Daily Market Report 11/29/21

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

http://MikesDailyMarketReport.com:  This week will be about November's Jobs Data, which will start on Wednesday with the ADP Private Payrolls.  Today, we just have the Pending Home Sales for October, which was reported at 125,200 seasonally adjusted units.  This was up 7.5% from September.  Stocks are rebounding after a HUGE selloff on Friday, as the Markets were spooked on news of a new COVID variant, Omicron.  MBS rebounded Upwards by 77bps, which eliminated last week's losses; and brought us back to the same levels, last seen since the previous week's Friday.  Today, it started much lower (Down 19bps), but as the Market continued to move on, then it has improved to being Down 2bps.  Lenders on the East Coast whom have already released their ratesheets may be coming out with improved ratesheets.  The Lenders on the West Coast, then will issue ratesheets comparable to Friday's close.  So, Mortgage Rates (for the most part) remain Unchanged.  Yields are Down to 1.51%.

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