http://MikesDailyMarketReport.com: There are no economic data to report for today, but the most impactful data to be reported this week will be the CPI report on Wednesday. The last report didn't bode well for the Markets; but the PCE came in a bit tamer (and is the Fed's favorite gauge for inflation) the other week, so it will be interesting to see if the CPI report will come in a bit tamer too. Renewed concerns over global supply issues and inflation arose today, as China announces more lockdowns for areas with a pickup in COVID cases, as they aim for 0 tolerance. They make up approximately 25% of global manufacturing, so this will most likely hurt global supplies and push inflation a bit further. Stocks are down today, as investment dollars flow over into Bonds/Treasuries. This is also a bit of a spill over from the EU Markets as their Bond Market rallied a bit today too. MBS is currently Up 33bps, as Mortgage Rates show some improvement over Friday's close. They move back above the 25 DMA after closing below it on Friday. Similarly, Yields dropped below 3.00% and currently sit at 2.99%. On Friday, it touch the 25 DMA, but remained below it.
**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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