http://MikesDailyMarketReport.com: The Initial Jobless Claims dropped again to 180k, as Continued Claims have shown signs of continuous declines. All good news, as people are going back to work! However, the initial reading for the Q1 GDP reported a drop of 1.4%, after posting an increase of 6.9% for Q4 2021. This surprised the Markets, as they were forecasting an approximately 1% increase. The GDP release dropped MBS to it's lowest levels of the day, which was down approximately 30bps; however, the Market has since subsided and is currently trading Down 13bps. Overall, pricing for Mortgage Rates are a little worse than yesterday's close. There may be some price improvements on some rate sheets, depending when they released their pricing (if it was during the low of the day, or around the current level). Meanwhile, Yields jumped up over it's Technical ceiling and back into the 2.80% range; currently sitting at 2.87%.
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