http://MikesDailyMarketReport.com: The Q1 GDP released it's final revision, which dropped another .1% from the previous revision; and the final is a drop of 1.6% for Q1. MBS is Up today, which it was around 17bps in the beginning of the video, then it jumped up to 25bps. If this continues, then we could see more price improvements; but overall, Mortgage Rates improved from yesterday. Speaking of yesterday, it rebounded late in the day to closing up 3bps, after being in negative territory all day. Improved inflation data out of Germany started a little rally with Euro Bonds, which trickled over to the US. Sentiment is feeling optimistic ahead of the PCE release tomorrow; however, the CPI sorely disappointed about 2 weeks ago. This report will have greater impact, as it's the Fed's favorites gauge for consumer inflation. Meanwhile, many of the global central bankers are speaking at a Forum (including Powell from US and Lagarde from the EU) have the Markets in a better mood too, as they discuss how they're handling the global inflation. Yields have slid all the way down to 3.11% and coming closer to it's 25 DMA again.
**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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