Daily Market Report 11/30/21

 http://MikesDailyMarketReport.com:  The Case Shiller Home Price Index (HPI), which measures the Top 20 Markets in the US, rose 1.0% in September and brought it's YoY down to 19.1%.  Like it's counter-part, the FHFA HPI rose only 0.9% in September and it's YoY was brought down to 17.7%.  The FHFA HPI shows homes with conforming loans.  Speaking of FHFA, they released the new conforming loan limit for 2022 today, which rose to $647,200.  As the HPIs address, there has been a deceleration in home prices, which means home prices continue to rise, but not at the high pace previously.  Also, on the economic calendar is the Chicago PMI, which measures the business activity in the Chicago region.  It dropped nearly 7 points to 61.8 in November.  Anything above 50 for this index is still expansion/optimism.  Lastly, we have the Consumer Confidence dropping from 111.6 in October to 109.5 in November.  Stocks are way down today.  The Markets first reacted to comments by Moderna  CEO when he stated that the current vaccines don't have much efficacy to the new variant, which spooked the Markets.  This helped MBS, as it opened at it's 50 DMA and even went higher.  However, during the testimony by Powell and Yellen before the Senate Banking Committee, MBS dropped back to it's 25 DMA, and even lower, before climbing back up to 25 DMA.  Powell commented that he feels the Fed should increase their pace of the taper and finish several months earlier than expected.  He wants to do this regardless of the upcoming possibilities of the new variant.  Also, he commented that we can remove the word transitory while speaking about inflation.  He does feel that inflation will subside, but a lot of it will remain, as wages spike, along with a few other sectors affecting the inflation data.  Currently MBS is Down 5bps.  For the most part, current rate sheets should look more like yesterday's close.  Yields dropped substantially, as it's currently down to 1.44%.

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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 11/29/21

 http://MikesDailyMarketReport.com:  This week will be about November's Jobs Data, which will start on Wednesday with the ADP Private Payrolls.  Today, we just have the Pending Home Sales for October, which was reported at 125,200 seasonally adjusted units.  This was up 7.5% from September.  Stocks are rebounding after a HUGE selloff on Friday, as the Markets were spooked on news of a new COVID variant, Omicron.  MBS rebounded Upwards by 77bps, which eliminated last week's losses; and brought us back to the same levels, last seen since the previous week's Friday.  Today, it started much lower (Down 19bps), but as the Market continued to move on, then it has improved to being Down 2bps.  Lenders on the East Coast whom have already released their ratesheets may be coming out with improved ratesheets.  The Lenders on the West Coast, then will issue ratesheets comparable to Friday's close.  So, Mortgage Rates (for the most part) remain Unchanged.  Yields are Down to 1.51%.

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 11/24/21

 http://MikesDailyMarketReport.com:  Due to short week this week, we have a lot of data crammed into today.  We'll start with Building Permits, which improved (slightly) in October.  It went from 1.65 million seasonally adjusted units to 1.653 million in October.  New Home Sales had a pretty steep revision in September, going from 800k seasonally adjusted units to 742k.  In October, it was reported at 745k.  After revisions, it improved, but it's far from September's initial report.  Q3 GDP came out with it's 2nd look (final look will be in December), which moved up by 0.1%, to 2.1%.  Durable Goods Orders continued to show a negative trend, which it dropped by 0.5% in October; however, if you remove transportation, then it rose by 0.5%.  The drop in airplane orders, which are large orders, can really manipulate the numbers to look worse/better than what they really are.  Initial Jobless Claims broke below the 200k last week, as it reported 199k applied for first time benefits.  Personal Income rose 0.5% in October; while, Consumer Spending rose 1.3%.  Consumer Sentiment rose to 67.4 in November, according to the UofM Survey.  Like the CPI showed a few weeks ago, PCE shows a spike in consumer inflation for October.  The PCE jumped up 0.6% in October; while it's YoY rose from 4.4% in September to 5.0% in October.  When you exclude food & energy, then you have Core PCE (or also known as Real Inflation), which rose 0.4% in October; and it's YoY rose from 3.6% in September to 4.1% in October.  As I was working on this video, the FOMC Minutes were being released.  The Market was starting to worsen, as they were reviewing the release.  Fed Member, Mary Daly from San Francisco, had stated earlier in the morning that they Fed may taper quicker, if the inflation persists and jobs data continues to progress.  This statement may be a preview of the Minutes, and the Investors are preparing for it.  MBS were Down 11bps, but were trading approximately down 5-6 bps before the FOMC Minutes release.  Lenders had priced in worse pricing for Mortgage Rates today, but it could potentially worsen more.  Meanwhile, Yields had reached 1.69%, but subsided down to around 1.65%.  After the FOMC release, then it too, started to worsen; and it was up to 1.66% at the time of this video.  I won't be doing any videos the remainder of this week, so the next will be Monday!  Have a safe and wonderful Thanksgiving week!

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 11/23/21

 http://MikesDailyMarketReport.com:  The Markit Services PMI dropped from 58.7 in October to 57.0 in November.  The Markit Manufacturing PMI jumped up from 58.4 in October to 59.1 in November.  Anything above 50 in either index constitutes expansion.  The 7 year Treasury Auction went pretty well, and appears to be helping (somewhat) MBS/Treasuries.  MBS is off it's earlier low and is currently Down 9bps; however, most Lenders priced their ratesheets prior to the Auction while pricing was worse.  So, Mortgage Rates are priced a little higher this morning.  Also, Yields have been hovering around 1.66% and 1.65%.

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 11/22/21

 http://MikesDailyMarketReport.com:  Existing Home Sales rose 0.8% in October, going from 6.29 million seasonally adjusted annualized units to 6.34 million.  The big news today is the renomination of Jerome Powell for Fed Chair.  Unfortunately for us, the Market wasn't too thrilled.  The Bond/Treasury Market were more receptive to Brainard, apparently.  As a result, MBS is Down 33bps, which the poor 5 year Treasury Auction showing contributed some to the decline.  This means that Mortgage Rates worsened toward the worse levels felt last week.  Also, Yields have spiked up to 1.62%.  This will be a short week and may not see a lot of volume trading; however, there could be some volatility due to mostly Day Traders in the Market, while the Big Hedgefunds celebrate Thanksgiving.

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 11/19/21

 http://MikesDailyMarketReport.com:  There is no economic data to report today.  The Markets are responding to reports out of Austria regarding national lockdown due to higher COVID cases.  Other European Countries are keeping that option open pending how their case loads trend.  Investors are a bit jittery, as we approach winter and cold season happens.  Last thing that anybody wants is another lockdown.  Meanwhile, the ECB announced that they don't anticipate any rate hikes in 2022 and still feel that inflation is transitory.  Later today, Fed Member Clarida (whom is the #2 Fed Chief) will be speaking, so Markets could react.  MBS is benefitting from the Covid reaction, which it jumped way up over the 25 DMA when the Market opened, but it's currently off from it's earlier highs.  However, it's still Up 13 bps from yesterday's close; so, Mortgage Rates are showing a bit of improvement.  Yields pummeled all the way down to 1.53% (below it's 25 DMA).  Next week will be a shortened week, due to Thanksgiving, so trading in the Markets will be less in volume, but could see some volatility due to day time traders.

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 11/18/21

 http://MikesDailyMarketReport.com:  Manufacturing in the Philadelphia region spiked in November, as the Philly Fed Index jumped from 23.8 in October to 39.0 in November.  Initial Jobless Claims dropped from last week's 269k, which was revised from 267k, to 268k.  Another bright spot on the Economic Calendar is the Leading Economic Indicator, which rose 0.9% in October; this is after it's September's data was revised higher, from 0.2% to 0.7%.  Stocks are Mixed today based on the Q3 Earnings Reports that are still being released.  Investors are becoming a bit jittery regarding the potential for another  uptick in COVID cases, as we approach the winter season and people spend more time indoors.  Meanwhile, MBS is showing some continued improvement, as it's currently Up about 5bps.  This won't impact Mortgage Rates much, as Mortgage Rates will remain Unchanged; however, there may be some minor improvement with the pricing.  Also, Yields are working their way down again, as they approach it's 25 DMA.  It's currently sitting just under 1.59%.

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.