http://MikesDailyMarketReport.com: Industrial Production only increased by 0.2% in May, below forecast of 0.4%. Also, Leading Indicators contracted by 0.4% in May, which sets off 2 months in a row with contraction. Stocks are Up today, as Investors are buying on the dip; and money is flowing out of Bonds, as a result. Investors are trying to acclimate to a new environment, which easy money will be gone; and Fed is being aggressive with their attempts to reduce Inflation back down to 2% level. Meanwhile, mixed data shows that maybe economy might head into a recession. As a result, we're currently seeing MBS Down 25bps, after seesawing earlier on. This means that Mortgage Rates worsened a little bit in comparisons to those being quoted after the Market's close yesterday. Yesterday, the Market ended up closing Up 5bps, after trading in Negative territory for most of day. Yields slid quite a bit yesterday, as they're currently hanging around the 3.24% level today.
**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.