Wednesday, September 22, 2021

Daily Market Report 9/22/21

 http://MikesDailyMarketReport.com:  The Existing Home Sales dropped 2.0% in August, as July's data was revised slightly higher (from 5.99 million annualized units to 6.00 million).  It was reported at 5.88 million in August.  The Fed will be wrapping up it's 2 day meeting (FOMC) today, which they'll provide their announcement at 11:30 am PST.  Expect some choppiness!  Investors will await word on timeframe of the Fed tapering plans (this year or next), review Dot Plot (for interest rate hike forecasts by Fed members) and any policy statement changes.  It seems that most forecasters believe the Fed will hold on taper for the moment, and most likely announce at November's meeting.  Stocks are rebounding after another day of selloff; and ahead of Fed decision.  Investors received some good news on Evergrande, as they announced they'll make an on-time payment to one of their creditors.  However, this seems like they're just kicking the can down the road, as more payments will be needed; and they appear to be over-leveraged.  Unless, the Chinese Government intervenes, then they may not last.  So, stay tuned!  MBS is currently Up 3bps, so Mortgage Rates remain Unchanged from yesterday's pricing; and Yields have slid down to 1.31%.  There could be some volatility after the Fed announcement today, so be prepared for some possible swings in the Market.

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, September 21, 2021

Daily Market Report 9/21/21

 http://MikesDailyMarketReport.com:  Housing Starts rose by 3.9% in August, while Building Permits (future Housing Starts) rose by 6.0%.  If you recall yesterday, that we had a slight uptick in the Home Builder Confidence.  Stocks are Up after yesterday's bloodbath (being blamed on Evergrande).  Investors are buying on the Dip.  Meanwhile, MBS started lower, but quickly recovered and are Up 2bps.  Mortgage Rates remain Unchanged.  Likewise, Yields started a little higher, but has settled down to about 1.32%.

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, September 20, 2021

Daily Market Report 9/20/21

 http://MikesDailyMarketReport.com:  The NAHB Home Builders Index rose 1 point to 76 in September, as Home Builders gain some confidence.  Stocks are taking a beating today, as China's Evergrande HK is making big headlines.  They're a top 3 real estate developer that is facing financial collapse, as approximately $100 million in interest payments will be due over next 2 weeks for maturity on some bonds.  This is being compared to (level wise) to Lehman's collapse during Credit Crisis even though this has been going on for months; and having a major impact on Global Markets.  Meanwhile, Investors will be looking ahead to the FOMC (starting tomorrow with announcement on Wednesday).  They will be awaiting word on tapering timeline, along with forecasts on inflation and Dot Plot (gauge to view interest rates).

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, September 17, 2021

Daily Market Report 9/17/21

http://MikesDailyMarketReport.com:  The Consumer Sentiment reported it's mid-September number rose from 70.3 to 71.0.  We'll receive September's final reading toward the end of the month.  Meanwhile, Stocks are facing volatility, as today is the Quadruple Witching (expiration of options for 4 different sectors).  Stocks are all in the Red today.  Also, heading into next week is the FOMC, which will hold very high relevance, as many investors are uncertain if the Fed will begin tapering this year or next due to the recent data.  MBS is also taking a bit of a beating today too, as it's currently Down 11bps.  It was down more earlier today, which led Lenders to price their ratesheets a bit worse today (higher Mortgage Rates).   Yields have shot up to 1.38%, which is at the high end of the trading range.  We've been trading (roughly between) the 1.26% to 1.38% range.  Once it has hit the higher or lower range, then it has been bouncing to the other end.  However, next week could potentially push Yields higher, as Chairman Powell provides his announcement after the FOMC.  Stay tuned and be ready for more choppiness ahead of the FOMC announcement, 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.



Thursday, September 16, 2021

Daily Market Report 9/16/21

 http://MikesDailyMarketReport.com:  Retail Sales surprised the Markets by posting an increase of 0.7% in August, as economists were projecting a drop.  When you exclude Autos, then it jumped up 1.8%.  The Philly Fed Index jumped up from 19.4 in August to 30.7 in September.  This index gauges the business activity in the Philadelphia region.  However, the Initial Jobless Claims rose to 332k last week for people applying for first time benefits.  Lastly, Business Inventories rose 0.5% July.  Stocks are Down today, as they brace for tomorrow's volatile day (Quadruple Witching Day) and ahead to next week's FOMC.  Meanwhile, MBS is Down 19bps, as Mortgage Rates worsen a bit today.  Also, Yields ascended to just under 1.33%.

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, September 15, 2021

Daily Market Report 9/15/21

 http://MikesDailyMarketReport.com:  Manufacturing in the NY region spiked in September, as the Empire State Index reported it jumping from 18.3 in August to 34.3 in September.  Also, Industrial Production rose 0.4% in August.  Investors were pleased with the data, as Stocks are trading in Positive Territory today.  However, they're keeping one eye toward next week's FOMC, as uncertainty on when tapering will begin unfolds.  Based on the tamer CPI yesterday, then the Fed may not be so anxious to begin tapering sooner and wait for better Jobs data before proceeding ahead with tapering.  Meanwhile, economic data out of China is not looking too promising as their retail sales came in very poorly due to lockdowns.  Investors realize it will impact the Global Markets.  MBS started the morning higher, but as European Markets wind down, so did the appetite for Treasuries and Bonds (as more Corporate Bonds enter the Market -creating more competition).  MBS is currently Down 11bps and Lenders had repriced for the worse today, so Mortgage Rates are a little worse today (than yesterday).  Yields jumped back above 1.30%, as it's sitting around 1.31% currently.

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, September 14, 2021

Daily Market Report 9/14/21

 http://MikesDailyMarketReport.com:  The big report for this week was released, which is the CPI, or Consumer Price Index.  This index measures inflation on the Consumer level.  The CPI rose 0.3% in August, however, it's YoY dropped by 0.1% to 5.3%.  The Core CPI, which excludes food and energy (and viewed more closely), rose only 0.1% in August and it's YoY dropped by 0.3% to 4.0%.  This may indicate that we've reached out peak with inflation and may see it reside a bit further, as we continue to reopen the economy.  This may create some confusion as to the Fed's next move next week, as inflation now appears to be subsiding a bit and the poor jobs report.  There will be questions if they taper this year or next.  Meanwhile, Stocks are in the Red.  MBS is benefitting from the pullback in the Stock Market, as they're currently Up 16bps, so Mortgage Rates are better today.  Yields dropped below 1.30% to just under 1.27%.

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, September 13, 2021

Daily Market Report 9/13/21

 http://MikesDailyMarketReport.com:  There's no economic data to report today, but the CPI tomorrow and retail sales on Thursday will be the big headline items for this week.  Also, we need to look toward next week when the FOMC begins their 2 day meeting.  Here, we'll find out if the Fed will proceed to begin it's taper this year, or hold on until possibly next year.  Stocks are trading in Mixed Territory, with NASDAQ in the Red.  There was a survey, done by Deutsche Bank, for Investors, which "2/3 are expecting at least a 5% decline in stocks by end of the year.  The same survey found the biggest risks to the market are new variants that bypass vaccines, and higher than expected inflation or bond yields." (reported by MarketWatch).  MBS is currently Up 8bps.  Mortgage Rates remain Unchanged.  If you look at the Candle Chart, then you may wonder why today's candle is low on the chart and still be up?  It's because we had a Bond rollover day, which happens approximately every 30 days as MBS are packaged and sold on Wall Street (reasoning behind 30 day locks).  It's a reset in the pricing for the new month ahead, but does not affect Mortgage Rates.  Lastly, Yields slipped to just under 1.33% this morning.

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, September 10, 2021

Daily Market Report 9/10/21

 http://MikesDailyMarketReport.com:  The Producer Price Index (PPI) rose 0.7% in Aug.  It's Core PPI (excludes food and energy) rose 0.6%; however, it's YoY rose from 6.2% in July to 6.7% in Aug.  The PPI measures inflation on the Wholesale sector.  This index doesn't always receive the Market's respect, as it doesn't always carry over to the Consumer Market.  Lastly, the Wholesale Inventories continued the pace of 0.6% growth in July.  Stocks started the morning in Positive Territory after Biden's address yesterday, which he is looking to mandate vaccinations on a Federal level.  Investors are hopeful that this will help to fully reopen the economy.  Also, Biden apparently had positive conversation with his Chinese Counter-part yesterday, easing some geopolitical concerns.  More Fed Members, including Cleveland's Fed Member Mester, are stating they weren't swayed by the latest Jobs data and still feel the Fed should begin tapering this year.  The FOMC will be in 2 weeks, so we may hear an announcement regarding this sentiment from Fed Chair Powell after the meeting.  Meanwhile, MBS is currently Down 5bsp, so this isn't enough to alter Mortgage Rates, which will remain Unchanged.  Yields climbed a little today, and are Up to 1.33%.  MBS and Treasuries weren't much affected by the PPI because of the decline on the month-over-month (MoM), which the Fed has said it is transitory.

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, September 9, 2021

Daily Market Report 9/9/21

 http://MikesDailyMarketReport.com:  Initial Jobless Claims came in at it's lowest level since March 2020, as it was reported that only 310k applied for first time unemployment benefits.  The 30 year Bond Auction went well, as did yesterday's 10 year Treasury Auction.  This has helped Mortgage Rates, which we'll touch on in a bit.  Meanwhile, Stocks are Down today.  The ECB announced they will reduce their asset purchases, but are not calling it tapering.  Seems like it's more or less semantics; however, the Market responded positively to it's announcement.  Investors are watching for any further announcements by Biden, as it's being reported that he may mandate more vaccinations for federal employees.  Lastly, NY Fed Member Williams commented that the Fed is still on track to taper this year.  As you may recall, most Investors were resigned to believe the Fed won't begin tapering until next year after last Friday's dismal Jobs data.  If this rhetoric continues, then watch for any possible change in Market Sentiment.  MBS is Up 14bps after the Auction, as Mortgage Rates improve today.  Also, Yields have dropped down to 1.29%.  Both broke past their 25- and 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.



Wednesday, September 8, 2021

Daily Market Report 9/8/21

 http://MikesDailyMarketReport.com:  There's no major economic data to report today; however, later this morning will be the 10 year Treasury Auction.  This could impact Mortgage Rates.  Yesterday, the 3 year Treasury had good results, even though there were about $35 billion in Corporate Bonds competing with those investment dollars.  Typically, a busy week for Corporate Bonds is $20 billion for a WEEK.  Today, there will be more Corporate Bond offerings (including Walmart and Toyota).  Stay Tuned!  Stocks are Down today, as investors begin to rebalance their positions again for end of quarter.  Most Investors are resigned to the sentiment that the Fed will taper later after August's Jobs data; even though Fed Member Bullard commented that he'd like the Fed to taper sooner than later.  Also, Treasury Secretary Yellen sent a letter to Congress urging them to do something, like raise the debt ceiling, as the Treasury will only have funds to cover bills until end of October.  MBS is Up 2bps, as it's held below a double layer of 25- and 50 DMA.  The 25 DMA has been a tough cap for MBS, so it's worth watching.  Today's auction could push MBS one direction or another.  Mortgage Rates remain Unchanged from yesterday's pricing.  Also, Yields slipped down to 1.35% 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.



Tuesday, September 7, 2021

Daily Market Report 9/7/21

 http://MikesDailyMarketReport.com:  Light week, this week, for economic data!  The biggest factors for us (mortgage related) will be the Treasury and Bond Auctions being held throughout the week.  Today, we have the 3 yr Treasury (at the time of this video, it's results weren't released).  Stocks are trading in Mixed Territory again today, as they are still reviewing the Non Farm Payrolls released from last Friday.  Now, Investors are resigned to the sentiment that the Fed won't announce any taper until end of the year; and possibly start tapering early 2022.  Meanwhile, MBS started the morning in a deep dive (down about 19bps), but (luckily) reversed most of the losses and is currently Down about 6bps.  Most Lenders released their ratesheets after the rebound, so Mortgage Rates should be Unchanged from Friday's close (however, there may be some whom printed early on, whom may released worse pricing).  Fortunate for us, MBS is outperforming Yields, which is currently Up to 1.36%; but did touch off 1.38% early on.  This volatile effect with MBS and Yields are due the Auctions for Bonds and Treasuries this week, which creates more supply in the Markets.  They will be competing amongst each other, along with Corporate Bonds, for investment dollars.  

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, September 3, 2021

Daily Market Report 9/3/21

 http://MikesDailyMarketReport.com:  Today is the BIG Day for Investors, as they await the BLS' Jobs data.  Even though there was some positive revisions (approximately 150k) to the previous 2 month's data, Investors are very disappointed with the 235k number that the BLS reported for August.  However, the Unemployment Rate still dropped from 5.4% to 5.2% in August.  Average Earnings rose 0.6% in August, which is a bit concerning, as this will be inflationary data.  The Average Workweek remained Unchanged at 34.7 hours/week.  Lastly, the ISM Non-Manufacturing PMI dropped from 64.1 in July to 61.7 in August.  Anything above 50 is considered Positive/Expansion.  Stocks are in Mixed Territory, as there are 2 Camps battling it out.  Those whom believe the Fed will continue to taper this year; and those whom think it will be delayed.  This data has created a lot of Uncertainty, which we may not have info from the Fed to go on until we hear from Fed Chair Powell and some of the other Fed members.  They will meet later this month.  We're seeing that uncertainty with MBS today, as there were some wild swings in both directions; and it's currently Down 8bps.  Depending upon when the Lender came out with their pricing, then Mortgage Rates should look much like yesterday's pricing; but it's possible that it may be a little worse too.  Especially, as they may take a more conservative approach heading into a long weekend (Labor Day weekend).  Yields are climbing so far; and are just under 1.33%.  Normally, this BIG miss would have been good for both Markets, but the Uncertainty between the 2 factions are pulling money out of both Markets ahead of the long weekend!

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, September 2, 2021

Daily Market Report 9/2/21

 http://MikesDailyMarketReport.com:  Initial Jobless Claims dropped about 14k from last week's report, to 340k applying for first time benefits.  Also, it was released that the Challenger Layoffs dropped by nearly 3 million and Continuing Claims dropped by about 150k.  This could set up for an interesting day tomorrow, as Investors await the Non Farm Payroll and Unemployment data from the BLS.  Meanwhile, Labor Costs final Q2 revision came in at 1.3%, which may be due to employers enticing employees to return to work; and this will create more inflation concerns ahead.  Also, Productivity's final Q2 came in at 2.1%.  Lastly, Factory Orders rose 0.4% in July.  Stocks are pretty slow today and in Mixed Territory (NASDAQ lone index in Red), as Investors await Jobs data from BLS tomorrow.  MBS is currently Up 2bps and had a few bigger swings in both directions earlier this morning; however, Mortgage Rates have remained Unchanged from yesterday's close.  Yields are sliding below it's Technical level and just a bit under 1.30%.

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, September 1, 2021

Daily Market Report 9/1/21

 http://MikesDailyMarketReport.com:  ADP was way off from it's estimates (613k) for August, which came in at 374k.  ISM Manufacturing PMI slightly rose from July to August, as it was reported at 59.9.  Anything above 50 is considered expansion/optimism.  Lastly, Construction Spending rose by 0.3% in July.  Stocks are taking it's queue from the ADP report today and all are in Positive Territory, as Bad News is Good News sentiment takes over Investors.  Why?  Because it may allow them to drink the Kool Aid a bit longer, as the Fed continues to monitor the Jobs data.  The most telling data will be released on Friday.  Meanwhile, there were some pretty wild swings this morning with MBS, as it currently sits Down 2bps.  Mortgage Rates will remain Unchanged from yesterday's close (as most Lenders repriced for the worse).  Yields have dropped to just a hair under 1.31%.

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, August 31, 2021

Daily Market Report 8/31/21

 http://MikesDailyMarketReport.com:  We have 2 Home Price Indices (HPI) being released today.  The Case Shiller rose 1.8% MoM in June and up 19.1% YoY.  The FHFA HPI, which measures single family homes with conforming loan limits, rose 1.6% MoM in June and it rose 18.8% YoY.  Manufacturing slowed down in Chicago for the month of August, as the Chicago PMI repots that it dropped from 73.4 to 66.8.  Also, Consumer Confidence dropped from 125.1 to 113.8 in August.  Stocks are Mixed for the last day of the month, as DOW is lone index in Positive Territory, however, by very thin margin.  China started the Markets off in Negative Territory, as their Manufacturing and Services both dropped.  Then EU reported a bit higher inflation than was forecasted.  MBS started much lower, but off it's earlier lows.   It's currently Down 8bps from yesterday's close.  Most Lenders will price in a little worse today for Mortgage Rates.  Yields climbed back above it's Technical level and sitting at 1.31%.

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, August 30, 2021

Daily Market Report 8/30/21

http://MikesDailyMarketReport.com:  This week will be about Jobs data for the month of August.  The ADP will release their data on Wednesday; Initial Jobless Claims on Thursday; and Friday will be the BLS' Non Farm Payrolls.  However, today, we have Pending Home Sales for July, which dropped 1.8%.  Stocks continue to rise and set new records today, even though Hurrican Ida hit Louisiana.  It's estimated that $40 billion in damage; and New Orleans is without power for at least a few days, as all their power grids are unable to send out power to anybody.  MBS is currently Up 8bps today, after it closed Up 28bps on Friday.  Lenders will be about the same in pricing as Friday's close.  If they didn't reprice for the better on Friday, then they will price out better rates today.  Meanwhile, Yields have fallen below the 1.30% Technical level; and is currently just below 1.29%.

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, August 27, 2021

Daily Market Report 8/27/21

 http://MikesDailyMarketReport.com:  Personal Income rost by 1.1% in July; whereas, Consumer Spending rose only 0.3%.  The Fed's favorite inflation gauge was released today, which is the Personal Consumption Expenditure (PCE).  It rose 0.4% in July and it's YoY rose from 4.0% in June to 4.2% in July.  When you exclude food and energy, then you will have the Core PCE, or the Fed calls it Real Inflation (this is what the Fed watches more closely).  The Core PCE rose by 0.3% in July and it's YoY remained Unchanged at 3.6% (June's data was revised from 3.5% to 3.6%).  The Consumer Sentiment showed a HUGE dropoff in August!  The July data of 81.2 dropped to 70.3 for it's final number in August (it's mid-month was at 70.2).  However, the main catalyst for the week was this morning's speech by Fed Chair Powell at the Jackson Hole Symposium, which he addressed their desire to taper this year, however, was non-committal to when that may begin; as it's assumed they will want to review more data, especially with the uptick in Corona cases before they make any further moves.  Stocks were good with his speech; as were MBS, which are currently Up 23bps.  Mortgage Rates improved to almost the same level as Monday's pricing.  It's back up above both it's 100- and 50 DMA.  Yields are coming off yesterday's highs and currently sit below it's 50 DMA at 1.32%.

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, August 26, 2021

Daily Market Report 8/26/21

 http://MikesDailyMarketReport.com:  The Initial Jobless Claims rose slightly to 353k, according to this week's report.  The 2nd look at Q2 GDP rose to 6.6% (slightly lower than forecasts); which, we'll receive final reading next month.  Stocks are Down today after several days of breaking new highs.  Today is the first day of the Jackson Hole Symposium, which we're hearing from a number of Hawkish speakers (Bullard, Kaplan and George), whom are stating they'd like to taper sooner than later.  Also, there are reports out of Afghanistan, which there were a few Bomb attacks in Kabul.  Reports are stating several fatalities and wounded.  Meanwhile, MBS went into negative territory after the ECB released their Minutes.  It was discussing their version of taper talk too.  MBS is currently Down 5bps.  Yesterday closed Down 14bps; so, Lenders have priced Mortgage Rates worse than yesterday's pricing; and have been pushed below it's 100 DMA.  Yields are testing it's next Technical level at 1.37% and currently sits at 1.35%.  The last time we hit this level was about 2 weeks ago when Yields dropped.  This level is important to hold because next level will be 1.42% (potential for Mortgage Rates).

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, August 25, 2021

Daily Market Report 8/25/21

 http://MikesDailyMarketReport.com:  The Durable Goods Orders dropped 0.1% in July; however, if you exclude Transportation, then it rose 0.7%.  The drop in airplane orders is what is bringing the Durable Goods data down.  Meanwhile, Stocks continue to break new records, as they base their economic views on Q2 Corporate Earnings (vs. reported economic data) and comments by Fed Kaplan last week (softening in the tone of tapering).  Tomorrow is the beginning of the Jackson Hole Symposium, which Investors are waiting to watch (especially on Friday when Fed Chair Powell speaks).  This will be the catalyst for the week!  MBS is currently Down 8bps after seesawing in pretty wide swings in both directions.  Based on today's pricing and yesterday's swoon (closed down 11bps), then Lenders will price Mortgage Rates a bit worse than yesterday.  Pricing should resemble close to last Friday's pricing.  There is a 5 year Treasury Auction which might impact the MBS Markets, so be a bit cautious!  Yields are spiking again; and is top it's Technical level!  It's currently residing at 1.33%.  Next layer up is 1.37%.  This could eventually put more pressure onto MBS.

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, August 24, 2021

Daily Market Report 8/24/21

 http://MikesDailyMarketReport.com:  New Home Sales rose 1.0% in July, as June's data was revised higher (from 676k seasonally adjusted annual units to 701k); and July came in at 708k.  Meanwhile, Stocks continue in the Positive Territory after yesterday's announcement of the FDA Approval for Pfizer/BioNTech vaccinations.  So, far about 90% of corporations of released their Q2 Earnings Reports, which most of them reported positive results.  Congress is still working to pass the Infrastructure and Spending bills; and Biden met with the G7 Leaders, whom are presumably trying to appeal to him to remain in Afghanistan past the August 31st date.  Meanwhile, MBS is Down about 9bps; however, yesterday, we had a late spike in MBS and closed at +20bps.  Lenders repriced for the better, as a result.  Today's Mortgage Rates are Unchanged from yesterday's close, but better than yesterday's opening.  Also, Yields are still climbing their way upward toward another Technical ceiling, after passing it's 25 DMA.  It's currently just under 1.29%.

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, August 23, 2021

Daily Market Report 8/23/21

 http://MikesDailyMarketReport.com:  The Markit PMI released it's Manufacturing and Services data today.  The Manufacturing dropped from 63.4 in July to 61.2 in August; and Services dropped from 59.9 in July to 55.2 in August.  Both slowdowns being attributed to the rise of COVID cases.  Existing Home Sales got a bump with an increase in supply over the summer, as it went up from 5.87 million seasonally adjusted annual units in June to 5.99 million in July.  Stocks are Up today, as Investors shrug off the Markit data, which only feeds into the Bad News is Good News.  Based on the Notes from the last FOMC, there was concern that the Fed may taper sooner than expected; however, based on more recent comments (notably by Fed Member Kaplan), then there may be some sentiment to hold on talks to later this year (continued stimulus).  Some good news today, as the FDA announced it's Approval for Pfizer and Bio N Tech vaccines.  They're hoping this news will bring more unvaccinated to get vaccinated; and stocks for many services industry (such as movie theaters) are up.  Meanwhile, MBS started the morning lower, but has since risen; and is currently Up about 8bps.  This isn't quite enough to positively affect prices, but if it continues with this trajectory, then it can.  So, Mortgage Rates will be Unchanged from Friday's close.  Yields are pushing up against it's 25 DMA and just under 1.26%.

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, August 20, 2021

Daily Market Report 8/20/21

 http://MikesDailyMarketReport.com:  There are no economic data to report today; however, next week will carry some heayweights, such as Q2 GDP and PCE.  But more importantly, Investors will be looking ahead for the Fed's Jackson Hole Symposium on Thursday (the 26th) to Saturday.  They'll be watching for any clues on tapering talk; as Fed's Kaplan (today) seemed to soften his stance on tapering after seeing the rise in the Delta variant.  Stocks are rebounding a bit today, as Investors cherry-pick stocks that took a bit of a beating this week.  Meanwhile, MBS is Down 6bps so far this morning.  Couple this with yesterday's late swoon, then Lenders will most likely have a little worse pricing today for Mortgage Rates.  Yields are testing it's Technical ceiling today and currently sits at 1.25%.

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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.



Thursday, August 19, 2021

Daily Market Report 8/19/21

 http://MikesDailyMarketReport.com:  The Business Activity around the Philadelphia region slowed up a bit in August, as the Philly Fed Index indicated that it droppe from 21.9 in July to 19.4 in August.  The Initial Jobless Claims reached a new low since the beginning of the pandemic, as it reported 348k applying for first time benefits; meanwhile, continuing claims continue to decline.  Obviously, this is good news, as (hopefully) more people are going back to work.  Lastly, the Leading Economic Indicators report 0.9% jump in July.  Stocks are being impacted by the release of the FOMC Minutes that were released yesterday.  There really wasn't news, as many of the Fed Members have been voicing the probability that the Fed could look to pull back on stimulus sooner than later since the FOMC took place last month.  After the release of the Minutes, MBS improved a bit, as Investors looked for a Flight to Safety.  Based on yesterday's late gains and today's slight improvement, then Lenders will have better pricing than yesterday morning; and should be comparable to Monday's pricing.  MBS is currently Up 6bps.  Yields fell back between the 2 Technical levels and sit just a hair below 1.24%.

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, August 18, 2021

Daily Market Report 8/18/21

 http://MikesDailyMarketReport.com:  Housing Starts dropped 7.0% in July, the numbers were 1.65 million seasonally adjusted units in June to 1.534 million in July.  However, Building Permits (future Housing Starts) rose 2.6%, which it's numbers were from 1.594 million seasonally ajusted in June to 1.635 million in July.  Meanwhile, the Markets are gearing up for the release of the last FOMC's Notes for any clues about discussion of tapering.  Investors will be looking ahead to next week's Jackson Hole's Symposium to see if the Fed drops any more clues.  We have already heard from several members whom support the discussion at Septembers meeting.  However, there are some whom think the Fed may want to see Septembers data before approaching the decision.  Hopefully, next week will be that indicator!  Stocks are Mixed, as NASDAQ is lone index in Positive Territory, which have been affected by today's economic data and comments by St Louis Fed Bullard yesterday, as he stated that the Fed should monitor the red hot housing market, as this woud lead to more discussion on tapering.  If you're not aware of what is tapering, then it's simply the reduction of the Fed's current purchase of $120 billion/month of MBS and Treasuries, which was used to create liquidity in the Markets when the Pandemic crisis started last year.  These purchases have helped keep Mortgage Rates down, but will rise once the Fed begins to taper, as there will be less demand.  MBS lost some ground yesterday afternoon and began the day much lower; however, did rebound some by mid-day.  MBS is currently Down 2bps, but with yesterday's losses and today's start, then Lenders will come in with worse pricing with their ratesheets.  When I say worse pricing for this scenario, it's about .125% in the interest rate; so, a 3.0% rate yesterday might be 3.125% today.  Just for some clarification.  Also, adding to the pressure to MBS is Yields rise to 1.28%, which rose past it's Technical ceiling and 25 DMA.  The next Technical ceiling is around 1.30%.  We'll see if this will hold for any future 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.



Tuesday, August 17, 2021

Daily Market Report 8/17/21

 http://MikesDailyMarketReport.com:  Retail Sales had a big miss in July, as it dropped 1.1%.  Part of the blame is being placed on Amazon moving up it's Prime Day to June,  Delta variant and Inflation.  However, Investors had a bigger drop in mind (part of the whisper numbers), as we'll touch in bonds/MBS' reaction to this news.  Industrial Production spiked to 0.9% in July; which is obviously good news!  However, Home Builders aren't so confident in August, as according to NAHB Home Builders Index, dropped from 80 to 75.  Lastly, Business Inventories picked up by 0.8% in June, as businesses prepare for workers to come back to work.  Stocks are nosediving today on the Retail Sales data.  China announced more restrictions on gathering private data on Tech companies, as they continue with sweeping reforms with various businesses.  MBS started up higher in the day, but dropped on the Retail Sales report.  We're currently Down 3bps; however, some east coast Lenders may have repriced for the worse (as they would have priced better with the early ratesheets).  Pricing for Mortgage Rates should look similar to pricing after Friday's and yesterday's closing (as we're more or less moving in a sideways pattern).  A comment about Retail Sales and MBS is that typically, this big of a disappointment would be good for MBS, but as I alluded to the whisper numbers having a bigger drop in mind, then it affected MBS in a negative manner today.  Meanwhile, Yields have slid below in between 2 new Technical levels; and sitting just  a bit under 1.25%.

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, August 16, 2021

Daily Market Report 8/16/21

 http://MikesDailyMarketReport.com:  The Empire State Index dropped from 43.0 in July to 18.3 in August.  Even though 18.3 is still a good number, it's the amount of the drop is something that will concern investors, as we deal with the Delta variant.  Meanwhile, Stocks are all in Negative Territory today, as Investors see a pretty steep drop in China's factory output and retail sales, as they lockdown for further control of the Delta variant; and it's potential impact here in the US.  Also, Investors begin to look into the impact of the Taliban's recapture of Afghanistan, as US forces leave the country.  Based on the higher jobs data of late, there's now speculation that the Fed may begin talking about tapering at it's September meeting.  Investors will be watching the Jackson Hole event later this month for more indicators of the timeline of this discussion.  MBS started the morning off a bit higher (+13bps) and above it's 25 DMA; however, it has subsided a bit and is currently Up only 6bps (just below it's 25 DMA).  Many of the Lenders whom price early (based on east coast) may have priced a bit better today, but may be re-pricing for worse pricing (more in line with pricing from Friday's close).  Yields are currently a hair under 1.25%, as it too, tested a Technical floor earlier, only to pull back just above it.

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, August 6, 2021

Daily Market Report 8/6/21

 http://MikesDailyMarketReport.com:  The Bureau of Labor Statistics (BLS) released their Jobs data today, which is the catalyst for the week!  The Average Earnings rose 0.4% July, while Average Workweek Hours increased to 34.8 hours.  The BIG news came in for Non-Farm Payrolls, which was 943k in July; and June's numbers were revised higher by 88k.  Meanwhile, the Unemployment number dropped by 0.5% to 5.4% in July.  On the lighter side, Wholesale Inventories rose by 1.1% in June.  I was wrong with my assessment of the Jobs data this week.  I initially thought it might take more time for those to return to work may take more time and see the spike in August's numbers, which we will probably still see more spikes ahead, as more states remove their extra benefits.  Overall, excellent economic report!  Stocks are Mixed, as NASDAQ is lone index in Red today.  MBS was handed the short-straw today, as it's currently Down 23bps and touching off it's 25 DMA.  Mortgage Rates rose a bit today, as a result.  Likewise, Yields touched off it's 25 DMA and is currently sitting at 1.29%.  This could be a trend to begin worsening, as Investors look to renewed taper talk.

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, August 5, 2021

Daily Market Report 8/5/21

 http://MikesDailyMarketReport.com:  Initial Jobless Claims finally broke below 400k again, as it reported only 385k applied for first time benefits.  Continuing Claims broke below 3 million, as many of the extended benefits had expired; and Challenger Layoffs dropped by nearly 1.5 million (fewer announced job layoffs).  Stocks are up on the positive news from the economic data and positioning themselves for more possible news tomorrow with the BLS's Non-Farm Payrolls, which is expecting around 885k.  As a result, MBS is currently Down about 13bps, which Lenders priced in a little worse today with Mortgage Rates (from yesterday's close).  Meanwhile, Yields is sneaking it's head back above 1.20%; and currently sitting just  under 1.22%.  

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, August 4, 2021

Daily Market Report 8/4/21

 http://MikesDailyMarketReport.com:  The ADP released their Private Payrolls, which came in approximately half of it's estimates at 330k for the month of July.  HUGE Disappointment!!!!  This is the first of 3 jobs data this week for the month of July.  The biggie will be Friday, when we receive NonFarm Payrolls from Bureau of Labor Statistics, which is estimating approximately in the 800k range.  My personal feeling is we'll miss those estimates based on the higher initial jobless claims that we've witnessed last month (bringing our weekly average back over 400k).  Meanwhile, ISM Non-Manufacturing PMI rose to 64.1 in July.  The news by ADP initially sank stocks, but they began to recover when the hotter ISM data rolled out.  But a wet blanket was placed over that sentiment after Fed Vice Chair Clarida commented today that he thinks that the Fed may start raising rates at end of 2023 (about a year sooner than most recent Dot Plot) and begin taper talk end of this year.  Stocks ended in Mixed Territory (NASDAQ remained lone index in Positive Territory).  Meanwhile, Investors continue to watch the spread of the Delta variant, which is being viewed more like a slow down in growth, but not quite extent of stopping the economy.  MBS faced similar volotility today, but appears to be closing around +3bps.  Mortgage Rates, after a few back-and-forth price changes, has essentially finished in the same range and remains Unchanged.  Like the other Markets, Yields saw a seesaw effect and is settling in around 1.17%.

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, August 3, 2021

Daily Market Report 8/3/21

 http://MikesDailyMarketReport.com:  Factory Orders rose 1.5% in June.  Tomorrow, we'll see the 1st set of Jobs data for July, as the ADP will release their Private Payrolls data.  We saw the increase in Initial Jobless Claims go back above 400k this past month, so I'm going with the assumption that the Jobs numbers won't look too good on Friday.  This could pose as a problem for MBS, as bad news could be good news for stocks.  This would possibly lead the Fed to continue with the accomodations for a longer period and boost stocks further in it's current highs.  This same sentiment is occuring today with Stocks, as they're in light trading today, but still in Positive Territory.  Investors are concerned about the rise in COVID cases, but view the Delta variant, as more of a slowing of the recovery (vs closing the economy again); and watching China crackdown on it's Tech companies.  Meanwhile, MBS are off from their earlier highs, and currently Down 6bps.  Mortgage Rates are still in the same range as yesterday's pricing, so they remain Unchanged.  Yields tested the 1.15% range again today, only to be thwarted off.  They're currently just under 1.18%.  Both graphs are beginning to show a near-term reversal in their trends, so locking may be a good option at this time!

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, August 2, 2021

Daily Market Report 8/2/21

 http://MikesDailyMarketReport.com:  The ISM Manufacturing PMI dropped below 60 for the first time this year, as constraints in the supply chain show it's effect in Manufacturing data.  It came in at 59.5 for July.  Construction Spending only rose 0.1% for June.  Stocks are Up today, as comments by Fed Member Brainard indicated that the Fed will most likely not begin tapering talk at it's Jackson Hole meeting later this month.  She indicated they will want to see some data after kids have returned to school and people begin to go back to work.  So, Investors are thinking that the earliest that the Fed will begin discussing tapering will be it's November meeting.  Investors are keeping an eye on the progress of the Infrastructure bill in Congress.  MBS is off it's earlier highs, but still Up 9bps.  As a result, many Lenders priced their Mortgage Rates better today (compared to Friday's close).  Yields dropped several points and also off it's earlier lows, but still sitting around 1.17% now.

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, July 30, 2021

Daily Market Report 7/30/21

 http://MikesDailyMarketReport.com:  The PCE, the Fed's favorite measure for Inflation, rose 0.5% MoM in July, as it's YoY rose to 4.0%; whereas it's Core PCE (excluding food and energy) rose 0.4% MoM in July and it's YoY rose only to 3.5% (beating hotter estimates of 3.7%+).  The Employment Costs for Q2 rose 0.7% (lower than estimates).  Personal Income rose 0.1% in June; and Personal Spending rose 1.0% in June.  Business activity in the Chicago region spiked in July, as the Chicago PMI rose from 66.1 to 73.4.  According to the UofM Survey for Consumer Sentiment, it rose from 80.8 in June to 81.2 in July.  However, Stocks are in the Red today on the decent economic data (sometimes good news is bad news) and Amazon missed their sales number for Q2.  It was a very good number, but not enough for investors.  Also, Investors are becoming more concerned over the Delta variant and it's possible impact with any growth in the economy.  MBS is currently Up 6bps, so Mortgage Rate remain in the same range of pricing over the past 3 days (sideways movement).  Again, there are signs of possible trend reversal, so be cautious!  Yields have broken below it's Technical floor and sit just under 1.24%.

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, July 29, 2021

Daily Market Report 7/29/21

 http://MikesDailyMarketReport.com:  Initial Jobless Claims continue to disappoint again, as they remain in the 400k range; which happens to be this week's report (400k exactly).  Another trend popped up, is the Continuing Claims, which is starting to rise again.  Something we'll need to watch closely!  We get our first look at Q2 GDP, which forecasts are calling for 8.5%; however, the report is very disappointing, as it is being reported at 6.5%.  We will get 2 more looks, which could be revised.  Pending Home Sales dropped 1.9% in June, which some are saying that it could be a cooling off period for housing.  We'll see!  Stocks are shrugging off the data today, as Investors are giving more weight to Corporate Earnings.  Meanwhile, MBS is showing signs of a possible trend reversal; and is currently Down 3bps.  Currently, Mortgage Rates are Unchanged from yesterday's pricing.  This could change, as Yields have climbed up to 1.27%, after hanging around 1.25% range.  The worsening happened after a disappointing 7 year Treasury Auction.  MBS is not currently responding the same, but it could later in the day, so proceed with caution; especially, if Yields continue to worsen.

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, July 28, 2021

Daily Market Report 7/28/21

 http://MikesDailyMarketReport.com:  The FOMC will wrap up their 2 day meeting today and give their announcement at 11am PST.  We're not expecting any rate changes and there won't be any dot plot released today.  Currently, the Market is waiting on the Fed, so it could get really choppy out there in the afternoon.  Investors are tiring of hearing the same rhetoric; and many are pushing for tapering to happen sooner than later, as inflation continues to rise.  The Stock Market is Mixed, as the DOW is currently the only index in the Red; however, it's very light trading, so it can quickly change.  MBS is currently Down 5bps, which puts Mortgage Rates in the same type of pricing as yesterday's close.  Yields climbed back above the technical level and sitting just a hair under 1.26%.

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, July 27, 2021

Daily Market Report 7/27/21

http://MikesDailyMarketReport.com:  The Durable Goods Orders revised their May's numbers from 2.3% to 3.2%; whereas, it's June data disappointed with 0.8%.  Because of the May revision, it didn't affect the overall Markets.  When you exclude Transportation, then it only rose 0.3% in June (also, disappointing, as it was forecasted at 0.8%).  The FHFA Home Price Index (HPI), which measures homes with Conforming loans (loan amounts up to $548,250) rose 18.0% YoY in May; and Case Shiller, which measures the 20 largest cities in the US, rose 17.0% YoY in May.  Needless to say, Home Prices continued to rocket into the summer!  Consumer Confidence rose to 129.1 in July.  It will be interesting to see how it does in August, as more restrictions take place in many areas across the US due to the increase in COVID cases.  Stocks are taking it's queu from the Chinese regulators crackdown in their technology sector.  The Chinese Markets have been down, as a result, for the past 2 days; and now it's spilling over to the US Markets.  All 3 indices are in Negative Territory, as Investors are overlooking Q2 Earnings reports.  Also, the Fed begins their 2 day meeting (FOMC) today and will wrap up tomorrow.  There isn't any expectation of any rate hike, but Investors will listen for any more talk of tapering and any mention of increase of COVID cases by the Fed tomorrow.  Today is a good day to buy Bonds, so MBS made up yesterday's losses (closed down 13bps), and is Up 19bps currently.  Mortgage Rates are priced comparable to Friday's close and yesterday morning's open range.  Yields are fighting to remain below the 1.25% level, as it sits a hair below 1.24% currently.

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, July 26, 2021

Daily Market Report 7/26/21

 http://MikesDailyMarketReport.com:  New Homes Sales dropped by 6.6% in June to 676k seasonally adjusted annualized units.  This is also on the heels of a lower revision to May's numbers, which dropped from the initial 769k to 724k.  Stocks are Mixed today, as they look ahead in the week, as the Fed will begin their 2 day meeting tomorrow and we'll have some members of the FAANG releasing their Q2 Earnings reports this week, including Tesla's being released after hours today.  NASDAQ is the lone index in Red, as US and China's relationship become a bit more contentious.  MBS started the morning a little higher, but it slipped back down to Unchanged levels, so Mortgage Rates remain unchanged from Friday's closing.  Yields were similar, as they remain under the 1.29% ceiling and currently sit at 1.28%.

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, July 23, 2021

Daily Market Report 7/23/21

 http://MikesDailyMarketReport.com:  Today, we have IHS Markit PMI releasing their 2 reports, Manufacturing and Services.  The Services sector dropped down to 59.7; however, the Manufacturing sector rose to 63.1 in July.  Stocks continue their upward trend, based on Q2 Corporate Earnings Reports and keeping an eye toward next week's schedule of events (Q2 Earnings Reports for much of the High Tech Companies and FOMC).  MBS started the morning much lower, which Lenders whom release their ratesheets earlier on may have priced for the worse; however, MBS is Up 6bps.  So, Mortgage Rates should be priced now to the same pricing we found after yesterday's close.  Meanwhile, Yields are sticking around the 1.29%.

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, July 22, 2021

Daily Market Report 7/22/21

 http://MikesDailyMarketReport.com:  The Initial Jobless Claims spiked last week to 419k (breaking back above the 400k level).  The good news is the Continued Claims dropped slightly.  NAR reported that Existing Home Sales increased from 5.78 million annualized units in May to 5.86 million in June.  Lastly, the Leading Indicators shows a 0.7% improvement for the month of June.  Stocks continue to rise today on continued strong Q2 Corporate Earnings releases.  MBS and Yields got a boost from the ECB's announcement today, which was very dovish and Bond friendly.  MBS is Up 19bps, which brings us back to same levels on Monday/Tuesday; whereas, Mortgage Rates improved back to those same levels.  Yields slid down to 1.26%, which is still a little higher than Monday/Tuesday levels.

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, July 21, 2021

Daily Market Report 7/21/21

 http://MikesDailyMarketReport.com:  There are no economic data to report today.  Stocks are continuing upward trend on more good Q2 Earnings Reports.  The ECB announced a bit of a dovish signal on their stance with inflation, which sounds similar to that of our Fed's current stance.  This set a tone for the Bond/Treasury Market.  MBS is currently Down 19bps, as Mortgage Rates worsen a bit today.  Yields jumped Up to 1.29%.

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, July 20, 2021

Daily Market Report 7/20/21

 http://MikesDailyMarketReport.com:  Housing Starts increased from (lower revision) of 1.546 million annualized units in May to 1.643 million, or up 6.3%, in June.  However, Building Permits declined by 5.1%, from 1.683 million annualized units in May to 1.598 million in June.  These, of course, are future Housing Starts.  We have seen a little bit of a pullback in Home Builders sentiment recently, so this isn't too surprising.  Stocks are rebounding after yesterday's big selloff.  Investors are buying back in, as sentiment is Monday's actions were a bit overblown.  MBS are off it's earlier highs, which better pricing was very short-lived.  Mortgage Rates are currently Unchanged from yesterday's close.  We're also seeing signs of a possible trend reversal, as candlesticks show some uncertainty with Investors.  Yields touched 1.13% earlier, but has rebounded higher to 1.21%.

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, July 19, 2021

Daily Market Report 7/19/21

 http://MikesDailyMarketReport.com:  The NAHB Home Builder Sentiment dropped one point to 80 for June.  This index gauges the confidence with Home Builders.  This week will mostly be about housing data.  Stocks are WAY Down today (comparable to last October).  Investors are concerned that the Markets may have Peaked and the rising Delta variant cases globally.  Along with that, Investors are watching tensions rise between the US and China.  MBS Is Up 31bps, as Mortgage Rates improve from Friday's close.  Yields plunged all the way down to just under 1.19%.

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, July 15, 2021

Daily Market Report 7/15/21

 http://MikesDailyMarketReport.com:  The Philly Fed dropped from 30.7 in June to 21.9 in July.  This is still a great number; however, the size of the drop is a bit alarming.  Jobless Claims continue to improve, as 360k applied for first time benefits last week.  This is a new low, not seen since last March.  Also, we're seeing improvement with Continued Claims, as more people are going back to work.  The Empire State Index rose to an all time high in July, as it jumped from 17.4 in June to 43.0 in July.  Lastly, Industrial Productions came in below estimates (0.6%) in June at 0.4%.  We're still receiving Q2 Earnings Reports, but they're not having as big of an impact today with stocks, as Fed Chair Powell's 2nd day of testimony (this time with the Senate Banking Committee).  Stocks are all in the Red today.  Meanwhile, MBS started a bit lower, due to some hawkish comments from the Bank of England; however, it regained some momentum and are currently Up 8bps.  Mortgage Rates are currently Unchanged from yesterday's close; however, if they keep this momentum, then we could potentially see some improvements with our ratesheets.  Yields have also slid to just below 1.32%.

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, July 14, 2021

Daily Market Report 7/14/21

 http://MikesDailyMarketReport.com:  Both the Producer Price Index headline number (PPI) and it's Core PPI (excludes food and energy) rose 1.0% MoM in June.  The Core PPI is now up to 5.6% YoY, which brings us to inflationary levels last seen in 2008 when price of a barrel of oil reached all time highs of $150/barrel.  Stocks are back in Positive Territory after yesterday's losses.  We will receive more Q2 Corporate Earnings Reports today; and Fed Chair Powell has testified before the House Finance Committee today.  Nothing has changed, but the Investors like hearing the message repeated.  MBS is regaining it's losses yesterday; and is Up 16bps thus far.  Yesterday, after the disappointing 30 year Bond Auction, the Market reversed and dropped.  Lenders repriced for the worse yesterday; however, today, Mortgage Rates will be better than yesterday's close; and closer to the better levels yesterday (Unchanged from those levels).  Yields had spiked to 1.41% yesterday and have now come down to just under 1.37%.

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, July 13, 2021

Daily Market Report 7/13/21

 http://MikesDailyMarketReport.com:  Both the Consumer Price Index (CPI) and the Core CPI (excludes food & energy) rose 0.9% in June.  The CPI rose from 5.0% in May to 5.4% in June; while, the Core CPI rose from 3.8% in May to 4.5% in June.  This is the highest spike we've seen in 30 years (Sept, 1991).  Markets initially reacted negatively, but has since subsided.  Currently, only the DOW is in Negative Territory.  Q2 Corporate Earnings Reports are beginning to be released, as several of the Major financial institutions (like Chase and Goldman Sachs) released their reports today.  Mortgage Rates remain Unchanged, as MBS is currently Up 2bps.  Yields are sitting just under 1.36% currently.

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, July 12, 2021

Daily Market Report 7/12/21

 http://MikesDailyMarketReport.com:  Nothing really on the Economic Calendar; however, there are some Treasury Auctions this morning (3yr and 10yr).  The 3yr didn't go as well as hoped and did negatively affect the Markets (usually it doesn't impact); and the 10yr came in rather decent, which wiped out the negative movement caused by the 3yr.  Stocks are Mixed today, as NASDAQ is the lone index in the Red.  Investors are primarily looking ahead for this week's data.  This week, we have the beginning of Q2 Corporate Earnings Reports, Fed Chair Powell's semi-annual Testimony and a new look at Inflation data (CPI and PPI).  The G20 is going on with Finance Ministers meeting to discuss a Global Tax.  The Global Tax is for Multi-National Corporations whom position themselves to avoid paying too much in taxes.  The Finance Ministers are trying to place a Minimum Corporate Tax globally to make it more difficult.  This isn't affecting the Markets, but something to watch for down the road.  MBS is currently Up 6bps, which will leave Mortgage Rates Unchanged from Friday's close.  Yields are currently settling into the 1.36% range.

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, July 9, 2021

Daily Market Report 7/9/21

 http://MikesDailyMarketReport.com:  Wholesale Inventories rose 1.3% in May.  Meanwhile, Stocks are rebounding today, after a bit of a pullback the last few days.  They're expected to end the week on a high note.  Investors are torn between "good news and Fed tapering sooner" and "bad news and keeping the easy money flowing".  Next week, they'll have a bit more of a distraction, as Corporations release their Q2 Earnings Reports.  Currently MBS is Down 22bps, so Mortgage Rates are off by about an .125% to it's rate.  They and Yields are currently looking for it's next range, so we'll experiences some of these up and down effects for a bit, until it's found; and move onto it's next range (whether it rises or drops again).  Currently, Yields shot up to 1.36%.

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, July 8, 2021

Daily Market Report 7/8/21

 http://MikesDailyMarketReport.com:  The Initial Jobless Claims revised last week's report from 364k to 371k; and reported this week at 373k.  However, we are still seeing a dropoff in the Continued Claims (by nearly 150k) from last week.  Stocks are Down on the trend of Yields dropping today.  Investors are changing their worries of surging inflation to is this all the growth we'll see (?) attitude.  Yields seem to be falling more on a Technical level, which has many Investors confused.  It touched near a new Technical level (1.25%) and is currently sitting at 1.29%.  Investors are also keeping an eye on the new Delta variant and it's potential impact, as Japan appears to be tightening measures to keep a lid on it's spread.  It appears that the Olympics will continue; however, without fans.  The FOMC Minutes were released yesterday, and nothing new was really found from it.  The talk about tapering is expected around September and potential happening of the tapering may begin around November (at the earliest); however, the data that the Fed is watching is still aways off before they anticipate any action.  MBS is currently Up 17bps (off from it's earlier highs, and earlier lows for that matter).  Lenders are coming out with better pricing today (compared to yesterday's ratesheet).

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, July 7, 2021

Daily Market Report 7/7/21

 http://MikesDailyMarketReport.com:  Later today, the FOMC Minutes will be released, which will be our most impactful economic data for this week (as it will be a rather light week).  However, the BLS released a report showing that there were 9.2 million Job Openings for the month of May.  The Markets are holding back today, as NASDAQ goes into the Red.  MBS are currently Up 6bps, but it's still within our range yesterday, after it pulled back some to close +22bps.  This basically means that Mortgage Rates remain Unchanged from yesterday's pricing.  Yields continue their decent, as it hit 1.31%, and it currently about 1.32%.

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, July 6, 2021

Daily Market Report 7/6/21

 http://MikesDailyMarketReport.com:  The drop in the ISM Non-Manufacturing PMI, from 64.0 in May to 60.1 in June, added fuel to the fire today, as trading was very light until the report was released.  Stocks are all in Negative Territory this morning.  This piece of data is really the only thing being reported today, which is having the most impact with the Markets.  However, MBS is Up 27bps, so Mortgage Rates have seen an improvement with their pricing today.  Yields have fallen below another Technical level to just under 1.37%.  These levels haven't been seen since end of February/early March.

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, July 2, 2021

Daily Market Report 7/2/21

 http://MikesDailyMarketReport.com:  We receive Job data from the Bureau of Labor Statistics (BLS) today, for  which is the catalyst we've been waiting all week.  The Average Earnings rose only 0.3% in June, while the Average Work Week (in hours) dropped to 34.7 hrs.  The Non-Farm Payrolls came in above estimates, at 850k for June; however, it's Unemployment Rate rose to 5.9%.  The Unemployment Rate rose because more people entered the workforce.  Investors are liking the Jobs data enough to feel it's "not too hot, nor not too cold", whereas the Fed would pull it's tapering too soon.  As a result, Stocks are in Positive Territory today.  Opec+ decided to delay any decisions on supply cuts, so Oil remained at $75/barrel.  MBS is Up 9bps and topping it's 25-, 100- and testing it's 50 DMA.  Mortgage Rates are seeing some improvement with their pricing today.  Yields are testing lows (below 1.44%) today; and currently sit at 1.43%.  This movement could be the catalyst to keep Yields lower for a little 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, July 1, 2021

Daily Market Report 7/1/21

 http://MikesDailyMarketReport.com:  The Initial Jobless Claims dropped to 364k last week, which is a new low since the Pandemic hit; so, solid numbers!  The ISM Manufacturing dropped from 61.2 in May to 60.6 in June.  The data disappointed, but is still solid, as anything over 50 is in expansion territory.  Manufacturing is dealing with large backlogs of new orders while dealing with supply and labor shortage issues.  Lastly, Construction Spending dropped 0.3% in May.  Stocks are in Mixed Territory, as NASDAQ is being weighed down by higher Yields (up to 1.48% currently).  There are a few Fed Speakers, so Investors will keep a close ear to what they say. OPEC+ is meeting to discuss a pullback of approximately 500k/day in barrels production, as oil futures top $75/barrel.  The WHO announced a 10% spike in cases in Europe, which broke a 10 week decline.  Investors will monitor the situation, as it could potentially lead to renewed lockdowns in the future.  MBS ended up closing down 2bps yesterday, which I indicated a possible trend reversal.  Today, it's currently Down 6bps.  Mortgage Rates have not changed; however, Lenders can do a Lender reprice for the worse, if this trend continues.  Tomorrow will be the Big Day for economic data, as the BLS will release it's Non-Farm Payrolls and Unemployment data.  Investors will be looking for a "Goldilocks" number, so it's not too hot, or too cold.  They want the economy to progress, but not at a pace that will drive the Fed to taper too much, too quickly.

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 30, 2021

Daily Market Report 6/30/21

 http://MikesDailyMarketReport.com:  The ADP revised it's May report from 978k private payroll jobs to 886k.  However, June's data exceeded it forecasts of 600k by reporting 692k jobs.  The revision in May's data made this more or less a wash.  Business activity in the Chicago region dropped in June, after hitting it's highest number in May since 1983.  The Chicago PMI reported 66.1 for June.  Anything above 50 is considered expansion, so it's still doing well.  Lastly, NAR reported that Pending Home Sales rose 8.0% in May after forecasts called for nearly a 1% drop.  Stocks are trading in Mixed Territory.  We enter the last day of the Month/Quarter, and Portfolio Managers will finish their rebalancing of portfolios today.  This has caused some movement in the Markets this week; and it's choppiness.  MBS is Up 5bps and testing some upper levels.  Mortgage Rates are Unchanged from yesterday's close.  We received some of the better pricing yesterday, as MBS continued it's movement upwards; however, today is showing some weakness between the 50- and 100 DMA.  Yields are at their lowest level, 1.44%, which has been a rock hard floor!  Every time we've hit this spot, then Yields have risen; and showing some signs that a trend reversal may happen soon!  Be cautious, as these signs may indicate we're at the best pricing this week; and may see some deterioration soon.

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.