Wednesday, June 23, 2021

Daily Market Report 6/23/21

 http://MikesDailyMarketReport.com:  The IHS Markit PMI released it's 2 reports: Manufacturing and Services.  The Services dropped from 70.4 in May to 64.8 in June; however, it's Manufacturing rose from 62.1 in May to 62.6 in June.  New Home Sales dropped 5.9% in May, as it's April numbers were revised lower (from 863k seasonally adjusted annualized units to 817k).  In May, it was reported down to 769k.  All of these reports today indicate an ongoing issue with labor shortages.  Stocks are in Mixed Territory, as the DOW is barely in the Red.  The Market didn't have much impact from Fed Chair Powell's Testimony yesterday, as both he and the other Fed Speakers tip-toed along the same message.  MBS is currently Down about 5bps, which isn't enough for any changes to our pricing for Mortgage Rates (compared to yesterday's close).  Yields climbed back above the Technical level and sitting at 1.49%.  There will be a 5 year Treasury Auction today (at 10am PST) that may have an Impact with MBS Market.  If the Auction goes well, then we may find some improvement with Mortgage Rates today; however, the inverse may happen, if it doesn't go well.  Stay tuned!

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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 please direct message me.



Tuesday, June 22, 2021

Daily Market Report 6/22/21

 http://MikesDailyMarketReport.com:  The Existing Home Sales dropped in May from 5.85 million annualized units in April to 5.80 million.  However, this is better than the 5.72 million forecast.  Stocks are Up again today before Fed Chair Powell testifies before the House Sub-Committee this afternoon.  He did release an early statement that was similar to Fed Williams' comments yesterday on the timeline of a ratehike.  It was stressed that the Fed feels that inflation is transitory and they will take the time to make sure Jobs are in stable ground before raising rates, which will take time (in other words, it won't come as soon as many Investors feared).  MBS is Up 16bps and back to same levels as Friday's close; so, Mortgage Rates have improved.  Yields had broke above the Technical level yesterday and is testing it again, as it sits just below 1.48%.

Please subscribe to my YouTube Channel at MikesDailyMarketRpt

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.



Monday, June 21, 2021

Daily Market Report 6/21/21

 http://MikesDailyMarketReport.com:  There are no Economic data on the calendar to report today; however, there are a number of other data throughout the week that may  make some impact (including PCE, GDP, Housing data, etc...).  The Markets are following last week's hawkish tone set by the Fed and it's members.  Stocks are in Positive Territory today after a lot of selling last week.  Portfolio Managers are repositioning their assets as they head into a new Quarter.  We have a few Fed Members speaking today, including Bullard whose comments disrupted the Markets on Friday.  Investors may be interested in Fed Williams' thoughts, whom will be speaking later this afternoon.  Currently, MBS is Down 19bps (off from much earlier lows); but, it's enough for some worsening in Mortgage Rates (compared to Friday's close).  This has to do a bit with money moving from Bonds to Equities.  Yields are trying to claw it's way back up and so far are just over it's Technical Ceiling (1.48%).

Please subscribe to my YouTube Channel at MikesDailyMarketRpt

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.



Friday, June 18, 2021

Daily Market Report 6/18/21

 http://MikesDailyMarketReport.com:  Today is a new Federal Holiday, Juneteenth, so there are no economic data to report; however, the Markets are still open.  Stocks are Down this morning, based on 2 events.  The first event is the Quadruple Witching, which Portfolio Managers reposition their portfolios, as we approach another quarter.  Also, there were some hawkish comments by St Louis Fed Bullard, which he stated that the Fed may raise rates as soon as next year (much earlier than expected).  We had some really big swings in both the MBS and 10 year Treasuries this morning, which last all but 10 minutes.  MBS opened a little higher than yesterday's close, but it had a quick drop of about 25bps.  Almost as quick, it rebounded.  As of creating this report, it was Unchanged levels.  So, technically speaking, Mortgage Rates remain Unchanged.  Yields started lower than yesterday's close, but then spiked north until it reached the 100 DMA (around the 1.52% range) and has subsided (even testing a strong Technical floor) at 1.46%.

Please subscribe to my YouTube Channel at MikesDailyMarketRpt

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.



Thursday, June 17, 2021

Daily Market Report 6/17/21

 http://MikesDailyMarketReport.com:  Manufacturing in Philadelphia region slipped a little bit in June, as the Philly Fed Index came in at 30.7 (prior, it was at 31.5).  The Initial Jobless Claims rose back above 400k, as it was reported that 412k people applied for first time benefits last week.  Also, Leading Indicators showed 1.3% improvement in May.  Again, Stocks are in Mixed Territory (NASDAQ lone index in Positive).  Investors are readjusting their positions after the FOMC Announcement yesterday, which saw all the Markets drop.  It came in a little more Hawkish; however, too many investors put too much emphasis on the Dot Plot, which Powell cautioned that it's too early to really tell when they'll raise rates, as they want to see much more improvement before even thinking about the next move.  Meanwhile, MBS has recovered about half it's losses (from yesterday's abysmal -52bps drop) and is currently Up 30bps.  It's steadily climbing back to pre-FOMC Announcement, so we'll see if it's fully recovered today, or will need more time.  Yields have already moved to pre-FOMC Announcement and is sitting just under 1.49%.  This could help pave the way for MBS!  Mortgage Rates improved from yesterday's close, but not yet back to the pricing before the announcement, which we're approximately a 0.25 point difference.

Please subscribe to my YouTube Channel at MikesDailyMarketRpt

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.



Wednesday, June 16, 2021

Daily Market Report 6/16/21

 http://MikesDailyMarketReport.com:  Housing Starts rose to 1.572 million annualized units in May, as it's April numbers were reduced from 1.569 million to 1.517 million.  It's counter-part, Building Permits dropped to 1.681 million annualized units, as confidence with Home Builders sours.  They're still facing issues with labor, rising prices and short supply with materials.  Stocks are in Mixed Territory this morning, as Investors brace for the FOMC policy statement around 11:30am PST.  Investors will be looking for clues to the Fed's thoughts on inflation, jobs/economy, tapering and review Dot Plot for future projected rate hikes.  MBS is little changed, as it's currently Up 3bps; and Mortgage Rates remain Unchanged.  Yields moved slightly too, as it sits just under 1.49%.  Now, it could get very choppy after the FOMC announcement and Investors review the wording and Dot Plot.  This volatility could extend into tomorrow morning.  So, be careful!

Please subscribe to my YouTube Channel at MikesDailyMarketRpt

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.



Tuesday, June 15, 2021

Daily Market Report 6/15/21

 http://MikesDailyMarketReport.com:  We got a long list of economic data to report today, so be prepared.  The inflation data for the Wholesale sector continues to rise, as the Producer Price Index (PPI) rose 0.8% in May; and the Core PPI (excludes food and energy) rose 0.7%, bringing it's YoY from 4.1% in April to 4.8% in May.  Retail Sales in May dropped 1.3%; however, it's April numbers were revised higher, from 0.0% to 0.9%.  When you exclude "big ticket items", like Autos, then it dropped only 0.7% in May; and it's April numbers were revised higher too, from -0.8% to 0.0%.  Manufacturing in the NY region slowed a bit in June, as the Empire State Index dropped from 24.3 in May to 17.4 in June.  Capacity Utilization rose to 75.2%; and Industrial Production rose 0.8% in May (due to Auto production).    Home Builders are losing confidence, as the NAHB Home Builders Index dropped from 83 in May to 81 in June, as they face delays and rising costs due to the lack of materials, rising costs and finding workers.  Business Inventories dropped 0.2% in April.  Stocks are all in Negative Territory today.  Investors are shrugging off the economic calendar and are focused on the upcoming FOMC, which begins today.  The Fed will provide their policy statement tomorrow, so be prepared for a choppy ride.  Investors are waiting for comments on Tapering, especially with the MBS purchases, as the Housing Market is on fire; Inflation -is it permanent or transitory (and estimate of when prices might normalize); and the jobs data.  MBS did most of their damage ahead of the Fed meeting yesterday and is currently Down about 2bps; so, Mortgage Rates remain Unchanged from yesterday's pricing (after close of Markets).  Yields are testing it's 100 DMA again, which is holding it below at 1.50%.

Please subscribe to my YouTube Channel at MikesDailyMarketRpt

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.



Monday, June 14, 2021

Daily Market Report 6/14/21

 http://MikesDailyMarketReport.com:  There are no economic data to report today.  It's fairly slow in the Markets, as NASDAQ remains the only index in Positive Territory; and Investors shift their bets ahead of the FOMC, which begins tomorrow.  The FOMC is the Fed's 2 day meeting, which they gather every 6 weeks.  Investors will be watching for their statements on inflation and discussions on Tapering; along with any updates on the Dot Pot (for future rate hikes).  Meanwhile, there was a big selloff with MBS today, as it's currently Down 23bps; so, Mortgage Rates took a bit of a hit this morning.  It broke below both it's 25- and 50 DMA.  Yields inversely broke above it's Technical Ceiling (at the 1.47% range) and is approaching it's 100 DMA.

Please subscribe to my YouTube Channel at MikesDailyMarketRpt

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.



Friday, June 11, 2021

Daily Market Report 6/11/21

 http://MikesDailyMarketReport.com:  Consumer Sentiment rose to 86.4 in June, as Consumers are feeling a bit better (compared to May); however, there is still concerns lingering over inflation, as their costs are higher.  Stocks are in Mixed Territory, as NASDAQ is lone index tip toeing back and forth between Negative and Positive Territory.  Yesterday's inflation news was shrugged off, even though it would hurt both the Equity and Bond Markets, as Investors are onboard with the Fed's transitory message for now.  There is no catalyst for any Market movement today, so they will look toward next week's FOMC; and listen for any news on any discussion of tapering.  Meanwhile, MBS had a rollover, so it's placement on the chart may look a little out of whack.  It just means that MBS had a reset with their pricing, which doesn't affect Mortgage rates pricing, and is now funding loans for July's coupon (reason behind 30 day locks).  We had 2 price improvements yesterday; one of which brought the level of pricing to the same as Wednesdays, as the Market initially opened worse.  However, it kept improving and closed up about 16bps higher; thus, enough for another price improvement.  Today, there is some selloff; and it's Down about 20bps now.  It's now below it's 25 DMA and testing it's 50 DMA.  Mortgage Rates did worsen; and should be close to pricing seen around Wednesday's close.  Yields fell to about 1.44% yesterday; and now recovered a little bit to just under 1.46%.  It's currently sitting between 2 Technical levels.  It tested the ceiling earlier, but it held and it pulled back a bit.

Please subscribe to my YouTube Channel at MikesDailyMarketRpt

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.



Thursday, June 10, 2021

Daily Market Report 6/10/21

 http://MikesDailyMarketReport.com:  We received the long-awaited inflation report for this week today, which is the Consumer Priced Index (CPI), for the month of May.  The CPI rose 0.6% in May; and it's YoY rose from 4.2% in April to 5.0% in May.  The Core CPI (excluding food and energy) rose 0.7% in May; and it's YoY rose from 3.0% in April to 3.8% May.  Lastly, the Initial Jobless Claims came in at 376k new claims last week.  Last week's report was revised higher, from 385k to 405k.  We're still seeing improvement here, as the amount of people applying for Unemployment is shrinking, along with Continued Claims.  Stocks are Up today, despite the high inflation data.  Last month, the Markets tanked on the news; however, now, Investors are getting more inline with the Fed that the data is transitory.  I am seeing comments by many investors that they may have a little different definition of transitory, so they're not completely in agreement with the Fed.  Many are stating that we may be at the top end of Inflation, but they disagree with the pace of inflation trending downward.  Many Investors feel it might take years for it to happen; whereas, many believe the Fed has the notion is will be much quicker.  Also, Christine Lagarde, President of ECB, stated much the same as our Fed has been saying.  This helped the Markets a bit.  GameStop reported that the SEC is probing them in regards to the trades in the Market; and mentioned they're not the only ones being probed.  MBS initially dropped after the release of the CPI report.  Lenders initially came out with worse pricing too.  However, the Markets subsided and shrugged off the inflation news and have rebounded.  MBS is currently Up 2bps and testing it's 100 DMA again, so Lenders are repricing already this morning to an improvement.  Pricing should be about the same as yesterday's close.  Yields initially worsened too after the inflation news (touching around 1.54%), but have slipped below it's 100 DMA and now testing a Technical floor; it's sitting at 1.47%.

Please subscribe to my YouTube Channel at MikesDailyMarketRpt

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.



Wednesday, June 9, 2021

Daily Market Report 6/9/21

 http://MikesDailyMarketReport.com:  The Wholesale Inventories rose by 0.8% in April.  This is a minor report, and won't have much impact with the Markets.  However, tomorrow's CPI report can have a major impact with the Markets, so be cautious!  Stocks are in Mixed Territory, as DOW is lone index in the Red.  It was reported that China's PPI, which measures inflation on the Wholesale side, rose by 9.0% last month (highest since 2008).  This will obviously translate to higher costs here, as we obtain quite a bit of commodities from China.  MBS is currently Up 13bps and testing it's 100 DMA.  This will lead Lenders to provide better pricing today for Mortgage Rates.  Yields have slipped down to 1.50% as it (earlier) tested it's 100 DMA and Technical floor.  There is a 10 Year Note Auction today, which could affect the Markets, depending upon the Auction results, so be aware!

Please subscribe to my YouTube Channel at MikesDailyMarketRpt

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.



Tuesday, June 8, 2021

Daily Market Report 6/8/21

 http://MikesDailyMarketReport.com:  The NFIB Small Business Survey dipped by 0.2 points to 99.6.  This survey gauges the confidence with Small Business Owners, which important because they make up the bulk of the US employment data.  Their concerns lie with finding employees to work and rising inflation.  Stocks are Down as they wait for the CPI report on Thursday.  DOW and NASDAQ have been trading near all time highs, so they're receptive to the notion that the Fed may be pulling some of the punch from the punchbowl soon, if the economy and inflation continues to grow.  There was a disruption to many major websites (like CNN and NYT) due to some internal issues at Fastly.  This added to some Market instability early in trading, as many did not know the source of the problem.  Meanwhile, MBS jumped above it's 25 DMA and currently Up 6bps.  Mortgage Rates remain Unchanged in the process, as this isn't enough movement to make any changes.  Yields have dropped below it's Technical floor, which has been holding steady for awhile; and is now testing another Technical level at the 1.53% level.

Please subscribe to my YouTube Channel at MikesDailyMarketRpt

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.



Monday, June 7, 2021

Daily Market Report 6/7/21

 http://MikesDailyMarketReport.com:  There are no economic data to report today.  It's very light this week; however, Thursday could be a big day, as we will receive the CPI for May.  Last time it reported a big spike with inflation, and Markets overreacted.  Stocks are in Mixed Territory, as NASDAQ remains lone index in Positive Territory today.  As there's not much to report today, Investors are watching on any progress on the Infrastructure bill and still have some concerns regarding Inflation; which the Fed has recently indicated that they will start the discussion.  The Fed is trying to give a long-timeframe on the possibility of tapering, as to avoid any Taper Tantrums.  Meanwhile, MBS is Down 5bps, so Lenders will price their Mortgage Rates as Unchanged from Friday's close.  Yields are still hanging around 1.57% too.

Please subscribe to my YouTube Channel at MikesDailyMarketRpt

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.



Friday, June 4, 2021

Daily Market Report 6/4/21

 http://MikesDailyMarketReport.com:  The Bureau of Labor Statistics (BLS) released their reports today, which is the data we've been waiting for this week!  The Non-Farm Payrolls improved last month's dismal 278k to 559k in May.  This is still much lower than expectations that were ranging from 700k to 1 million.  Average Earnings jumped up .5% in May, as well, while employers are trying to entice workers to come back to work.  The Average Work Week remained Unchanged at 34.9 hours per week.  The Unemployment Rate dropped from 6.1% to 5.8% in May.  Lastly, Factory Orders dropped 0.6% in April while they deal with the shortages in labor and materials.  Stocks are Up today, as Investors feel that the Fed won't make any changes to their current policies based on employment data being released over the past 2 months.  There was a comment by Cleveland's Fed Member Mester, which she mentioned that the higher wages haven't been included in the underlying inflation data.  This will be interesting to see, as wages make up a great portion of the inflation data.  Lastly, Investors are keeping one eye on any progress on the Infrastructure spending proposals.  Meanwhile, after a tough start, MBS is Up 27bps (testing it's 25 DMA once again!).  Mortgage Rates are improving a bit today!  Also, Yields have fallen back down to a pretty tough floor of support by 1.56%.

Please subscribe to my YouTube Channel at MikesDailyMarketRpt

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.



Thursday, June 3, 2021

Daily Market Report 6/3/21

 http://MikesDailyMarketReport.com:  The ADP released it's May Jobs data, which the Market it obsessing over today.  It came in with 978k new private jobs.  Also, the weekly Jobless Claims broke below 400k with 385k applying for First Time Benefits for last week.   However, there is a caveat (in my opinion).  The ADP revised their April Jobs data lower, from 742k to 654k.  The Challenger layoffs (announced layoffs) rose from 22.913 to 24.586 in May.  Also, the Continued Claims revised last week's report from 3.602 to 3.738 million; and this week's report came in higher at 3.771 million.  The Media is only reporting the HOT number, but not really mentioning some of these other data points that are important.  To continue with the economic reports, the final revisions for Labor Costs dramatically shifted higher for Q1.  The previous report showed a drop of 0.3%; however, the final came in at 1.7%.  On the other hand, Productivity remained at 5.4% for Q1.  Lastly, the ISM Non-Manufacturing PMI exploded to 64.0, which is highest on record.  As for the Stock Market, they were all in red until DOW rebounded and is currently in positive territory.  It liked the reported economic data.  The Fed Beige Book was released yesterday, which indicated that the economy is growing at moderate pace, but do face labor and supply shortages.  Also, the inflationary data is transitory.  Otherwise, pretty much what we've known!  MBS dropped lower on the day, after the ADP report was released, and is now Down 14bps (just above it's 50 DMA).  This has caused Lenders to reprice this morning to a little worse pricing on their ratesheets.  Yields have spiked up (past the 3 previous levels - 25- and 50 DMA and Technical level) to just under 1.63%.

Please subscribe to my YouTube Channel at MikesDailyMarketRpt

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.



Wednesday, June 2, 2021

Daily Market Report 6/2/21

 http://MikesDailyMarketReport.com:  There are no economic data being reported today.  This week is May's jobs data.  Typically, the ADP release their data on Wednesday; however, due to the short week, then they extended that release date for tomorrow (along with the weekly jobless claims).  Stocks are Up today, as they look toward Q2 and progress in the economy.  They're closely watching for signs of supply chain and labor improvement before they invest much more in equities.   There are a few Fed Speakers out today, as Fed Member Harker stated that he's in favor of "talking about talking about the possibility of tapering".  Meaning that it's most likely down the road a bit.  MBS improved yesterday to -3bps close, as it was down approximately 17bps; so, most Lenders re-priced for the better yesterday.  Currently, there's no change in MBS trade; so, Mortgage Rates are Unchanged.  Pricing should be similar to what we saw after last Friday's close.  Yields have slid down a bit further, and currently sits at 1.59%.

Please subscribe to my YouTube Channel at MikesDailyMarketRpt

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.



Tuesday, June 1, 2021

Daily Market Report 6/1/21

 http://MikesDailyMarketReport.com:  ISM Manufacturing PMI rose to 61.2 in May (up from 60.7 in April).  Also, Construction Spending rose only 0.2% in April; however, it's March number was revised higher from 0.2% to 1.0%.  Stocks are Mixed after initially starting in Positive Territory; however, the ISM Manufacturing PMI report disappointed S&P and NASDAQ, as the reported reiterated the Labor and Supply shortage.  Investors seem to be buying into the Fed's Inflation message now, as they shrugged off last Friday's inflation data.  We have a few Fed Speakers today, as their speaking engagements will go into a Blackout ahead of their FOMC on June 15-16.  MBS started down 17bps, so Lenders priced Mortgage Rates a bit worse.  However, it's subsiding quite a bit and is Down only 5bps now; so, Mortgage Lenders may be coming into position to re-price for the better (assuming this continues to improve).  This would bring us to Unchanged pricing from Friday's close.  Yields had spiked to 1.63% range; and also have subsided down to 1.61% (breaking back below it's 25- and 50 DMA and a Technical level).

Please subscribe to my YouTube Channel at MikesDailyMarketRpt

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.



Friday, May 28, 2021

Daily Market Report 5/28/21

http://MikesDailyMarketReport.com:  We received the BIG report today and Markets are shrugging it off!  The Personal Consumption Expenditure (PC) jumped up 0.6% in April; whereas, it's YoY jumped from 2.3% in March to 3.6% in April.  When you exclude Food and Energy, then you have the Core PCE (which is what the Fed regards to "real inflation").  This jumped up 0.7% in April; and jumped up from 1.8% in March to 3.1% for April.  Typically, the Fed will keep this number at 2.0%; and even made a statement back in the Fall of 2020 that it will allow it to average at 2.5% for some time before making any adjustments.  Also, there have been debates that Inflation is transitory or permanent.  As we can see by these numbers, commodities spiked (even without the food and energy).  Other reports included Consumer Spending, which went up 0.5% in April; while it's counter-part, Personal Income dropped 13.1%.  However, Manufacturing in the Chicago region came in with it's 2nd highest number in it's history at 75.2 for May.  Lastly, Consumer Sentiment remained relatively Unchanged at 82.9 for May, as Consumers are feeling the Inflation numbers and are not happy about it.  Stocks are Up for the last day of the Month for trading and the Markets will close about an hour early for the long weekend holiday (Memorial Day weekend).  There's now a debate amongst the Fed, as there's been a lot of outward pressure about tapering.  Tapering, if you're not aware, is the decline of the purchases of Treasuries/MBS by the Fed.  This action (purchasing) has helped create liquidity in the Market, but also, has propped up Mortgage Rates (improved them) based on the Supply/Demand.  This was something that the Fed probably wasn't going to start the discussion until around after summer, but with all the talk by the Media and Investors, so now there are members whom are addressing their points of view on the topic during their speaking engagements.  Once the tapering begins, then expect MBS to drop and Mortgage Rates will begin to rise.  Fed Kaplan, member out of the Dallas Fed, mentioned that he felt it may be needed to help fix the excess in real estate; so, higher Mortgage Rates are needed (his sentiment).  The 2022 Budget is about to be released and it's looking closer to a $6 Trillion price tag.  MBS is shrugging off the Inflation data and is leaning toward it being transitory with it's trading today, as it's currently Up 3bps.  Typically, a number like this would spook the Market and there would be a BIG selloff, similar to what we saw about 2 weeks ago when we saw the CPI data.  Mortgage Rates remain Unchanged from yesterday's pricing.  Yields have bounced lower, after touching it's 25 DMA, and is sitting around 1.59%.

Please subscribe to my YouTube Channel at MikesDailyMarketRpt

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.

 


Thursday, May 27, 2021

Daily Market Report 5/27/21

 http://MikesDailyMarketReport.com:  The Weekly Initial Jobless Claims shrunk down to 406k people applying for first time benefits; also, more people are getting off the continuing benefits, as that number shrunk by nearly 100k.  The Q1 GDP remained Unchanged from last reporting at 6.4%.  Our last report will come in June!  The Durable Goods Orders dropped by 1.3% in April; however, if you exclude Transportation (big ticket items), then it rose by 1.0%.  Lastly, Pending Home Sales dropped by 4.4% in April, as we continue to see Listings drop.  We're already at Historic Lows!  Stocks are Up this morning, but moderate levels, as they look for some sort of news of the Fed and prospects of Tapering (reducing their Treasury and MBS monthly purchases).  Tomorrow is the Fed's favorite gauge for Inflation, so be prepared for some volatility, especially if it's high!!!!!  MBS is Down 13bps this morning and have broken below it's 25 DMA.  As a result, Mortgage Rates have pulled back a bit and are priced a little higher.  Yields have climbed back above it's 25 DMA and pushing against a Technical Ceiling.  It's currently sitting just under 1.62%.

Please subscribe to my YouTube Channel at MikesDailyMarketRpt

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.



Wednesday, May 26, 2021

Daily Market Report 5/26/21

 http://MikesDailyMarketReport.com:  We don't have any economic data worth noting today; however, tomorrow will begin the higher impact data (with the big inflation data, PCE, on Friday).  We haven't been getting much activity in the Markets over the past few days due to concerns on inflation and there hasn't been much high impact reports; so, Friday's data could be a bit of a catalyst for the Markets.  Stocks are Up a little bit this morning, as the Small Cap comanies seem to be the popular trend today.  MBS is Down 5bps this morning as it's current position sits in No Man's land (between 50- and 100 DMA).  The last time we touched the 100 DMA, then MBS sank a bit; so, be careful in this territory -especially ahead of the important inflation data on Friday.  Mortgage Rates remain Unchanged from yesterday's pricing.  Yields are testing it's Technical floor, which appears to be holding.  It's currently at 1.56%

Please subscribe to my YouTube Channel at MikesDailyMarketRpt

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.



Tuesday, May 25, 2021

Daily Market Report 5/25/21

 http://MikesDailyMarketReport.com:  We have 2 Home Price Indices (HPI) reporting today.  The first is the Case Shiller HPI, which rose 1.6% MoM in March; and it's YoY jumped up to 13.3%.  The FHFA HPI, which uses conforming loans as it's data points, rose 1.4% MoM in March; and it's YoY jumped up to 13.9%.  However, Consumer Confidence disappointed the Markets when it's April reading of 121.7 was revised lower to 117.5.  This was the highest reading since the beginning of the pandemic.  Then to top it off, then it dropped to 117.2 in May.  Stocks are taking it's queue from the disappointing Consumer Confidence report today, as they break a 3 day winning streak.  However, MBS is Up 11bps and should set Lenders with better pricing today than yesterday's rate sheet.  Also, Yields are down a few ticks and currently sit at 1.57%.

Please subscribe to my YouTube Channel at MikesDailyMarketRpt

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.



Monday, May 24, 2021

Daily Market Report 5/24/21

 http://MikesDailyMarketReport.com:  We have no economic data to report today; however, tomorrow will bring some minor reports and Thursday/Friday will bring some higher impact reports.  Stocks are Up this morning shrugging the uncertainty of what's to come.  MBS is slowly improving, as it begins to approach it's 50 DMA.  Also, Yields are slowly dropping below it's Technical floor and 50 DMA.  It's just under it's 1.61% range.  Mortgage Rates will be a little better today!

Please subscribe to my YouTube Channel at MikesDailyMarketRpt

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.



Friday, May 21, 2021

Daily Market Report 5/21/21

 http://MikesDailyMarketReport.com:  The IHS Markit PMI released it's Services and Manufacturing reports for May today.  the Services jumped up to 70.1 and Manufacturing climbed up to 61.5.  Both exceeded expectations!  However, Existing Home Sales continued to disappoint, as it reported a drop from 6.01 million annual units in March to 5.85 million in April.  Stocks are in Mixed Territory today, as DOW has been pretty much in positive territory for most of the morning; S&P has been dipping it's toe back a forth; and NASDAQ has been in the Red.  A few Fed Members are speaking today.  We had one Fed Member whom thought we should discuss tapering sooner than later; but for the most part, the others thought it was too soon to discuss tapering.  MBS is currently Up 2bps.  With the exception of Wednesday, we've been pretty much unchanged with Mortgage Rates this week.  Yields slid under it's 25 DMA yesterday and sit between it's 25 DMA and a Technical floor.  It's just under 1.63%.

Please subscribe to my YouTube Channel at MikesDailyMarketRpt

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.



Thursday, May 20, 2021

Daily Market Report 5/20/21

 http://MikesDailyMarketReport.com:  Manufacturing in the Philadelphia region dropped more than expected, as the Philly Fed Index reported 31.5 for it's May report.  Initial Jobless Claims continue to decline, as 444k people applied for first time benefits last week; however, the Continued Claims did spike a bit last week (by approximately 100k) when it was trajecting lower each week.  Lastly, the Leading Economic Indicator jumped up 1.6% in April.  After 3 days of being in the Red, Stocks are reversing course and in Positive Territory today.  Yesterday, Investors were reviewing the FOMC Notes and saw the words tapering, which they began to panic (in both stocks and MBS Markets), as they felt the Fed would begin to taper sooner than expected.  However, today, they're reviewing the Minutes more thoroughly and realized they over-reacted to the statements.  The Minutes basically state that if the economy continues to rapidly gain steam and hit the Fed's goals, then they can look to discuss tapering at future meetings.  This is still a ways off!  MBS had regained it's over-reaction yesterday, which closed Down 20bps; and now it's Up 19bps.  We're back to the same level of pricing as we've been pretty much the entire week.  So, Mortgage Rates are about the same as yesterday's pricing; and better than yesterday afternoon's reprice for the worse.  Yields are testing it's 50 DMA floor and sitting at 1.63%.

Please subscribe to my YouTube Channel at MikesDailyMarketRpt

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.



Wednesday, May 19, 2021

Daily Market Report 5/19/21

 http://MikesDailyMarketReport.com:  There are no economic data to report today; however, the Fed will be releasing it's FOMC Minutes around 11am PST today, which the whole Market is on standstill, as Investors wait to view the Fed Members' comments on the latest CPI report.  Stocks are Down again today, as a result over Inflation worries.  Even though, we're seeing great results with the Earnings Reports, Investors are more concerned about Inflation.  Meanwhile, MBS and Treasuries have priced in the inflation data into it's current state.  MBS is currently Unchanged from yesterday's close.  Yesterday, MBS closed Up 13bps; so, some Lenders repriced late in the day with a very slight improvement in their ratesheets.  Those whom didn't reprice yesterday, then have priced it into today's ratesheet.  So, Mortgage Rates are slightly better than yesterday mornings video; however, unchanged from it's close (for the most part).  Yields were testing it's 25 DMA and Technical floors earlier, but currently is settled in at 1.64%.  After the FOMC Minutes have been released, then be prepared for some very choppy Market movements, as Investors position themselves.

Please subscribe to my YouTube Channel at MikesDailyMarketRpt

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.



Tuesday, May 18, 2021

Daily Market Report 5/18/21

 http://MikesDailyMarketReport.com:  Housing Starts was a big disappointment today, as it was reported a HUGE miss of 1.569 million seasonally adjusted annualized units for April (off it's forecast of 1.71 million).  This has everything to do with the supply and labor issues, which Builders are facing.  Meanwhile, Building Permits (our future Housing Starts) rose a smidgen in April to 1.76 million.  This tells us that Builders want to build, but are having issues with labor and supplies, in order to complete projects.  Stocks are Mixed (NASDAQ lone index in Positive Territory), as Investors are torn between the poor economic data today and some really good Earnings Reports, as such Home Depot crushed it's numbers.  Also, in the Mix are political discussions on a new Infrastructue bill, which Biden and Yellen will promote his $2.3 Trillion and the Republicans will be introducing their proposal today too.  Megers and Aquisitions are making their way, as well!  Yesterday, ATT and Discovery made their announcement; and today, it's Amazon and MGM.  Meanwhile, MBS started the morning higher, but has slipped some.  It's currently Down 2bps now.  We didn't have much movement yesterday; and we're still within a sideways pattern, so Mortgage Rates have remained Unchanged.  Yields have pretty much held at 1.65%

Please subscribe to my YouTube Channel at MikesDailyMarketRpt

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.



Monday, May 17, 2021

Daily Market Report 5/17/21

 http://MikesDailyMarketReport.com:  Manufacturing in the NY region cooled a bit in May, as the NY Fed reported a drop from 26.3 (highest in 3 years) to 24.3.  Also, Home Builder Confidence remains Unchanged in May, as the NAHB Home Builders Index remained at 83.  Stocks are Down this morning, as Investors begin to worry about Inflation.  However, Fed Members continue with their message that it's too early to make any changes to their accomodative stance, as they believe the recent spike in inflation data is "transitory" due to the bottle neck in the supply chain; and it will work itself thru.  Meanwhile, MBS isn't so affected by the Inflation concerns with it's current position of being Down only 3bps; as Mortgage Rates are Unchanged from Friday's close.  Yields are also in Unchanged territory, as it's currently just a hair under 1.64%.

Please subscribe to my YouTube Channel at MikesDailyMarketRpt

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.



Friday, May 14, 2021

Daily Market Report 5/14/21

 http://MikesDailyMarketReport.com:  Retail Sales had a very Big Miss today, as it was reported that April was Unchanged for MoM; and when you exclude (big ticket items) Autos, then it dropped 0.8%.  Capacity Utilization rose to 74.9% in April; and Industrial Production also rose by 0.7%.  However, Consumer Sentiment had a very Big Miss too, as it dropped from 88.3 in April to 82.8 in May.  It was expected to rise near 90.  Lastly, the Business Inventories rose 0.3% in March.  Stocks are Up today, even though there were some big misses with Retail and Consumer Sentiment numbers.  They're a bit optimistic with the news by CDC when they stated that those whom have been fully vaccinated should be ok without a mask; hoping this will further boost the economy.  MBS is Up 6bps so far this morning; so, Mortgage Rates are Unchanged from yesterday's close.  Yields have slid down to 1.64%.

Please subscribe to my YouTube Channel at MikesDailyMarketRpt

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.



Thursday, May 13, 2021

Daily Market Report 5/13/21

 http://MikesDailyMarketReport.com:  The Initial Jobless Claims continued to dwindle a bit lower, as this week's report dropped from last week's revised (higher) 507k to this week's 473k.  We have more inflation data today, from the Wholesale sector this time.  The Producer Price Index (PPI) rose 0.6% in April, while it's YoY rose 2.0% to 6.2%.  The Core PPI (excluding food and energy) rose 0.7% in April, while it's YoY rose 1.0% to 4.1%.  Stocks are back into Positive Territory after yesterday's big selloff.  Meanwhile, MBS is rebounding a bit too today, as it's currently Up 11bps and working it's way back above it's 50 DMA.  Mortgage Rates did have a slight improvement after yesterday's close, which had a few price changes to the worse; and closed Down 44bps.  Also, Yields are back below it's new Technical level (around 1.69%-1.70%).  It's currently sitting just below 1.67%.

Please subscribe to my YouTube Channel at MikesDailyMarketRpt

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.



Wednesday, May 12, 2021

Daily Market Report 5/12/21

 http://MikesDailyMarketReport.com:  The CPI report made a HUGE mark on the Markets today with it's April report, which shows it's MoM skyrocketing Up 0.8%, while it's YoY lunged upward from 2.6% to 4.2%.  Whe you exclude food and energy, then you have the Core CPI (this report holds more weight due to it being more of the base), which rose 0.9% MoM and it's YoY jumped up from 1.6% to 3.0%.  A healthy economy moves at approximately 2.0% inflation.  The Fed says it's transitory, but many investors are on edge that it may stick.  Time will tell!  Right now, it's a very real concern!  As a result, Stocks are plunging!  A few more Fed Members will be speaking today.  MBS had plummeted too, which it's Down 33bps now; so, Mortgage Rates have spiked a bit higher today, as a result.  Yields shot Up to 1.68% and was testing it's 1.69% technical ceiling earlier.

Please subscribe to my YouTube Channel at MikesDailyMarketRpt

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.



Tuesday, May 11, 2021

Daily Market Report 5/11/21

http://MikesDailyMarketReport.com:  There are no data to report from the Economic Calendar.  We do have a 3 year Treasury Auction, but it doesn't have much impact on the Markets.  Tomorrow could have some catalysts to push the Markets one way or another.  We have the 10 year Treasury, which can have some impact with Mortgage Rates; but the BIGGIE is the CPI report.  Stocks are Down this morning on renewed concerns over inflation, which the CPI will report it's inflationary data for April.  It's expected to rise from 1.6% YoY to 2.3% tomorrow.  If we can stay below 2%, then the Markets may calm a bit.  If it hits above 2%, then they may snowball with their selling.  There are several Fed Members speaking today, so it's possible they may share their thoughts on this topic today too.  Meanwhile, MBS faced some tough competition yesterday with $29 billion in corporate bonds being sold ($18 billion were from Amazon); which led their pricing to worse levels.  Today, they're Down again, so far, it's down 13bps.  Pricing for Mortgage Rates are worse than yesterday's pricing.  Yields are spiking again.  They're on the verge of breaking above 3 ceiling layers (25- and 50 DMA and a technical level).  They're currently at 1.62%.

Please subscribe to my YouTube Channel at MikesDailyMarketRpt

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.

 


Monday, May 10, 2021

Daily Market Report 5/10/21

 http://MikesDailyMarketReport.com:  There are no data to report from the Economic Calendar.  We'll start receiving data on Wednesday when we get a look at inflation, by the CPI report.  Stocks are Mixed today as we begin to wind down on the Corporate Earnings Reports.  There are a few Fed Speakers out today, which it's possible their comments could move the Markets.  Lastly, Investors are watching the Colonial Pipeline try to reopen after shutting down 45% of the east coasts energy when they received threats of a cyber attack.  MBS was fighting to go above it's 100 DMA, but have pulled back.  Lenders on the east coast may have priced in the better position and may face a reprice for the worse, as MBS pulled back a below the 100 DMA; while the west coast is seeing pricing as Unchanged from Friday's close.  Yields have risen to 1.59%, as they approach it's 25 DMA.

Please subscribe to my YouTube Channel at MikesDailyMarketRpt

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.



Friday, May 7, 2021

Daily Market Report 5/7/21

 http://MikesDailyMarketReport.com:  Today is the BIG Day for economic data!  The Jobs Data from the Bureau of Labor Statistics (BLS).  The Non-Farm Payrolls had a HUGE Miss today, as they reported only 266k jobs created for April (when they had expectations of nearly a million); and March was revised lower, going from 916k to 770k.  The Unemployment Rate rose to 6.1% as a result of these very week numbers.  However, Average Earnings rose 0.7% in April, as Employers try to entice employees back to work.  Also, the Average Workweek Hours rose 0.1% to 35.0/week.  Lastly, Wholesale Inventories rose 1.3%.  Stocks are Up, even though the economic data was very weak.  Investors are looking at it as Bad News is Good News today.  A few Fed Members are speaking today; which Neel Kashkari (a Fed Member) reiterated the Feds current stance by using today's disappointing economic data as reason that the Fed will look at outcomes, and not forecasts, as they continue with their accomodative ways.  He said that we still have a long ways to fully recover.  Meanwhile, MBS is doing quite well too!  It's currently Up 13bps, but it was much higher earlier before pulling back.  It was even above it's 100 DMA, but now is just below it.  This will lead to better pricing for Mortgage Rates today.  Even Yields had HUGE drop, when it tested the 1.45% level before pulling back to just under 1.56%.  This may give us some insight into possibilities for future movements in these Markets.

Please subscribe to my YouTube Channel at MikesDailyMarketRpt

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.



Thursday, May 6, 2021

Daily Market Report 5/6/21

 http://MikesDailyMarketReport.com:  Initial Jobless Claims dropped down to 498k in this week's report (ahead of an important data being released tomorrow, The Bureau of Labor Statistics Non-Farm Payrolls).  However, it is important to note that Continued Claims did have a slight uptick this week by about 37k.  We get our second look (with final results coming next month) at the Q1 Labor Costs and Productivity.  Labor Costs were Down by 0.3% during Q1 and Productivity rose by 5.4%.  Overall, our economic data was very healthy today!  Stocks are Mixed today, as Technology Stocks are pulling down NASDAQ.  The Q1 Corporate Earnings Reports overall continue to above expectations.  There are several members of the Fed speaking this week.  After Yellens interview on Monday, many have restated that the Fed will continue it's course and remain transparent (complete 180 degree of Yellen's comments).  This is helping Markets!  However, the Stock Market is in Over Bought Position, so Investors are looking for reasons to continue buying.  This could lead to some sort of correction in near future!  MBS is steadily making some higher grounds, as it tries to approach it's 100 DMA.  It's currently Down 3bps this morning, after closing Up 9bps yesterday.  It's not enough movement for any change in our pricing for Mortgage Rates; however, if we continue these late improvements, then we could see some improvement with our Mortgage Rates.  Yields have been trending lower too, as it's now down to just under 1.58%.

Please subscribe to my YouTube Channel at MikesDailyMarketRpt

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.



Wednesday, May 5, 2021

Daily Market Report 5/5/21

 http://MikesDailyMarketReport.com:  The ADP reported only 742k in new private payrolls today, which missed the 800k forecasts.  However, March's data was revised higher from the initial at 517k to 565k.  Also, the ISM Non-Manufacturing PMI dropped in April from 63.7 to 62.7, which forecasts called for 64.3.  Both reports disappointed the Markets early on; however Stocks regained their Positive position.  Most are realizing that the ADP number, even though it missed, it's still a very good number, which we haven't seen in a long while.  Meanwhile, Janet Yellen clarified her remarks from the interview released yesterday that she wasn't trying to predict or influence the Fed into changing their stance on raising rates. MBS started a little lower today, but quickly went to "near" Unchanged levels.  They're currently sitting Up 2bps.  Mortgage Rates are currently Unchanged, as it has been pretty much this whole week.  Yields have worked it's way lower, as it tested 3 layers of resistance (25-, 50 DMA and a Technical level).  It's currently at 1.60%, just below it's 50 DMA.

Please subscribe to my YouTube Channel at MikesDailyMarketRpt

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.



Tuesday, May 4, 2021

Daily Market Report 5/4/21

 http://MikesDailyMarketReport.com:  Factory Orders disappointed in March, as many economists had expected 1.3% (some even thought higher) MoM growth; however, it came in at 1.1%.  Stocks are Down this morning after comments by Treasurer Janet Yellen.  She indicated that the Fed could raise rates much sooner if the economy begins to overheat.  MBS was higher until those comments too; and is currently Down 2bps.  Mortgage Rates remained Unchanged from yesterday's close.  Yields have slid down further (including below it's 50 DMA); and are currently at 1.59%.

Please subscribe to my YouTube Channel at MikesDailyMarketRpt

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.



Monday, May 3, 2021

Daily Market Report 5/3/21

 http://MikesDailyMarketReport.com:  ISM Manufacturing PMI came in a bit lower in April at 60.7, based on forecasts of 65.0.  Construction Spending also disappointed, as it was forecasted at 1.9% increase, and it just increased by 0.2% in March.  Stocks are Mixed today, as NASDAQ is lone index in the Red today.  There was some positive economic data out of Europe, along with lower COVID cases.  This initially lowered MBS, which recovered somewhat; and it currently just down 3bps.  It did test much higher levels, but we're currently at previous high levels.  It may take a bit more to push it higher.  Mortgage Rates are currently Unchanged from Friday's close.  Yields had started higher and have subsided too; down to 1.61%.

Please subscribe to my YouTube Channel at MikesDailyMarketRpt

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.



Friday, April 30, 2021

Daily Market Report 4/30/21

 http://MikesDailyMarketReport.com:  Today is the day for the BIG Inflation data!  The Personal Consumption Expenditure, or PCE, rose 0.5% in March; and it's YoY rose from 1.6% in February to 2.3% in March.  When you exclude the volatility of food and energy, the you receive the Core PCE (or Fed sometimes refers to it as "Real Inflation"), which rose 0.4% while it's YoY rose from 1.4% to 1.8%.  The Fed has warned this spike is just transitory, but we'll definitely monitor it and see if it becomes embedded into future costs.  Consumer Spending rose 4.2% in March, as the Stimulus checks have helped to bump up this area; and also, Personal Income 21.1% in March.  Wage costs have increased Employment costs, which is adding more to our inflation data.  Something to continue to monitor!  Meanwhile, Manufacturing continues to heat up in Chicago, as the Chicago PMI rose to 72.1 in April.  Lastly, Consumer Sentiment jumped up to 88.3 in April.  Stocks are Down this morning, despite the good economic data out of the US and good Q1 Corporate Earnings, but the data out of China and Europe had soured the mood for investors.  However, MBS is currently Up 6bps and it's starting to look like another possible upward trend, after most of this week being in a downward trend.  Based on yesterday's rebound and today's continuation, Lenders will come out with a little better pricing today on their rate sheets.  Yields are still sitting atop it's 25 DMA at just under 1.64%.

Please subscribe to my YouTube Channel at MikesDailyMarketRpt

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.



Thursday, April 29, 2021

Daily Market Report 4/29/21

 http://MikesDailyMarketReport.com:  Initial Jobless Claims reports came in at 553k this week, which is lower than last week's revised (higher) 566k number; also, due to lower revision to Continued Claims, this week's data came in a bit higher.  Q1 GDP's initial data came in at 6.4%.  We'll receive 2 more reports, with the final being released in June.  Pending Home Sales disappointed with a 1.9% increase in March with expectations of 5.0%; however, it's difficult to have those numbers when the supply isn't there, as we continue to face historically low inventory levels.  Stocks are currently Up, as NASDAQ was facing concerns over rising Yields earlier.  Early on, Yields touched on 1.67%, but has subsided down to just under 1.65%.  Yesterday, it finished below it's 50 DMA and Technical floor; however, today, it started back up above it's 50 DMA and sitting just atop it.  Q1 Earnings reports continue to impress; but the spike in Yields had investors attention today.  Like Yields, MBS started much lower and Lenders priced their ratesheets with worse pricing compared to yesterday's close.  However, it has rebounded and Lenders are repricing for the better; and Mortgage Rates go back to Unchanged levels.  MBS is currently Up 2bps.  The spike in Yields had developed after hours when Europe reported very good economic data.

Please subscribe to my YouTube Channel at MikesDailyMarketRpt

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.



Wednesday, April 28, 2021

Daily Market Report 4/28/21

 http://MikesDailyMarketReport.com:  There are no economic data to report today; however, we did receive the MBA's weekly Mortgage Application, which was lower than last week's report (despite lower rates).  This was for both purchase and refinance applications!  Stocks are still in Mixed Territory, as the S&P (again) the lone index in Positive Territory.  The FOMC wraps up it's meeting today with Chair Powell providing his announcement at 11:15am PST.  Nothing is expected to change, as the Fed has been very consistent with it's message.  The Markets still seem to be pulling back just before his announcement, so it could be a bit volatile after he gives his press brief.  The same for the MBS Market, as it started much lower and even poked it's head in positive territory to now sitting Down 3bps.  Currently, Mortgage Rates are Unchanged from yesterday's close.  This could quickly change after Investors react to the Fed's announcement.  Yields have skyrocketed to 1.64%; jumping above several ceilings to reach it's 25 DMA.

Please subscribe to my YouTube Channel at MikesDailyMarketRpt

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.



Tuesday, April 27, 2021

Daily Market Report 4/27/21

 http://MikesDailyMarketReport.com: We have 2 Home Price Indices (HPI) to report today.  The first is the 20 city (20 of the largest market cities) by Case Shiller rose 11.9% YoY; and the FHFA HPI, which gathers it's data from Conforming loan programs, rose 12.2%.  Both were for February.  Lastly, the Consumer Confidence spiked in April, going from 109.0 in March to 121.7 for April.  Stocks are trading in Mixed Territory, as S&P 500 is the only index in Positive Territory.  Investors are watching Q1 Earnings Reports, which we're expecting high impact Tech stocks this week.  Also, the FOMC begins their 2 day meeting today and provide their announcement tomorrow.  Look for Powell to keep the same comments and try to keep it tepid, so he doesn't sound too excited about the economy, which may worry investors again regarding the possibility of out of control inflation.  MBS is Down 6bps so far this morning.  Yesterday, we closed Down 14bps, so some Lenders repriced yesterday for the worse.  Those whom repriced yesterday will be Unchanged; those whom didn't, will reflect the worse pricing in today's pricing.  Yields have spiked up to 1.59% and testing the Technical level.  We could have some influence by the 7 year Note Auction today.  It didn't bode well in February, as rates spiked.  Not saying it will spike today, but it could potentially worsen, if the Auction isn't successful.

Please subscribe to my YouTube Channel at MikesDailyMarketRpt

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.



Monday, April 26, 2021

Daily Market Report 4/26/21

 http://MikesDailyMarketReport.com: The Durable Goods Orders disappointed in March, as it reported only 0.5%, as forecasts called for 2.3%.  However, when you exclude Transportation, then it came in at 1.6%.  This was due to some order cancellations with Boeing; so these large Transportation numbers can really influence the outcome.  Stocks are Mixed today, as the DOW is the lone index in the Red.  Q1 Corporate Earnings reports continue to be overall very good.  We expect some high impact influencers reporting this and next week.  MBS started the morning much lower (toward lower end of it's trend line), but has responded a bit more postively and is currently Down 6bps.  Yields started the morning up much higher (surpassing it's 50 DMA and Technical ceiling), which it's now down to about 1.57% (just above it's 50 DMA).

Please subscribe to my YouTube Channel at MikesDailyMarketRpt

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.



Friday, April 23, 2021

Daily Market Report 4/23/21

 http://MikesDailyMarketReport.com:  The IHS Markit PMI released it's Manufacturing and Services data today.  Anything above 50 is considered expanding or growth.  The Manufacturing rose to 60.6 in April and Services rose to 63.1.  New Home Sales came in very hot for March's data!  It's February numbers were revised higher from 775k seasonally adjusted annualized units to 846k.  March came in at 1.021 million.  Stocks are Up on the economic data.  The Q1 Earnings Reports are still being released; however, no major headlines to report.  It's a bit of a rebound after Traders were a bit surprised by the Capital Gains Tax proposal that was reported yesterday, which soured the Stock Market's mood.  There are whispers going around that you may see some large sell-offs in the near future, as they prepare ahead of the new Capital Gains Tax increase.  Meanwhile, MBS started the morning about the same as yesterday's close, but was suddenly challenged (dropping about 19bps).  However, it has subsided and is currently Down 3bps.  Most of the damage was done prior to most Lenders releasing their pricing, so Mortgage Rates should be Unchanged from yesterday's close.  Yields are testing it's 50 DMA ceiling this morning and sitting just under 1.57%.  We'll see how strong of a ceiling the 50 DMA is during these tests.

Please subscribe to my YouTube Channel at MikesDailyMarketRpt

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.



Thursday, April 22, 2021

Daily Market Report 4/22/21

 http://MikesDailyMarketReport.com:  Initial Jobless Claims continued it's downward trend this week, as it was reported only 547k people applied for first time benefits.  Also, to note that Continued Claims have been dropping too.  Existing Home Sales disappointed in March, as it reported only 6.01 million seasonally adjusted annualized units.  This is due to lack of supply!  Lastly, the Leading Economic Indicators rose by 1.3% in March, which is good for future growth of the economy.  Stocks are Down this morning, as they take another day for a break, as many positions are currently in overbought position.  The ECB announced that they will remain accomodative and run the course.  This helped the Bond Market a bit this morning.  Also, Biden introduced a Capital Gains Tax bill that will help to pay for all of the Government spending.  It will be between 40-50% tax rate.  Meanwhile, MBS started the day lower and is currently sitting Unchanged; as Mortgage Rates remained Unchanged from yesterday's close.  Yields continue to test both Technical ceiling and 50 DMA floor; and currently sits just under 1.57%.

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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 please direct message me.



Wednesday, April 21, 2021

Daily Market Report 4/21/21

 http://MikesDailyMarketReport.com:  There are no economic data to report today, but we'll start to see some beginning tomorrow.  However, the MBA released their Mortgage Application data today, which showed an increase last week for both Purchase and Refinance loan applications.  Stocks are Up today after taking a bit of a breather and taking in some profits over the past 2 days.  Q1 Earnings are still being released; and Netflix disappointed!  Right now, the US Market isn't being affected; however, Investors are keeping a close eye on recent COVID upticks in their numbers in Japan and India.  MBS started the morning lower; however, it has worked it's way higher.  It is currently Up 8bps.  Mortgage Rates are Unchanged from yesterday's close; but, it's possible that some Lenders on the East Coast may have priced a little worse due to the lower start in the morning.  Also, Yields are still hanging on between it's Technical ceiling and it's 50 DMA floor (at 1.57% -up from yesterday's 1.56% close).

Please subscribe to my YouTube Channel at MikesDailyMarketRpt

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.



Tuesday, April 20, 2021

Daily Market Report 4/20/21

 http://MikesDailyMarketReport.com:  Another day with any economic data to report.  This week will be light in reports being released.  Stocks are still taking a little breather after last week's big push.  Q1 Earnings Reports are still being released, but not having much impact on the Market at this time; however, Investors are watching new data indicating higher COVID case averages over the past 2 weeks.  Meanwhile, MBS is benefitting from the cool down with equities, as it's currently Up 19bps and breaking back above it's 50 DMA.  Mortgage Rates improved from yesterday's pricing.  Yields have slid back below it's Technical level and is currently sitting at 1.56%

Please subscribe to my YouTube Channel at MikesDailyMarketRpt

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.



Monday, April 19, 2021

Daily Market Report 4/19/21

 http://MikesDailyMarketReport.com:  Today is rather quiet, as we don't have any economic data to report and no headline news that would have any impact with the Market today.  Stocks are Down for the day, as they take a bit of a breather after last week's run.  There's no real big push for investors to continue into new highs without anything significant being reported.  Meanwhile, MBS is Unchanged from last Friday's close, which means that Mortgage Rates remain Unchanged from Friday's close.  However, they did break below it's 50 DMA, so it's worth watching.  Also, Yields broke above one Technical, but still below a very strong Technical (around the 1.62% range).  It's currently sitting at 1.60%, so hopefully it remains below the 1.62% level.

Please subscribe to my YouTube Channel at MikesDailyMarketRpt

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.



Friday, April 16, 2021

Daily Market Report 4/16/21

http://MikesDailyMarketReport.com:  The Housing Starts increased by 19.4% in March, as 1.739 million annually adjusted units.  Building Permits, which can be considered future Housing Starts, rose by 2.7% in March with 1.766 million annually adjusted units.  Stocks are in Mixed Territory, continuing the trend to new highs.  NASDAQ is the lone index in the Red, as Yields recovered a bit today after yesterday's big drop.  They're currently sitting around 1.58%.  Stocks are looking at this week's positive economic data, along with the very good Earnings reports from the Financial Sector, as a spring board to continue their upward trajectory.  Meanwhile, MBS are still in good shape.  They did scale back a bit yesterday, from yesterday's intraday high, and closed Up 25bps.  Today, they started higher, but are currently Down about 5bps.  The higher start is positive for Mortgage Rates, as it indicates further trend to moving higher.  Pricing for Mortgage Rates are Unchanged from yesterday's close.

Please subscribe to my YouTube Channel at MikesDailyMarketRpt

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.

 


Thursday, April 15, 2021

Daily Market Report 4/15/21

 http://MikesDailyMarketReport.com: We have a lot of Economic Data to go over from the Calendar today.  We'll start with Retail Sales, which received a big boost from the Stimulus checks that were recently sent out.  Retail Sales jumped 9.8% in March; and when you exclude Autos, then it jumped up 8.4%.  Manufacturing in the Philadelphia is still hot, while the Philly Fed Index came in at 50.2 for April; and in NY, it is still rising, as the Empire State Index rose 26.3.  Great News on the Jobs front, which Initial Jobless Claims came in with only 576k people applying for first time benefits last week, which is down from previous week's 744k.  Capacity Utilization improved to 74.4% in March and Industrial Production only rose 1.4% in that same period.  Business Inventories rose only 0.5% in February.  Lastly, the NAHB Home Builders Index rose to 83 in April, so we'll watch this index to see if the confidence from Home Builders begin to drop, as rising rates and home prices is shrinking Affordability for most home buyers.  Stocks are Up this morning on the strong data and very good Earnings Reports by Financial Companies, as they continue to report Q1 Earnings Reports.  Also, at various points of the day, there will be several Fed Members speaking.  Investors will be listening for anything being said differently from Fed Chair's Powell's comments.  MBS is also having a big rally today, as it approaches it's 50 DMA; and is Up 27bps.  Mortgage Rates will see improvement over yesterday's pricing.  Meanwhile, Yields has tumbled beneath a very strong floor of support and below another level, as it approaches it's 50 DMA.  It's currently sitting around 1.55%.  Both of these movements are more technical in nature.

Please subscribe to my YouTube Channel at MikesDailyMarketRpt

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.



Wednesday, April 14, 2021

Daily Market Report 4/14/21

 http://MikesDailyMarketReport.com:  We don't have any impactful data to report from the Economic Calendar today.  Stocks are trading in Mixed Territory today, as NASDAQ (this time) is the lone index in Red.  We're beginning to review the Q1 Corporate Earnings Reports, which was financials being released today.  Companies like JPM Chase, Goldman Sachs and Wells Fargo released their reports, which showed profits.  Many of the financial companies will begin to show more profits, which is why investors had rebalanced their portfolios out of High Tech to Financials due to the rising Yields.  Financial companies make more money in this environment.  Also, Fed Chair Powell is doing a Q&A, which investors are listening for any changes in his comments regarding the economy and its recovery, along with inflationary data.  MBS is currently Down 2bps, however, it got a boost yesterday, after it's 30 year Bond Auction, which went very well; and many Lenders did a reprice for the better.  It closed Up 41bps yesterday.  Mortgage Rates today remain Unchanged from yesterday's closing prices.  Meanwhile, Yields tested the 1.62% floor yesterday, only to bounce up a little higher to 1.64% this morning.  It's still below it's 25 DMA, which may provide us with a ceiling.

Please subscribe to my YouTube Channel at MikesDailyMarketRpt

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.



Tuesday, April 13, 2021

Daily Market Report 4/13/21

 http://MikesDailyMarketReport.com:  We had inflation data being reported today with the Consumer Price Index, or CPI, for the month of March.  The CPI jumped up 0.6% in March and it's YoY jumped up to 2.6% (up from 1.7% in February).  The Core CPI rose only 0.3% in March and it's YoY rose to 1.6% (from 1.3% previously).  Core CPI excludes both food and energy, as we (consumers) can attest at the grocery stores and gas stations that those prices have significantly rose.  Later today, we'll have the 30 yr Bond Auction, which could have some impact with Mortgage Rates (MBS Market).  Stocks are in Mixed Territory today, as the DOW is lone index in the Red.  Much of the movement today came after the news that the CDC temporarily suspended the J&J vaccination, as there have been a few cases with women obtaining blood clots.  Also, there are a few Fed Members speaking today, so Investors will be listening to their thoughts on economy and possible actions by the Fed.  MBS had a rollover day, which means a reset to pricing for MBS.  This occurs once a month, as they prepare for May's MBS loan packages.  However, the MBS is doing quite well today, as it's Up 27bps; so, Mortgage Rates have improved since yesterday's close.  Meanwhile, Yields have slide Down to 1.65% and testing it's 25 DMA.

Please subscribe to my YouTube Channel at MikesDailyMarketRpt

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.