mortgages: Daily Market Report 7/22/20
- 07/22/20 09:53 AM
http://MikesDailyMarketReport.com: The Existing Home Sales jumped Up from 3.91 million annualized units in May to 4.72 units in June. This is just over 20% MoM jump, which is the largest, according to NAR. Stocks are Up this morning on Corporate Earnings releases, despite tensions continuing to heat up between US and China, as the US ordered China to close their Houston Consulate. As expected, China is threatening retaliation. MBS is Up 5bps so far this morning, which isn't enough movement to improve Mortgage Rates, so they remain Unchanged. Yields have slid down to about 0.59%.
As I mentioned in the video, … (2 comments)
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mortgages: Daily Market Report 7/21/20
- 07/21/20 07:57 AM
http://MikesDailyMarketReport.com: There are no economic data to report today, so Stocks are taking their queues from Corporate Earning releases and Geo-Political News. This morning, Stocks are Up. The EU announced an $858 Billion plan that will provide Grants and Loans to countries whom need assistance during this time. This was well received in the Markets. The Fed Reserve has 2 new nominees being addressed before a Senate Committee today. MBS has started the day lower, but is currently Up 6 bps. Lenders will tend to keep their Mortgage Rates Unchanged from yesterday's pricing. Yields are currently sitting just under 0.61%.
As I … (0 comments)
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mortgages: Daily Market Report 7/20/20
- 07/20/20 09:04 AM
http://MikesDailyMarketReport.com: This will be a light week, this week, in terms of economic data being released. We have to data to report today, so the Markets are taking their queues from the news. Stocks are in Mixed Territory, as the DOW is the lone index in the Red. This week, we'll see Earnings Reports from the Technology Sector. Cases of Coronavirus continue to increase, as Gov'ts in both the US and EU reconvene this week to discuss the next phase of Stimulus/Recovery packages for their respective economies. The US Congress is facing mounting pressure as the $600/week Unemployment expires this week. … (1 comments)
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mortgages: Daily Market Report 7/17/20
- 07/17/20 08:57 AM
http://MikesDailyMarketReport.com: Housing Starts improved to 1.19 million annualized units in June; and Building Permits increased to 1.24 million annualized, as they begin to reach pre-covid levels. However, Consumer Sentiment dropped from 78.1 to 73.2 in July, as Covid cases rise and Government officials add more restrictions and closures. Stocks have been Up and Down already this morning. They started in Positive Territory early on, due to optimism for more Stimulus, as Europe passed their recent package. Then they turned negative on the Consumer Sentiment data. Now, it's mostly Mixed, as the DOW is the lone index in Negative Territory. MBS started … (0 comments)
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mortgages: Daily Market Report 7/16/20
- 07/16/20 10:25 AM
http://MikesDailyMarketReport.com: Initial Jobless Claims dropped down slightly to 1.30 million people applying for first time benefits. Retail Sales rose 7.5% in June; and when you exclude Autos, it rose 7.3%. Manufacturing in the Philadelphia Region continues with strong numbers, as the Philly Fed Index reports it dropping from 27.5 in June to 24.1 in July; however, it was higher than it's estimates of 18.1. Business Inventories dropped 2.3% in May. Stocks are Down this morning, as they receive Q2 Earnings Reports. China reported less favorable consumer data, which has investors a bit concerned; as well as the tensions building between them … (0 comments)
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mortgages: Daily Market Report 7/15/20
- 07/15/20 08:05 AM
http://MikesDailyMarketReport.com: Manufacturing in the NY region improved in July, as the Empire State Index indicated that it went from -0.2 in June to 17.2 in July. Industrial Production rose to 5.4% in June; and Capacity Utilization rose to 68.6%. Later today, we'll get a micro view of the US economy, as the Fed Beige Book will be released. Stocks started the day off in Positive Territory on news by Moderna and an Oxford Research (assisted by Astra Zaneca) regarding positive results for vaccinations. Also, up today are more Earnings Reports. President Trump signed a bipartisan bill with sanctions against China for … (1 comments)
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mortgages: Daily Market Report 7/14/20
- 07/14/20 10:43 AM
http://MikesDailyMarketReport.com: The NFIB Small Business Index, which measures the confidence among Small Businesses, rose to 100.6 in June. The Consumer Price Index rose to 0.6% in June, as it did on a YoY basis too. The Core CPI (exclusion of food and energy), rose 0.2% in June and it's YoY rose to 1.2%. Stocks are trading in Mixed Territory, as NASDAQ is lone index in the Red today. Some believe it may be correcting itself after a bit of a build up recently. However, we did kick off Q2 Earnings reports, which were disastrous for Banks yesterday. Part of the reversal … (0 comments)
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mortgages: Daily Market Report 7/13/20
- 07/13/20 10:27 AM
http://MikesDailyMarketReport.com: There are no economic data to report today. Stocks are Up this morning on the FDA fast-tracking Pfizer and BoNTech SE with their covid-19 vaccinations; despite the rising cases in the US and rising tesnions with China. MBS had a big reversal on Friday and closed Down 31bps; and this morning, it's Down 11bps. This has let to a few price changes by Lenders to worsen pricing. Yields have climbed their way back up a little bit and currently sit at just over 0.64%.
As I mentioned in the video, these views do not represent anybody else, but my own. … (1 comments)
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mortgages: Daily Market Report 7/10/20
- 07/10/20 09:52 AM
http://MikesDailyMarketReport.com: The Producer Price Index, which measures inflation on the Wholesale level, dropped 0.2% MoM; whereas, the Core PPI (excludes food and energy) dropped 0.3% MoM. The Core PPI's YoY dropped from 0.3% to 0.1%. Stocks are trading in Mixed Territory this morning, as NASDAQ seems to be taking a break after it's Tech Stocks been trending higher for awhile now. The Corona virus related news still tops the headlines. Gilead announced some good news with their research. On another topic in the news, is China announced they will impose their own sanctions on US after the US imposed sanctions on … (0 comments)
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mortgages: Daily Market Report 7/9/20
- 07/09/20 09:35 AM
http://MikesDailyMarketReport.com: Initial Jobless Claims continues with their downward trend (thankfully!), as this report came in at 1.31 million people applying for first time benefits. Last week's report came in at 1.41 million. It's a light day today, so not much news is affecting the Markets. Stocks are Down this morning, as Investors begin to realize a recovery won't happen fast enough, or a V-shaped recovery. MBS is taking for granted the Stocks recent struggles, as it's Up 14bps this morning, which will lead Lenders to price their Mortgage Rates even better. Yields have fallen further, to just under 0.63%. If you're … (0 comments)
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mortgages: Daily Market Report 7/8/20
- 07/08/20 09:09 AM
http://MikesDailyMarketReport.com: There were no data to report on the Economic Calendar today, but tomorrow will provide us with the Weekly Initial Jobless Claims. It will be interesting to see if we continue the downward trend. Stocks started the morning strong (led by Tech stocks), but has since pulled back, as the DOW and S&P dropped into the Red. Investors are watching the increase of corona virus cases rise and possibility of parts of economy closing again, so they're looking toward Congress for another possible stimulus package. Also, last night, Bloomberg reported the possibility that the President's top advisors are recommending him … (0 comments)
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mortgages: Daily Market Report 7/7/20
- 07/07/20 09:17 AM
http://MikesDailyMarketReport.com: Job Openings improved in May, as it rose from 5 million in April to 5.4 million in May. However, that wasn't quite enough to keep stocks in positive territory, as the DOW and S&P have slid into the Red. Currently, they're trading in Mixed territory. They were soured, as Investors listen to Fed Member (from Atlanta) Bostic state that the US economy appear to be "leveling off". The European Commission lowered it's economic forecast again. And the reality of rising infections of covid-19 cases, which is leading some areas back to closures, have begun to sink in that the US … (3 comments)
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mortgages: Daily Market Report 7/6/20
- 07/06/20 10:29 AM
http://MikesDailyMarketReport.com: We have some data from the Services Sector today. We'll start with the Markit Services PMI for the month of June, which rose from 46.7 to 47.9. It's counter-part, the ISM Non-manufacturing Index, which is also the "gold" standard for this data, rose from 45.4% to 57.1% in June. Anything above 50 is considered expansion. This bode well for the Markets today. Stocks are Up on optimism on continued growth of the economy, despite the rising covid infections. MBS is Up only 2bps, so Mortgage Rates hold steady and remain Unchanged in pricing. Yields have crept up, above the 50 … (1 comments)
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mortgages: Daily Market Report 6/1/20
- 06/01/20 09:14 AM
http://MikesDailyMarketReport.com: We have a few manufacturing reports today, which the first is Markit Manufacturing PMI remained Unchanged at 39.8 in May; and it's counter-part, the ISM Manufacturing Index rose from 41.5% to 43.1% in May. Below 50 on these indexes mean contraction. Construction Spending dropped 2.9% in April, which was lower than the 6.8% drop forecasted. Stocks are in Positive Territory this morning on the ISM data. China reported positive manufacturing data on their Caixin index, which showed it just above 50 (expanding territory). Tensions are growing between the 2, as US is removing Special Status on Hong Kong; and China … (2 comments)
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mortgages: Daily Market Report 5/29/20
- 05/29/20 10:25 AM
http://MikesDailyMarketReport.com: Personal Income rose 10.5% in April. We think this anomaly is due to the disparity based on the lower pay scale employees losing work during the pandemic. Consumer Spending dropped 13.6% in April, as much of the economy was closed. The Personal Consumption Expenditure (PCE) dropped 0.5% in April, while it's YoY dropped from 1.3% to 0.5%; similarly, the Core PCE (which removes food & energy; and Fed's favorite gauge for inflation) dropped 0.4%, and it's YoY dropped from 1.7% to 1.0%. The Fed's target rate for Core PCE is 2.0%, which this new numbers greatly distances from it. The … (1 comments)
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mortgages: Daily Market Report 5/28/20
- 05/28/20 09:44 AM
http://MikesDailyMarketReport.com: Initial Jobless Claims continued the lower trend when it was reported that 2.12 million people applied for unemployment benefits last week, which is down from 2.45 million the week prior. The 2nd look at the Q1 GDP worsened, going from -4.8% to -5.0%. We'll get our final number for GDP next month. Durable Goods Orders dropped 17.2% in April; however, when you remove Transportation from the equation, then it dropped 7.4%. Interruptions in the Housing Market really showed in April, as NAR reported that Pending Home Sales dropped by 21.8%. This is the biggest decline on record. Stocks are Up … (1 comments)
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mortgages: Daily Market Report 5/27/20
- 05/27/20 10:25 AM
http://MikesDailyMarketReport.com: We'll be able to get a better view of the US Economy when the Fed releases their Beige Book around 11am PST today. This provides a Micro view of each region of the US. Stocks started the morning off in Positive Territory; however, Technology Stocks started to go into the Red, as tensions continue to mount with China and the concerns with protests in Hong Kong. This brought the NASDAQ into Negative Territory. MBS also, started in the Red and just above it's 50 DMA this morning, but has since moved upwards (Up 13bps currently) against it's 25 DMA now. … (2 comments)
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mortgages: Daily Market Report 5/26/20
- 05/26/20 08:56 AM
http://MikesDailyMarketReport.com: The Case Shiller HPI rose from 4.2% YoY in February to 4.4% in March; however, the FHFA HPI dropped from 6.1% in February to 5.9% in March. Consumer Confidence began to rise in May, as it went from 85.7 to 86.6. Also, a bit of a surprising report, is New Home Sales, which went from 619k annualized units in March; with forecasts calling for 480k units in April, but the actual number of annualized units in April rose to 623k. Stocks are well into Positive Territory this morning, as optimism grows on possible vaccines and data reporting improvement in the … (2 comments)
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mortgages: Daily Market Report 5/22/20
- 05/22/20 09:50 AM
http://MikesDailyMarketReport.com: There are no economic data to report today. Stocks are Down this morning after reflecting on this week's events and heading into a long weekend. President Trump was asked a question regarding a possible 2nd wave, which he responded that we'll put out fires, but we won't be closing the economy. MBS is currently Down 2bps, so Mortgage Rates continue to be Unchanged. Yields are Down to 0.65% and trying to remain above it's 25 DMA. If it breaks below it, then it could be a good sign to push MBS upwards and see improved pricing in Mortgage Rates. Fingers … (1 comments)
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mortgages: Daily Market Report 5/21/20
- 05/21/20 11:32 AM
http://MikesDailyMarketReport.com: Initial Jobless Claims continued it downward trend in people applying for unemployment benefits, as it dropped from 2.69 million in last week's report to 2.44 million in this week's report. The Philly Fed improved from -56.6 April to -43.1 in May. This index reports the activity level of manufacturing in the Philadelphia area. Meanwhile, Markit PMI released their 2 reports (Manufacturing and Services) for May. Markit Manufacturing PMI improved from 36.1 in April to 39.8 in May; and Markit Services PMI improved from 26.7 to 36.9. These last few indices indicate that we bottomed out in April and on way … (2 comments)
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http://MikesDailyMarketReport.com: The Existing Home Sales jumped Up from 3.91 million annualized units in May to 4.72 units in June. This is just over 20% MoM jump, which is the largest, according to NAR. Stocks are Up this morning on Corporate Earnings releases, despite tensions continuing to heat up between US and China, as the US ordered China to close their Houston Consulate. As expected, China is threatening retaliation. MBS is Up 5bps so far this morning, which isn't enough movement to improve Mortgage Rates, so they remain Unchanged. Yields have slid down to about 0.59%. 
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