Daily Market Report 6/29/21

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

http://MikesDailyMarketReport.com:  There are 2 Home Price Indices (HPI) being reported today.  The Case Shiller HPI, which measures the 20 largest Markets went up 1.6% in April and up 14.9% YoY.  Meanwhile, the FHFA HPI, which measures homes with conventional loan programrs (Fannie Mae and Freddie Mac),  rose 1.8% in April and up 15.7% YoY.  Lastly, Consumer Confidence spiked to 127.3 in June.  Stocks are Up today!  Banks passed their Stress Tests yesterday and 5 of the 6 largest banks announced an increase in their Dividends.  This boosted their stocks; as it also boosted it's sector.  Fed Member Barkin spoke today, which he commented that he projects the bottle neck in the supply chain to clear up around the end of summer; and that the Fed will continue to monitor pricing (for inflation).  MBS is only Up 2bps, as Mortgage Rates move in a sideways pattern today without any change in pricing.  Yields are sitting just under 1.49% after testing it's Technical ceiling earlier this morning.

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