Thursday, February 17, 2022

Daily Market Report 2/17/22  Housing Starts dropped by 4.1% in January, as it's down to 1.638 million seasonally adjusted units.  This was partially due to weather and possibly increasing mortgage rates.  If you look inside the numbers, then you'll notice that there were an increase in single family being built and a drop with multi-family.  However, Building Permits rose by 0.7% in January to 1.899 million seasonally adjusted units.  This is considered "future" housing starts.  The Philly Fed Index dropped from 23.2 in January to 16.0 in February.  This index measures the manufacturing within the Philadelphia region.  Meanwhile, Jobless Claims rose to 248k from last week's 225k.  MBS is benefitting today, as it's now up to 36bps; and Mortgage Rate slightly improve.  This is based on Investors moving investment dollars from stocks, which are in negative territory, to MBS/Bonds.  This movement is occurring because of escalation of tension between Ukraine/Russia, including reports of some shots being fired along the eastern border.  Also, warnings of invasion to occur any time.  This news is helping Mortgage Rates today and pushing the 10 Year Treasuries lower, to 1.97% (now back below the 2.0% level).

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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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