Daily Market Report 5/19/22

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

http://MikesDailyMarketReport.com:  The Philly Fed Index dropped from 17.6 in April to 2.6 in May.  This index measures the manufacturing around the Philadelphia area.  This has been see quite a bit this month, so we'll monitor to verify if this is becoming a trend or not.  Initial Jobless Claims rose to 218k.  Housing data continues to disappoint this week, as the Existing Home Sales dropped by 2.4% to 5.61 million annualized units in April.  Lastly, the Leading Indicator dropped 0.3% in April.  Stocks are Mixed today, as Investors continue to worry about shrinking profit margins  and investment dollars are flowing over into MBS.  MBS is currently Up 30bps, as pricing for Mortgage Rates continued to improve.  Today is a first for MBS, which it opened above the 25 DMA.  This is first time we've been above 25 DMA since October 2021.  Once we crossed lower, then it trended lower.  We may have finally found our floor of support with MBS, as we're starting to see some improvement.  How much improvement will be a good question.  Meanwhile, Yields fell down to just under 2.85%.

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