Daily Market Report 5/15/20

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

http://MikesDailyMarketReport.com: Retail Sales continued their decline in April, as they dropped 16.4%; and when you exclude "big ticket" items, like autos, then it dropped 17.2%. Manufacturing in the NY region improved some, but the number is still pretty bad, as the Empire State Index webt from -78.2 in April to -48.5 in May. Industrial Production continued to decline, as it dropped 11.2% in April; and the Capacity Utilization dropped down to 64.9%. Job Openings dropped from 7.0 million in February to 6.2 million in March. Consumer Sentiment improved in May, as it went from 71.8 in April to 73.7 in May, as the economy tries to work it's way back. Business Inventories continues their trend of declines into March, as it dropped 0.2%. Stocks are in Negative Territory this morning, after making a dramatic U turn yesterday (about a 835 point swing in the red to black at the close). The data reported today was pretty disappointing to investors, but it also appears that trade tensions with China may be erupting, as the Commerce Dept may be blocking semiconductors to Huawei; and as expected, China is threatening counter-retaliation, if this happens. MBS is currently Down 9bps, but Mortgage Rates should remain Unchanged from yesterday's pricing. Yields are Up to 0.64%, but still (just under) it's 25 DMA.

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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, ABR, SRS

Thank you for keeping us posted and up to date. Have a great weekend!

May 15, 2020 09:35 AM #1
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Mike Bjork this is valuable information for Buyers and Sellers in your market area.

May 15, 2020 10:44 AM #2
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Rainmaker
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Mike Bjork

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