http://MikesDailyMarketReport.com: This week will feature a lot of Housing data, so stay tuned! Today, we have the NAHB Home Builders Index for April, which dropped by 2 points to 77. This measures the Home Builders confidence, which has lessened to the spike in Mortgage Rates in 2022. Investors are thinking about inflation and the Fed Policy, as they continue to review Q1 Corporate Earnings, which have been fairly Mixed. Stocks are Down today. MBS is somewhat following the Stock Markets cue, as they started the morning lower, but has since rised to Unchanged levels (currently Up 2bps), but not enough to make any change in Mortgage Rates, which remains Unchanged from last Thursday's close. We saw a very large drop on Thursday (closed Down 66bps), as Mortgage Rates worsened. The Markets have been experiencing quite a few headfakes, as MBS continues to decline, but we'll have a few days inbetween with decent improvement; only to follow up with a large drop! We're not seeing any signs of a bottom yet for MBS, so continue with caution! Yields continued their incline to 2.86% today.
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