http://MikesDailyMarketReport.com: Initial Jobless Claims dropped by 8k from last week's data to 210k; however, Continued Claims rose from 1.315 million to 1.346 million from last week's report. The 2nd preliminary data report from GDP worsened by 0.1% to showing a contraction of 1.5% for Q1. Pending Home Sales dropped by 3.9% in April to 99.3k seasonally adjusted units. There was a 7 year Treasury Auction earlier today, which went very well; and helped to temporarily help MBS. Stocks are in Positive Territory today, as Investors review economic data, after effects of the Fed's Minutes (released yeterday) and continued Corporate Earnings releases. Investors were good with the Fed's Meeting and seemed to be pleased that the Fed may be pausing after July's rate hike; and a few of the Corporate Earnings Reports came out with some positive news. MBS was averaging between -3bps and +3bps; however, toward end of the video, it did turn a bit uglier (Down 11bps). Currently, Mortgage Rates are Unchanged from yesterday's rate sheet. If the trend downward continues, then Lenders may reprice for the worse. MBS is currently challenging it's 50 DMA. Meanwhile, Yields is hovering just under 2.77% and challenging it's 50 DMA and Technical Level (double floor).
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