Daily Market Report 7/31/20

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

http://MikesDailyMarketReport.com: Consumer Spending rose 5.6% in June; while Personal Income dropped 1.1% in June. The Fed's favorite index that gauges inflation Personal Consumption Expenditure(PCE) without the food and energy being added came in very tame in June, as it only rose 0.2% in Mom; however, it's YoY dropped from 1.0% to 0.9%. The last thing we want is inflation. The Employment Cost Index rose 0.5% in Q2. This is another inflationary data that the Fed likes to watch. This was fairly tame. Manufacturing in the Chicago area had good news, as the Chicago PMI came in at 51.9, which brought it back into expanding territory (above 50 in the index). This was after it came in at 36.6 in June. Consumer Sentiment dipped a bit in July, as it went from 73.2 in June to 72.5 in July. Stocks are in Mixed Territory again this morning, as NASDAQ continues to heat up with the large Tech Companies (Apple, Alphabet, Facebook, Amazon, etc..) all posting above expectations on their earnings; while, energy companies, like Chevron and Exxon were hit very hard in Q2 and posting record losses. President Trump offered to temporarily extend the $600/week benefits while Congress negotiates next Stimulus/Recovery Bill; however, it was rejected by the Democrats in order to use as leverage and get a larger bill passed. MBS is currently Up 5bps, but Mortgage Rates remain Unchanged this morning from yesterday's close. Yields fell below their double floor of support yesterday and trying to claw their way back above it. It resides just above the line at just under 0.55%.

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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