http://MikesDailyMarketReport.com: We have a few Home Price Indices (HPI) to report, which we'll start with Case Shiller HPI. Case Shiller reports that home prices rose 11.1% YoY in January; while the report by OFHEO, whom gathers data from conforming loan programs (Fannie and Freddie) rose 12.0% in January. Lastly, the Consumer Confidence spiked from a revised 90.4 in February to 109.7 in March (this will have an impact with Yields). Stocks are Down this morning, as we approach month/quarter end, and Fund Managers rebalance their portfolios. Investors are closely watching for any further selling from Archegos Capital Management, whom disrupted the Markets yesterday with their block selling of $30 billion, as they liquidate to repay calls. Also, Biden may be announcing (maybe as soon as tomorrow) a new plan on rebuilding our infrastructure that may top out at $3 trillion. This could have a HUGE impact on Yields, as we saw what the Stimulus package did to Yields about a month ago. Speaking of Yields, it topped out at 1.77% earlier today, and has since subsided down to just under 1.73%. MBS started the morning much lower, but has improved to being Down 5bps. Pricing should be a little worse today, compared to yesterday's ratesheet; but Mortgage Rates should be seeing a huge change.
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.