Daily Market Report 1/19/22

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

http://MikesDailyMarketReport.com:  The MBA Mortgage Loan Activity Report released their data (which comes out every Wednesday) and indicated that Home Buyers jumped this past week, as Mortgage Rates continue to rise.  Seems like rising Mortgage Rates are incentivizing Home Buyers to get off the fence; however, they're disincentivizing refinances, as we saw a drop week-over-week.  Housing Starts rose from 1.678 million seasonally adjusted annualized units in November to 1.702 million in December.  A 1.4% rise month-over-month.  Also, Building Permits (future Housing Start) rose 9.1%, which went from 1.717 million seasonally adjusted annualized units in November to 1.873 million in December.  It will be interesting to see it's January's numbers, as we found out yesterday that there was a slight drop with the Home Builders confidence for January.  Something to watch!  Meanwhile, stocks are trading in Mixed Territory, as several large corporations released their Q4 Corporate Earnings Reports, and it didn't go well for many (especially with those on the DOW).  The DOW is the lone index currently in Negative territory today.  The Fed members are in quiet mode, as they approach their FOMC next week.  This has been part of the issue, as investors take it upon themselves with the appearance of more aggressive Fed policy; and they price this into the Markets.  Meanwhile, MBS seemed to have regained some of yesterday's losses; and are Up 38bps.  So, we're having a better day with Mortgage Rates today (compared with yesterday's close).  The same for Yields, as they slid down to just under 1.83% (after touching off the 1.87% range).  Expect some ebbs and flows (Market volatility) to continue, as they Markets adjust to the new normal!

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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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