http://MikesDailyMarketReport.com: Housing Starts pulled back in January, as December's data was revised higher to 1.68 million annualized units; and it dipped to 1.58 million in January. However, Building Permits jumped up, from 1.704 million in December to 1.881 in January. This is future Housing Starts. Manufacturing in the Philadelphia area dipped a bit in February, as the Philly Fed Index dropped from 26.5 in January to 23.1 in February. Jobless Claims took a few steps back in progress, as last week's report was revised higher to 848k (from 793k); and this week's report ccame in at 861k (about 100k higher than forecasts). Stocks are Down again today. Investors are running out of any catalysts to push stock prices higher (as most of the geopolitical events are already priced into the Markets); but Yields have been rising, and is a concern for higher costs (inflationary) for consumers and businesses. MBS is currently Down 6bps, but were down much more early on. Most Lenders priced in their Mortgage Rates with worse pricing (similar to Tuesday's pricing), as most of yesterday's gains were lost when they released their ratesheets. Yields are currently sitting just under 1.29%, as they touched the 1.30% range earlier on.
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