Daily Market Report 1/29/19

By
Mortgage and Lending with Pinnacle Home Loan NMLS #275652/1820

http://MikesDailyMarketReport.com: A few items on the Economic Calendar today. The Case Shiller HPI dropped from 5.3% to 5.2% in November. Don't let the Media fool you! Home Prices are still rising, BUT at a slower pace on Year over Year basis. NOT the drop, as the Media likes to portray! It will be interesting to see the numbers for the Spring, as it seems like Buyers are out shopping and buying since the holidays finished. Also, on the Calendar is the Consumer Confidence, which dropped from 126.6 to 120.2. Most likely a result from the prolonged Gov't Shutdown. Stocks are trading in Mixed Territory this morning, as the DOW is the only index in Positive Territory. Earnings and Outlook are taking center stage in Trade today. Also, reports out on US rolling out criminal charges on Huawei for stealing Trade Secrets from US Business Partner and breaking sanctions on Iran. This could put a big wrinkle in US/China Trade Talks! The Fed is beginning their 2 day (first of 2019) FOMC meeting today, which they will have their announcement tomorrow at 11:30am PST. No rate hike is expected, but Investors will review the Dot Plot for Rate Hike forecasts and comments about the Balance Sheet. Later today, the British Parliament will be voting on an amendment to the Brexit proposal. MBS is currently up 6bps. It is now above it's 25 DMA and fighting to get above the next layer, Fibonacci level. If it can break above and stay above it, then Mortgage Rates have a chance for more improvement. There should be better pricing today for Mortgage Rates. Yields have slipped to 2.72% and is trying to stay above it's 25 DMA. If it breaks below it, then it could only help MBS to improve.

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Topic:
Mortgage / Finance
Location:
California Los Angeles County Redondo Beach
Groups:
South Bay Realtors
Tags:
interest rates
mortgages
home buying
home loans
refinance
interest rate trends

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Rainmaker
1,652,333
Jeremy K. Frost
Keller Williams Realty - Dripping Springs, TX
Associate Broker, CNE, CRS, ePro, PSA

Thank you for keeping us posted and up to date. Best of luck!

Mar 06, 2019 08:58 AM #1
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Rainmaker
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Mike Bjork

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