http://MikesDailyMarketReport.com: Manufacturing slowed a bit in December, as the ISM Manufacturing PMI dipped from 61.1% in November to 58.7% in December. Anything above 50 is considered expansion or growth. This week, we'll get Jobs data. Check out the video to see what the Labor Dept reported today regarding the Quits rate. Meanwhile, MBS is currently Down 6bps; however, it was down around 14bps when Lenders rolled out their ratesheets, so Mortgage Rates will tend to be a little higher today. The good news is we've seemed to be hitting a benchmark for a possible recovery. We could possibly see the Markets improve and get us back closer to the 25- and 50 DMA; which would be slightly better pricing for Mortgage Rates. Also, Yields spiked to just under 1.66%. The last time we reached this level was in November (and once in October), which Yields then reversed couse. This might offer some instant relief within the next few days!
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