Daily Market Report 8/31/21

 http://MikesDailyMarketReport.com:  We have 2 Home Price Indices (HPI) being released today.  The Case Shiller rose 1.8% MoM in June and up 19.1% YoY.  The FHFA HPI, which measures single family homes with conforming loan limits, rose 1.6% MoM in June and it rose 18.8% YoY.  Manufacturing slowed down in Chicago for the month of August, as the Chicago PMI repots that it dropped from 73.4 to 66.8.  Also, Consumer Confidence dropped from 125.1 to 113.8 in August.  Stocks are Mixed for the last day of the month, as DOW is lone index in Positive Territory, however, by very thin margin.  China started the Markets off in Negative Territory, as their Manufacturing and Services both dropped.  Then EU reported a bit higher inflation than was forecasted.  MBS started much lower, but off it's earlier lows.   It's currently Down 8bps from yesterday's close.  Most Lenders will price in a little worse today for Mortgage Rates.  Yields climbed back above it's Technical level and sitting at 1.31%.

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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 8/30/21

http://MikesDailyMarketReport.com:  This week will be about Jobs data for the month of August.  The ADP will release their data on Wednesday; Initial Jobless Claims on Thursday; and Friday will be the BLS' Non Farm Payrolls.  However, today, we have Pending Home Sales for July, which dropped 1.8%.  Stocks continue to rise and set new records today, even though Hurrican Ida hit Louisiana.  It's estimated that $40 billion in damage; and New Orleans is without power for at least a few days, as all their power grids are unable to send out power to anybody.  MBS is currently Up 8bps today, after it closed Up 28bps on Friday.  Lenders will be about the same in pricing as Friday's close.  If they didn't reprice for the better on Friday, then they will price out better rates today.  Meanwhile, Yields have fallen below the 1.30% Technical level; and is currently just below 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 8/27/21

 http://MikesDailyMarketReport.com:  Personal Income rost by 1.1% in July; whereas, Consumer Spending rose only 0.3%.  The Fed's favorite inflation gauge was released today, which is the Personal Consumption Expenditure (PCE).  It rose 0.4% in July and it's YoY rose from 4.0% in June to 4.2% in July.  When you exclude food and energy, then you will have the Core PCE, or the Fed calls it Real Inflation (this is what the Fed watches more closely).  The Core PCE rose by 0.3% in July and it's YoY remained Unchanged at 3.6% (June's data was revised from 3.5% to 3.6%).  The Consumer Sentiment showed a HUGE dropoff in August!  The July data of 81.2 dropped to 70.3 for it's final number in August (it's mid-month was at 70.2).  However, the main catalyst for the week was this morning's speech by Fed Chair Powell at the Jackson Hole Symposium, which he addressed their desire to taper this year, however, was non-committal to when that may begin; as it's assumed they will want to review more data, especially with the uptick in Corona cases before they make any further moves.  Stocks were good with his speech; as were MBS, which are currently Up 23bps.  Mortgage Rates improved to almost the same level as Monday's pricing.  It's back up above both it's 100- and 50 DMA.  Yields are coming off yesterday's highs and currently sit below it's 50 DMA at 1.32%.

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 8/26/21

 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).

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 8/25/21

 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.