Daily Market Report 10/21/21

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

http://MikesDailyMarketReport.com:  The Philly Fed Index dropped from 30.7 in Sept to 23.8 in October.  This index measures the business activity in the Philadelphia area.  Jobless Claims continued to decline, as they report only 290k applied for first time benefits last week. Remember those whom lost there jobs due to refusing the vax mandates won't be included with these numbers.  We don't know yet how much of an impact that may be.  Existing Home Sales jumped up 7.0% in September to 6.29 million seasonally adjusted units.  Lastly, the Leading Economic Indicator rose only 0.2% in September.  Stocks are a bit mixed today, as NASDAQ is lone index in Positive Territory (unlike yesterday, where it was reversed).  Investors are reviewing Q3 Earnings Reports, which approximately 86% have been reporting above expectations.  Fed Speakers appear to be bracing us for rate hikes next year as inflation persists.  Also, Investors are keeping a close eye on the Spending Bills in Congress, as they are at an impasse.  MBS is currently Down 14bps and Lenders will tend to show worse pricing today, which may translate to about 0.125% to the interest rate.  This is on top of the ever-stopping rise with Yields, as they broke another level and are testing another.  They're holding just under 1.67%.

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