http://MikesDailyMarketReport.com: The NFIB Small Business Index continued it descent to 89.5 for June. This is lowest since the height of the Pandemic; and prior it was just after the Great Recession in 2013. Inflation is the biggest concern for Small Businesses. This index is important because Small Businesses make up the bulk of employment in the US; and if they don't have confidence, then there will be less jobs available. The 10 year Treasury Auction was much weaker than expected, so the Bond Market quickly changed it's direction. MBS was up around 20bps early on, but is now down to about 3bps. It's currently sitting between it's 25 DMA and 50 DMA. Mortgage Rates were better earlier on this morning, but many Lenders are repricing for the worse to Unchanged levels (from yesterday's close). Yields are off from it's lows (2.90%) to about 2.96% now. Tomorrow, the CPI report will be released and will have a big impact with the Markets. Investors are hoping to see inflation peak. Last month, it was hotter than expected and both Markets tanked, as a result. Then on Thursday, we'll get inflation data on the wholesale sector (PPI) and first release of Corporate Earnings Reports for Q2. Investors will be closely watching these reports. So, stay tuned!
**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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