Dedicated to provide mortgage interest rate trends for people whom will like to learn more about interest rates in California. The daily posts help to provide current interest rates for home loans. A great tool for people looking to buy a home, refinance or real estate professionals.
http://MikesDailyMarketReport.com: The ISM Manufacturing PMI dropped from 61.1 in September to 60.8 in October. Anything above 50 is considered expansion. Meanwhile, stocks are still rising, as Investors value the profit making in the Q3 Earnings Reports despite the issues with labor- and supply chain issues, along with inflation. MBS started the day lower, but is now back up toward the 25 DMA and currently Down 8bps. This is not enough to see any Mortgage Rate change. Yields worked similarly, as they rose above the 25 DMA and another Technical level. They're currently at 1.59%.
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.
http://MikesDailyMarketReport.com: Employment Costs went up 1.3% during the 3rd Quarter, while Wages increased the most at 1.5% and benefits at 0.9%. However, Personal Income dropped 1.0% in September, but Consumer Spending was up 0.6%. The big data for this week is the PCE, or Personal Consumption Expenditure, which it's Core PCE is the Fed's favorite barometer for Consumer Inflation. The PCE rose 0.3% in Sept., as it's YoY increased from 4.3% to 4.4%. The Core PCE (excludes food & energy) rose 0.2%; and it's YoY remained Unchanged at 3.6%. As we all know that food and energy have been rising quite a bit -we feel it at the grocery store and gas pumps. Manufacturing revved up in October for the Chicago region, as the Chicago PMI rose to 68.4. Anything above 50 is considered expansion with this index. Lastly, Consumer Sentiment rose slightly to 71.7 in October. Stocks are Mixed, as Investors continue to view Q3 Earnings Reports; and 2 notable companies came in a bit soft (to Wall Street's expectations), which were Amazon and Apple. Meanwhile, Investors will look to next week's FOMC. MBS is currently Unchanged after a pretty big dip earlier this morning. It wasn't affected by the PCE data, but it appeared that money was pulled from both Bond and Equity Markets, which pulled MBS down. Lenders whom priced early had came out with worse pricing; however, many of them are now re-pricing for the better. The pricing today for Mortgage Rates should be closely correlated to yesterday's close. Yields started off higher today, but has subsided a bit too; and is currently sitting at 1.56%. Both have been struggling against it's 25 DMA. We'll see if it can break past it. But next week's FOMC may put a wet blanket on any positive momentum for MBS, as we've seen drops earlier this week when the ECB and BOC spoke about their versions of tapering. I would recommend locking ahead of the FOMC.
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.
http://MikesDailyMarketReport.com: Jobless Claims continued to drop for the 3rd week in a row, which this week's report came in at 281k. We're also seeing a decline in the Continued Claims report. However, keep in mind that people whom are unvaxed and being fired for such won't be included with these numbers, so we may need to view the Labor Participation Rate to determine how much of an impact this may be. So, stay tuned! GDP dropped from Q2's 6.7% to an initial reading for Q3 at 2.0%. Investors shrugged it off because there were some concerns that it could have been even worse (like, near 0.0%). Lastly, Pending Home Sales dropped by 2.3% to 116.7k seasonally adjusted units. Stocks are still rising due to Q3 Earnings Reports. The Spending Bill in Congress seems to be shrinking from $3.5 Trillion to around $2 Trillion. MBS is going thru a very volatile day today, which it was going back and forth between negative and positive territory. Bonds were first in retreat, as a selloff in European Bonds, as Investors reacted negatively to ECB Lagarde's comments on tapering. They improved once the NYSE opened; however, retreated after a poor 7 year Treasury Auction. It's currently Down 9bps. Pricing for Mortgage Rates should be close to yesterday's close. Yields are currently sitting at 1.57%. Both Yields and MBS are trying to test it's 25 DMA, which appear to be a strong line. Be cautious, if you're floating, as the FOMC is next week, which they're expected to announce their tapering plans. Bonds haven't been reacting too well to this talk, so we could see another dip next week! Again, be cautious!
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.
http://MikesDailyMarketReport.com: The Durable Goods Orders dropped by 0.4% in September; however, when you exclude Transportation, then it went up 0.4%. This is a good basis to view, as Transportation is loaded with high ticketed data that can skew the numbers too much in one direction. Stocks are Mixed today, as Investors keep pushing aside inflation concerns, but are more interested in the Q3 Earnings Reports. Tensions are rising again between China and US, as the FCC issued an ultimatum to China Telecom to leave the US Market, as they're being viewed as a security threat. MBS is currently Up 25 bps (after closing +9bps yesterday), so Mortgage Rates get a bit of a boost for the 3rd day in a row. Also, helping MBS is the decline with Yields, as they touch on their 25 DMA and sit around 1.54%. This is after it touch 1.70% late last week. Let's hope this continues!
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.
http://MikesDailyMarketReport.com: We have 2 Home Price Indices (HPI) being reported today. The first is the Case Shiller HPI, which follows the 20 largest US Markets. It went from MoM of 1.5% in July to 1.2% MoM in August, as it's YoY dropped from 20.0% to 19.7%. Similar reading by the FHFA HPI, which measures homes with conforming limits. It went from 1.4% MoM in July to 1.0% in August, as it's YoY droppedd from 19.2% to 18.5%. As we hit the fall season, we have reported slower home sales; so, this is a great time for First Time Home Buyers to re-enter the Market. Inventory is still relatively low, but less competition. Next, we move on to Consumer Confidence, which rose from 109.8 in September to 113.8 in October. It beat forecasts of a drop to 108.3. Lastly, New Home Sales spiked in September by 14.0%, as it went from 702k seasonally adjusted units in August to 800k in September. MBS started higher, but quickly lost those gains It's Down 3-5bps currently, but it's not enough for any changes to Mortgage Rates, as they remain Unchanged. It closed higher in the day yesterday at +20bps. Likewise, Yields started lower (even below it's Technical floor), but quickly reversed. It's currently sitting at 1.63%.
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.
http://MikesDailyMarketReport.com: There's no economic data today; however, the rest of this week is packed with important economic data to be released -most notably will be the PCE (Fed's favorite inflationary data information). Stocks are Up this morning, as Investors are primarily reviewing the Q3 Earnings reports being released. MBS is Up (+14bps) again today, as Mortgage Rates show some slight improvement today (from Friday's close). Yields dipped down just below 1.63%.
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.
http://MikesDailyMarketReport.com: The IHS Markit PMI released their October Manufacturing and Services data today. The Manufacturing dipped a little bit to 59.2; while the Services rose to 58.2. Any number above 50 for these indices indicates expansion/optimism. Stocks are Down today, after being in positive territory to start the day. However, a speech by Fed Chairman Powell jolted both Markets a bit. He indicated that the Fed is on pace to taper this year; it's too early for any rate hikes; and that inflation will drag into 2022. This will be his last speech prior to the FOMC in about 2 weeks. We'll find out if they will begin tapering immediately or (maybe) in December. In other news, Evergrande made their past due payments to their foreign bondholders today. Also, Congress is still negotiating the Spending Bill. Currently, MBS is Up 9-11bps, which is off it's earlier highs (prior to Fed Chair's speesh). Lenders came out with a little better pricing this morning; however, yesterday, MBS finished Down 36bps; so, we're better than yesterday's close, but not yet to it's opening levels. As such, Lenders had a few price changes for the worse yesterday. The good news is that Yields are falling a bit today (down to just under 1.64%, after touching 1.70% yesterday). This might provide some relief to MBS to rally a bit more and get back some of our losses.
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.
