http://MikesDailyMarketReport.com: Initial Jobless Claims saw a very large spike in this week's report for people applying for first time benefits. It jumped up to 965k. Even the Continuing Claims rose by 200k+, as this was decreasing each week. Obviously, this is mostly due to renewed Lockdowns. However, Stocks are embracing the bad data and trading in Positive Territory this morning, as this may represent a bigger Stimulus Package (3.0). There was initial talk of a $1.3 Trillion package, but reports are coming out that it may be closer to $2.0 Trillion. There may be some pushback (even) within the Democratic Party of going too big, so we'll need to watch. Meanwhile, MBS are Down 3bps, after having a successful day yesterday (closing Up about 33bps). Most Lenders improved their pricing yesterday, so Mortgage Rates today should be Unchanged from those levels, or possibly a little better today (depending how much improvement the Lender priced in yesterday). Yields are relatively Unchanged from yesterday's close, as it sits around 1.09%. Keep an eye out on the Stimulus Package, as the size of it may push Yields higher again (thus hurting Mortgage Rates).
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