http://MikesDailyMarketReport.com: Initial Jobless Claims dropped down to 498k in this week's report (ahead of an important data being released tomorrow, The Bureau of Labor Statistics Non-Farm Payrolls). However, it is important to note that Continued Claims did have a slight uptick this week by about 37k. We get our second look (with final results coming next month) at the Q1 Labor Costs and Productivity. Labor Costs were Down by 0.3% during Q1 and Productivity rose by 5.4%. Overall, our economic data was very healthy today! Stocks are Mixed today, as Technology Stocks are pulling down NASDAQ. The Q1 Corporate Earnings Reports overall continue to above expectations. There are several members of the Fed speaking this week. After Yellens interview on Monday, many have restated that the Fed will continue it's course and remain transparent (complete 180 degree of Yellen's comments). This is helping Markets! However, the Stock Market is in Over Bought Position, so Investors are looking for reasons to continue buying. This could lead to some sort of correction in near future! MBS is steadily making some higher grounds, as it tries to approach it's 100 DMA. It's currently Down 3bps this morning, after closing Up 9bps yesterday. It's not enough movement for any change in our pricing for Mortgage Rates; however, if we continue these late improvements, then we could see some improvement with our Mortgage Rates. Yields have been trending lower too, as it's now down to just under 1.58%.
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