Daily Market Report 9/28/21

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

http://MikesDailyMarketReport.com:  We have 2 Home Price Indices (HPI) reporting today, which I believe I may have erred on the name of one of the indices.  I may have referred to it as NAHB, which I'd like to correct it to FHFA.  It does report the properties that have Fannie and Freddie loans.  So, to report the 2 indices, we'll start with the Case Shiller HPI for July, which rose 1.5% and it's YoY rose to 19.9%.  The FHFA rose 1.4%, while it's YoY rose to 19.2%.  Consumer Confidence dropped to 109.3 in September over concerns of the Delta variant and inflation.  Later today, we'll see the 7 year Treasury Auction.  It could have some impact with the Market.  Stocks are taking a bit of a beating today too, as Yields rise and Bonds drop, it's affecting Growth Stocks negatively.  MBS is currently Down 13bps, as Lenders continue to price worse Mortgage Rates from the previous close.  We're looking for a bottom, but it's blowing thru each technical level and haven't yet found it's footing for any possible retracement.  Similar for Treasuries, as they've been blowing thru their Technicals and haven't yet found a ceiling.  It touched near 1.57% earlier, but has slid down to 1.52% recently.

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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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