Daily Market Report 3/29/19

http://MikesDailyMarketReport.com: There's a bit of data to report today.  We're still getting delayed data because of the Gov't Shutdown.  We'll start with Personal Income, which rose only 0.2% in February (forecasts called for 0.3% increase).  Consumer Spending rose only 0.1% in January (forecasts called for 0.2% increase).  Core Inflation rose only 0.1% in January, as it's YoY dropped from 2% to 1.8% -below the Fed's target rate of 2%.  New Home Sales beat expectations of 625k for February, and came in at 667k annualized units.  Manufacturing simmered a bit in Chicago region in March, as the Chicago PMI dropped from 64.7 to 58.7.  Consumer Sentiment rose from 97.8 to 98.4 in March.  Stocks are trading in Positive Territory on the mostly positive data and the news of continued progress between the US and China's Trade Talks.  They will continue their talks next week in the US.  MBS is down 8bps, so coupled with yesterday's down day, Mortgage Rates will be slightly worse today.  Yields have steadily climbed up to 2.42%.

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Daily Market Report 3/28/19

http://MikesDailyMarketReport.com: Weekly Jobless Claims dropped a little further last week, which only 211k applied for Unemployment.  Last week, it was reported at 216k, and forecasts for today's report called for 222k.  The final revision for the GDP for Q4 in 2018 was revised lower, from 2.6% to 2.2%.  Indicating the economy is slowing down a bit.  Pending Home Sales dropped 1.0% from January to February, as the Midwest dealt with severe cold and snowstorms.  Stocks are trading in Positvie Territory this morning.  So far, there's no clear indication to which path Brexit will go.  Also, more progress has been made on the US and China Trade Talks.  MBS are Unchanged from yesterday, so Mortgage Rates will also be Unchanged.  Yields rose a little to 2.39%.

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Daily Market Report 3/27/19

http://MikesDailyMarketReport.com: Nothing to report on the Economic Calendar today.  Stocks are modestly Up this morning.  Investors continue to monitor the Brexit news, as we approach the new deadline in about 2 weeks.  Also, adding fuel is the dropping Yields, which the 3 month inverted on the 10 year.  We're coming closer between the 2 year and 10 year.  When the Yields invert, then it's a sign of a recession ahead (approximately 18-24 months).  This on top of the Brexit, is starting to cause a flight to safety, so more funds are funneling from Equities (stocks) and into Bonds/MBS.  MBS is now Up 13bps this morning, so Mortgage Rates will improve today.  Yields are now down to 2.38%.

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Daily Market Report 3/26/19

http://MikesDailyMarketReport.com: We have a few data to report today on the Economic Calendar.  The Housing Starts dropped from 1.273 million annualized units to 1.162 million annualized units in February.  Also, Building Permits dropped from 1.317 million annualized units to 1.296 million annualized units in February.  This is the Home Builder's response to lower prospective Buyer traffic and a slowing economy.  The Case-Shiller Home Price Index dropped from 4.6% to 4.3% in January; showing that home prices continue to rise, but at a much slower pace than we've experienced in the past few years.  Consumer Confidence dropped, as well, in March, as it dropped from 131.4 to 124.1.  This is indicative of what the Consumer has been experiencing over the past few months, with a volatile stock market, partial gov't shutdown and lower Jobs numbers.  Stocks are rebounding after yesterday's losses and well into Positive Territory.  Top news for Stocks lies with the Brexit, continued negotiations between US/China and a few Fed Members will be speaking today.  MBS is currently Up 3bps, so Mortgage Rates remain Unchanged.  Yields are currently at 2.43%.

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Daily Market Report 3/25/19

http://MikesDailyMarketReport.com: No data to report on the Economic Calendar to report today, but the rest of the week there will be something to report.  Stocks started the morning in the Red; as globally, it was mostly in the Red.  DOW and S&P have just recently breached to a Positive stance.  We'll see if it holds.  There are several Fed Speakers out today, which could have an effect on the Market.  The Mueller Report was released exonerating the President from any collusion charges.  MBS is currently Up 3bps, so Mortgage Rates remain Unchanged from Friday's close.  Yields are now down to 2.42%.

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Daily Market Report 3/22/19

http://MikesDailyMarketReport.com: Markit Manufacturing flash PMI dipped from 53 to 52.5 in March.  It's counter-part, Markit Services flash PMI also dipped from 56 to 54.8 in March.  Existing Home Sales had a nice boost in February, as it jumped up to 5.51 million annualized units, compared to 4.93 million annualized units in January.  Wholesale Inventories rose 1.2% in January.  Stocks are in Negative Territory on poor economic data out of Europe, as it reminds Investors that the economy is slowing.  Also, President Trump was interviewed this morning on one of the news channels and reiterated that an Agreement is close with China and may continue to keep Tariffs in place for an extended period, even after Agreement is reached to ensure compliance by China.  MBS is currently Up 20bps, which Mortgage Rates improve.  Yields have slid down to 2.45%.

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Daily Market Report 3/21/19

http://MikesDailyMarketReport.com: Weekly Jobless Claims rebounded a bit from last week's numbers, going from 230k to 221k.  Obviously, this is data we're watching to see if it continues to rise, as it will indicate a recession in the near future.  Manufacturing in the Philadelphia region rebounded quite nicely in March, as it came back from -4.1 to +13.7.  Also, Leading Indicators picked up 0.2% in February, which indicates economy improving.  Stocks are Up on the Fed's very dovish announcement yesterday, as they indicated there will not be any rate hikes in 2019 and the Balance Sheet reduction will end in September.  Also, they see the economy slowing, as well as, inflation.  President Trump tweeted that he may keep the Tariffs in place even after an Agreement has been made with China.  This might be fuel to the fire with negotiations.  It was reported that more meetings have been scheduled between the Upper level Negotiators in the coming weeks.  MBS is Unchanged after yesterday's Rally, which led Lenders to re-price during the day for better Mortgage Rates.  Yields have really slipped.  It was reported earlier this week that Yields were as high as 2.62%, which they're now at 2.52%.

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