Daily Market Report 6/30/21

 http://MikesDailyMarketReport.com:  The ADP revised it's May report from 978k private payroll jobs to 886k.  However, June's data exceeded it forecasts of 600k by reporting 692k jobs.  The revision in May's data made this more or less a wash.  Business activity in the Chicago region dropped in June, after hitting it's highest number in May since 1983.  The Chicago PMI reported 66.1 for June.  Anything above 50 is considered expansion, so it's still doing well.  Lastly, NAR reported that Pending Home Sales rose 8.0% in May after forecasts called for nearly a 1% drop.  Stocks are trading in Mixed Territory.  We enter the last day of the Month/Quarter, and Portfolio Managers will finish their rebalancing of portfolios today.  This has caused some movement in the Markets this week; and it's choppiness.  MBS is Up 5bps and testing some upper levels.  Mortgage Rates are Unchanged from yesterday's close.  We received some of the better pricing yesterday, as MBS continued it's movement upwards; however, today is showing some weakness between the 50- and 100 DMA.  Yields are at their lowest level, 1.44%, which has been a rock hard floor!  Every time we've hit this spot, then Yields have risen; and showing some signs that a trend reversal may happen soon!  Be cautious, as these signs may indicate we're at the best pricing this week; and may see some deterioration soon.

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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.

Daily Market Report 6/29/21

 http://MikesDailyMarketReport.com:  There are 2 Home Price Indices (HPI) being reported today.  The Case Shiller HPI, which measures the 20 largest Markets went up 1.6% in April and up 14.9% YoY.  Meanwhile, the FHFA HPI, which measures homes with conventional loan programrs (Fannie Mae and Freddie Mac),  rose 1.8% in April and up 15.7% YoY.  Lastly, Consumer Confidence spiked to 127.3 in June.  Stocks are Up today!  Banks passed their Stress Tests yesterday and 5 of the 6 largest banks announced an increase in their Dividends.  This boosted their stocks; as it also boosted it's sector.  Fed Member Barkin spoke today, which he commented that he projects the bottle neck in the supply chain to clear up around the end of summer; and that the Fed will continue to monitor pricing (for inflation).  MBS is only Up 2bps, as Mortgage Rates move in a sideways pattern today without any change in pricing.  Yields are sitting just under 1.49% after testing it's Technical ceiling earlier this morning.

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.

Daily Market Report 6/28/21

 http://MikesDailyMarketReport.com:  There's no economic data to report today; however, this week is Jobs report week.  The ADP will deliver their Private Payrolls on Wednesday; Initial Jobless Claims will be reported on Thursday; and the Bureau of Labor Statistics (BLS) will provide their Non-Farm Payrolls and Unemployment Rate on Friday.  Stocks are Mixed today, NASDAQ rebounds on improvement with Yields, as they drop back down to 1.47% range.  Another reason why this week can be a bit choppy in Stocks is it's Quarter end.  Portfolio Managers tend to rebalance their portfolios during this time.  MBS is Up 22bps, so we're seeing improvement with our Mortgage Rate today.

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.

Daily Market Report 6/25/21

 http://MikesDailyMarketReport.com:  Big data day today, as we receive the Fed's favorite gauge for inflation, the Personal Consumption Expenditure (PCE).  The Headline PCE rose 0.4% in May, while it's YoY rose from 3.6% in April to 3.9% in May.  The real Inflation, or Core PCE, is derived when you exclude food and energy, which rose 0.5% in May; and it's YoY rose from 3.1% in April to 3.4% in May.  So, the 3.4% is the number that the Fed determines as our inflation on a year-over-year basis.  Typically, they want it at 2.0%; however, they've been stating the bottle neck with the supply chain has created transitory (or temporary) spike in prices (or inflation).  Once the supply chain returns to normal, then inflation will subside.  This will take time!  Let's move on to Consumer Spending, which didn't see anything (0%) in May; and Personal Income dropped 2.0% during the same time.  Also, the Consumer Sentiment dropped a bit in June to 85.5, as inflation sours Consumers moods.  Our next big catalyst for the Markets will be next Friday's Jobs data for June.  Meanwhile, Stocks are Mixed today.  NASDAQ is Down today, as it's made up of mostly Growth Stocks, which are being hurt by today's spike in Yields, as it jumps from the 1.48% range to 1.54% range (testing it's Technical level and 25- and 100 DMA).  This is also, putting pressure on MBS, which is now Down about 8bps, as Lenders are beginning to reprice with worse pricing; so, Mortgage Rates are rising a bit today.

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.

Daily Market Report 6/24/21

 http://MikesDailyMarketReport.com:  Last week's Initial Jobless Claims were revised higher, from 412k to 418k; and this week's report came in at 411k.  This missed the forecasts of 380k, which economists were projecting.  Durable Goods revised their April data to slightly better, from -1.3% to -0.8%; and improved to 2.3%.  Some were disappointed with this number, as it missed it's forecasts by 0.5%, but when you see that it's revision was improved by 0.5%, then it's almost a wash.  Q1 GDP released it's final revision, which remained unchanged at 6.4%.  Next month, then we'll get an initial view of Q2 GDP.  Stocks are Up on news of a bipartisan agreement for the new infrastructure bill that will be about a $1 billion, and a little more than a half billion of new spending.  S&P and NASDAQ continue into new highs.  There are a few Fed Speakers scheduled today; however, there shouldnt be much impact, if they keep to the same message.  MBS are currently Up 6bps, so Mortgage Rates appears to keep moving in a sideways pattern and remain Unchanged.  Yields dipped a point to 1.48%

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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.

Daily Market Report 6/23/21

 http://MikesDailyMarketReport.com:  The IHS Markit PMI released it's 2 reports: Manufacturing and Services.  The Services dropped from 70.4 in May to 64.8 in June; however, it's Manufacturing rose from 62.1 in May to 62.6 in June.  New Home Sales dropped 5.9% in May, as it's April numbers were revised lower (from 863k seasonally adjusted annualized units to 817k).  In May, it was reported down to 769k.  All of these reports today indicate an ongoing issue with labor shortages.  Stocks are in Mixed Territory, as the DOW is barely in the Red.  The Market didn't have much impact from Fed Chair Powell's Testimony yesterday, as both he and the other Fed Speakers tip-toed along the same message.  MBS is currently Down about 5bps, which isn't enough for any changes to our pricing for Mortgage Rates (compared to yesterday's close).  Yields climbed back above the Technical level and sitting at 1.49%.  There will be a 5 year Treasury Auction today (at 10am PST) that may have an Impact with MBS Market.  If the Auction goes well, then we may find some improvement with Mortgage Rates today; however, the inverse may happen, if it doesn't go well.  Stay tuned!

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.

Daily Market Report 6/22/21

 http://MikesDailyMarketReport.com:  The Existing Home Sales dropped in May from 5.85 million annualized units in April to 5.80 million.  However, this is better than the 5.72 million forecast.  Stocks are Up again today before Fed Chair Powell testifies before the House Sub-Committee this afternoon.  He did release an early statement that was similar to Fed Williams' comments yesterday on the timeline of a ratehike.  It was stressed that the Fed feels that inflation is transitory and they will take the time to make sure Jobs are in stable ground before raising rates, which will take time (in other words, it won't come as soon as many Investors feared).  MBS is Up 16bps and back to same levels as Friday's close; so, Mortgage Rates have improved.  Yields had broke above the Technical level yesterday and is testing it again, as it sits just below 1.48%.

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.

Daily Market Report 6/21/21

 http://MikesDailyMarketReport.com:  There are no Economic data on the calendar to report today; however, there are a number of other data throughout the week that may  make some impact (including PCE, GDP, Housing data, etc...).  The Markets are following last week's hawkish tone set by the Fed and it's members.  Stocks are in Positive Territory today after a lot of selling last week.  Portfolio Managers are repositioning their assets as they head into a new Quarter.  We have a few Fed Members speaking today, including Bullard whose comments disrupted the Markets on Friday.  Investors may be interested in Fed Williams' thoughts, whom will be speaking later this afternoon.  Currently, MBS is Down 19bps (off from much earlier lows); but, it's enough for some worsening in Mortgage Rates (compared to Friday's close).  This has to do a bit with money moving from Bonds to Equities.  Yields are trying to claw it's way back up and so far are just over it's Technical Ceiling (1.48%).

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.

Daily Market Report 6/18/21

 http://MikesDailyMarketReport.com:  Today is a new Federal Holiday, Juneteenth, so there are no economic data to report; however, the Markets are still open.  Stocks are Down this morning, based on 2 events.  The first event is the Quadruple Witching, which Portfolio Managers reposition their portfolios, as we approach another quarter.  Also, there were some hawkish comments by St Louis Fed Bullard, which he stated that the Fed may raise rates as soon as next year (much earlier than expected).  We had some really big swings in both the MBS and 10 year Treasuries this morning, which last all but 10 minutes.  MBS opened a little higher than yesterday's close, but it had a quick drop of about 25bps.  Almost as quick, it rebounded.  As of creating this report, it was Unchanged levels.  So, technically speaking, Mortgage Rates remain Unchanged.  Yields started lower than yesterday's close, but then spiked north until it reached the 100 DMA (around the 1.52% range) and has subsided (even testing a strong Technical floor) at 1.46%.

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.

Daily Market Report 6/17/21

 http://MikesDailyMarketReport.com:  Manufacturing in Philadelphia region slipped a little bit in June, as the Philly Fed Index came in at 30.7 (prior, it was at 31.5).  The Initial Jobless Claims rose back above 400k, as it was reported that 412k people applied for first time benefits last week.  Also, Leading Indicators showed 1.3% improvement in May.  Again, Stocks are in Mixed Territory (NASDAQ lone index in Positive).  Investors are readjusting their positions after the FOMC Announcement yesterday, which saw all the Markets drop.  It came in a little more Hawkish; however, too many investors put too much emphasis on the Dot Plot, which Powell cautioned that it's too early to really tell when they'll raise rates, as they want to see much more improvement before even thinking about the next move.  Meanwhile, MBS has recovered about half it's losses (from yesterday's abysmal -52bps drop) and is currently Up 30bps.  It's steadily climbing back to pre-FOMC Announcement, so we'll see if it's fully recovered today, or will need more time.  Yields have already moved to pre-FOMC Announcement and is sitting just under 1.49%.  This could help pave the way for MBS!  Mortgage Rates improved from yesterday's close, but not yet back to the pricing before the announcement, which we're approximately a 0.25 point difference.

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.

Daily Market Report 6/16/21

 http://MikesDailyMarketReport.com:  Housing Starts rose to 1.572 million annualized units in May, as it's April numbers were reduced from 1.569 million to 1.517 million.  It's counter-part, Building Permits dropped to 1.681 million annualized units, as confidence with Home Builders sours.  They're still facing issues with labor, rising prices and short supply with materials.  Stocks are in Mixed Territory this morning, as Investors brace for the FOMC policy statement around 11:30am PST.  Investors will be looking for clues to the Fed's thoughts on inflation, jobs/economy, tapering and review Dot Plot for future projected rate hikes.  MBS is little changed, as it's currently Up 3bps; and Mortgage Rates remain Unchanged.  Yields moved slightly too, as it sits just under 1.49%.  Now, it could get very choppy after the FOMC announcement and Investors review the wording and Dot Plot.  This volatility could extend into tomorrow morning.  So, be careful!

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.

Daily Market Report 6/15/21

 http://MikesDailyMarketReport.com:  We got a long list of economic data to report today, so be prepared.  The inflation data for the Wholesale sector continues to rise, as the Producer Price Index (PPI) rose 0.8% in May; and the Core PPI (excludes food and energy) rose 0.7%, bringing it's YoY from 4.1% in April to 4.8% in May.  Retail Sales in May dropped 1.3%; however, it's April numbers were revised higher, from 0.0% to 0.9%.  When you exclude "big ticket items", like Autos, then it dropped only 0.7% in May; and it's April numbers were revised higher too, from -0.8% to 0.0%.  Manufacturing in the NY region slowed a bit in June, as the Empire State Index dropped from 24.3 in May to 17.4 in June.  Capacity Utilization rose to 75.2%; and Industrial Production rose 0.8% in May (due to Auto production).    Home Builders are losing confidence, as the NAHB Home Builders Index dropped from 83 in May to 81 in June, as they face delays and rising costs due to the lack of materials, rising costs and finding workers.  Business Inventories dropped 0.2% in April.  Stocks are all in Negative Territory today.  Investors are shrugging off the economic calendar and are focused on the upcoming FOMC, which begins today.  The Fed will provide their policy statement tomorrow, so be prepared for a choppy ride.  Investors are waiting for comments on Tapering, especially with the MBS purchases, as the Housing Market is on fire; Inflation -is it permanent or transitory (and estimate of when prices might normalize); and the jobs data.  MBS did most of their damage ahead of the Fed meeting yesterday and is currently Down about 2bps; so, Mortgage Rates remain Unchanged from yesterday's pricing (after close of Markets).  Yields are testing it's 100 DMA again, which is holding it below at 1.50%.

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.

Daily Market Report 6/14/21

 http://MikesDailyMarketReport.com:  There are no economic data to report today.  It's fairly slow in the Markets, as NASDAQ remains the only index in Positive Territory; and Investors shift their bets ahead of the FOMC, which begins tomorrow.  The FOMC is the Fed's 2 day meeting, which they gather every 6 weeks.  Investors will be watching for their statements on inflation and discussions on Tapering; along with any updates on the Dot Pot (for future rate hikes).  Meanwhile, there was a big selloff with MBS today, as it's currently Down 23bps; so, Mortgage Rates took a bit of a hit this morning.  It broke below both it's 25- and 50 DMA.  Yields inversely broke above it's Technical Ceiling (at the 1.47% range) and is approaching it's 100 DMA.

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.

Daily Market Report 6/11/21

 http://MikesDailyMarketReport.com:  Consumer Sentiment rose to 86.4 in June, as Consumers are feeling a bit better (compared to May); however, there is still concerns lingering over inflation, as their costs are higher.  Stocks are in Mixed Territory, as NASDAQ is lone index tip toeing back and forth between Negative and Positive Territory.  Yesterday's inflation news was shrugged off, even though it would hurt both the Equity and Bond Markets, as Investors are onboard with the Fed's transitory message for now.  There is no catalyst for any Market movement today, so they will look toward next week's FOMC; and listen for any news on any discussion of tapering.  Meanwhile, MBS had a rollover, so it's placement on the chart may look a little out of whack.  It just means that MBS had a reset with their pricing, which doesn't affect Mortgage rates pricing, and is now funding loans for July's coupon (reason behind 30 day locks).  We had 2 price improvements yesterday; one of which brought the level of pricing to the same as Wednesdays, as the Market initially opened worse.  However, it kept improving and closed up about 16bps higher; thus, enough for another price improvement.  Today, there is some selloff; and it's Down about 20bps now.  It's now below it's 25 DMA and testing it's 50 DMA.  Mortgage Rates did worsen; and should be close to pricing seen around Wednesday's close.  Yields fell to about 1.44% yesterday; and now recovered a little bit to just under 1.46%.  It's currently sitting between 2 Technical levels.  It tested the ceiling earlier, but it held and it pulled back a bit.

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.

Daily Market Report 6/10/21

 http://MikesDailyMarketReport.com:  We received the long-awaited inflation report for this week today, which is the Consumer Priced Index (CPI), for the month of May.  The CPI rose 0.6% in May; and it's YoY rose from 4.2% in April to 5.0% in May.  The Core CPI (excluding food and energy) rose 0.7% in May; and it's YoY rose from 3.0% in April to 3.8% May.  Lastly, the Initial Jobless Claims came in at 376k new claims last week.  Last week's report was revised higher, from 385k to 405k.  We're still seeing improvement here, as the amount of people applying for Unemployment is shrinking, along with Continued Claims.  Stocks are Up today, despite the high inflation data.  Last month, the Markets tanked on the news; however, now, Investors are getting more inline with the Fed that the data is transitory.  I am seeing comments by many investors that they may have a little different definition of transitory, so they're not completely in agreement with the Fed.  Many are stating that we may be at the top end of Inflation, but they disagree with the pace of inflation trending downward.  Many Investors feel it might take years for it to happen; whereas, many believe the Fed has the notion is will be much quicker.  Also, Christine Lagarde, President of ECB, stated much the same as our Fed has been saying.  This helped the Markets a bit.  GameStop reported that the SEC is probing them in regards to the trades in the Market; and mentioned they're not the only ones being probed.  MBS initially dropped after the release of the CPI report.  Lenders initially came out with worse pricing too.  However, the Markets subsided and shrugged off the inflation news and have rebounded.  MBS is currently Up 2bps and testing it's 100 DMA again, so Lenders are repricing already this morning to an improvement.  Pricing should be about the same as yesterday's close.  Yields initially worsened too after the inflation news (touching around 1.54%), but have slipped below it's 100 DMA and now testing a Technical floor; it's sitting at 1.47%.

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.

Daily Market Report 6/9/21

 http://MikesDailyMarketReport.com:  The Wholesale Inventories rose by 0.8% in April.  This is a minor report, and won't have much impact with the Markets.  However, tomorrow's CPI report can have a major impact with the Markets, so be cautious!  Stocks are in Mixed Territory, as DOW is lone index in the Red.  It was reported that China's PPI, which measures inflation on the Wholesale side, rose by 9.0% last month (highest since 2008).  This will obviously translate to higher costs here, as we obtain quite a bit of commodities from China.  MBS is currently Up 13bps and testing it's 100 DMA.  This will lead Lenders to provide better pricing today for Mortgage Rates.  Yields have slipped down to 1.50% as it (earlier) tested it's 100 DMA and Technical floor.  There is a 10 Year Note Auction today, which could affect the Markets, depending upon the Auction results, so be aware!

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.

Daily Market Report 6/8/21

 http://MikesDailyMarketReport.com:  The NFIB Small Business Survey dipped by 0.2 points to 99.6.  This survey gauges the confidence with Small Business Owners, which important because they make up the bulk of the US employment data.  Their concerns lie with finding employees to work and rising inflation.  Stocks are Down as they wait for the CPI report on Thursday.  DOW and NASDAQ have been trading near all time highs, so they're receptive to the notion that the Fed may be pulling some of the punch from the punchbowl soon, if the economy and inflation continues to grow.  There was a disruption to many major websites (like CNN and NYT) due to some internal issues at Fastly.  This added to some Market instability early in trading, as many did not know the source of the problem.  Meanwhile, MBS jumped above it's 25 DMA and currently Up 6bps.  Mortgage Rates remain Unchanged in the process, as this isn't enough movement to make any changes.  Yields have dropped below it's Technical floor, which has been holding steady for awhile; and is now testing another Technical level at the 1.53% level.

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.

Daily Market Report 6/7/21

 http://MikesDailyMarketReport.com:  There are no economic data to report today.  It's very light this week; however, Thursday could be a big day, as we will receive the CPI for May.  Last time it reported a big spike with inflation, and Markets overreacted.  Stocks are in Mixed Territory, as NASDAQ remains lone index in Positive Territory today.  As there's not much to report today, Investors are watching on any progress on the Infrastructure bill and still have some concerns regarding Inflation; which the Fed has recently indicated that they will start the discussion.  The Fed is trying to give a long-timeframe on the possibility of tapering, as to avoid any Taper Tantrums.  Meanwhile, MBS is Down 5bps, so Lenders will price their Mortgage Rates as Unchanged from Friday's close.  Yields are still hanging around 1.57% too.

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.

Daily Market Report 6/4/21

 http://MikesDailyMarketReport.com:  The Bureau of Labor Statistics (BLS) released their reports today, which is the data we've been waiting for this week!  The Non-Farm Payrolls improved last month's dismal 278k to 559k in May.  This is still much lower than expectations that were ranging from 700k to 1 million.  Average Earnings jumped up .5% in May, as well, while employers are trying to entice workers to come back to work.  The Average Work Week remained Unchanged at 34.9 hours per week.  The Unemployment Rate dropped from 6.1% to 5.8% in May.  Lastly, Factory Orders dropped 0.6% in April while they deal with the shortages in labor and materials.  Stocks are Up today, as Investors feel that the Fed won't make any changes to their current policies based on employment data being released over the past 2 months.  There was a comment by Cleveland's Fed Member Mester, which she mentioned that the higher wages haven't been included in the underlying inflation data.  This will be interesting to see, as wages make up a great portion of the inflation data.  Lastly, Investors are keeping one eye on any progress on the Infrastructure spending proposals.  Meanwhile, after a tough start, MBS is Up 27bps (testing it's 25 DMA once again!).  Mortgage Rates are improving a bit today!  Also, Yields have fallen back down to a pretty tough floor of support by 1.56%.

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.

Daily Market Report 6/3/21

 http://MikesDailyMarketReport.com:  The ADP released it's May Jobs data, which the Market it obsessing over today.  It came in with 978k new private jobs.  Also, the weekly Jobless Claims broke below 400k with 385k applying for First Time Benefits for last week.   However, there is a caveat (in my opinion).  The ADP revised their April Jobs data lower, from 742k to 654k.  The Challenger layoffs (announced layoffs) rose from 22.913 to 24.586 in May.  Also, the Continued Claims revised last week's report from 3.602 to 3.738 million; and this week's report came in higher at 3.771 million.  The Media is only reporting the HOT number, but not really mentioning some of these other data points that are important.  To continue with the economic reports, the final revisions for Labor Costs dramatically shifted higher for Q1.  The previous report showed a drop of 0.3%; however, the final came in at 1.7%.  On the other hand, Productivity remained at 5.4% for Q1.  Lastly, the ISM Non-Manufacturing PMI exploded to 64.0, which is highest on record.  As for the Stock Market, they were all in red until DOW rebounded and is currently in positive territory.  It liked the reported economic data.  The Fed Beige Book was released yesterday, which indicated that the economy is growing at moderate pace, but do face labor and supply shortages.  Also, the inflationary data is transitory.  Otherwise, pretty much what we've known!  MBS dropped lower on the day, after the ADP report was released, and is now Down 14bps (just above it's 50 DMA).  This has caused Lenders to reprice this morning to a little worse pricing on their ratesheets.  Yields have spiked up (past the 3 previous levels - 25- and 50 DMA and Technical level) to just under 1.63%.

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.

Daily Market Report 6/2/21

 http://MikesDailyMarketReport.com:  There are no economic data being reported today.  This week is May's jobs data.  Typically, the ADP release their data on Wednesday; however, due to the short week, then they extended that release date for tomorrow (along with the weekly jobless claims).  Stocks are Up today, as they look toward Q2 and progress in the economy.  They're closely watching for signs of supply chain and labor improvement before they invest much more in equities.   There are a few Fed Speakers out today, as Fed Member Harker stated that he's in favor of "talking about talking about the possibility of tapering".  Meaning that it's most likely down the road a bit.  MBS improved yesterday to -3bps close, as it was down approximately 17bps; so, most Lenders re-priced for the better yesterday.  Currently, there's no change in MBS trade; so, Mortgage Rates are Unchanged.  Pricing should be similar to what we saw after last Friday's close.  Yields have slid down a bit further, and currently sits at 1.59%.

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.

Daily Market Report 6/1/21

 http://MikesDailyMarketReport.com:  ISM Manufacturing PMI rose to 61.2 in May (up from 60.7 in April).  Also, Construction Spending rose only 0.2% in April; however, it's March number was revised higher from 0.2% to 1.0%.  Stocks are Mixed after initially starting in Positive Territory; however, the ISM Manufacturing PMI report disappointed S&P and NASDAQ, as the reported reiterated the Labor and Supply shortage.  Investors seem to be buying into the Fed's Inflation message now, as they shrugged off last Friday's inflation data.  We have a few Fed Speakers today, as their speaking engagements will go into a Blackout ahead of their FOMC on June 15-16.  MBS started down 17bps, so Lenders priced Mortgage Rates a bit worse.  However, it's subsiding quite a bit and is Down only 5bps now; so, Mortgage Lenders may be coming into position to re-price for the better (assuming this continues to improve).  This would bring us to Unchanged pricing from Friday's close.  Yields had spiked to 1.63% range; and also have subsided down to 1.61% (breaking back below it's 25- and 50 DMA and a Technical level).

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