Daily Market Report 8/3/20

Mortgage and Lending with SunWest Mortgage NMLS #275652/1820

http://MikesDailyMarketReport.com: Markit Manufacturing dropped a little bit in July, as it went from 51.3 in June to 50.9 July. ISM Manufacturing Index rose from 52.6% to 54.2%. Anything above 50 is considered in expansion territory; and the ISM Manufacturing is considered the "gold" standard. Construction Spending dropped by 0.7% in June. Stocks are all trading in Positive Territory this morning. There's no news regarding any agreement for next round of Stimulus, as the $600/week benefit expired on Friday. Also, we're still seeing Earnings Reports being released. Reports show that Manufacturing in both Europe and China improved, as well. The big news over the weekend is the talk about the possibility of TikTok being banned in the US, and possibly Microsoft buys it's US operations. MBS are currently Unchanged from Friday's close; so Mortgage Rates remain Unchanged. Yields broke above it previous ceiling and sitting just below 0.56%. The previous ceiling was initially it's floor until last Thursday when Yields dropped below it (Friday, it tried, but failed to remain above).

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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