http://MikesDailyMarketReport.com: NAHB Housing Market Index dramatically dropped from 67 in June to 55 in July. This index gauges the confidence level for Home Builders, which is extremely low in July, as this will most likely lead to a dramatic drop in Permits and New Home Sales, as Home Builders lose confidence. However, Investors are happy with the Q2 Corporate Earnings, so Stocks are Up again today. This week will mostly show Housing data and the most impactful will the ECB meeting on Thursday when they're expected to hike rates for the first time in 11 years. MBS started the morning way down (down about 30+ bps), but have pulled back after testing the 25 DMA floor; and is now currently Down 9bps. Mortgage Rates were worse, but if this improvement trend continues, then we may find Lenders to re-price their ratesheets for the better and pull Mortgage Rates closer to the same pricing as found at the close of Friday. Yields are off from earlier highs when they tested it's 50 DMA and is currently at 2.97%.
**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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