http://MikesDailyMarketReport.com: There were a few reports released on Friday, even though the Markets were closed, so we'll provide that information: Housing Starts dropped from 1.142 million in February to 1.139 million (annualized units) in March. Also, Building Permits dropped from 1.291 million in February to 1.269 million in March. Both had forecasts of increasing annualized units. Today, we had Existing Home Sales released, which they too dropped from 5.51 million annualized units in February to 5.21 million in March. Stocks are trading in Negative Territory, as Oil prices rise on news that the US will not renew waivers to countries importing oil from Iran. Some of these countries include China and Turkey. Also, reports out of China say that the Chinese Government are pleased with the results thus far on the results from the current Stimulus, and will focus now on Infrastructure, instead of more Stimulus, to the dismay of Investors. MBS are down 9bps this morning, but not enoough to make any changes in Mortgage Rates. Yields have climbed back up to 2.58%.
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