http://MikesDailyMarketReport.com: After yesterday's disappointing news on Home Builders Confidence, we receive good news on Housing Starts for December, as they jumped from a revised November number of 1.578 million seasonally adjusted data to 1.669 million for December; and Building Permits (future Housing Starts) also jumped up (from 1.635 million in November to 1.709 million in December). Manufacturing spiked in Philadelphia area this month, as the Philly Fed Index rose from 9.1 in December to 26.5 in January. Lastly, Initial Jobless Claims dropped last week to 900k people applying for first time unemployment benefits. It's a tepid number, as we saw this number down in the 700k range before it rose again. Stocks started the morning in Positive Territory; however, now we're seeing the DOW and S&P in Negative Territory. We have more Q4 Earnings Reports being released today. Biden is signing Executive Orders on his first full day today. However, Investors are watching closely for another Stimulus Package. Finally, the ECB made a statement today that they'll keep their rates unchanged; however, there was a part of the speech that indicated they may alter their asset purchasing in their PEPP program. This had initially inadvertently affected our MBS Market here; however, it appears to be rebounding a bit now, as it's Up 5bps from yesterday's close. Yesterday, we closed Up 16bps. If Lenders didn't re-price for the better yesterday, then you should find that improvement in today's pricing (improvement in Mortgage Rates). Yields continue their sideways movement; and hover between 1.09% - 1.10%.
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.