Daily Market Report 8/14/19

Mortgage and Lending with CMG Financial NMLS #275652/1820

http://MikesDailyMarketReport.com: There's no economic data to report today. Stocks are being driven downward today (DOW down over 600 so far) on worries of the final Yield Curve Inversion. The 2 year Yield finally inverted with the 10 year Yield. This is important because it's been a very good indicator or signal that either we're in a recession or will be heading into a recession. Again, this is not what causes a recession, but just an indicator or signal (so, not to be mistaken of what puts us into a recession). This, coupled with more negative data from around the world, is spooking the Markets. As a result, the MBS is Up 31bps, so we have improvement with our Mortgage Rate pricing; however, the Market did deteriorate a bit more yesterday afternoon, and there was a re-price for worse pricing. Yields are testing it's first floor of support, and sits at 1.586% currently.

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