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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