http://MikesDailyMarketReport.com: Today, we have 2 HPI (Home Price Index) reports. The first is Case Shiller HPI, which gauges the 20 largest US Markets. It rose 1.2% MoM in November and dipped 0.2% to 18.3% YoY. However, FHFA HPI rose 1.1% MoM in November and it's YoY rose 0.1% to 17.5%. FHFA follows conforming loans. Lastly, Consumer Confidence dipped from 115.2 in December to 113.8 in January. The 5 year and 7 year Treasury Auction went well (video was just completed shortly after Auction results). However, while creating the video, we hadn't seen much reaction. The FOMC started their 1st day for their 2 day meeting, which we'll receive their announcement tomorrow. All eyes and ears will be waiting for the announcement, as most investors are on edge; and Markets are highly volatile, as a result. Yesterday, MBS closed closer to their opening and off their earlier highs. This is most likely a result in a HUGE turn-around with stocks yesterday, as the DOW reversed by 1200 points. Today, stocks are down and MBS is currently Up around 13bps. Mortgage Rates are pricing in closer to yesterday's earlier (before spike to highs) pricing. Many Lenders didn't reprice for worse when the Market declined late in the day, so that pricing is being shown with today's pricing. Meanwhile, Yields bounce off yesterday's Technical floor to above it's Technical Ceiling and now it's acting as a floor. Today, that new floor was tested, but has been slowly rising again. It's currently just under 1.79%.
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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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