http://MikesDailyMarketReport.com: Retail Sales grew by 1.0% in June. A report that we don't normally pay much attention is the Import Prices, which showed an increase of 0.2%. I'm looking at it now because the Fed will be convening for their 2 day event in about 1.5 weeks and could show inflation data. This was very tame, so it's good news. To move on, we got more good news with manufacturing in the NY region, as the Empire State Index rose to 11.1 in July (after a few months contracting). But Industrial Production (of course, this is for June; as the previous is more current, but just a micro view) contracted by 0.2% in June. The Consumer Sentiment slightly improved in July, as it rose from 50.0 to 51.1. These are the lowest positioning in about 40 years. This seems to be a result that consumers are feeling some slight improvement with inflation; and may be taking a "wait and see" approach". Both Markets are reacting positively to the economic data. Also, today's release of corporate earnings had a bit more positive note, so it's helping with stocks. However, the possibility of a 100bps rate hike at the July FOMC was reduced; which did receive some help from comments by Fed Members. Meanwhile, MBS is back above the 25 DMA and have been ranging between 14-19bps while doing this video. Mortgage Rates did improve from yesterday's close, which should put our pricing closer to Wednesday's close (similar pricing). Also, Yields have slid down to 2.93%, adding less pressure to MBS.
**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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