Friday, March 18, 2022

Daily Market Report 3/18/22  Existing Home Sales dropped 7.2% in February to 6.02 million seasonally adjusted units.  But, Leading Indicator Index rebounded in February to 0.3%, after a bit of a contraction (-0.5%) in January.  Investors continue to monitor the Ukraine/Russia situation, as it's being reported that Russia was bombing Lviv, which is a city near the Poland border.  Meanwhile, a few Fed Members, Waller and Bullard, both indicated that they'd like to see at least a 0.5% rate hike at one of the meetings, and possibly multiple times this year.  Waller would like to see the Fed Funds Rates at or above 2-2.25% and Bullard would like it at 3.0% by year end.  MBS was Up (+25bps) for a bit this morning and many Lenders repriced for the better; however, over the past 40 minutes, those gains have dwindled down to +8bps.  If this persists, then you may see Lenders reprice for the worse.  Pricing will look more like yesterday's close, or Unchanged.  Yields took a step lower today, and currently around 2.15%.

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