Tuesday, April 27, 2021

Daily Market Report 4/27/21

 http://MikesDailyMarketReport.com: We have 2 Home Price Indices (HPI) to report today.  The first is the 20 city (20 of the largest market cities) by Case Shiller rose 11.9% YoY; and the FHFA HPI, which gathers it's data from Conforming loan programs, rose 12.2%.  Both were for February.  Lastly, the Consumer Confidence spiked in April, going from 109.0 in March to 121.7 for April.  Stocks are trading in Mixed Territory, as S&P 500 is the only index in Positive Territory.  Investors are watching Q1 Earnings Reports, which we're expecting high impact Tech stocks this week.  Also, the FOMC begins their 2 day meeting today and provide their announcement tomorrow.  Look for Powell to keep the same comments and try to keep it tepid, so he doesn't sound too excited about the economy, which may worry investors again regarding the possibility of out of control inflation.  MBS is Down 6bps so far this morning.  Yesterday, we closed Down 14bps, so some Lenders repriced yesterday for the worse.  Those whom repriced yesterday will be Unchanged; those whom didn't, will reflect the worse pricing in today's pricing.  Yields have spiked up to 1.59% and testing the Technical level.  We could have some influence by the 7 year Note Auction today.  It didn't bode well in February, as rates spiked.  Not saying it will spike today, but it could potentially worsen, if the Auction isn't successful.

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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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