Daily Market Report 7/29/21

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

http://MikesDailyMarketReport.com:  Initial Jobless Claims continue to disappoint again, as they remain in the 400k range; which happens to be this week's report (400k exactly).  Another trend popped up, is the Continuing Claims, which is starting to rise again.  Something we'll need to watch closely!  We get our first look at Q2 GDP, which forecasts are calling for 8.5%; however, the report is very disappointing, as it is being reported at 6.5%.  We will get 2 more looks, which could be revised.  Pending Home Sales dropped 1.9% in June, which some are saying that it could be a cooling off period for housing.  We'll see!  Stocks are shrugging off the data today, as Investors are giving more weight to Corporate Earnings.  Meanwhile, MBS is showing signs of a possible trend reversal; and is currently Down 3bps.  Currently, Mortgage Rates are Unchanged from yesterday's pricing.  This could change, as Yields have climbed up to 1.27%, after hanging around 1.25% range.  The worsening happened after a disappointing 7 year Treasury Auction.  MBS is not currently responding the same, but it could later in the day, so proceed with caution; especially, if Yields continue to worsen.

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Also, these videos are base on my views and not represented by any other entity, but my own.  I work as a Loan Officer, and if you'd like information on Mortgages, or how I can assist you, then please direct message me.

 

Comments (1)

Bill Salvatore - YVP Blog
Arizona Elite Properties - Chandler, AZ
Realtor - Valley of the Sun / golfArizona@cox.net

Mike,

Excelant numbers for sure.  Bill 

Jul 29, 2021 12:40 PM
Mike Bjork

Thanks, Bill!  Enjoy your weekend!


 

Jul 30, 2021 11:18 AM