Tuesday, October 26, 2021

Daily Market Report 10/26/21

 http://MikesDailyMarketReport.com:  We have 2 Home Price Indices (HPI) being reported today.  The first is the Case Shiller HPI, which follows the 20 largest US Markets.  It went from MoM of 1.5% in July to 1.2% MoM in August, as it's YoY dropped from 20.0% to 19.7%.  Similar reading by the FHFA HPI, which measures homes with conforming limits.  It went from 1.4% MoM in July to 1.0% in August, as it's YoY droppedd from 19.2% to 18.5%.  As we hit the fall season, we have reported slower home sales; so, this is a great time for First Time Home Buyers to re-enter the Market.  Inventory is still relatively low, but less competition.  Next, we move on to Consumer Confidence, which rose from 109.8 in September to 113.8 in October.  It beat forecasts of a drop to 108.3.  Lastly, New Home Sales spiked in September by 14.0%, as it went from 702k seasonally adjusted units in August to 800k in September.  MBS started higher, but quickly lost those gains  It's Down 3-5bps currently, but it's not enough for any changes to Mortgage Rates, as they remain Unchanged.  It closed higher in the day yesterday at +20bps.  Likewise, Yields started lower (even below it's Technical floor), but quickly reversed.  It's currently sitting at 1.63%.

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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.

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