Daily Market Report 10/23/19

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

http://MikesDailyMarketReport.com: The FHFA Home Price Index rose only 0.2% MoM in August, which it's YoY dropped from 5.0% to 4.6%. This index factors homes with conforming loan limits. Stocks started the early trading in the Red, but the DOW has since broke into Positive Territory. There were a few disappointing reports that came out today, which is what's driving the Market today. Also, the UK Parliament voted against the new Brexit Agreement, so most likely the EU will extend the departure until end of the year. MBS is currently Up 8bps. Coupled with yesterday's gains, then Mortgage Rates will price out a little better this morning. It's approaching the 100 DMA and may make a position to try and fight it's way back above it. Yields have slid down to 1.74% and below it's Fibonacci level. As I mentioned the last 2 days, it appears that the Stochastic charts are indicating a possible trend reversal, which will help improve bonds and Mortgage Rates. We'll need to continue watching this, as it could potentially move in a sideways pattern.

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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
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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!

Oct 23, 2019 09:27 AM #3
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Rainmaker
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Mike Bjork

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