Daily Market Report 8/5/20

Mortgage and Lending with SunWest Mortgage NMLS #275652/1820

http://MikesDailyMarketReport.com: We get to look at the first of 3 employment numbers for July today, starting with the ADP Employment. June's numbers were revised higher, from 2.37 million to 4.31 million. However, July's data was sorely disappointing, coming in at 167k. Investors are shaking it off a bit, due to the June's much higher revision. Markit Services PMI reached expansion territory, when it registered 50.0 on it's index. Also, the ISM Services Index jumped up to 58.1%. Both of these Services Indexes are reporting for July's numbers. Stocks took notice of the Service Industry data; the better than expected earnings reports that came out today; and comments by Steven Mnuchin regarding an agreed time frame, as to when Congress will complete a Stimulus package, which will be Friday. So, Stocks are in Positive Territory. MBS are currently Down 13bps based on the Market News, but also, the announcement of the volume being sold at auction, which the increase in supply is lowering prices (hence, increasing yields). Mortgage Rates are priced a little worse today (compared to yesterday's close). Yields are Up again, and sitting 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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Jeremy K. Frost
Keller Williams Realty - Dripping Springs, TX
Associate Broker, ABR, CNE, CRS, ePro, PSA, SRS

Thank you for keeping us posted and up to date. Best of luck!

Aug 05, 2020 12:05 PM #1
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