http://MikesDailyMarketReport.com: Manufacturing in the NY region improved in July, as the Empire State Index indicated that it went from -0.2 in June to 17.2 in July. Industrial Production rose to 5.4% in June; and Capacity Utilization rose to 68.6%. Later today, we'll get a micro view of the US economy, as the Fed Beige Book will be released. Stocks started the day off in Positive Territory on news by Moderna and an Oxford Research (assisted by Astra Zaneca) regarding positive results for vaccinations. Also, up today are more Earnings Reports. President Trump signed a bipartisan bill with sanctions against China for the actions toward those in Hong Kong and signed an order to remove preferential treatment for Hong Kong. Of course, China has vowed retaliation. MBS are Up 2bps this morning. After yesterday's sell off, the Lenders whom repriced for the worse will leave their Mortgage Rate pricing Unchanged; those whom did not change pricing yesterday will be more inclined to come out with worse pricing today. Yields rose to just under 0.64%.
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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