http://MikesDailyMarketReport.com: Existing Home Sales dropped from 6.66 million annualized units in January down to 6.22 million (blowing by estimates of 6.50 million). The huge drop in inventory levels has severly impacted these numbers, as pent up demand has dramaticallly increased home prices; and many people are concerned, if they sell, then they may not find another place for themselves. Stocks are in Positive Territory this morning after a choppy week last week. Investors appear to be a bit uneasy with the Fed and it's decisions; as the Fed remained a bit dovish with their announcement and the Dot Plot indicated that a rate hike may have moved up a year (from 2024 to 2023); and they still hadn't really addressed the Markets worries of the spike in Yields. Then to top off the week, the Fed decided not to extend the SLR, which helped banks with their capital requirements in order to lend. However, MBS is Up 11bps and seem to be showing early signs for a bit more improvement for the day. Lenders should have slightly better pricing for Mortgage Rates today. Meanwhile, Yields have just slipped below 1.70% (after touching on 1.75% last week), down to 1.68%.
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