http://MikesDailyMarketReport.com: Initial Jobless Claims dropped to 232k last week with Continuing Claims decreasing too. The second look at the Q4 GDP increased to 7.0% (from 6.9%), as we'll receive the final reading next month. New Home Sales dropped 4.5% to 801k seasonally adjusted annualized units fro the month of January. However, December's data was revised higher, from 811k to 839k seasonally adjusted annualized units. Later today, we'll get the results for the 7 year Note Auction, which could have some impact on the Markets. This whole week has been based on Russia's invasion of Ukraine, which had escalated further; and it is believed that Ukraine will fall to Russian within days. It is unknown how these new movements will affect NATO's and US' stance on the invasion, as they've already implemented sanctions. Also, they'll be factoring China's stance too. All this bad news has not been kind to stocks, which are still dropping. However, it is helping MBS today, as we're down for the day, but still higher than yesterday's close. We're currently Up about 25bps, which Lenders will have better pricing on their Mortgage Rate sheets. Yields have started to fall further. They've dropped below a Technical floor and it's 25 DMA. It's currently sitting at 1.93%.
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