http://MikesDailyMarketReport.com: The Initial Jobless Claims rose by 4k from last week's number to 235k. Also, the Continued Claims picked up a bit; and the Challenger Layoff (announced upcoming layoffs) spiked by almost 12k from last report. Tomorrow will be the Jobs data from the Bureau of Labor Statistics, which will carry a bit of weight this week. Investors will be watching fairly closely tomorrow, as there is a lot of concern of a possible recession. Today, they're feeling a bit more optimistic, as investment dollars move over to equities. As a result, MBS is currently Down 11bps, but was down by approximately 19bps. Pricing for Mortgage Rates will be a little worse compared to yesterday's. The good news is that the 25 DMA seems to be holding as a floor for us, which can bode well for Mortgage Rates. Meanwhile, Yields jumped up to just under 3.01%.
**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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