Daily Market Report 9/23/21

Mortgage and Lending with Evolve Bank & Trust NMLS #275652

http://MikesDailyMarketReport.com:  The Initial Jobless Claims rose to 351k this past week; and the Continued Claims spiked a bit, as more people remained on Unemployment.  The IHS Markit PMI released their Services and Manufacturing data for September.  Anything above 50 is expansion or optimism in the Market for these indices.  The Services dropped from 55.1 in August to 54.4 in September; while, Manufacturing dropped from 61.1 to 60.5.  On the flip side, Leading Economic Indicators jumped up 0.9% in August.  Stocks are Up again today, after the completion of the 2 day FOMC, which Investors received more clarity on the Fed's thoughts for the future.  The Fed stated, pending progress in jobs and economy, that tapering is still on the table for this year; however, it's also appearing that a rate hike may happen next year (a bit sooner than expected).  Investors were pleased with this and the announcement by Evergrande's on-time payment, so we're seeing a bit of a shift in investors' dollars flowing from MBS/Bonds to higher risk assets (equities) today.  MBS is taking a beating; and is currently Down 33bps, as Lenders repriced with worse pricing on their Rate sheets.  Mortgage Rates rise!  Yields spiked all the way to it's 100 DMA, but have subsided some.  It reached all the way to 1.40%.

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