Daily Market Report 5/13/21

By
Mortgage and Lending with Evolve Bank & Trust NMLS #275652

http://MikesDailyMarketReport.com:  The Initial Jobless Claims continued to dwindle a bit lower, as this week's report dropped from last week's revised (higher) 507k to this week's 473k.  We have more inflation data today, from the Wholesale sector this time.  The Producer Price Index (PPI) rose 0.6% in April, while it's YoY rose 2.0% to 6.2%.  The Core PPI (excluding food and energy) rose 0.7% in April, while it's YoY rose 1.0% to 4.1%.  Stocks are back into Positive Territory after yesterday's big selloff.  Meanwhile, MBS is rebounding a bit too today, as it's currently Up 11bps and working it's way back above it's 50 DMA.  Mortgage Rates did have a slight improvement after yesterday's close, which had a few price changes to the worse; and closed Down 44bps.  Also, Yields are back below it's new Technical level (around 1.69%-1.70%).  It's currently sitting just below 1.67%.

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Comments (1)

Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

I think inflation concerns are overblown & the market is going back to record highs, again. Thanks for the update Mike!

May 13, 2021 12:45 PM
Mike Bjork

I think it's potentially dangerous; however, I also think that it could be transitory as the supply chain catches up a bit; especially, while there is still competition for business (lower prices to keep or grow marketshare).

May 22, 2021 01:18 AM