Daily Market Report 7/9/20

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Mortgage and Lending with Evolve Bank & Trust NMLS #275652

http://MikesDailyMarketReport.com: Initial Jobless Claims continues with their downward trend (thankfully!), as this report came in at 1.31 million people applying for first time benefits. Last week's report came in at 1.41 million. It's a light day today, so not much news is affecting the Markets. Stocks are Down this morning, as Investors begin to realize a recovery won't happen fast enough, or a V-shaped recovery. MBS is taking for granted the Stocks recent struggles, as it's Up 14bps this morning, which will lead Lenders to price their Mortgage Rates even better. Yields have fallen further, to just under 0.63%. If you're floating your rate for better rates, then be a bit cautious, as MBS has drifted a bit far from it's 25- and 50 DMA. When it drifts too far, then it has a habit of being dramatically pulled back, like a leash effect. Also, Yields are at a position now that has shown some support, so they could revert to higher levels again soon.

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. Please subscribe to my Blog and YouTube Channel at MikesDailyMarketRpt

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