http://MikesDailyMarketReport.com: Initial Jobless Claims came in a little higher than forecast, but still on the lowering weekly trend at 1.88 million people applying for first time benefits. Productivity released it's final Q1 report, which dropped by 0.9%, which was better than it's initial at -2.5%. However, Unit Labor Costs rose from it's initial of 4.8% to 5.1% for it's final Q1 numbers. Stocks are taking a bit of a breather this morning, after a long rising run for the week, and just before tomorrow's Jobs data. The ECB announced they'll increase their Bond Buying Program and extended it's time frame too. MBS is currently Down 17bps, so Mortgage Rates worsened a bit today. Yesterday, it closed at it's 50 DMA; but today, it started below it, which has a lot of room beneath it for rates to continue to rise. It may be prudent, if you have any short-term look with your transaction to lock in your rate, as investors are looking for any reason to pour more funds into the stock market. Yields have the inverse, as they're above it's 50 DMA and have plenty of room to add more pressure to MBS. It's currently sitting at 0.81%
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
Please subscribe to my Blog and YouTube Channel at MikesDailyMarketRpt
No comments:
Post a Comment