http://MikesDailyMarketReport.com: Existing Home Sales jumped up to 6.5 million seasonally adjusted units in January (up 6.7%), beating expectations of 6.1 million. However, several variables (like Omicron, inflation, continued issues with supply chain, etc..) slowed down economic activity by 0.3%, according to the Leading Indicators Index for the month of January. Stocks are Down again, as escalating tensions build between Ukraine/Russia. Investors continue with moving their investment dollars over to MBS/Bonds as a "flight to safety". Obviously, this is helping Mortgage Rates for short-term improvement. MBS are currently Up 11bps, which isn't quite enough to improve Mortgage Rates from yesterday (currently Unchanged); however, we have an 3 day weekend ahead and you may see more money coming over, which will bump up MBS. If this occurs, then we may see some price improvements later in the day. Yields have now slid down to 1.93%.
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