http://MikesDailyMarketReport.com: Light week, this week, for economic data! The biggest factors for us (mortgage related) will be the Treasury and Bond Auctions being held throughout the week. Today, we have the 3 yr Treasury (at the time of this video, it's results weren't released). Stocks are trading in Mixed Territory again today, as they are still reviewing the Non Farm Payrolls released from last Friday. Now, Investors are resigned to the sentiment that the Fed won't announce any taper until end of the year; and possibly start tapering early 2022. Meanwhile, MBS started the morning in a deep dive (down about 19bps), but (luckily) reversed most of the losses and is currently Down about 6bps. Most Lenders released their ratesheets after the rebound, so Mortgage Rates should be Unchanged from Friday's close (however, there may be some whom printed early on, whom may released worse pricing). Fortunate for us, MBS is outperforming Yields, which is currently Up to 1.36%; but did touch off 1.38% early on. This volatile effect with MBS and Yields are due the Auctions for Bonds and Treasuries this week, which creates more supply in the Markets. They will be competing amongst each other, along with Corporate Bonds, for investment dollars.
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