http://MikesDailyMarketReport.com: The Initial Jobless Claims for the first time since Feb/March, as last week's report was 1.31 million people applying for first time benefits to this week's report at 1.41 million. Leading Economic Indicators dropped from 3.2% in May to 2.0% in June. The rise in Jobless Claims spooked investors, as Stocks go into the Red this morning. They continue to look at Corporate Earnings Reports, but the next focus is the negotiations for the next round of Stimulus/Recovery package by Congress, as both Republicans and Democrats have a wide gap to bridge. This next round is expected to be more tenuous and may take longer, as this round of negotiations aren't as dire as previous round. MBS started the morning much higher, but has settled down a bit; and is currently Up 5bps. The accumulation of rising MBS over the past few days will lead to better pricing (not so much from yesterday's pricing, but from Monday or last Friday's). Yields have come down further and sitting just above it's floor of support at 0.58%.
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.
Please subscribe to my Blog and YouTube Channel at MikesDailyMarketRpt
No comments:
Post a Comment