Tuesday, May 31, 2022

Daily Market Report 5/31/22

 http://MikesDailyMarketReport.com:  This week will be about Jobs data, starting tomorrow with the ADP and ending on Friday with the Non-Farm Payrolls and Unemployment Rate from the Bureau of Labor Statistics.  Today, we have 2 Home Price Indices (HPI) for the month of March.  The Case Shiller HPI rose by 2.4% MoM and 21.2% YoY.  This index measures the 20 largest cities in the US.  The FHFA HPI rose by 1.5% MoM and 19.0% YoY.  This index measures the homes with conforming loans.  Manufacturing picked up in the Chicago region, as the Chicago PMI rose to 60.3 in May.  Lastly, the Consumer Confidence dipped to 106.4, which still beat the 104.0 forecasts.  Stocks are Down today, as well as, MBS is Down 42bps (off from earlier lows of approximately 52bps).  News of China lifting some of it's COVID lockdowns is creating some optimism, but Oil prices are spiking (up to $118/barrel), as EU report less dependency on Russian oil and a spike with inflation curb that enthusiasm.  Also, Fed Member Waller had some very hawkish comments, as he reiterated his stance on rate hikes.  He stated that he's in favor of 50bps rate hikes until inflation is at the 2% level.  Both MBS and Yields pulled away from their 50 DMA and sitting between the 25 DMA and 50 DMA.  Yields spiked up to 2.84% (after touching 2.72% last week).  Mortgage Rates worsened from Friday's rate sheets.

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Also, these videos are base on my views and not represented by any other entity, but my own.  I work as a Loan Officer, and if you'd like information on Mortgages, or how I can assist you, then please direct message me.

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