Daily Market Report 6/30/21

 http://MikesDailyMarketReport.com:  The ADP revised it's May report from 978k private payroll jobs to 886k.  However, June's data exceeded it forecasts of 600k by reporting 692k jobs.  The revision in May's data made this more or less a wash.  Business activity in the Chicago region dropped in June, after hitting it's highest number in May since 1983.  The Chicago PMI reported 66.1 for June.  Anything above 50 is considered expansion, so it's still doing well.  Lastly, NAR reported that Pending Home Sales rose 8.0% in May after forecasts called for nearly a 1% drop.  Stocks are trading in Mixed Territory.  We enter the last day of the Month/Quarter, and Portfolio Managers will finish their rebalancing of portfolios today.  This has caused some movement in the Markets this week; and it's choppiness.  MBS is Up 5bps and testing some upper levels.  Mortgage Rates are Unchanged from yesterday's close.  We received some of the better pricing yesterday, as MBS continued it's movement upwards; however, today is showing some weakness between the 50- and 100 DMA.  Yields are at their lowest level, 1.44%, which has been a rock hard floor!  Every time we've hit this spot, then Yields have risen; and showing some signs that a trend reversal may happen soon!  Be cautious, as these signs may indicate we're at the best pricing this week; and may see some deterioration soon.

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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 6/29/21

 http://MikesDailyMarketReport.com:  There are 2 Home Price Indices (HPI) being reported today.  The Case Shiller HPI, which measures the 20 largest Markets went up 1.6% in April and up 14.9% YoY.  Meanwhile, the FHFA HPI, which measures homes with conventional loan programrs (Fannie Mae and Freddie Mac),  rose 1.8% in April and up 15.7% YoY.  Lastly, Consumer Confidence spiked to 127.3 in June.  Stocks are Up today!  Banks passed their Stress Tests yesterday and 5 of the 6 largest banks announced an increase in their Dividends.  This boosted their stocks; as it also boosted it's sector.  Fed Member Barkin spoke today, which he commented that he projects the bottle neck in the supply chain to clear up around the end of summer; and that the Fed will continue to monitor pricing (for inflation).  MBS is only Up 2bps, as Mortgage Rates move in a sideways pattern today without any change in pricing.  Yields are sitting just under 1.49% after testing it's Technical ceiling earlier this morning.

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 6/28/21

 http://MikesDailyMarketReport.com:  There's no economic data to report today; however, this week is Jobs report week.  The ADP will deliver their Private Payrolls on Wednesday; Initial Jobless Claims will be reported on Thursday; and the Bureau of Labor Statistics (BLS) will provide their Non-Farm Payrolls and Unemployment Rate on Friday.  Stocks are Mixed today, NASDAQ rebounds on improvement with Yields, as they drop back down to 1.47% range.  Another reason why this week can be a bit choppy in Stocks is it's Quarter end.  Portfolio Managers tend to rebalance their portfolios during this time.  MBS is Up 22bps, so we're seeing improvement with our Mortgage Rate today.

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 6/25/21

 http://MikesDailyMarketReport.com:  Big data day today, as we receive the Fed's favorite gauge for inflation, the Personal Consumption Expenditure (PCE).  The Headline PCE rose 0.4% in May, while it's YoY rose from 3.6% in April to 3.9% in May.  The real Inflation, or Core PCE, is derived when you exclude food and energy, which rose 0.5% in May; and it's YoY rose from 3.1% in April to 3.4% in May.  So, the 3.4% is the number that the Fed determines as our inflation on a year-over-year basis.  Typically, they want it at 2.0%; however, they've been stating the bottle neck with the supply chain has created transitory (or temporary) spike in prices (or inflation).  Once the supply chain returns to normal, then inflation will subside.  This will take time!  Let's move on to Consumer Spending, which didn't see anything (0%) in May; and Personal Income dropped 2.0% during the same time.  Also, the Consumer Sentiment dropped a bit in June to 85.5, as inflation sours Consumers moods.  Our next big catalyst for the Markets will be next Friday's Jobs data for June.  Meanwhile, Stocks are Mixed today.  NASDAQ is Down today, as it's made up of mostly Growth Stocks, which are being hurt by today's spike in Yields, as it jumps from the 1.48% range to 1.54% range (testing it's Technical level and 25- and 100 DMA).  This is also, putting pressure on MBS, which is now Down about 8bps, as Lenders are beginning to reprice with worse pricing; so, Mortgage Rates are rising a bit today.

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 6/24/21

 http://MikesDailyMarketReport.com:  Last week's Initial Jobless Claims were revised higher, from 412k to 418k; and this week's report came in at 411k.  This missed the forecasts of 380k, which economists were projecting.  Durable Goods revised their April data to slightly better, from -1.3% to -0.8%; and improved to 2.3%.  Some were disappointed with this number, as it missed it's forecasts by 0.5%, but when you see that it's revision was improved by 0.5%, then it's almost a wash.  Q1 GDP released it's final revision, which remained unchanged at 6.4%.  Next month, then we'll get an initial view of Q2 GDP.  Stocks are Up on news of a bipartisan agreement for the new infrastructure bill that will be about a $1 billion, and a little more than a half billion of new spending.  S&P and NASDAQ continue into new highs.  There are a few Fed Speakers scheduled today; however, there shouldnt be much impact, if they keep to the same message.  MBS are currently Up 6bps, so Mortgage Rates appears to keep moving in a sideways pattern and remain Unchanged.  Yields dipped a point to 1.48%

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 6/23/21

 http://MikesDailyMarketReport.com:  The IHS Markit PMI released it's 2 reports: Manufacturing and Services.  The Services dropped from 70.4 in May to 64.8 in June; however, it's Manufacturing rose from 62.1 in May to 62.6 in June.  New Home Sales dropped 5.9% in May, as it's April numbers were revised lower (from 863k seasonally adjusted annualized units to 817k).  In May, it was reported down to 769k.  All of these reports today indicate an ongoing issue with labor shortages.  Stocks are in Mixed Territory, as the DOW is barely in the Red.  The Market didn't have much impact from Fed Chair Powell's Testimony yesterday, as both he and the other Fed Speakers tip-toed along the same message.  MBS is currently Down about 5bps, which isn't enough for any changes to our pricing for Mortgage Rates (compared to yesterday's close).  Yields climbed back above the Technical level and sitting at 1.49%.  There will be a 5 year Treasury Auction today (at 10am PST) that may have an Impact with MBS Market.  If the Auction goes well, then we may find some improvement with Mortgage Rates today; however, the inverse may happen, if it doesn't go well.  Stay tuned!

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 6/22/21

 http://MikesDailyMarketReport.com:  The Existing Home Sales dropped in May from 5.85 million annualized units in April to 5.80 million.  However, this is better than the 5.72 million forecast.  Stocks are Up again today before Fed Chair Powell testifies before the House Sub-Committee this afternoon.  He did release an early statement that was similar to Fed Williams' comments yesterday on the timeline of a ratehike.  It was stressed that the Fed feels that inflation is transitory and they will take the time to make sure Jobs are in stable ground before raising rates, which will take time (in other words, it won't come as soon as many Investors feared).  MBS is Up 16bps and back to same levels as Friday's close; so, Mortgage Rates have improved.  Yields had broke above the Technical level yesterday and is testing it again, as it sits just below 1.48%.

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.