http://MikesDailyMarketReport.com: New Home Sales spiked to 923k seasonally adjusted units for January. Stocks are back into Positive Territory after more dovish comments by Fed Chair Powell during his testimony to the House Committee today. They started in the Red, then reversed into positive territory mid-day. Also, other Fed Members are out speaking today, which their message seems to put Investors concerns to bed. Johnson & Johnson had some good news from the FDA regarding their vaccinations, which they were approved to move forward; and soon (most likely) to be out to the Market. MBS has had a rollercoaster type of day, thus far! They started down nearly 50bps, then Up approximately 20bps (70bps swing); and now it's Down about 8bps. Lenders initially came out with worse pricing early on, then re-priced for the better after the Market improvement. Mortgage Rates should be similar to what we saw after yesterday's close (which improved during the day, to close +11bps). Yields have jumped up to 1.38% after touching just over 1.43% earlier on.
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