Daily Market Report 10/22/20

Mortgage and Lending with SunWest Mortgage NMLS #275652/1820

http://MikesDailyMarketReport.com: Initial Jobless Claims dropped to it's lowest level since March. It was reported today that only 787k people applied for first time benefits last week, which is lower than forecasts of 860k. Existing Home Sales jumped up to 6.54 million annualized sales in September from 6.0 million in August. Leading Indicators were up 0.7% in September. Stocks are Down this morning on growing concerns that a new Stimulus Package won't be completed prior to the Election, as this is deemed necessary. Q3 Corporate Earnings are still being reviewed, including Tesla's, which was released. Investors are watching the progress (or lack of) a New Stimulus Package; growing numbers of COVID cases, which may lead to more lockdowns; and the progress of Barrett's nomination toward Supreme Court. MBS was testing it's 100 DMA, but has scaled back from it's earlier lows; and currently Down 6bps. We're around the same level as yesterday, so we shouldn't see any changes in Mortgage Rates today. However, Yields continue it's torrid pace, and are Up to around 0.85% now.

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