Daily Market Report 6/16/21

Mortgage and Lending with Evolve Bank & Trust NMLS #275652

http://MikesDailyMarketReport.com:  Housing Starts rose to 1.572 million annualized units in May, as it's April numbers were reduced from 1.569 million to 1.517 million.  It's counter-part, Building Permits dropped to 1.681 million annualized units, as confidence with Home Builders sours.  They're still facing issues with labor, rising prices and short supply with materials.  Stocks are in Mixed Territory this morning, as Investors brace for the FOMC policy statement around 11:30am PST.  Investors will be looking for clues to the Fed's thoughts on inflation, jobs/economy, tapering and review Dot Plot for future projected rate hikes.  MBS is little changed, as it's currently Up 3bps; and Mortgage Rates remain Unchanged.  Yields moved slightly too, as it sits just under 1.49%.  Now, it could get very choppy after the FOMC announcement and Investors review the wording and Dot Plot.  This volatility could extend into tomorrow morning.  So, be careful!

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Comments (1)

Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Mike, I keep hearing reports that builders are cutting back because of the price of lumber going up.  Unreal


Jun 16, 2021 11:46 AM
Mike Bjork

I'm hearing similar news.  Between labor and costs for materials, it's becoming a bit too burdensome for them.  Also, rising interest rates and shrinking affordability may be some underlining factors too.  Sorry for the delay to your comment.  For some reason or another, I'm not getting alerts any more; and AR doesn't seem to be liking the Chrome browser.  It was a bit more friendlier several months ago, but they must have done some changes within AR and it's not working as well now.

Jun 18, 2021 09:53 AM