http://MikesDailyMarketReport.com: New Homes Sales beat expectations for May, as it jumped up 10.7% to 696k seasonally adjusted units. However, Consumer Sentiment dipped down to 50.0 in June. A few bits that we don't normally look at, but Fed Chair Powell made a comment about it, which raised it's importance this week. The comment was regarding the Consumer Sentiment toward inflation, or outlook of inflation over a 1 year and 5 year period. Both were recently lower in June, compared to May's outlook. The 1 year went from 5.4% to 5.3%; and the 5 year went from 3.3% to 3.1%. This helped to ease concerns for many investors, as Stocks improved yesterday and have continued this trend today. As a result, money has flowed over to Equities from Bonds. Yesterday, MBS was up 77bps, and closed only up 25bps. Pricing for Mortgage Rates improved yesterday (from Wednesday's ratesheet), but did lose some of the better pricing, as the Market deteriorated. Today, MBS is currently Down about 17bps, so again Mortgage Rates worsened (compared to yesterday's close). Meanwhile, Yields spiked upwards to just under 3.13%. Yesterday, it was down to around 3.03%.
**As Mortgage Rates spiked over 6% over past few days, ask me about our 7/6 ARM, which may be a good alternative for you or your client. Contact me today!**
Please subscribe to my YouTube Channel at MikesDailyMarketRpt
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.