Daily Market Report 3/23/20

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

http://MikesDailyMarketReport.com: There is no data to report on the Economic Calendar today. There's really only one report this week that will be relevant due to the sudden impact of the coronavirus, and that is the Initial Jobless Claims this Thursday. Meanwhile, Stocks are Down this morning on the lack of assistance from Congress. The Fed came out and stated the will do whatever it takes to smooth out the economy. The started out today with an infinite amount of QE, which they'll be purchasing a large amount of Treasury and MBS every day this week. It's helping the MBS Market today, as it's Up 120bps; however, we're still not seeing all of these improvements in our pricing, as Lenders are (for the past few weeks) pricing it higher to slow the process down because of the sudden amount of files that were submitted in the beginning of the month; also, of late, their assessing their risk tolerance due to concerns of repayment of the loans. Yields are Down to .77%. *****If you're working with Non-Conventional or Government Loan Programs, then be cautious! After recording this video, one of our Non-QM Lenders told me their Suspending all business for the next 2 weeks, then reassess the Market and adjust their guidelines and pricing thereafter.********

 

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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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Ambassador
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Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Congress just doesn't get it. This reminds me of when they took their time coming together to pass TARP during the financial crisis to shore up the banks.

Mar 23, 2020 02:21 PM #4
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