Daily Market Report 8/30/19

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

http://MikesDailyMarketReport.com: Personal Income rose 0.1% in July, while Consumer Spending rose 0.6%. The Personal Consumption Expenditure rose 0.2% in July; whereas, it's YoY essentially remained the same, as the June's number was revised from 1.4% to 1.3%, then rose to 1.4% YoY in July (hope you were able to follow that;). When you remove the food and energy, then you have the Core Inflation (this is the Fed's favorite measure for inflation). It also rose 0.2% in July; whereas, it's YoY remained unchanged at 1.6%. The Fed's target rate for inflation is 2.0%, so we're currently below it's target rate, which may induce them for more rate cuts. Chicago PMI, which is an index that measures the manufacturing within the Chicago region, rose from 44.4 to 50.4. Anything under 50 is considered contraction and above it, is expansion. Consumer Sentiment took a bit of a noosedive in August. It's initial August reading was 92.1, but it dropped further and finalized at 89.9. This is a far drop from July's final at 98.4. Stocks are in Positive Territory, as the storms between the US and China seem to have subsided from the earlier storm that brewed earlier in the month. MBS are currently Up 6bps and up against the Ceiling of Resistance; meanwhile, the 25 DMA is it's new Floor of Support and shrinking it's current level of movement between floor and support. Mortgage Rates remain Unchanged from yesterday's close. The Yields are slightly up to 1.51%.

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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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