http://MikesDailyMarketReport.com: The NFIB Small Business Index, which measures the confidence among Small Businesses, rose to 100.6 in June. The Consumer Price Index rose to 0.6% in June, as it did on a YoY basis too. The Core CPI (exclusion of food and energy), rose 0.2% in June and it's YoY rose to 1.2%. Stocks are trading in Mixed Territory, as NASDAQ is lone index in the Red today. Some believe it may be correcting itself after a bit of a build up recently. However, we did kick off Q2 Earnings reports, which were disastrous for Banks yesterday. Part of the reversal in the Markets were announcements of new Lockdowns in parts of the country, especially CA, due to the recent spikes in infections. Tensions continue to grow between US and China, as China sanctions Lockheed Martin, after US approved sales of missle parts to Taiwan. Meanwhile, MBS is Up 27bps, which has led Lenders to improve their pricing on Mortgage Rates today. Yields are getting pushed back a bit, as they drop just under 0.61%. If you look at the Chart, it seems like this is a floor being established, as it doesn't really deviate much lower than this level.
As I mentioned in the video, these views do not represent anybody else, but my own. I do work as a Loan Officer, so if I may be of assistance with your refinance or purchase, then please feel free to reach out to me at mikebjork@icloud.com.
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