http://MikesDailyMarketReport.com: We will be seeing a lot of Jobs data this week, which today is the first of the data, provided by ADP, which tracks the Private Payrolls. They reported 174k new jobs in January, which blew out the forecasts of 49k. Also, they revised their December data with an improvement from -123k to -78k. We also received a report from the ISM Non-Manufacturing PMI, which measures the Services Industry (important because it represents 70% of the US workforce). It jumped upward from 57.7 in December to 58.7 in January. Both reports were hotter than expectations, along with some better than expectations on Q4 Corporate Earnings (especially from Amazon), which is leading a rally in the Stock Market today (also this week). Meanwhile, MBS has been slumping as a result, and is currently Down about 9bps. Most Lenders will price Mortgage Rates similar to what we saw yesterday. Yields are testing their Technical Ceiling, which is currently sitting at 1.13% (technical ceiling is at 1.125%). This will be important to watch, as it could push Mortgage Rates higher, if it remains above this level.
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