http://MikesDailyMarketReport.com: ADP revised their February's data higher, from 117k to 176k; and March's reported 517k job (coming in near forecasts). Manufacturing continues to heat up in Chicago, as the Chicago PMI jumped up from 59.5 in February to 66.3 in March. However, Pending Home Sales dropped 10.6% in February, as the Market is dealing with historic lows. There's plenty of demand, but no supply! Meanwhile, stocks are Up today, as Funds rebalance their portfolios for end of Q1/month. Biden is expected to announce his plans for Infrastructure Spending Package. This doesn't seem to be affecting the Market today, as it's (for the most part) already priced in. MBS is Up 8bps so far this morning, as it rebounded from it's opening. Mortgage Rates (for the most part, depending on the Lender and when they release their rate sheets), the pricing should be Unchanged or Better than yesterday's. Yields didn't move much today; and currently sit just under 1.72%.
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