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.