http://MikesDailyMarketReport.com: Initial Jobless Claims reports came in at 553k this week, which is lower than last week's revised (higher) 566k number; also, due to lower revision to Continued Claims, this week's data came in a bit higher. Q1 GDP's initial data came in at 6.4%. We'll receive 2 more reports, with the final being released in June. Pending Home Sales disappointed with a 1.9% increase in March with expectations of 5.0%; however, it's difficult to have those numbers when the supply isn't there, as we continue to face historically low inventory levels. Stocks are currently Up, as NASDAQ was facing concerns over rising Yields earlier. Early on, Yields touched on 1.67%, but has subsided down to just under 1.65%. Yesterday, it finished below it's 50 DMA and Technical floor; however, today, it started back up above it's 50 DMA and sitting just atop it. Q1 Earnings reports continue to impress; but the spike in Yields had investors attention today. Like Yields, MBS started much lower and Lenders priced their ratesheets with worse pricing compared to yesterday's close. However, it has rebounded and Lenders are repricing for the better; and Mortgage Rates go back to Unchanged levels. MBS is currently Up 2bps. The spike in Yields had developed after hours when Europe reported very good economic data.
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