Daily Market Report 6/17/21

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

http://MikesDailyMarketReport.com:  Manufacturing in Philadelphia region slipped a little bit in June, as the Philly Fed Index came in at 30.7 (prior, it was at 31.5).  The Initial Jobless Claims rose back above 400k, as it was reported that 412k people applied for first time benefits last week.  Also, Leading Indicators showed 1.3% improvement in May.  Again, Stocks are in Mixed Territory (NASDAQ lone index in Positive).  Investors are readjusting their positions after the FOMC Announcement yesterday, which saw all the Markets drop.  It came in a little more Hawkish; however, too many investors put too much emphasis on the Dot Plot, which Powell cautioned that it's too early to really tell when they'll raise rates, as they want to see much more improvement before even thinking about the next move.  Meanwhile, MBS has recovered about half it's losses (from yesterday's abysmal -52bps drop) and is currently Up 30bps.  It's steadily climbing back to pre-FOMC Announcement, so we'll see if it's fully recovered today, or will need more time.  Yields have already moved to pre-FOMC Announcement and is sitting just under 1.49%.  This could help pave the way for MBS!  Mortgage Rates improved from yesterday's close, but not yet back to the pricing before the announcement, which we're approximately a 0.25 point difference.

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