Daily Market Report 12/2/19

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

http://MikesDailyMarketReport.com: We have 2 manufacturing indexes to report today. The first is the Markit Manufacturing PMI slightly rose from 52.2 to 52.6 in November; however, the ISM Manufacturing Index (the "gold" standard and carries more weight) dropped from 48.3% to 48.1%. Anything below 50 is considered Contraction. Construction Spending continued it's decline, as it dropped 0.8% in October. Stocks started the morning in Positive territory on positive manufacturing out of China, but quickly dropped (DOW and NASDAQ both are down over 100) on the Manufacturing Data, and possible Trade Concerns (now with Brazil and Argentina). MBS is Down 16bps and dropped below all of it's Support levels. Mortgage Rates have worsened a little bit, as a result. This is due to an article that published a comment by Fed Chair Powell that he is willing to allow inflation to heat up a bit, which does not bode well for MBS/Bonds. This is because inflation is it's worst enemy, as it devalues the MBS/Bonds value over time. Yields have spiked to 1.83% and above all of it's resistance levels.

 

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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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Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
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Enjoyed the market summary Mike. The manufacturing data really put a damper on the indexes today.

Dec 02, 2019 02:17 PM #1
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