Daily Market Report 7/14/21

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

http://MikesDailyMarketReport.com:  Both the Producer Price Index headline number (PPI) and it's Core PPI (excludes food and energy) rose 1.0% MoM in June.  The Core PPI is now up to 5.6% YoY, which brings us to inflationary levels last seen in 2008 when price of a barrel of oil reached all time highs of $150/barrel.  Stocks are back in Positive Territory after yesterday's losses.  We will receive more Q2 Corporate Earnings Reports today; and Fed Chair Powell has testified before the House Finance Committee today.  Nothing has changed, but the Investors like hearing the message repeated.  MBS is regaining it's losses yesterday; and is Up 16bps thus far.  Yesterday, after the disappointing 30 year Bond Auction, the Market reversed and dropped.  Lenders repriced for the worse yesterday; however, today, Mortgage Rates will be better than yesterday's close; and closer to the better levels yesterday (Unchanged from those levels).  Yields had spiked to 1.41% yesterday and have now come down to just under 1.37%.

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Comments (1)

Raymond Henson, eXp Realty
eXp Realty of California, Inc. (lic. #01878277) - Elk Grove, CA
Realtor

Thank you for your market update.  I wonder if inflation is here to stay or will be transitory.

Jul 14, 2021 10:12 AM
Mike Bjork

Thanks for the comments, Raymond!  Personally, I think some of it will be transitory, but there will be some that will remain.  Especially, when you find businesses providing higher wages and even bonuses to fill positions.  I don't think some businesses will lower prices, if people are already paying the higher prices.  It will be interesting!

Jul 15, 2021 10:00 AM