Daily Market Report 10/19/21

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

http://MikesDailyMarketReport.com:  Housing Starts dropped 1.6% in September, as they reported only 1.555 million seasonally adjusted units were started.  If you look within the numbers, then most of the numbers were due to a drop with multifamily units (whereas, single family homes were within expectations).  Also, Building Permits dropped 7.7% in September, bringing it down to 1.589 million seasonally adjusted units.  Yesterday, we had an increase with Home Builder Confidence, but they did state that supply chain and labor shortages are creating delays with their plans.  Meanwhile, Stocks are Up on better than expected Q3 Earnings Reports.  Markets will be watching a few different Fed Speakers, so there may be some movement based on what they say.  MBS started the day off higher, then quickly dropped.  Now, it's about unchanged levels.  MBS is currently Down 2bps.  The movements today weren't  enough for Lenders to make any changes to their pricing, so Mortgage Rates should be about the same as yesterday's close.  However, Yields are climbing again (up to 1.63%) and could add some additional pressure to MBS.  This is something we'll need to monitor.

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