Real estate blog entries tagged with refinance by Mike Bjork (Evolve Bank & Trust)

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refinance: Daily Market Report 5/20/20 - 05/20/20 09:51 AM

http://MikesDailyMarketReport.com: The FOMC Minutes will be released around 11am PST today, but we don't anticipate any news from these notes. Stocks are Up this morning on good earnings reports from retailers (like Target and Lowes). MBS is currently Up 11bps, and yesterday, it closed Up 27bps, so you can expect better pricing with Mortgage Rates today. The Fed is purchasing up to $4.5 Billion of MBS today. There is a Bond Auction today, so it's possible to have an adverse reaction to the Market, if it isn't successful. Yields are currently sitting at 0.71%
If you're located in California and looking … (0 comments)

refinance: Daily Market Report 5/19/20 - 05/19/20 09:48 AM

http://MikesDailyMarketReport.com: As expected, Housing Starts dropped in April, as it was reported at 891k annualized units (just under forecasts). Building Permits (future Housing Starts) also, dropped in April to 1.074 million (better than forecasts) annualized units. Stocks are a bit Mixed, as the DOW is currently the only index in the Red. Both Fed Chair Powell and Treasury Secretary Mnuchin are scheduled to testify before Congress today. It's expected that they reiterate what they've previously stated in recent comments. Also, President Trump has threatened to permanently withhold funding to WHO. MBS is currently Up 11bps, so Mortgage Rates remain Unchanged. It … (0 comments)

refinance: Daily Market Report 5/18/20 - 05/18/20 08:47 AM

http://MikesDailyMarketReport.com: The NAHB Home Builders Index rose from a low of 30 in April to 37 in May. This index indicates the confidence level of Home Builders in the US on the Housing Market. Stocks are way Up this morning on news that Moderna Pharmaceuticals announced positive results for the vaccines during Phase One testing. The Fed's Chairman Powell made comments over the weekend that were very upbeat and indicated plenty of tools to help the economy. He indicated that he expects the economy to pick up later in the year, and it may be better than pre-pandemic. As a result … (2 comments)

refinance: Daily Market Report 5/15/20 - 05/15/20 09:17 AM

http://MikesDailyMarketReport.com: Retail Sales continued their decline in April, as they dropped 16.4%; and when you exclude "big ticket" items, like autos, then it dropped 17.2%. Manufacturing in the NY region improved some, but the number is still pretty bad, as the Empire State Index webt from -78.2 in April to -48.5 in May. Industrial Production continued to decline, as it dropped 11.2% in April; and the Capacity Utilization dropped down to 64.9%. Job Openings dropped from 7.0 million in February to 6.2 million in March. Consumer Sentiment improved in May, as it went from 71.8 in April to 73.7 in May, … (2 comments)

refinance: Daily Market Report 5/14/20 - 05/14/20 08:19 AM

http://MikesDailyMarketReport.com: The initial Jobless Claims for last week were a little higher than forecasts, but still lower than previous report, and came in at 2.98 million people applying for unemployment benefits for first time. This trend is lowering, but it's still disturbing to see so many apply, as it's estimated to have reached approximately 36.5 million people applying for unemployment over just the past 2 months. This should put us pretty much right at the 20% Unemployment Rate. The one saving grace is probably the PPP, which is allowing small businesses to retain payroll, so those are additional employees whom may … (0 comments)

refinance: Daily Market Report 5/13/20 - 05/13/20 09:28 AM

http://MikesDailyMarketReport.com: The Producer Price Index, which is inflationary data on the Wholesale Sector, dropped 1.3% in April, as it's YoY dropped from 0.7% in March to -1.2% in April. It's Core PPI (excluding food and energy) dropped 0.3%; and it's YoY went from 1.4% in March to 0.6% in April. Stocks are in Negative Territory this morning on sombering comments by Fed Chair Powell. He had mentioned that the current state is unprecedented and we could see over the duration of recovery that liquidity problems can turn into solvency problems. Also, he suggested that another stimulus package may help the economy … (1 comments)

refinance: Daily Market Report 5/12/20 - 05/12/20 10:02 AM

http://MikesDailyMarketReport.com: The NFIB Small Business Index dropped from 96.4 in March to 90.9, which many thought it would dive down into the 80s. This report represents the confidence in Small Businesses. The Consumer Price Index dropped 0.8% in April and it's YoY dropped from 1.5% to 0.3%; and when you exclude food and energy from the equation, which are uncontrollable variables, then we have the Core CPI. The Core CPI dropped 0.4% in April and it's YoY dropped from 2.1% to 1.4%. You can see the difference, especially for April, the impact that food and energy can have, as Oil dropped … (1 comments)

refinance: Daily Market Report 5/11/20 - 05/11/20 08:39 AM

http://MikesDailyMarketReport.com: There are no economic data to report today. Stocks are trading in Mixed Territory this morning. NASDAQ is the only index in positive territory. There are some reports out that there may be some increased levels of coronavirus around the different parts of the world, as many are trying to re-open their economies. MBS is also Down 9bps, so coupled with Fridays slide, then Mortgage Rates have worsened some since last Friday morning's position. Yields have worked their way back above it's 25 DMA and sitting at 0.69%.
If you're located in California and looking to either buy a home … (0 comments)

refinance: Daily Market Report 5/8/20 - 05/08/20 09:50 AM

http://MikesDailyMarketReport.com: The BLS released their Jobs data today, so we'll start with the Non-Farm Payrolls, which lost 20.5 million jobs in April while the Unemployment Rate soared to 14.7%. This is the 2nd Highest Unemployment Rate now on record. Also, it was just a matter of 2 months ago, that we were at a 50 year low at 3.5%. The Average Hourly Earnings rose 4.7% in April. We think this number is a bit skewed. We think the recent job losses were those in lower paid positions, which their data would help to offset the overall figures. Stocks are Up despite … (1 comments)

refinance: Daily Market Report 5/7/20 - 05/07/20 09:25 AM

http://MikesDailyMarketReport.com: Initial Jobless Claims are still reporting high volumes of claims, but it has been trending lower each week, as it report 3.85 million for last week's report to 3.17 million today. Productivity dropped 2.5% for Q1, however, it exceeded it's forecasts of -5.5%. Unit Labor Costs rose 4.8% in Q1. Stocks are Up this morning, as they view the lower trend of people applying for unemployment lessening each week and many state economies beginning to re-open. China reported positive data (first since December, before pandemic), as forecasts were still calling for a major drop. US and Chinese Officials will be … (2 comments)

refinance: Daily Market Report 5/6/20 - 05/06/20 10:17 AM

http://MikesDailyMarketReport.com: The ADP Employment Report had revised it's March numbers from -26k to -149k; while April shows a drop of 20.2 million. Definitely shows a bleak week for Jobs data this week, as this is the first of 3 Jobs data we'll see this week. Stocks were in Negative Territory early on the Jobs data, but has since moved into Positive Territory, as many states are beginning to re-open their economies in phases. The Treasury Dept. announced they would boost the longer termed bond auctions more than expected, which is stressing govt bonds. As a result, MBS is Down 11 bps … (0 comments)

refinance: Daily Market Report 5/5/20 - 05/05/20 08:43 AM

http://MikesDailyMarketReport.com: The only data being reported today is on the Services Industry. The Markit Service PMI dropped down to 26.7 in April; while ISM Non-Manufacturing Index dropped down to 41.8%. Anything below 50 on either index is considered in Contraction/Negative Territory. Stocks are Up this morning on optimism of global economies beginning to re-open, along with possible vaccines and higher oil prices. The US Treasury will be looking to borrow $3 Trillion today for the Q2 to meet Congress' Stimulus/Emergency Plans. This is by far the largest amount they've ever borrowed. MBS is still hovering above it's 25 DMA and Up … (1 comments)

refinance: Daily Market Report 5/4/20 - 05/04/20 09:38 AM

http://MikesDailyMarketReport.com: Factory Orders dropped by 10.3% in March. Stocks are mostly down, but Mixed presently, as NASDAQ is the only index to jump into positive territory. Investors are reviewing the Presidents and other Officials comments about US and China's relationship, which seems to have dissipated further after the coronavirus. They're concerned over a possible Cold War. Meanwhile, both MBS and Yields are testing thier 25 DMA. Let's hope they hold. MBS is currently Down 8bps; so depending on the Lender, Mortgage Rates have either remained Unchanged or Worsened a little bit. Yields are currently at 0.63%.
If you're located in California … (0 comments)

refinance: Daily Market Report 5/1/20 - 05/01/20 09:53 AM

http://MikesDailyMarketReport.com: The Markit Manufacturing PMI dropped down to 36.1 for April; while the ISM Manufacturing Index dropped to 41.5. Construction Spending rose by 0.9% in March. Stocks are Down on Corporate Earnings release and outlooks, including 2 Big Tech Companies (Apple and Amazon). Also, to add fuel to the fire are new threats from President Trump that the US may add tariffs to Chinese imports because of their handling of the pandemic. MBS is currently Down about 8bps, but sill above it's 25 DMA, which is climbing. Mortgage Rates remain Unchanged. Yields are up a bit, coming in just under 0.63%. … (0 comments)

refinance: Daily Market Report 4/30/20 - 04/30/20 09:12 AM

http://MikesDailyMarketReport.com: Just a forewarning, I may have rambled on a bit too much today, so I apologize beforehand. However, we do have a lot of economic data to report today. The Weekly Jobless Claims came in at 3.84 million, with revisions of approximately +15k in the previous report. This will most likely bring us to approximately 17% Unemployment Rate, which we'll see those numbers next Friday when the BLS release their reports. The Employment Cost Index rose by 0.8% in Q1. Personal Income dropped by 2.0% in March, while Consumer Spending dropped by 7.5%. These numbers will most likely worsen once … (2 comments)

refinance: Daily Market Report 4/29/20 - 04/29/20 10:12 AM

http://MikesDailyMarketReport.com: The initial view of Q1 GDP shows the economy dropped 4.8%, which is on the heels of Q4 being up 2.1%. Pending Home Sales dropped 20.8% in March. The FOMC wraps up their 2 day meeting today, which Fed Chair Powell will provide his announcement at 11:30am PST. Stocks are Up this morning on positive news from Gilead. MBS are also Up 13bps, which Lenders will have improved pricing today. Yields are currently sitting around 0.60%.
If you're located in California and looking to either buy a home or refinance and would like my assistance, then please click on the … (0 comments)

refinance: Daily Market Report 4/28/20 - 04/28/20 09:59 AM

http://MikesDailyMarketReport.com: The Case Shiller Home Price Index rose from 3.9% to 4.2% in February, which indicates the Real Estate Market heating up prior to coronavirus. Consumer Confidence dropped from 118.8 to 86.9 in April. Stocks started the morning Up, but has since drifted into the Red. The optimism from yesterday, as many parts of the economy begin to re-open. Oil has slid a bit again to $12/barrel, raising concerns. Some major Tech Corporate Earnings will be release after hours this week. Also, the Fed will begin their 2 day meeting today, with their announcement tomorrow. There aren't any expectations to any … (0 comments)

refinance: Daily Market Report 4/27/20 - 04/27/20 08:29 AM

http://MikesDailyMarketReport.com: There are no economic data to report today. Stocks are Up on optimism that parts of the world are re-opening their economy, including a few states in the US. Investors are watching Oil, as it dipped again to $12-$13/barrel. MBS is Down 11bps, as Mortgage Rates worsened a bit today. We may have an opportunity, as the 25 DMA may prop them up higher, as it continues it's ascend. Yields are Up to 0.65%.
If you're located in California and looking to either buy a home or refinance and would like my assistance, then please click on the following link … (1 comments)

refinance: Daily Market Report 4/24/20 - 04/24/20 09:39 AM

http://MikesDailyMarketReport.com: Durable Goods Orders dropped by 14.4% in March; and only dropped by 0.2% when you exclude Transportation. Consumer Sentiment dropped from 89.1 in March to 71.8 in April. Stocks started the day in Positive Territory, but the DOW has since gone into Negative Territory. Oil prices are starting to rise a bit (up to around $17-$18/barrel). Also, the new Stimulus package (mostly for PPP and hospitals) had passed the House yesterday and will await President Trump's signature. MBS are currently Up 13bps, which leads them to approximately the same pricing as yesterday, as they lost most of their day's gains … (1 comments)

refinance: Daily Market Report 4/23/20 - 04/23/20 08:19 AM

http://MikesDailyMarketReport.com: Weekly Jobless Claims came in at 4.43 million people applying for Unemployment for the first time last week. Both the Manufacturing and Services Industries continue to sink, as Markit PMI released their reports showing Manufacturing dropping from 48.5 in March to 36.9 in April; and Services dropping from 39.8 to 27.0. Any number below 50 in these indexes indicates contraction. Meanwhile, New Home Sales dropped from 741k to 627k in March, after February's data was revised lower from 765k. Stocks are Up this morning, even though Q1 Earnings Reports are still being released, and the numbers have looked quite grim; … (0 comments)

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