http://MikesDailyMarketReport.com: Initial Jobless Claims dropped this week to 847k people applying for first time unemployment benefits from last weeks revised number of 914k. Also, it's reported that continuing claims have decreased to less than 5 million now. That's good news, as more people are going back to work! The Q4 GDP came in at 4.0%, which was lower than what many had hoped; and let's investors know that the recovery will be long. New Home Sales came in at 842k for seasonally adjusted units for the month of December; lower than the 865k forecast. The Leading Indicators Index rose only 0.3% in December. Stocks are Up this morning. Some of the regulators are implementing measures to protect the Hedgfunds that have been severely impacted by the group of individual investors whom have targeted their short positions. More Q4 Corporate Earnings Reports are being released and Investors reviewing their data. However, MBS has slid from it's highs yesterday and closed lower; only to continue it's decline this morning. Most Lenders didn't reprice for the worse yesterday, so they'll most likely price it into today's ratesheets (pricing for Mortgage Rates will be slightly worse). They should be similar pricing found on Tuesday's. Yields shot up to 1.05%, after touching 1.0% yesterday.
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