Daily Market Report 7/8/20

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

http://MikesDailyMarketReport.com: There were no data to report on the Economic Calendar today, but tomorrow will provide us with the Weekly Initial Jobless Claims. It will be interesting to see if we continue the downward trend. Stocks started the morning strong (led by Tech stocks), but has since pulled back, as the DOW and S&P dropped into the Red. Investors are watching the increase of corona virus cases rise and possibility of parts of economy closing again, so they're looking toward Congress for another possible stimulus package. Also, last night, Bloomberg reported the possibility that the President's top advisors are recommending him to undermine the Hong Kong Dollar, as a retaliation to China's new security law on Hong Kong. This could also pose as problem for US' own currency, if this was to be implemented. MBS is rebounding this morning on the earlier stock rally. It started down 17bps, but has now pulled to being Down 5bps. East Coast Lenders most likely rolled out worse pricing and may be sending out price improvements. If this continues, and lenders are comfortable with the pull back, then we'll probably see pricing go back to Unchanged from yesterday's close (improvement for east coast or unchanged for west coast). Yields have also pulled back from earlier rise, and now reside just under 0.66%.

As I mentioned in the video, these views do not represent anybody else, but my own. I do work as a Loan Officer, so if I may be of assistance with your refinance or purchase, then please feel free to reach out to me at mikebjork@icloud.com.

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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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