http://MikesDailyMarketReport.com: The weekly Initial Jobless Claims dipped to 229k last week, after last week's report was revised higher, from 229k to 231k. Also, there was a slight increase to the Continuing Claims from last week. The Markit PMI released their 2 reports (Manufacturing and Services) for the month of June, which anything above 50 is considered expansion. The Markit Services PMI dropped from 53.4 in May to 51.6 in June; and the Markit Manufacturing PMI dropped from 57.0 in May to 52.4 in June. Fed Chair Powell wraps up his 2 day testimony before the House Committee today. Investors continue to be concerned that the hawkish Fed policy will force the economy into a recession. There have been recent signs that the economy may not be as strong as the Fed has been stating. And the Investors recognize this. Meanwhile, MBS received a boost early on after poor PMI data from Europe sparked some Bond buying in Europe, which trickled over to the US. We're currently down from earlier highs (over the past hour), which was up to 77bps; however, while I was doing this video, we were ranging between Up 33bps to 50bps. Overall, pricing for Mortgage Rates are doing better than yesterday, which closed up 45bps. We're getting closer to getting back to the 25 DMA in both the MBS and Yields. Yields dropped down to just under 3.05%.
**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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