  We did have a re-price for the worse yesterday, as MBS deteriorated.  There was also a Bond Rollover, which happens every month, which is basically a reset of MBS pricing; but it doesn't have any impact on our ratesheet pricing.  Yields are currently at 0.74%.

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Daily Market Report 4/13/20

http://MikesDailyMarketReport.com: There were no economic data to report today.  Stocks are starting the week off in Negative fashion, as they brace for Q1 Earnings Reports, which this week will be the Major Banks.  They're feeling a bit pessimistic!  There was an agreement between the US, OPEC and Russia to cut Oil production by 9.7 million barrels/day.  They're hoping to stabilize the Energy sector by this agreement.  Meanwhile, this is receiving less press, but the Bank of England announced over the weekend that they'll be printing money in order to fund the Stimulus over this crisis period.  This can be concerning in that other countries may follow suit and can possibly lead to hyper-inflation.  Meanwhile, MBS are Down 22bps, so Mortgage Rates are up a little bit from Thursday's pricing.  Yields are up slightly  and sitting just under 0.73%.

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Daily Market Report 4/9/20

http://MikesDailyMarketReport.com: Last week's Initial Jobless Claims Report was revised higher, from 6.6 million to 6.9 million.  This week's report had 6.6 million people applying for Unemployment Benefits for the first time; so now, we're looking at approximately 17 million on Unemployment within a 3 week period.  The inflation data in the Wholesale sector remained very tame, as it's Core PPI remained Unchanged YoY at 1.4%; whereas, it's MoM rose 0.2% in March.  The headline data for the Producer Price Index (PPI) dropped 0.2% in March.  The Consumer Sentiment continued it's decline, as it went from 89.1 in March to 71.0 in April.  This is the lowest it's been since 2011.  Wholesale Inventories continue to show a decline, as they declined 0.7% in February.  Stocks are in Positive Territory this morning.  Even though the Jobless Claims are concerning, they are being swayed by the Fed's recent pledge of another $2.3 Trillion toward loans to companies of 10k or less, which will be 4 year loans, and payments will be deferred for 1 year.  Even those whom accepted the PPP loan are still eligible for this program.  Investors are closely watching OPEC and key Oil Producers as they talk about production levels.  They're hoping they stay out of a price war again and stabilize the Energy sector.  MBS is Up 33bps, so we will see some improvement in Mortgage Rate pricing today.  Yields are down a bit, as they are currently sitting at 0.72%.  The Markets will be closed tomorrow for Good Friday, so there won't be any video tomorrow.  I'll see you in the next video on Monday, the 13th.  Have a good Easter weekend!

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Daily Market Report 4/8/20

http://MikesDailyMarketReport.com: The FOMC Minutes from March 15th will be released later this morning.  We don't anticipate any effects, as this was their emergency meeting where they cut the Fed Funds Rate to 0% and announced their QE purchases.  Now only if we could get the FHFA (especially Director Calabria) to cooperate, then we could alleviate the burden of the Servicers whom are dramatically being affected with the forbearance -but Calabria won't seem to help!  Stocks are rebounding a bit today, after they suffered a huge 180 shift yesterday (the DOW suffering almost a 1000 point reversal).  Investors are watching for any information or plan as to the possibility of the some US economy being reopened.  MBS is Down 5bps this morning, but if you've been watching my videos, it's hard to say if rates really improved or worsened, as Lenders are still working thru their many issues.  If this was a normal Market, then watching the MBS Market would indicate that Mortgage Rates would be Unchanged from yesterday's close. Yields are still hanging around .75%.  These are being propped up on the Auctions, as the Govt. sells it's debt to finance the stimulus measures being passed.

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Daily Market Report 4/7/20

http://MikesDailyMarketReport.com: The small business optimism fell to it's lowest level since Oct 2016, as the NFIB Small Business Index dropped from 104.5 to 96.4 in March.  Stocks are in Positive Territory again today on continued progress on coronavirus and possible news of another Stimulus package to be rolled out in May.  MBS started the morning lower, but is currently down only 2bps, as the Fed will prop it up with their daily purchases, which is why we're seeing it move in a sideways pattern.  Now, only if the FHFA will do it's part and help the Servicers, then we may be able to see some improvements with Lenders, as they struggle with several variables.  Yields are now Up to 0.75%.

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Daily Market Report 4/6/20

http://MikesDailyMarketReport.com: There are no economic data to report today.  Stocks are Up this morning on optimism on the progress of the coronavirus, as death tolls declined in Italy and Spain, and even a bit it NYC.  MBS is Up 3bps, as the Fed is just propping them out to help, but not hurt Lenders.  Yields are Up around 0.65%.

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Daily Market Report 4/3/30

http://MikesDailyMarketReport.com: Non-Farm Payrolls reported 701k job losses for the month of March.  This was much higher than estimates, anywhere between 80k-150k job losses, as the sample data used for this model were derived from March 12, which was prior to the full scope of the coronavirus crisis.  Also, Unemployment Rate jumped up to 4.4%.  Average Hourly Earnings rose 0.4% in March, which we believe this was skewed as lower salary employees being let go first.  The next 2 reports are on the Services Industry, which in these reports any number above 50 is expansion/optimism; whereas, anything below it, is contraction/pessimism.  The Markit Services PMI dropped from 49.4 to 39.8; while the ISM Non Manufacturing Index dropped from 57.3% to 52.5%.  Stocks are Down on the Job data today, but the rise of Oil prices is helping it not to really sink.  The price per barrel rose approximately from $20 yesterday to $27 today, as Russia and Saudi Arabia agreed to cut back on production by approximately 6 million barrels/day.  This sector (energy) was struggling as their value rapidly dropped approximately 60% and was mentioned as a possible stimulus recipient.  Meanwhile, MBS is Up 28bps this morning, which would normally be an improvement in Mortgage Rates, but we're still not seeing Lenders price accordingly.  However, I'm hearing that we may start to see some improvement in that area within days now.  Fingers crossed!  Yields are down to 0.58%.

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Daily Market Report 4/2/30

http://MikesDailyMarketReport.com: The Weekly Initial Jobless Claims doubled the amount of people applying for unemployment benefits from previous week, as it went from 3.3 million to 6.6 million; so, in 2 weeks we have approximately 10 million people applying for Unemployment!  Factory Orders were flat for February.  Stocks are Up this morning on news that Saudi Arabia and Russia are agreeing to cut back oil production by at least 10 million barrels, as the price of oil has dropped 2/3 since earlier this year.  The price per barrel now is approximately $20/barrel; whereas, it was approximately $60 in January.  Of course, gas prices are low, but we cannot drive anywhere :(  MBS is Up 28bps, which would technically improve Mortgage Rates, but Lenders are still propping up rates in order to get thru their backlog of transactions.  Yields started the morning lower, but it now up to 0.60%.  If you're a Real Estate Investor, then you'll want to watch the video on new changes to guidelines that will greatly impact your mortgage qualifications.

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Daily Market Report 4/1/20

http://MikesDailyMarketReport.com:  The ADP Employment Report will be the first of 3 Jobs reports we'll receive for the month of March.  For the month of March, the ADP reported there were 27k job losses.  We also see Manufacturing slip in March, as the Markit Manufacturing PMI slips to 48.5 and the ISM Manufacturing Index slipped to 49.1%.  However, it wasn't as bad as forecasts, which were expecting in the low to mid- 40 range.  Construction Spending dipped 1.3% in February.    Stocks are Down this morning on new projections of the Death rate in the US to be expected around 100k - 240k.  President Trump warned that it could be "very, very painful" for the next 2 weeks.  MBS was down most of the morning, but just recently popped Up 2bps.  The recent drop in the MBS Market is helping Lenders to complete their pipeline, which will take some time due to the volume. This is reducing the amount of Margin Calls out there.  Meanwhile, Yields have fallen about 10bps to 0.60%.

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