http://MikesDailyMarketReport.com: Consumer Sentiment dropped to it's lowest level since 2011, as the University of Michigan released their survey's results, as 66.8 in November. This was a drop of 71.7 in October; and forecasts were calling for 72.4. There appears to be a direct correlation to consumers being fed up with high prices. Meanwhile, stocks are rebounding today, as investors try to buy on the dip. Meanwhile, MBS was showing signs of rebounding this morning, as it started the morning just below Wednesday's close (Down 72bps), but quickly rose Up 16bps; however, it started to steadily decline just after 7am and is Down 2bps now. Earlier Lenders probably priced in a little better and may see a price change for the worse; while the Lenders from the West Coast will most likely price their rate sheets closer to Wednesday's close. Likewise, Yields are working inversely and now testing it's 25 DMA ceiling. It's currently just under 1.58%.
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