Tuesday, March 16, 2021

Daily Market Report 3/16/21

 http://MikesDailyMarketReport.com: Retail Sales dropped by 3.0% in February.  Industrial Production also dropped by 2.2% in February.  Home Builders are feeling a little less optimistic in March, as the NAHB Home Builders Index dropped from 84 to 82.  Lastly, Business Inventories rose 0.3% in January.  Stocks are trading in Mixed Territory so far this morning, as the DOW, which has been on a tear of late, may be cooling down a bit.  Investors are bracing themselves ahead of the FOMC, which starts today; and the Fed will provide their announcement tomorrow.  Investors will watch for any change in their language; any further comments about the spike in Yields; and review the Dot Plot for any indications by the Fed to raise short-term rates sooner.  MBS is currently Down 5bps.  Normally, this wouldn't factor into Mortgage Rates; but yesterday, MBS ended Up closing Down 2bps (after starting Up at least 13bps).  They lost yesterday's gain and coupled with the downward trajectory, then Lenders will have worse pricing (more comparable to what we saw after Friday's close).  Tomorrow's Fed announcement will have a big impact on the Markets, so be prepared for a choppy ride tomorrow.  Meanwhile, Yields remain above 1.60; and currently sit at 1.61%.

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Also, these videos are base on my views and not represented by any other entity, but my own.  I work as a Loan Officer, and if you'd like information on Mortgages, or how I can assist you, then please direct message me.

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