Tuesday, October 20, 2020

Daily Market Report 10/20/20

 http://MikesDailyMarketReport.com: The Housing Starts were revised lower in August, from 1.416 million annualized units to 1.388 million.  In September, they rose to 1.415 million.  Technically, they rose, but ultimately, it was nearly the same.  Building Permits (future Housing Starts) rose from 1.476 million in August to 1.553 million in September, exceeding forecasts of 1.520 million.  Stocks are in Positive Territory on news that there may be progress on a Stimulus Deal package.  Also, to note, that the DOJ has filed an Antitrust Lawsuit against Google, so stay tuned!  Q3 Corporate Earnings Reports are being released, but nothing big to report today.  Also, there are a few Fed Members speaking at their engagements today, so this could always be a Market Mover, as well.  MBS is currently Down 6bps.  They were denied by it's 25- and 50 DMA yesterday and lost ground by closing -9bps.  Coupled with yesterday's losses and today's, then Lenders will price Mortgage Rates slightly worse today.  Meanwhile, Yields are testing it's next Technical level (same one from a few weeks ago, which held the entire week); and sitting just under 0.78%.

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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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