Friday, April 23, 2021

Daily Market Report 4/23/21  The IHS Markit PMI released it's Manufacturing and Services data today.  Anything above 50 is considered expanding or growth.  The Manufacturing rose to 60.6 in April and Services rose to 63.1.  New Home Sales came in very hot for March's data!  It's February numbers were revised higher from 775k seasonally adjusted annualized units to 846k.  March came in at 1.021 million.  Stocks are Up on the economic data.  The Q1 Earnings Reports are still being released; however, no major headlines to report.  It's a bit of a rebound after Traders were a bit surprised by the Capital Gains Tax proposal that was reported yesterday, which soured the Stock Market's mood.  There are whispers going around that you may see some large sell-offs in the near future, as they prepare ahead of the new Capital Gains Tax increase.  Meanwhile, MBS started the morning about the same as yesterday's close, but was suddenly challenged (dropping about 19bps).  However, it has subsided and is currently Down 3bps.  Most of the damage was done prior to most Lenders releasing their pricing, so Mortgage Rates should be Unchanged from yesterday's close.  Yields are testing it's 50 DMA ceiling this morning and sitting just under 1.57%.  We'll see how strong of a ceiling the 50 DMA is during these tests.

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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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