http://MikesDailyMarketReport.com: Today, we received data in the services sector by ISM Non-Manufacturing PMI for the month of September, which rose from 61.7 in August, to 61.9 for September. Anything above 50 is considered expansion. This is helping stocks gain more footing in today's trading. Starting tomorrow, we'll start seeing jobs data for the month of September, which will be our catalyst for the week, so stay tuned! After yesterday's big selloff with equities, Investors are back to buying (as they say in the street, "you buy on the dip"). Meanwhile, MBS Market has become a bit illiquid, so it's taking a bit of a beating today. It's currently Down about 20bps, which has led Lenders to price in worse pricing on their ratesheets and Mortgage Rates have risen today. Also, Yields have spiked higher and has tested a new ceiling. It's currently residing around 1.52%.
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.