Daily Market Report 8/26/21

 http://MikesDailyMarketReport.com:  The Initial Jobless Claims rose slightly to 353k, according to this week's report.  The 2nd look at Q2 GDP rose to 6.6% (slightly lower than forecasts); which, we'll receive final reading next month.  Stocks are Down today after several days of breaking new highs.  Today is the first day of the Jackson Hole Symposium, which we're hearing from a number of Hawkish speakers (Bullard, Kaplan and George), whom are stating they'd like to taper sooner than later.  Also, there are reports out of Afghanistan, which there were a few Bomb attacks in Kabul.  Reports are stating several fatalities and wounded.  Meanwhile, MBS went into negative territory after the ECB released their Minutes.  It was discussing their version of taper talk too.  MBS is currently Down 5bps.  Yesterday closed Down 14bps; so, Lenders have priced Mortgage Rates worse than yesterday's pricing; and have been pushed below it's 100 DMA.  Yields are testing it's next Technical level at 1.37% and currently sits at 1.35%.  The last time we hit this level was about 2 weeks ago when Yields dropped.  This level is important to hold because next level will be 1.42% (potential for Mortgage Rates).

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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.

Daily Market Report 8/25/21

 http://MikesDailyMarketReport.com:  The Durable Goods Orders dropped 0.1% in July; however, if you exclude Transportation, then it rose 0.7%.  The drop in airplane orders is what is bringing the Durable Goods data down.  Meanwhile, Stocks continue to break new records, as they base their economic views on Q2 Corporate Earnings (vs. reported economic data) and comments by Fed Kaplan last week (softening in the tone of tapering).  Tomorrow is the beginning of the Jackson Hole Symposium, which Investors are waiting to watch (especially on Friday when Fed Chair Powell speaks).  This will be the catalyst for the week!  MBS is currently Down 8bps after seesawing in pretty wide swings in both directions.  Based on today's pricing and yesterday's swoon (closed down 11bps), then Lenders will price Mortgage Rates a bit worse than yesterday.  Pricing should resemble close to last Friday's pricing.  There is a 5 year Treasury Auction which might impact the MBS Markets, so be a bit cautious!  Yields are spiking again; and is top it's Technical level!  It's currently residing at 1.33%.  Next layer up is 1.37%.  This could eventually put more pressure onto MBS.

Please subscribe to my YouTube Channel at MikesDailyMarketRpt

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.

Daily Market Report 8/24/21

 http://MikesDailyMarketReport.com:  New Home Sales rose 1.0% in July, as June's data was revised higher (from 676k seasonally adjusted annual units to 701k); and July came in at 708k.  Meanwhile, Stocks continue in the Positive Territory after yesterday's announcement of the FDA Approval for Pfizer/BioNTech vaccinations.  So, far about 90% of corporations of released their Q2 Earnings Reports, which most of them reported positive results.  Congress is still working to pass the Infrastructure and Spending bills; and Biden met with the G7 Leaders, whom are presumably trying to appeal to him to remain in Afghanistan past the August 31st date.  Meanwhile, MBS is Down about 9bps; however, yesterday, we had a late spike in MBS and closed at +20bps.  Lenders repriced for the better, as a result.  Today's Mortgage Rates are Unchanged from yesterday's close, but better than yesterday's opening.  Also, Yields are still climbing their way upward toward another Technical ceiling, after passing it's 25 DMA.  It's currently just under 1.29%.

Please subscribe to my YouTube Channel at MikesDailyMarketRpt

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.

Daily Market Report 8/23/21

 http://MikesDailyMarketReport.com:  The Markit PMI released it's Manufacturing and Services data today.  The Manufacturing dropped from 63.4 in July to 61.2 in August; and Services dropped from 59.9 in July to 55.2 in August.  Both slowdowns being attributed to the rise of COVID cases.  Existing Home Sales got a bump with an increase in supply over the summer, as it went up from 5.87 million seasonally adjusted annual units in June to 5.99 million in July.  Stocks are Up today, as Investors shrug off the Markit data, which only feeds into the Bad News is Good News.  Based on the Notes from the last FOMC, there was concern that the Fed may taper sooner than expected; however, based on more recent comments (notably by Fed Member Kaplan), then there may be some sentiment to hold on talks to later this year (continued stimulus).  Some good news today, as the FDA announced it's Approval for Pfizer and Bio N Tech vaccines.  They're hoping this news will bring more unvaccinated to get vaccinated; and stocks for many services industry (such as movie theaters) are up.  Meanwhile, MBS started the morning lower, but has since risen; and is currently Up about 8bps.  This isn't quite enough to positively affect prices, but if it continues with this trajectory, then it can.  So, Mortgage Rates will be Unchanged from Friday's close.  Yields are pushing up against it's 25 DMA and just under 1.26%.

Please subscribe to my YouTube Channel at MikesDailyMarketRpt

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.

Daily Market Report 8/20/21

 http://MikesDailyMarketReport.com:  There are no economic data to report today; however, next week will carry some heayweights, such as Q2 GDP and PCE.  But more importantly, Investors will be looking ahead for the Fed's Jackson Hole Symposium on Thursday (the 26th) to Saturday.  They'll be watching for any clues on tapering talk; as Fed's Kaplan (today) seemed to soften his stance on tapering after seeing the rise in the Delta variant.  Stocks are rebounding a bit today, as Investors cherry-pick stocks that took a bit of a beating this week.  Meanwhile, MBS is Down 6bps so far this morning.  Couple this with yesterday's late swoon, then Lenders will most likely have a little worse pricing today for Mortgage Rates.  Yields are testing it's Technical ceiling today and currently sits at 1.25%.

Please subscribe to my YouTube Channel at MikesDailyMarketRpt

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.

Daily Market Report 8/19/21

 http://MikesDailyMarketReport.com:  The Business Activity around the Philadelphia region slowed up a bit in August, as the Philly Fed Index indicated that it droppe from 21.9 in July to 19.4 in August.  The Initial Jobless Claims reached a new low since the beginning of the pandemic, as it reported 348k applying for first time benefits; meanwhile, continuing claims continue to decline.  Obviously, this is good news, as (hopefully) more people are going back to work.  Lastly, the Leading Economic Indicators report 0.9% jump in July.  Stocks are being impacted by the release of the FOMC Minutes that were released yesterday.  There really wasn't news, as many of the Fed Members have been voicing the probability that the Fed could look to pull back on stimulus sooner than later since the FOMC took place last month.  After the release of the Minutes, MBS improved a bit, as Investors looked for a Flight to Safety.  Based on yesterday's late gains and today's slight improvement, then Lenders will have better pricing than yesterday morning; and should be comparable to Monday's pricing.  MBS is currently Up 6bps.  Yields fell back between the 2 Technical levels and sit just a hair below 1.24%.

Please subscribe to my YouTube Channel at MikesDailyMarketRpt

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.

Daily Market Report 8/18/21

 http://MikesDailyMarketReport.com:  Housing Starts dropped 7.0% in July, the numbers were 1.65 million seasonally adjusted units in June to 1.534 million in July.  However, Building Permits (future Housing Starts) rose 2.6%, which it's numbers were from 1.594 million seasonally ajusted in June to 1.635 million in July.  Meanwhile, the Markets are gearing up for the release of the last FOMC's Notes for any clues about discussion of tapering.  Investors will be looking ahead to next week's Jackson Hole's Symposium to see if the Fed drops any more clues.  We have already heard from several members whom support the discussion at Septembers meeting.  However, there are some whom think the Fed may want to see Septembers data before approaching the decision.  Hopefully, next week will be that indicator!  Stocks are Mixed, as NASDAQ is lone index in Positive Territory, which have been affected by today's economic data and comments by St Louis Fed Bullard yesterday, as he stated that the Fed should monitor the red hot housing market, as this woud lead to more discussion on tapering.  If you're not aware of what is tapering, then it's simply the reduction of the Fed's current purchase of $120 billion/month of MBS and Treasuries, which was used to create liquidity in the Markets when the Pandemic crisis started last year.  These purchases have helped keep Mortgage Rates down, but will rise once the Fed begins to taper, as there will be less demand.  MBS lost some ground yesterday afternoon and began the day much lower; however, did rebound some by mid-day.  MBS is currently Down 2bps, but with yesterday's losses and today's start, then Lenders will come in with worse pricing with their ratesheets.  When I say worse pricing for this scenario, it's about .125% in the interest rate; so, a 3.0% rate yesterday might be 3.125% today.  Just for some clarification.  Also, adding to the pressure to MBS is Yields rise to 1.28%, which rose past it's Technical ceiling and 25 DMA.  The next Technical ceiling is around 1.30%.  We'll see if this will hold for any future tests!

Please subscribe to my YouTube Channel at MikesDailyMarketRpt

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.