Daily Market Report 7/7/22

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

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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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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