http://MikesDailyMarketReport.com: Inflation data came in with a nuclear explosion! The Consumer Price Index (CPI) rose 1.0% in May, as it's YoY rose from 8.3% in April to 8.6%. The Core CPI, which excludes food & energy, rose 0.6% in May, as it's YoY dropped from 6.2% to 6.0%. Meanwhile, Consumer Sentiment dramatically dropped from 58.4 in May to 50.2 in June. As one could imagine, Consumers aren't happy about the spike in food and energy! Investors are looking at this data and are realizing that Inflation may not have peaked yet. This means that the Fed will need to (possibly) further tighten policy to get inflation back down. Both Stocks and MBS are Down by a lot today. MBS was down as much as 110bps, but currently sitting around 75-77bps. This means that a No Point quote yesterday will most likely cost about a point today. There are big swings in the Market today, so Lenders will be slow on any price improvements, in case they worsen again. Obviously, Mortgage Rates have worsen today. Yields spiked all the way up to 3.15%. This is touching on the level reached last month, before it subsided.
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.
No comments:
Post a Comment