Daily Market Report 9/24/21

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Mortgage and Lending with Evolve Bank & Trust NMLS #275652

http://MikesDailyMarketReport.com:  New Homes Sales rose 1.5% in August, as it went from 729k annualized unit in July to 740k in August.  Stocks are Down today, as Investors await Evergrande's debt payment due yesterday.  They do get a 30 grace period, so if it comes down to wire, then watch investors get a bit antsy!  Yesterday was a brutal day for MBS and Treasuries, as the momentum from the Fed's announcement pushed them further into negative territory.  MBS closed Down 53bps yesterday, which Lenders had several price changes for the worse.  They started down again this morning, even reaching -17bps, but have shifted directions, and are currently Up 6bps.  This means that the Lenders whom priced earlier had priced worse today, but will most likely re-price for the better.  The others have remained Unchanged with their Mortgage Rates after yesterday's close.  Now, to get some perspective of this, the 53bps drop means that No Point rate will now cost you a 0.5%, and may have raised rates approximately 0.375%.  Yields shot way up yesterday to the 1.42% range.  It was Up to 1.47% earlier, but have come down to around 1.45%.  The improvement in both Treasuries and MBS are do to Investors buying on the dip in it's Market.

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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.

 

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