Thursday, August 13, 2020

Daily Market Report 8/13/20

 http://MikesDailyMarketReport.com: The Initial Jobless Claims finally dropped below 1 million since the Pandemic, as it reported 963k people applying  for unemployment benefits for first time; which last week's number was 1.19 million.  Stocks are Mixed today, as the DOW remained the lone index in Red.  Not much else is new, as Congress continues to blame one another for not coming to a resolution to a new Stimulus package and numbers are subsiding with COVID-19 cases.  There was one surprise last night that will affect people, whom are looking to refinance their conventional loans (Fannie Mae and Freddie Mac), which they announced (as many would call) a tax of 0.5% point price adjustment effective immediately; so, if you're in middle of refinance and haven't locked yet, then you'll see a 0.5% price adjustment to your cost of the interest rate.  This means that if you're refinancing a $300k loan and were paying 0 points for your rate, then you're going to pay an additional $1,500 for that same rate.  This move surprised everybody.  Meanwhile, MBS started the day much higher and has subsided to +5bps from yesterday's close, so some Lenders (mostly east coast) may reprice for the worse; and here on the West Coast will see (with exception to the new tax) the same pricing as yesterday.  Meanwhile, Yields continue to rise, and currently sit around 0.68%.

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Also, these videos are base on my views and not represented by any other entity, but my own.  I work as a Loan Officer, and if you'd like information on Mortgages, or how I can assist you, then either direct message me, or visit http://michaelb.swmcretail.com.





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