Tuesday, March 23, 2021

Daily Market Report 3/23/21

 http://MikesDailyMarketReport.com:  The only Economic Report to show today is New Home Sales for February.  January's data was revised higher, from 923k seasonally adjusted units to 948k.  February's data came in much lower, at 775k; which was lower than it's 875k forecast.  We've been seeing Builder Confidence dwindle a bit, as materials (like lumber, which rose 200%) costs have risen and interest rates have been rising (hurting affordability).  Stocks are in Mixed Territory, as all indexes are tip-toeing back and forth between positive and negative territory before Fed Chair Powell's and Treasury's Yellen's testimony before the House Committee.  This is easily what will influence the Markets today, so be alert to any questions from Congress that may pose any changes or viewpoints and the responses that may be received.  There will be a few Fed Members set to speak today, as Dallas' Kaplan already spoke and commented that he could see the first rate hike happening next year; whereas the Dot Plot indicated in 2023.  Also, there is talk that Biden's Administration wants to spend more money on infrastructure, which as we've seen with the recent Stimulus package how that affected the MBS/Treasury Markets.  Meanwhile, there's been a bit of pulling back these past 2 days with the MBS and Treasuries.  MBS closed yesterday Up 27bps, which led to many Lenders to reprice their ratesheets with better pricing.  So far this morning, it's Up 17bps, which should lead Lenders to continue the better pricing today.  Yields have now slipped down to 1.65% (after touching 1.75% last week).  Of course, the Markets could change once they have a more direct direction after the testimony; so, be cautious with a choppy Market today.

Please subscribe to my YouTube Channel at MikesDailyMarketRpt

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.

No comments:

Post a Comment