http://MikesDailyMarketReport.com: There's no notable items on the Economic Calendar today, but there was some positive from the MBA's Mortgage Loan Activity, which reported an increase of Mortgage Loan Origination with Purchase Transactions. Fed Chair Powell begins his 2 day Congressional Testimony today. His statements are pretty much the same. He is talking very hawkish, but also trying to assure the Markets that the economy is doing well and it can handle higher rates. Meanwhile, Investors are still concerned over the possibility of an upcoming recession due to the Fed Policy Path. Stocks are down today, as the Money is flowing back into the Bond Market, as a Flight to Safety. The price of oil has recently subsided dramatically. It was around $122/barrel about a week ago and now it's down to about $106/barrel today. Part of this is chatter with the Whitehouse regarding the possibility of suspending the federal gas tax for 3 months and encouraging state level to do so, as well. MBS closed yesterday in almost Unchanged levels (down 3bps) after being deeper in the red for most of the day. Today, it's Up about 48bps (off a little from earlier highs); so, Morgage Rates have improved today. Also, Yields dropped a bit too, as it's sitting around 3.16%. It closed yesterday at 3.28%.
**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!**
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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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