http://MikesDailyMarketReport.com: Factory Orders rose 1.6% in May; and it's April number was revised higher, from 0.3% to 0.7%. This will be interesting to follow, as much of the manufacturing data have been contracting. This week will feature Jobs data; however, one Jobs report will be placed on hold for a bit, as they retool it. That will be the ADP Private Payrolls, which is typically the first of the Jobs data and released on Wednesday. MBS is benefitting from a shift in investment dollars from the Equities Market, as Investors are concerned over recession fears. The price of oil dropped below $100 and the US Dollar is stronger than the Euro. So, MBS is currently Up 28bps and challenging it's 50 DMA now. This improvement means there is improvement for Mortgage Rates, as they improve by approximately 0.125% to the rate. Yields have slid down to 2.82% now and it's now approaching it's 100 DMA.
**As Mortgage Rates spiked over 6% over past few days, ask me about our 7/6 ARM, which may be a good alternative for you or your client. Contact me today!**
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