http://MikesDailyMarketReport.com: There are no economic data to report today; however, there was a 10 year Treasury, which went well and helped the MBS Market. Earlier in the day, Pfizer and BioNTech reported that the 3rd shot greatly increases the vaccinated from deadly variants, including Omicron. This helped to push stocks this morning, but at the expense of MBS/Treasuries. However, the 10 year Treasury Auction went well; and then we saw some improvement with MBS and Yields. MBS is currently Up 3bps, but was Down approximately approximately 17bps early on. When ratesheets came out, they were at the lows of the day; so, Mortgage Rates will show worse pricing today. However, with the recent developments (and if the Market convinces the Market it will stay up), then you may see more Lenders reprice for the better. This should bring pricing back up to Unchanged levels from yesterday's close. Also, Yields had spiked from approximately 1.48 ish range to 1.54 ish range. Currently, it's back down to around 1.51% range. Remember, Friday will be a very volatile day, as the CPI will be released; and there's a good chance we'll see another spike with inflation. If this occurs, then we could see another negative reaction in the MBS/Treasury Markets!
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