Daily Market Report 7/28/21

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

http://MikesDailyMarketReport.com:  The FOMC will wrap up their 2 day meeting today and give their announcement at 11am PST.  We're not expecting any rate changes and there won't be any dot plot released today.  Currently, the Market is waiting on the Fed, so it could get really choppy out there in the afternoon.  Investors are tiring of hearing the same rhetoric; and many are pushing for tapering to happen sooner than later, as inflation continues to rise.  The Stock Market is Mixed, as the DOW is currently the only index in the Red; however, it's very light trading, so it can quickly change.  MBS is currently Down 5bps, which puts Mortgage Rates in the same type of pricing as yesterday's close.  Yields climbed back above the technical level and sitting just a hair under 1.26%.

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