Thursday, April 2, 2020

Daily Market Report 4/2/30 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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