Dedicated to provide mortgage interest rate trends for people whom will like to learn more about interest rates in California. The daily posts help to provide current interest rates for home loans. A great tool for people looking to buy a home, refinance or real estate professionals.
http://MikesDailyMarketReport.com: Jobless Claims dropped down to 198k last week, as more people come off unemployment. Also, manufacturing is still pretty hot in the Chicago region, as the Chicago PMI rose to 63.1 in December. Investors are replacing their concerns of the Omicron variant with Labor shortages, as businesses still complain over finding qualified workers. This is a contributing factor to our high inflation and supply chain issues. Meanwhile, MBS is currently Up 8bps; but Mortgage Rates remain Unchanged from yesterday's close. However, there may be some cases that pricing may be a little worse, as some Lenders may not have repriced for the 2nd time yesterday and rolled it into today's pricing. Yesterday, we closed Down 36bps, which is about 11bps worse from when we were doing our video yesterday; and many Lenders at that time were repricing for the first time. Yields are off from earlier highs, and currently sitting just under 1.52%. Next week should be a bit more normal than these past 2 weeks.
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 please direct message me.
http://MikesDailyMarketReport.com: Pending Home Sales dropped 2.2% in November, as it went from 125,200 seasonally adjusted units in October to 122,400 in November. Also, the last auction of the year was today, with the 7 year Treasuries, which was a disappointment. Investors concerns over the Omicron are beginning to wane, even though cases have risen, but it's showing it's much more mild of a variant than it's predecessors; and the concerns of possible government lockdowns are subsiding. Meanwhile, MBS is Down 25bps currently. Lenders are repricing for worse pricing with their ratesheets, so Mortgage Rates are a little worse today (than yesterday's close). Yields have jumped Up to 1.54% now; and pushing it's way against it's 50 DMA and Technical ceiling.
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 please direct message me.
http://MikesDailyMarketReport.com: There are 2 HPIs (Home Price Indexes) being released today. The first is from Case Shiller HPI, which follows the 20 largest US Markets. It increased by 0.9% in October; and it's YoY dropped from 19.1% in September to 18.4% in October. The FHFA HPI jumped up 1.1% in October; while, it's YoY dropped from 17.7% in September to 17.4% in October. The FHFA follows the homes with conforming loans. Both indices indicated a slower appreciation rate in October. This is not to be mistaken that home prices are dropping! It's just indicating that it has slowed a bit, but home prices are still rising (just at a slower pace!!). Meanwhile, the 5 year Treasury Auction was a bit soft today, as expected (due to holidays). MBS did pull off from earlier highs due to the poor auction result, but are currently Up 6bps. Mortgage Rates should be Unchanged from yesterday's pricing/close. Yields are are currently sitting at 1.48%.
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 please direct message me.
http://MikesDailyMarketReport.com: This week should be another rather quiet and short week (Markets will be closed on Friday for New Year's). There are no economic data to be reported today, but there will be some data being reported for the rest of the week. Due to illiquidity in the Markets, as the large hedgefunds, are on holiday, there may be spikes due to day traders. This is typical during the Holidays. Once the Holidays are finished, then Investors will be watching the COVID numbers and any reaction from the Government (possible lockdowns); so, stay tuned! Meanwhile, Stocks are Up today; as well, as MBS is Up 8bps. MBS started the day lower, which earlier Lenders may have priced in with worse pricing on their Ratesheets. As the Market improved, they tend to improve their ratesheets. Mortgage Rates are on par for Unchanged levels, as Friday's close. Yields are working their way a bit lower, as they are currently just under 1.48%; and sitting between a very tight range between the 25 DMA and Technical floor.
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 please direct message me.
http://MikesDailyMarketReport.com: The Market is about to close early today for Christmas, as it will be closed tomorrow. The Economic Calendar does have a lot of data being released today, so we'll start with Personal Income rising 0.4% in November, while Consumer Spending rose 0.6%. The PCE rose 0.6% in November, while it's YoY jumped from 5.0% in October to 5.7% in November. The Core PCE, which excludes food & energy (and Fed's favorite gauge for inflation), rose 0.5% in November; while it's YoY jumped up from 4.1% in October to 4.7% in November. Durable Goods rose 2.5% in November; but if you exclude Transportation, then it rose only 0.8%. Initial Jobless Claims for last week was 205k. New Home Sales came in at 744k seasonally adjusted units in November. Lastly, Consumer Confidence rose by 0.2 in December to 70.6 for it's index. MBS appears to be closing today Down 9bps; however, it was lower earlier on when Lenders came out with their ratesheets. So, most Lenders probably priced their Mortgage Rates a little higher today. Meanwhile, Yields have climbed just above it's Technical level and 25 DMA to 1.49%.
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 please direct message me.
http://MikesDailyMarketReport.com: The Final Q3 GDP was revised higher to 2.3%, which is the final revision. Consumer Confidence rose to 115.8 in December. Lastly, Existing Home Sales rose 1.9% in November, which brought the number to 6.46 million seasonally adjusted units. Stocks are Up today, but we have light volume this week and next week due to the Holidays, so we'll likely see spikes and drops in the Market due to the illiquid Market. MBS opened about 13bps lower this morning; however, has worked it's way back to +3bps. So, Mortgage Rates came in worse for East Coast Lenders, but many are now repricing for the better. Pricing for West Coast and the repricing will match more closely to yesterday's close (Unchanged levels). Yields have slipped lower to just under 1.46%.
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 please direct message me.
http://MikesDailyMarketReport.com: There's no economic data to report today. With the short-week, most of this week's data will be reported tomorrow. The Markets are taking their cues from headline news and realizing that the concerns over the Omicron may have been a bit exaggerarated; so, investment dollars are starting to flow back from MBS/Treasuries and into the Equity Markets. As a result, Mortgage Rates have worsened a little bit today, as the MBS is currently Down 19bps. Treasuries have been climbing higher and currently sit just under 1.49%.
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 please direct message me.
http://MikesDailyMarketReport.com: Today, we have the Leading Economic Indicators Indexe for the month of November, which rose by 1.1% in November. This idex gives us a good view of the upcoming economy over the next 6 months; however, it can change with the outstanding variables, like Inflation and the Corona virus. Stocks are Down today, as Investors worry about global growth, as many European places are implementing lockdowns over the Omicron variant. Meanwhile, they're also reacting to the latest obstacle for the Build Back Better program. My opinion, it's good that it doesn't pass! Meanwhile, MBS started Up 9bps and had moments higher, but over the last few hours, it has been deteriorating and is currently Down about 3bps. This is leading Lenders to think about a reprice for the Worse; otherwise, pricing for Mortgage Rates would be comparable to Friday's pricing. Also, Yields are working in the inverse action, which it was around 1.38% and is now Up to 1.42%.
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 please direct message me.
http://MikesDailyMarketReport.com: There's nothing on the Economic Calendar today! Next week will be a short week, due to Christmas! Most of the important data next week will be on Wednesday! Today, Stocks are Mixed; as DOW and S&P are Down on global Central Banks becoming a bit more hawkish. NASDAQ is Up today, as Treasuries have dropped below 1.40%. NASDAQ is made up of primarily High Growth type stocks which Treasuries affect their profit (low number means more profit; whereas, high number is opposite). MBS broke above their 25 DMA yesterday (Up 34bps) and today is in process of breaking above it's 50 DMA; and currently Up 19bps. Pricing for Mortgage Rates have improved today. Meanwhile, Yields fell below it's Technical floor today and sits between 2 Technicals (around 1.38%).
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 please direct message me.
http://MikesDailyMarketReport.com: There's a lot on the Economic Calendar today, so we'll start off with the Philly Fed Index, which measures the Business and Manufacturing sectors around the Philadelphia region. It plummeted from 39.0 in November to 15.4 in December. Anything above 0 is expansion, so it's still ok, but it was a sharp drop! Housing Starts jumped up from 1.52 million seasonally adjusted units in October to 1.679 million in November. Also, Building Permits (future Housing Starts) spiked from 1.653 million in October to 1.712 in November. Yesterday, we saw improvement with the Home Builder Confidence; and this is evidence of their confidence! Jobless Claims rose to 206k last week. Capacity Utilization rose 0.4% to 76.8%; and Industrial Production rose 0.5% in November. Lastly, the IHS Markit PMI released their Services and Manufacturing data for December. Services dropped from 58.0 from their previous reporting to 57.5 in December; and it's Manufacturing dropped from 58.3 to 57.8 in December. For our Headline News, the Bank of England surprised investors today with an announced rate hike from 0.10% to 0.25%; and the ECB followed the lead from our Fed to speed up their taper and finish by March 2022. These Hawkish moves by the European Central Banks has helped MBS and Treasuries, as MBS is currently at it's week high by it's 25 DMA; and Up 27bps. This is enough for an improvement with Mortgage Rates today! Yields have fallen and trying to push thru it's 100 DMA floor; and is sitting just under 1.43%
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 please direct message me.
http://MikesDailyMarketReport.com: There are a few items on the Economic Calendar, which we'll start with this week's most important: Retail Sales for November, which only came in 0.3% MoM. Very dismal, considering it's the Holiday Season! The Empire State Index, which measures manufacturing around the New York region, jumped up to 31.9 for December. Anything above 0 is growth, and it's doing extremely well! The NAHB Home Builders Index are showing more confidence, as it moved up from 83 to 84. Also, the Business Inventories rose 1.2% in October. Now, what everybody (especially Wall Street) have been waiting for! The FOMC finally came out with their announcement, which came as no surprise. They will double their tapering and finish up around March; and start Rate hikes around June (approximately 3 in 2022 and another 3 in 2023). Stocks are coming back a bit; as MBS is selling off on the news. Lenders are already pricing in negative pricing on their Ratesheets, as the Market reacts to the FOMC Announcement. They've been fluctuating between 23bps and 30bps, as this video was being created. Also, Yields have been rising some, but not dramatically, as it's Technical ceiling been keeping a lid on it. It's currently around 1.47%.
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 please direct message me.
http://MikesDailyMarketReport.com: Inflation for the Wholesale sector spiked in November, as the PPI rose 0.8%. It's Core PPI (excludes food & energy) rose 0.7%; and it's YoY rose from 7.0% in October to 7.7% in November. Highest in Decades!!! Today starts the first of 2 days for the FOMC, whom already indicated some upcoming policy changes (most notably increasing the pace of tapering; which also, alludes to them raising interest rates thereafter). Based on today's inflation data, it's spooking the Markets a bit, as many projections are now coming out that the Fed may double their pace of tapering, which will end in March 2022; and start first of 3 possible rate hikes in June 2022 (with 3 more hikes in 2023). We won't know for certain until tomorrow when the Fed will provide their announcement and investors review the Dot Plot. This has investment dollars flowing from stocks to MBS again today, as a flight to safety. MBS started the day down much lower, but has improved a little. It's currently Down 9bps. Some Lenders whom priced from the much lower standing improved their pricing for Mortgage Rates. All in all, Mortgage Rates are more or less, Unchanged from yesterday's close. Meanwhile, Yields have been riding a seesaw; and is currently just under 1.44%.
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 please direct message me.
http://MikesDailyMarketReport.com: There's no economic data to report today. The rest of the week will be full, but the most important one will be Retail Sales, which will be released on Wednesday. Tomorrow will start off the 2 day FOMC, which will give their announcement on Wednesday. Currently, the Markets have their eyes on what the Fed's next step will be... They're mainly going to check on their new pace of tapering and the dot plot; as to how many rate hikes and when they'll start. Currently Stocks are down and investment dollars are flowing into MBS/Bonds. MBS is currently Up 16bps, which translates to better pricing for Mortgage Rates today. Yields have come Down to it's 100 DMA and is sitting near 1.42%.
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 please direct message me.
http://MikesDailyMarketReport.com: The CPI rose 0.8% in December (slightly higher than it's forecast of 0.7%) and brought it's YoY from 6.2% to 6.8%. The Core CPI (excludes food and energy) rose 0.5% and it's YoY went from 4.6% to 4.9%. Lastly, the Consumer Sentiment rose from 67.4 to 70.4 in December. People are feeling better during the Holidays ;) Both Stocks and MBS are shrugging off the Inflation data today, as they find it in the medium that will put more emphasis to next week's FOMC. They feel it was just "right" in terms of the Fed making any further adjustments to their planning. MBS is currently Up 9bps; however, it was up approximately 25bps when many Lenders came out with their ratesheets. Depending if this remains, there could be a reprice in the works. Currently, Mortgage Rates have shown an improvement with their pricing today. Yields have slid from 1.52% down to 1.47% today.
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 please direct message me.
http://MikesDailyMarketReport.com: The Initial Jobless Claims came at 184k last week, which is a new Pandemic low (and lowest since 1968); however, a word of caution, as like every Holiday season, there are lots of Temporary jobs that are created until end of the year. This temporary position can distort the numbers somewhat. Continuing Claims bumped up about 40k from previous week. The Wholesale Inventories increased 2.3% MoM in October. Later today, there will be a 30 year Bond Auction, which could play a significant role with MBS' positions. Earlier in the week, the 10 year Treasury Auction went well, which MBS improved upon the news. Hopefully, the same will occur today. Unfortunately, tomorrow will be the CPI report, which may be the "wet blanket" for MBS, as it's expected to rise 0.7%. The November report came in high (0.9%), which MBS reacted negatively. Inflation erodes the value of bonds/MBS over time. Stocks are down today, which is helping MBS, as the investment dollars flow from equities to bonds. We do have some headline news, which are playing their parts today, but not really making too much impact. The first is the comments by Pfizer about the possible need for a 4th booster shot; and the second, is Fitch downgrading China's Evergrande credit, as they officially defaulted on some payments to their creditors. MBS is Up 9bps and in similar position as the last few days close periods; so, Mortgage Rate will be in line with the same pricing over past 3 days. We might see some improvement, if we can get a good 30 year Bond Auction later today. Most likely, we'll see a cap at the 25 DMA, which has been capping MBS for the past month. Meanwhile, Yields have slid back down to just under 1.49%.
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 please direct message me.
http://MikesDailyMarketReport.com: There are no economic data to report today; however, there was a 10 year Treasury, which went well and helped the MBS Market. Earlier in the day, Pfizer and BioNTech reported that the 3rd shot greatly increases the vaccinated from deadly variants, including Omicron. This helped to push stocks this morning, but at the expense of MBS/Treasuries. However, the 10 year Treasury Auction went well; and then we saw some improvement with MBS and Yields. MBS is currently Up 3bps, but was Down approximately approximately 17bps early on. When ratesheets came out, they were at the lows of the day; so, Mortgage Rates will show worse pricing today. However, with the recent developments (and if the Market convinces the Market it will stay up), then you may see more Lenders reprice for the better. This should bring pricing back up to Unchanged levels from yesterday's close. Also, Yields had spiked from approximately 1.48 ish range to 1.54 ish range. Currently, it's back down to around 1.51% range. Remember, Friday will be a very volatile day, as the CPI will be released; and there's a good chance we'll see another spike with inflation. If this occurs, then we could see another negative reaction in the MBS/Treasury Markets!
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 please direct message me.
http://MikesDailyMarketReport.com: Today, we get the final reading for both the Productivity and Labor Costs for the 3rd Quarter. Productivity dropped 5.2%; and Labor Costs spiked upward to 9.6%. The latter is an index closely watched by the Fed, whom have already indicated a shift in policy in their upcoming FOMC. This new report will only add more incentive for the Fed to react quickly to stave off out of control inflation. Tomorrow, we'll have the 10 year Treasury Auction, which can impact Mortgage Rates, as we watch for any appetite from Investors. Currently, MBS is Down 16pbs, so Mortgage Rates have worsened again today, as Investors are shifting their investment funds away from Bonds back to Equities. Yields are also rising as a result, as they are currently just under 1.47%. One geopolitical area to watch is the tension growing with Ukraine, as Russia is piling up troops on the border. This type of event could disrupt the Markets, if it continues to escalate. Stay tuned!
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 please direct message me.
http://MikesDailyMarketReport.com: There's no economic data released today, but the big report to watch for, will be on Friday, which is the CPI. The last time CPI was reported, then there was a fairly big spike, which the Markets reacted very negatively. So beware! The Markets are taking their cues from the weekend's news, which includes recent reports on the the Omicron variant, which may appear to be more mild than past variants. Also, China's PBOC reduced the reserve requirements for their banks; and Evergrande is coming clean that it may not be able to repay their creditors. Currently, MBS is currently Down 16bps, as investment dollars leave bonds back to equities today. Mortgage Rates have worsened slightly from Friday's close. Yields have jumped up to just under 1.44%.
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 please direct message me.
http://MikesDailyMarketReport.com: Today is the Big Jobs data by the Bureau of Labor Statistics (BLS)! We'll start with the Average Earnings (MoM) for November, which rose 0.3%; while the Average Work Week increased by 0.1 to 34.8 hrs/week. The Non-Farm Payrolls came in at 210k, which was WAY below it's forecast of 550k. However, it's Unemployment Rate dropped from 4.6% in October to 4.2%. Meanwhile, Factory Orders increased 1.0% in October; and the ISM Non-Manufacturing (Services sector) jumped up to 69.1 (anything above 50 is expansion). The Markets showed a lot of Uncertainty early in trading, as they didn't know how to respond to a low Jobs number, but also see a lower Unemployment number. Currently, Stocks are selling. Investors are concerned at the timing of the Fed's abrupt policy change to taper faster, then raise interest rates sooner approach, given the uncertainty of the new variant's impact with the Markets and economy, along with the low jobs number. MBS was in Uncertain territory for much of the morning, but has shifted into positive territory, as more investment dollars leave the equities market to a "flight to safety". Currently, MBS is Up 13bps, so Mortgage Rates are improving. They're more close to yesterday's start of the day, as we saw pricing deteriorate later in the day yesterday. Also, we're seeing a very big drop in Yields, as it's now striking upon 1.38%.
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 please direct message me.
http://MikesDailyMarketReport.com: The Initial Jobless Claims rose back above the 200k level after (it was reported at 194k last week), which 222k applied for first time benefits last week. Some good news, lies with the Challenger Layoff (announced layoffs), which dropped by nearly 8 million; and the Continuing Claims dropped below 2 million. Tomorrow will be the BLS' Jobs data, which we'll see the Non Farm Payrolls and Unemployment Rate. Stocks are in positive territory today after a few days of beat downs. As the old adage goes, buy on the dip! There are a few Fed Members speaking today. We already know that the Fed wants to taper faster, so they can raise rates sooner to stave off inflation. Also, they're watching to see if any new lock downs will occur, as it was reported yesterday that the US (in California) the omicron made it's way here. MBS is currently Down 33bps, which Mortgage Rates have worsened. Pricing should be comparable to yesterday's open. This is due to investment dollars moving from Bonds, back to Equities. Meanwhile, Yields are rising a bit! They're currently just under 1.46%, after touching 1.41% earlier.
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 please direct message me.
http://MikesDailyMarketReport.com: ADP released their Private Payrolls for November today, which is the first of 3 sets of Jobs reports this week, came in a little better than expected with 534k new jobs. The ISM Manufacturing PMI showed some improvement in November, when they announced it rising from 60.8 in October to 61.1 in November. Lastly, Construction Spending rose by 0.2% in October. The Markets are still watching for updates on the Omicron variant and the Testimony by Powell and Yellen before Congress. Yesterday, the Markets were spooked by comments by Moderna's CEO regarding the new variant and comments by Powell that indicate new Fed Policy shifting at the next FOMC. They were mostly surprised by the timing of the shift, as now the Markets are dealing with an unknown variant. However, today, they're rebounding a bit in both Stocks and MBS. MBS started lower this morning, but has recovered to approximately +9-11bps; and approaching the 25 DMA. Yields started the day higher and even touched 1.50% before dropping back down to 1.44%. Mortgage Rates should now be more comparable to yesterday's close; and maybe a little better priced (if it continues to improve).
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 please direct message me.
http://MikesDailyMarketReport.com: The Case Shiller Home Price Index (HPI), which measures the Top 20 Markets in the US, rose 1.0% in September and brought it's YoY down to 19.1%. Like it's counter-part, the FHFA HPI rose only 0.9% in September and it's YoY was brought down to 17.7%. The FHFA HPI shows homes with conforming loans. Speaking of FHFA, they released the new conforming loan limit for 2022 today, which rose to $647,200. As the HPIs address, there has been a deceleration in home prices, which means home prices continue to rise, but not at the high pace previously. Also, on the economic calendar is the Chicago PMI, which measures the business activity in the Chicago region. It dropped nearly 7 points to 61.8 in November. Anything above 50 for this index is still expansion/optimism. Lastly, we have the Consumer Confidence dropping from 111.6 in October to 109.5 in November. Stocks are way down today. The Markets first reacted to comments by Moderna CEO when he stated that the current vaccines don't have much efficacy to the new variant, which spooked the Markets. This helped MBS, as it opened at it's 50 DMA and even went higher. However, during the testimony by Powell and Yellen before the Senate Banking Committee, MBS dropped back to it's 25 DMA, and even lower, before climbing back up to 25 DMA. Powell commented that he feels the Fed should increase their pace of the taper and finish several months earlier than expected. He wants to do this regardless of the upcoming possibilities of the new variant. Also, he commented that we can remove the word transitory while speaking about inflation. He does feel that inflation will subside, but a lot of it will remain, as wages spike, along with a few other sectors affecting the inflation data. Currently MBS is Down 5bps. For the most part, current rate sheets should look more like yesterday's close. Yields dropped substantially, as it's currently down to 1.44%.
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 please direct message me.
http://MikesDailyMarketReport.com: This week will be about November's Jobs Data, which will start on Wednesday with the ADP Private Payrolls. Today, we just have the Pending Home Sales for October, which was reported at 125,200 seasonally adjusted units. This was up 7.5% from September. Stocks are rebounding after a HUGE selloff on Friday, as the Markets were spooked on news of a new COVID variant, Omicron. MBS rebounded Upwards by 77bps, which eliminated last week's losses; and brought us back to the same levels, last seen since the previous week's Friday. Today, it started much lower (Down 19bps), but as the Market continued to move on, then it has improved to being Down 2bps. Lenders on the East Coast whom have already released their ratesheets may be coming out with improved ratesheets. The Lenders on the West Coast, then will issue ratesheets comparable to Friday's close. So, Mortgage Rates (for the most part) remain Unchanged. Yields are Down to 1.51%.
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 please direct message me.
http://MikesDailyMarketReport.com: Due to short week this week, we have a lot of data crammed into today. We'll start with Building Permits, which improved (slightly) in October. It went from 1.65 million seasonally adjusted units to 1.653 million in October. New Home Sales had a pretty steep revision in September, going from 800k seasonally adjusted units to 742k. In October, it was reported at 745k. After revisions, it improved, but it's far from September's initial report. Q3 GDP came out with it's 2nd look (final look will be in December), which moved up by 0.1%, to 2.1%. Durable Goods Orders continued to show a negative trend, which it dropped by 0.5% in October; however, if you remove transportation, then it rose by 0.5%. The drop in airplane orders, which are large orders, can really manipulate the numbers to look worse/better than what they really are. Initial Jobless Claims broke below the 200k last week, as it reported 199k applied for first time benefits. Personal Income rose 0.5% in October; while, Consumer Spending rose 1.3%. Consumer Sentiment rose to 67.4 in November, according to the UofM Survey. Like the CPI showed a few weeks ago, PCE shows a spike in consumer inflation for October. The PCE jumped up 0.6% in October; while it's YoY rose from 4.4% in September to 5.0% in October. When you exclude food & energy, then you have Core PCE (or also known as Real Inflation), which rose 0.4% in October; and it's YoY rose from 3.6% in September to 4.1% in October. As I was working on this video, the FOMC Minutes were being released. The Market was starting to worsen, as they were reviewing the release. Fed Member, Mary Daly from San Francisco, had stated earlier in the morning that they Fed may taper quicker, if the inflation persists and jobs data continues to progress. This statement may be a preview of the Minutes, and the Investors are preparing for it. MBS were Down 11bps, but were trading approximately down 5-6 bps before the FOMC Minutes release. Lenders had priced in worse pricing for Mortgage Rates today, but it could potentially worsen more. Meanwhile, Yields had reached 1.69%, but subsided down to around 1.65%. After the FOMC release, then it too, started to worsen; and it was up to 1.66% at the time of this video. I won't be doing any videos the remainder of this week, so the next will be Monday! Have a safe and wonderful Thanksgiving week!
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 please direct message me.
http://MikesDailyMarketReport.com: The Markit Services PMI dropped from 58.7 in October to 57.0 in November. The Markit Manufacturing PMI jumped up from 58.4 in October to 59.1 in November. Anything above 50 in either index constitutes expansion. The 7 year Treasury Auction went pretty well, and appears to be helping (somewhat) MBS/Treasuries. MBS is off it's earlier low and is currently Down 9bps; however, most Lenders priced their ratesheets prior to the Auction while pricing was worse. So, Mortgage Rates are priced a little higher this morning. Also, Yields have been hovering around 1.66% and 1.65%.
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 please direct message me.
http://MikesDailyMarketReport.com: Existing Home Sales rose 0.8% in October, going from 6.29 million seasonally adjusted annualized units to 6.34 million. The big news today is the renomination of Jerome Powell for Fed Chair. Unfortunately for us, the Market wasn't too thrilled. The Bond/Treasury Market were more receptive to Brainard, apparently. As a result, MBS is Down 33bps, which the poor 5 year Treasury Auction showing contributed some to the decline. This means that Mortgage Rates worsened toward the worse levels felt last week. Also, Yields have spiked up to 1.62%. This will be a short week and may not see a lot of volume trading; however, there could be some volatility due to mostly Day Traders in the Market, while the Big Hedgefunds celebrate Thanksgiving.
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 please direct message me.
http://MikesDailyMarketReport.com: There is no economic data to report today. The Markets are responding to reports out of Austria regarding national lockdown due to higher COVID cases. Other European Countries are keeping that option open pending how their case loads trend. Investors are a bit jittery, as we approach winter and cold season happens. Last thing that anybody wants is another lockdown. Meanwhile, the ECB announced that they don't anticipate any rate hikes in 2022 and still feel that inflation is transitory. Later today, Fed Member Clarida (whom is the #2 Fed Chief) will be speaking, so Markets could react. MBS is benefitting from the Covid reaction, which it jumped way up over the 25 DMA when the Market opened, but it's currently off from it's earlier highs. However, it's still Up 13 bps from yesterday's close; so, Mortgage Rates are showing a bit of improvement. Yields pummeled all the way down to 1.53% (below it's 25 DMA). Next week will be a shortened week, due to Thanksgiving, so trading in the Markets will be less in volume, but could see some volatility due to day time traders.
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 please direct message me.
http://MikesDailyMarketReport.com: Manufacturing in the Philadelphia region spiked in November, as the Philly Fed Index jumped from 23.8 in October to 39.0 in November. Initial Jobless Claims dropped from last week's 269k, which was revised from 267k, to 268k. Another bright spot on the Economic Calendar is the Leading Economic Indicator, which rose 0.9% in October; this is after it's September's data was revised higher, from 0.2% to 0.7%. Stocks are Mixed today based on the Q3 Earnings Reports that are still being released. Investors are becoming a bit jittery regarding the potential for another uptick in COVID cases, as we approach the winter season and people spend more time indoors. Meanwhile, MBS is showing some continued improvement, as it's currently Up about 5bps. This won't impact Mortgage Rates much, as Mortgage Rates will remain Unchanged; however, there may be some minor improvement with the pricing. Also, Yields are working their way down again, as they approach it's 25 DMA. It's currently sitting just under 1.59%.
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 please direct message me.
http://MikesDailyMarketReport.com: Housing Starts dropped 0.7% in October, as it's September data initially reported 1.555 million seasonally adjusted units to 1.530 million. Forecasts called for 1.576 million; however, it was reported at 1.520 million. Shortage of Labor and Materials still seem to be the issues for Home Builders. Yesterday, we saw surge in Home Builder Confidence, which you'll find in today's report, as Building Permits rose 4.0% in October. It went from 1.586 million in September to 1.650 in October. These will be future Housing Starts. Stocks are all in Negative Territory, as Investors seem to be a bit leery about the continued push to new highs; and next week begins the Holiday season with Thanksgiving. MBS started the morning lower, but has since steadily risen to +14bps; so, Mortgage Rates will be a little better priced today. Also, Yields have helped by their slide down to 1.60%.
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 please direct message me.
http://MikesDailyMarketReport.com: Retail Sales spiked up 1.7% in October. This is one of the better numbers we've been seeing since all the Stimulus checks went out. Industrial Production jumped up 1.6% in October. Home Builders are more confident, as the NHIB Home Builders Index rose 3 points to 83 in November. Lastly, Business Inventories rose 0.7% in September. Stocks are up on the Retail data; while MBS had an adverse reaction to it. The concern with investors is still Inflation. If we end up having to raise rates prior to the completion of the Fed's tapering, then it won't be a good sign. Luckily, MBS has subsided from it's earlier losses, and are now Up 3bps. Mortgage Rates are currently more in line with the same pricing found after yesterday's Market close (or Unchanged). Yields are still about the same (at 1.62%).
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 please direct message me.
http://MikesDailyMarketReport.com: The Empire State Index, which measures manufacturing activity in the NY region, spiked from 19.8 in October to 30.9 in November. Meanwhile, the Markets are still reeling in last week's high inflation data, which is resulting in higher Yields. This is concerning Investors quite a bit. A few headline bits include a possible new Fed Chair for next term, which Biden may be making his selection this week. Currently, it's between Powell (to be renominated) and Brainard. Also, it appears to be progress on the Infrastructure Bill, which may come to a head, as soon as today. I forgot to mention in the video that there will be a virtual meeting between China President Jinping and Biden later today, which they're hoping to calm some of the recent tensions that have arisen. As for Mortgage Rates, they're continuing to rise, after the bad inflation data being reported last week. Today, they're Down about 22bps, which translates to about an .125% to the Mortgate Rate. Having spoken earlier about the rise in Yields, they're now about 1.62%.
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 please direct message me.
http://MikesDailyMarketReport.com: Consumer Sentiment dropped to it's lowest level since 2011, as the University of Michigan released their survey's results, as 66.8 in November. This was a drop of 71.7 in October; and forecasts were calling for 72.4. There appears to be a direct correlation to consumers being fed up with high prices. Meanwhile, stocks are rebounding today, as investors try to buy on the dip. Meanwhile, MBS was showing signs of rebounding this morning, as it started the morning just below Wednesday's close (Down 72bps), but quickly rose Up 16bps; however, it started to steadily decline just after 7am and is Down 2bps now. Earlier Lenders probably priced in a little better and may see a price change for the worse; while the Lenders from the West Coast will most likely price their rate sheets closer to Wednesday's close. Likewise, Yields are working inversely and now testing it's 25 DMA ceiling. It's currently just under 1.58%.
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 please direct message me.
http://MikesDailyMarketReport.com: Today's big report was a HUGE disappointment, as CPI (consumer inflation) jumped up 0.9% in October. It's Core CPI (excludes food and energy) rose from 4.0% in September to 4.6% in October. Highest in 30 years. Initial Jobless Claims reported 267k people applied for first time unemployment benefits last week. This is normally released on Thursday, but tomorrow is a federal holiday (Veterans Day) and the Markets will be closed (no video tomorrow). Wholesale Inventories rose 1.4% in September. The Markets are panicking over the high inflation data being reported today, as Stocks are well into Negative Territory; and MBS is freefalling currently (Down 45bps; however, as soon as video was complete, it's now down 65bps). This is approximately a 0.5% cost to mortgage costs; so, a No Point loan yesterday will cost you 0.5% to obtain that same rate today. Meanwhile, Yields are moving inversely; and now around 1.54% (after closing around 1.42% yesterday). The Markets will be closed tomorrow; and Friday isn't expected to see much activity. Next video will be on Friday.
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 please direct message me.
http://MikesDailyMarketReport.com: The Producer Price Index (PPI) rose 0.6% in October. This index gauges inflation in the Wholesale sector. The Core PPI (excludes food and energy) rose 0.4% in October, while it's YoY remained Unchanged at 6.8%. Investors are watching the inflation data this week, as Stocks are in Negative Territory. MBS had their monthly roll-over last night, so on the chart, it appears to have worsened. However, this just means a reset in pricing and does not affect our pricing for Mortgage Rates. Currently MBS is Up 25bps, so Mortgage Rates improve today. Inversely, Yields have dropped a few bps this morning and sit just a hair under 1.42%.
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 please direct message me.
http://MikesDailyMarketReport.com: There are no economic data to report today. We'll look at Inflation data later this week, with the PPI and CPI reports. There are a few Treasury and Bond Auctions, which could theoretically influence mortgage rates (depending upon the demand). The Markets are taking it's cue a bit from Friday's announcement around the Pfizer anti corona virus pill, as it created much optimism with Investors. Meanwhile, we have a few Fed Members speaking today. Fed Member Bullard spoke a bit earlier today, which he foresees the Fed raising rates at least twice in 2022; and more rapidly, if inflation persists. MBS started the day a bit lower today (on it's 50 DMA). It's currently Down 9bps, which has been steadily improving over the past few moments while creating this video. Earlier Ratesheets may indicate a little worse pricing; however, the later Ratesheets my indicate pricing as Unchanged from Fridays close (which MBS closed +41bps -solid day!). Yields are facing similar movements (but inverse) as MBS, as they sit atop it's 50 DMA and up a few bps from Friday's close. It's currently at 1.48%.
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 please direct message me.
http://MikesDailyMarketReport.com: Sorry, I forgot to mention in the video that there won't be a video tomorrow, as I will be out tomorrow. As for today's economic data, there's a few items to go over. We'll start with the Initial Jobless Claims, which is trending downward (good news) to 269k. Also, the Continued Claims dropped off by approximately 100k from last week. However, this isn't taking into account for the people being let go due to vax mandates. The Challenger layoffs spiked from 17.895 million announced layoffs in September to 22.822 million in October. This could be an indicator of the amount of people being forced out of the workforce due to vax mandates. Unfortunately, the Media isn't reporting on this! Lastly, we have the Q3 Labor Costs and Productivity. Labor Costs spiked up by 8.3% for the initial Q3 number, as employers raise wages to bring back or fulfill employment positions. However, Productivity dropped 5.0%, which is never a good sign. Stocks are in Mixed Territory, as Investors continue to evaluate Q3 Earnings Reports and yesterday's FOMC Announcement. The Fed will begin tapering in November and keep the pace of reducing their purchases by $15 billion. They tied the rate hike to job data. Many are expecting rate hike to begin by mid-2022. MBS rebounded from yesterday's selloff; and is back above the 25 DMA. It is currently Up 33bps. Mortgage Rates are much improved (compared to yesterday's close). Also, Yields have dropped below it's 25 DMA and sitting around 1.52%, after touching around 1.60% yesterday.
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 please direct message me.
http://MikesDailyMarketReport.com: ADP reported 571k new hires for Private Payrolls for the month of October. This is the first of the October Jobs data this week. Factory Orders grew by 0.2% in September (topping unchanged forecasts). The ISM Non-Manufacturing PMI jumped up from 61.9 to 66.7 in October. Anything above 50 for this index is expansion. Other Services (globally, like the Caixin in China) were also showing very robust numbers for the Services industry for the month of October. Later today is the wrap on the FOMC, which Fed Chair Powell will give his announcement. It is highly anticipated that he will address the tapering plan; and investors are now also wanting conversations about rate hikes. We'll look to see if he addresses the latter. MBS started the morning higher, but that was short-lived, as it is currently Down 14bps and testing it's 25 DMA floor. Mortgage Rates are a little higher today (about an .125% to rate). Yields are also under pressure, as they test their 25 DMA ceiling and sitting just under 1.57%.
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 please direct message me.
http://MikesDailyMarketReport.com: There are no economic data to report today. However, the FOMC begins today, which is the Fed's 2 day meeting, and provides their rate announcement tomorrow. Rates are expected to remain Unchanged, but it might provide us with some insight on when they may begin raising rates. Most are speculating by mid-2022. Also, it is widely anticipated the Fed will announce their tapering plans tomorrow. Tomorrow is also the first day of the October jobs data being released (ADP tomorrow, Initial Jobless Claims on Thursday and BLS' Non Farm Payrolls on Friday). Stocks continue to rise on Investors approval of the Q3 Earnings reports. Meanwhile, MBS was able to break above the 25 DMA yesterday, and has currently risen a bit more. It is currently Up 2bps. MBS is currently off it's earlier high, which is showing some weakness; so, be cautious, as it might mean a trend reversal. We have experienced negative movements with MBS when talk of tapering, even by comments last week by Bank of Canada and ECB. Also, Yields broke below it's 25 DMA yesterday; and currently sitting at 1.54%.
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 please direct message me.
http://MikesDailyMarketReport.com: The ISM Manufacturing PMI dropped from 61.1 in September to 60.8 in October. Anything above 50 is considered expansion. Meanwhile, stocks are still rising, as Investors value the profit making in the Q3 Earnings Reports despite the issues with labor- and supply chain issues, along with inflation. MBS started the day lower, but is now back up toward the 25 DMA and currently Down 8bps. This is not enough to see any Mortgage Rate change. Yields worked similarly, as they rose above the 25 DMA and another Technical level. They're currently at 1.59%.
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 please direct message me.
http://MikesDailyMarketReport.com: Employment Costs went up 1.3% during the 3rd Quarter, while Wages increased the most at 1.5% and benefits at 0.9%. However, Personal Income dropped 1.0% in September, but Consumer Spending was up 0.6%. The big data for this week is the PCE, or Personal Consumption Expenditure, which it's Core PCE is the Fed's favorite barometer for Consumer Inflation. The PCE rose 0.3% in Sept., as it's YoY increased from 4.3% to 4.4%. The Core PCE (excludes food & energy) rose 0.2%; and it's YoY remained Unchanged at 3.6%. As we all know that food and energy have been rising quite a bit -we feel it at the grocery store and gas pumps. Manufacturing revved up in October for the Chicago region, as the Chicago PMI rose to 68.4. Anything above 50 is considered expansion with this index. Lastly, Consumer Sentiment rose slightly to 71.7 in October. Stocks are Mixed, as Investors continue to view Q3 Earnings Reports; and 2 notable companies came in a bit soft (to Wall Street's expectations), which were Amazon and Apple. Meanwhile, Investors will look to next week's FOMC. MBS is currently Unchanged after a pretty big dip earlier this morning. It wasn't affected by the PCE data, but it appeared that money was pulled from both Bond and Equity Markets, which pulled MBS down. Lenders whom priced early had came out with worse pricing; however, many of them are now re-pricing for the better. The pricing today for Mortgage Rates should be closely correlated to yesterday's close. Yields started off higher today, but has subsided a bit too; and is currently sitting at 1.56%. Both have been struggling against it's 25 DMA. We'll see if it can break past it. But next week's FOMC may put a wet blanket on any positive momentum for MBS, as we've seen drops earlier this week when the ECB and BOC spoke about their versions of tapering. I would recommend locking ahead of the FOMC.
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 please direct message me.
http://MikesDailyMarketReport.com: Jobless Claims continued to drop for the 3rd week in a row, which this week's report came in at 281k. We're also seeing a decline in the Continued Claims report. However, keep in mind that people whom are unvaxed and being fired for such won't be included with these numbers, so we may need to view the Labor Participation Rate to determine how much of an impact this may be. So, stay tuned! GDP dropped from Q2's 6.7% to an initial reading for Q3 at 2.0%. Investors shrugged it off because there were some concerns that it could have been even worse (like, near 0.0%). Lastly, Pending Home Sales dropped by 2.3% to 116.7k seasonally adjusted units. Stocks are still rising due to Q3 Earnings Reports. The Spending Bill in Congress seems to be shrinking from $3.5 Trillion to around $2 Trillion. MBS is going thru a very volatile day today, which it was going back and forth between negative and positive territory. Bonds were first in retreat, as a selloff in European Bonds, as Investors reacted negatively to ECB Lagarde's comments on tapering. They improved once the NYSE opened; however, retreated after a poor 7 year Treasury Auction. It's currently Down 9bps. Pricing for Mortgage Rates should be close to yesterday's close. Yields are currently sitting at 1.57%. Both Yields and MBS are trying to test it's 25 DMA, which appear to be a strong line. Be cautious, if you're floating, as the FOMC is next week, which they're expected to announce their tapering plans. Bonds haven't been reacting too well to this talk, so we could see another dip next week! Again, be cautious!
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 please direct message me.
http://MikesDailyMarketReport.com: The Durable Goods Orders dropped by 0.4% in September; however, when you exclude Transportation, then it went up 0.4%. This is a good basis to view, as Transportation is loaded with high ticketed data that can skew the numbers too much in one direction. Stocks are Mixed today, as Investors keep pushing aside inflation concerns, but are more interested in the Q3 Earnings Reports. Tensions are rising again between China and US, as the FCC issued an ultimatum to China Telecom to leave the US Market, as they're being viewed as a security threat. MBS is currently Up 25 bps (after closing +9bps yesterday), so Mortgage Rates get a bit of a boost for the 3rd day in a row. Also, helping MBS is the decline with Yields, as they touch on their 25 DMA and sit around 1.54%. This is after it touch 1.70% late last week. Let's hope this continues!
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 please direct message me.
http://MikesDailyMarketReport.com: We have 2 Home Price Indices (HPI) being reported today. The first is the Case Shiller HPI, which follows the 20 largest US Markets. It went from MoM of 1.5% in July to 1.2% MoM in August, as it's YoY dropped from 20.0% to 19.7%. Similar reading by the FHFA HPI, which measures homes with conforming limits. It went from 1.4% MoM in July to 1.0% in August, as it's YoY droppedd from 19.2% to 18.5%. As we hit the fall season, we have reported slower home sales; so, this is a great time for First Time Home Buyers to re-enter the Market. Inventory is still relatively low, but less competition. Next, we move on to Consumer Confidence, which rose from 109.8 in September to 113.8 in October. It beat forecasts of a drop to 108.3. Lastly, New Home Sales spiked in September by 14.0%, as it went from 702k seasonally adjusted units in August to 800k in September. MBS started higher, but quickly lost those gains It's Down 3-5bps currently, but it's not enough for any changes to Mortgage Rates, as they remain Unchanged. It closed higher in the day yesterday at +20bps. Likewise, Yields started lower (even below it's Technical floor), but quickly reversed. It's currently sitting at 1.63%.
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 please direct message me.
http://MikesDailyMarketReport.com: There's no economic data today; however, the rest of this week is packed with important economic data to be released -most notably will be the PCE (Fed's favorite inflationary data information). Stocks are Up this morning, as Investors are primarily reviewing the Q3 Earnings reports being released. MBS is Up (+14bps) again today, as Mortgage Rates show some slight improvement today (from Friday's close). Yields dipped down just below 1.63%.
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 please direct message me.
http://MikesDailyMarketReport.com: The IHS Markit PMI released their October Manufacturing and Services data today. The Manufacturing dipped a little bit to 59.2; while the Services rose to 58.2. Any number above 50 for these indices indicates expansion/optimism. Stocks are Down today, after being in positive territory to start the day. However, a speech by Fed Chairman Powell jolted both Markets a bit. He indicated that the Fed is on pace to taper this year; it's too early for any rate hikes; and that inflation will drag into 2022. This will be his last speech prior to the FOMC in about 2 weeks. We'll find out if they will begin tapering immediately or (maybe) in December. In other news, Evergrande made their past due payments to their foreign bondholders today. Also, Congress is still negotiating the Spending Bill. Currently, MBS is Up 9-11bps, which is off it's earlier highs (prior to Fed Chair's speesh). Lenders came out with a little better pricing this morning; however, yesterday, MBS finished Down 36bps; so, we're better than yesterday's close, but not yet to it's opening levels. As such, Lenders had a few price changes for the worse yesterday. The good news is that Yields are falling a bit today (down to just under 1.64%, after touching 1.70% yesterday). This might provide some relief to MBS to rally a bit more and get back some of our losses.
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 please direct message me.
http://MikesDailyMarketReport.com: The Philly Fed Index dropped from 30.7 in Sept to 23.8 in October. This index measures the business activity in the Philadelphia area. Jobless Claims continued to decline, as they report only 290k applied for first time benefits last week. Remember those whom lost there jobs due to refusing the vax mandates won't be included with these numbers. We don't know yet how much of an impact that may be. Existing Home Sales jumped up 7.0% in September to 6.29 million seasonally adjusted units. Lastly, the Leading Economic Indicator rose only 0.2% in September. Stocks are a bit mixed today, as NASDAQ is lone index in Positive Territory (unlike yesterday, where it was reversed). Investors are reviewing Q3 Earnings Reports, which approximately 86% have been reporting above expectations. Fed Speakers appear to be bracing us for rate hikes next year as inflation persists. Also, Investors are keeping a close eye on the Spending Bills in Congress, as they are at an impasse. MBS is currently Down 14bps and Lenders will tend to show worse pricing today, which may translate to about 0.125% to the interest rate. This is on top of the ever-stopping rise with Yields, as they broke another level and are testing another. They're holding just under 1.67%.
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 please direct message me.
http://MikesDailyMarketReport.com: Nothing on the Economic Calendar today, but the Fed Beige Book was released earlier today, which stated the following:
*economy is growing at modest to moderate pace
*low supply of workers across the country
*it's being reported there is significantly elevated prices around the US
So, Inflation, lack of supplies and lack of workers are suppressing the economy from reaching it's full potential. Many Investors are speaking out on the inflation not being transitory and being more permanent, especially as energy prices quickly escalate and get absorbed into consumers' costs. Stocks are in Mixed Territory, as NASDAQ remains lone index in the Red. They're being heavily influenced with the higher yields, as they continue to try and head north. They're currently sitting just under 1.64%. There are a few Fed speakers today, as we approach the FOMC in about 2 weeks. The question might be if the Fed begins tapering in November or December. This will have an impact in both the Stock and Bond Markets, as liquidity shrinks. Meanwhile, MBS is largely unchanged, as it's up only 3bps. So, there is no change for Mortgage Rates, as they've been in sideways pattern these 3 days.
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 please direct message me.
http://MikesDailyMarketReport.com: Housing Starts dropped 1.6% in September, as they reported only 1.555 million seasonally adjusted units were started. If you look within the numbers, then most of the numbers were due to a drop with multifamily units (whereas, single family homes were within expectations). Also, Building Permits dropped 7.7% in September, bringing it down to 1.589 million seasonally adjusted units. Yesterday, we had an increase with Home Builder Confidence, but they did state that supply chain and labor shortages are creating delays with their plans. Meanwhile, Stocks are Up on better than expected Q3 Earnings Reports. Markets will be watching a few different Fed Speakers, so there may be some movement based on what they say. MBS started the day off higher, then quickly dropped. Now, it's about unchanged levels. MBS is currently Down 2bps. The movements today weren't enough for Lenders to make any changes to their pricing, so Mortgage Rates should be about the same as yesterday's close. However, Yields are climbing again (up to 1.63%) and could add some additional pressure to MBS. This is something we'll need to monitor.
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 please direct message me.
http://MikesDailyMarketReport.com: Industrial Production continued to drop in September, as it was reported a 1.3% drop; meanwhile, it's August report was revised from an increase of 0.4% to a drop of 0.1%. Investors received a pleasant surprise, as the NHIB Home Builders Index rose 4 points to 80. This index measures the confidence level for Home Builders. Meanwhile, stocks are trading in Mixed territory, as they continue to review Q3 Earnings Reports and other data. China reported a significant drop in their Q3 economic data, as it dropped from 7.9% to 4.9%. This had early trading in negative territory, but had subsided since then. Meanwhile, inflation is still a concern, as energy prices continue to rise (price of a barrel of oil is now over $81). MBS was Down much more earlier in the trading day, but has subsided to being Down 9bps currently. Most Lenders priced in approximately a hit of 0.25% to the Mortgage Rates earlier today, but have shown some price improvements (now down only about 0.125% from Friday's pricing). Yields have spiked again, as it topped 1.60% earlier on; and now is just a hair under it.
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 please direct message me.
http://MikesDailyMarketReport.com: Retail Sales came in strong for September for the 2nd consecutive month, as it reported a 0.7% increase (higher than the -0.2% forecasts); and even when you exclude Autos, it was strong (0.8%)! Stocks are really liking this release, along with continued positive Q3 Earnings Reports being released. The Empire State Index indicated that manufacturing slowed a bit in October, as it dropped from 34.3 in September to 19.8 for October. Also, the Consumer Sentiment dropped a little bit in October, as it went from 72.8 to 71.4. MBS is Down 13bps this morning on the positive economic data being published today and being pressured further with rising Yields, which has spiked back above the 2 technical levels that it slipped thru during this week. Yields are up to 1.57% (yesterday, it was around 1.52%). Mortgage Rates appear to have climbed about an .125% to the rate today on the news.
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 please direct message me.
http://MikesDailyMarketReport.com: The Initial Jobless Claims came in at 293k last week, as this is the first time since Pandemic that we saw this data in the 200k+ range. This is helping the Markets. Lastly, the Producer Price Index (PPI) rose 0.5% in September, while it's Core PPI (excluding food and energy) rose only 0.2% (which brings it's YoY from 6.7% in August to 6.8% in September). The PPI measures inflation for the Wholesale sector and doesn't always carry too much weight, like CPI or PCE. Stocks are Up today on the Initial Jobless Claims data and good earnings reports from Banks, as we begin the release of Q3 Earnings Reports. Meanwhile, MBS is Up 11bps (coupled with yesterday's close of 23bps) has Lenders out with better Mortgage Rates today (compared to yesterday morning). Also, Yields are slipping below another Technical Ceiling and is around the 1.52% range.
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 please direct message me.
http://MikesDailyMarketReport.com: The CPI rose 0.4% in September, while it's YoY rose to 5.4% (from 5.3% in August). However, if you exclude food and energy, then you will see the Core CPI rose only 0.2% in September, while it's YoY remained unchanged at 4.0%. Obviously, we see it at the gas pumps and grocery stores that these prices are continuing to rise substantially. Stocks are trading in Positive Territory today as the Core CPI came in a bit tame and investors look to the FOMC Minutes being released. MBS had a rollover, so the Chart may look misaligned, but it's essentially a reset in pricing and Mortgage Rates are unaffected. Currently, MBS is Up 13bps, which is also being propped up a bit after a good 30 year Auction. Yesterday, the Market finished Up 11bps; so, we're seeing a positive trend over the past 2 days of trading for MBS. Mortgage Rates have improved some from yesterday. Also, Yields are making their way lower, as it is testing it's Technical floor. It's currently at 1.55%.
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 please direct message me.
