Daily Market Report 5/28/20

By
Mortgage and Lending with SunWest Mortgage NMLS #275652/1820

http://MikesDailyMarketReport.com: Initial Jobless Claims continued the lower trend when it was reported that 2.12 million people applied for unemployment benefits last week, which is down from 2.45 million the week prior. The 2nd look at the Q1 GDP worsened, going from -4.8% to -5.0%. We'll get our final number for GDP next month. Durable Goods Orders dropped 17.2% in April; however, when you remove Transportation from the equation, then it dropped 7.4%. Interruptions in the Housing Market really showed in April, as NAR reported that Pending Home Sales dropped by 21.8%. This is the biggest decline on record. Stocks are Up on optimism of the economy reopening; and shrugging off the tensions between US and China. This euphoria will probably be short-lived, as they realize it will take time for the economy to rebound and the tensions with China are real. Meanwhile, MBS is Down 3bps and just under the 50 DMA. The 50 DMA is a floor of support, but MBS is running out of room between the 25 DMA and 50 DMA. If we can get MBS to break above the 25 DMA, then we can see some improvement with Mortgage Rates; however, if it breaks below it's 50 DMA, then we'll see Mortgage Rates worsen. So far, Mortgage Rates seem to be Unchanged from yesterday. Yields are facing similar conundrum, as it's Up against it's 50 DMA at 0.70%.

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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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Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Mike, I hope mortgage rates do not worsten for awhile yet and hope unemployment figures come down.

 

May 28, 2020 11:09 AM #1
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Rainmaker
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Mike Bjork

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