http://MikesDailyMarketReport.com:  New Homes Sales beat expectations for May, as it jumped up 10.7% to 696k seasonally adjusted units.  However, Consumer Sentiment dipped down to 50.0 in June.  A few bits that we don't normally look at, but Fed Chair Powell made a comment about it, which raised it's importance this week.  The comment was regarding the Consumer Sentiment toward inflation, or outlook of inflation over a 1 year and 5 year period.  Both were recently lower in June, compared to May's outlook.  The 1 year went from 5.4% to 5.3%; and the 5 year went from 3.3% to 3.1%.  This helped to ease concerns for many investors, as Stocks improved yesterday and have continued this trend today.  As a result, money has flowed over to Equities from Bonds.  Yesterday, MBS was up 77bps, and c... 06/24/2022

http://MikesDailyMarketReport.com:  The weekly Initial Jobless Claims dipped to 229k last week, after last week's report was revised higher, from 229k to 231k.  Also, there was a slight increase to the Continuing Claims from last week.  The Markit PMI released their 2 reports (Manufacturing and Services) for the month of June, which anything above 50 is considered expansion.  The Markit Services PMI dropped from 53.4 in May to 51.6 in June; and the Markit Manufacturing PMI dropped from 57.0 in May to 52.4 in June.  Fed Chair Powell wraps up his 2 day testimony before the House Committee today.  Investors continue to be concerned that the hawkish Fed policy will force the economy into a recession.  There have been recent signs that the economy may not be as strong as the Fed has been sta... 06/23/2022

http://MikesDailyMarketReport.com:  The weekly Initial Jobless Claims dipped to 229k last week, after last week's report was revised higher, from 229k to 231k.  Also, there was a slight increase to the Continuing Claims from last week.  The Markit PMI released their 2 reports (Manufacturing and Services) for the month of June, which anything above 50 is considered expansion.  The Markit Services PMI dropped from 53.4 in May to 51.6 in June; and the Markit Manufacturing PMI dropped from 57.0 in May to 52.4 in June.  Fed Chair Powell wraps up his 2 day testimony before the House Committee today.  Investors continue to be concerned that the hawkish Fed policy will force the economy into a recession.  There have been recent signs that the economy may not be as strong as the Fed has been sta... 06/23/2022

http://MikesDailyMarketReport.com:  There's no notable items on the Economic Calendar today, but there was some positive from the MBA's Mortgage Loan Activity, which reported an increase of Mortgage Loan Origination with Purchase Transactions.  Fed Chair Powell begins his 2 day Congressional Testimony today.  His statements are pretty much the same.  He is talking very hawkish, but also trying to assure the Markets that the economy is doing well and it can handle higher rates.  Meanwhile, Investors are still concerned over the possibility of an upcoming recession due to the Fed Policy Path.  Stocks are down today, as the Money is flowing back into the Bond Market, as a Flight to Safety.  The price of oil has recently subsided dramatically.  It was around $122/barrel about a week ago and... 06/22/2022

http://MikesDailyMarketReport.com:  Existing Home Sales dipped 3.4% in May to 5.41 million seasonally adjusted units.  There's not a lot of data being released this week on the Economic Calendar, so most impact will come from headline/geopolitical news or investor sentiment.  Stocks are Up today, as investment dollars continued to flow from Bonds to Equities.  MBS started the morning down much lower and is currently Down 16bps, as Lender ratesheets have worsened since Friday's Market close.  Yields have shot up to just under 3.30% today.**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!**Please subscribe to my YouTube Channel at MikesDailyMarketRptAlso, these videos are base on my vi... 06/21/2022

http://MikesDailyMarketReport.com:  Industrial Production only increased by 0.2% in May, below forecast of 0.4%.  Also, Leading Indicators contracted by 0.4% in May, which sets off 2 months in a row with contraction.  Stocks are Up today, as Investors are buying on the dip; and money is flowing out of Bonds, as a result.  Investors are trying to acclimate to a new environment, which easy money will be gone; and Fed is being aggressive with their attempts to reduce Inflation back down to 2% level.  Meanwhile, mixed data shows that maybe economy might head into a recession.  As a result, we're currently seeing MBS Down 25bps, after seesawing earlier on.  This means that Mortgage Rates worsened a little bit in comparisons to those being quoted after the Market's close yesterday.  Yesterday... 06/17/2022

http://MikesDailyMarketReport.com:  Housing Starts dropped by 14.4% in May, while Building Permits dropped by 7.0%.  The Philly Fed Index, which measures manufacturing in the Philadelphia area, dropped to -3.3, which is contraction.  This is the second manufacturing index to report contraction this week (the other is for the NY area).  The Initial Jobless Claims reported 229k applying for benefits last week.  We're starting to see potential for uptick in job losses, so we'll need to monitor this, as well as, manufacturing.  The BoE reported a .25% rate hike today, which was expected; but, the Swiss National Bank reported a 0.5% rate hike, which surprised the Markets.  Both Stocks and MBS are down today.  MBS started the morning down much lower, based on the actions of the European Centr... 06/16/2022

http://MikesDailyMarketReport.com:  There are a few items on the Economic Calendar today, but nothing is having any more impact than the FOMC Announcement.  But, we'll start with Retail Sales, which dropped by 0.3% in May.  Empire State Index, which gauges manufacturing activity in the NY region, contracted again in June to the tune of 1.2.  The NAHB Home Builders Index dropped from 69  in May to 67 in June.  This index measures the confidence level for Home Builders, whom are stressing over the higher mortgage rates.  So, now is what we've all been waiting on.... The FOMC Announcement!   The Fed announced a 0.75% (in lieu of the originally planned 0.5%) rate hike, bringing the Fed Funds to 1.75%.  The Fed Dot Plot indicated many more hikes for this year, which it jumped from previous e... 06/15/2022

http://MikesDailyMarketReport.com:  The Producer Price Index (PPI), which measures inflation with the wholesale sector, rose 0.8% in May.  The Core PPI, which excludes food & energy, rose by 0.5% in May, as it's YoY dropped from 8.6% in April to 8.3% in May.  This index doesn't always get a lot of respect because many times those costs don't always get passed onto the Consumer; however, in today's high inflation environment, it's receiving more respect.  The Fed begins their 2 day meeting (FOMC) today, which they'll provide their Announcement tomorrow (around 11:15 am PST).  The Markets raised their odd of the Fed increasing their announce rate hike from a 0.5% to 0.75% hike tomorrow.  Personally, I don't think this will happen tomorrow, but could be announced for next FOMC.  Just from ... 06/14/2022

http://MikesDailyMarketReport.com:  There are no economic data to report today, but the rest of the week does contain a lot of important data.  The most important day this week will be Wednesday, as the FOMC concludes and the Fed provides their announcement.  The Market Sentiment really soured after Friday's release of the CPI data and has spilled over into today's session.  Both Stocks and MBS are getting hit hard.  Investors are beginning to realize that Consumers (based on the Consumer Sentiment last Friday) feel like they're in a recession due to the high prices and are struggling to make it month to month.  Some are wondering if the Fed might revise their rate hike to 75bps, in lieu of the 50bps planned.  Personally, I don't think they will do so at this meeting; however, it's poss... 06/13/2022

http://MikesDailyMarketReport.com:  Inflation data came in with a nuclear explosion!  The Consumer Price Index (CPI) rose 1.0% in May, as it's YoY rose from 8.3% in April to 8.6%.  The Core CPI, which excludes food & energy, rose 0.6% in May, as it's YoY dropped from 6.2% to 6.0%.  Meanwhile, Consumer Sentiment dramatically dropped from 58.4 in May to 50.2 in June.  As one could imagine, Consumers aren't happy about the spike in food and energy!  Investors are looking at this data and are realizing that Inflation may not have peaked yet.  This means that the Fed will need to (possibly) further tighten policy to get inflation back down.  Both Stocks and MBS are Down by a lot today.  MBS was down as much as 110bps, but currently sitting around 75-77bps.  This means that a No Point quote y... 06/10/2022

http://MikesDailyMarketReport.com:  Initial Jobless Claims rise to 229k this week, as it hits a 5 month high.  Markets reacted quickly to the hawkish ECB's announcement, which announced they will hike rates in July; end their asset purchases (reinvest matured bonds); and revised their inflation data higher in their forecasts.  This set the tone with the Markets in the EU in a negative manner, which trickled over to the US Market.  MBS is currently Down 23 bps, as it's been rising and dropping, like a seesaw all day.  The 30 year Bond Auction temporarily helped push up MBS, but it has dropped again thereafter.  Mortgage Rates have worsened slightly.  Yields have risen slightly to 3.04%.Please subscribe to my YouTube Channel at MikesDailyMarketRptAlso, these videos are base on my views an... 06/09/2022

http://MikesDailyMarketReport.com:  Wholesale Inventories rose 2.2% in April.  Both Markets are Down today, as Investors await inflation data on Friday.  They want to verify their beliefs that inflation has already peaked.  Meanwhile, oil continues to climb, reaching $121/barrel.  MBS is also competing with Corporate Bonds that being added to the Market.  It's currently Down 27bps, as Mortgage Rates worsen from yesterday's close; and fell below it's 25 DMA again.  Yields have climbed above the 3% level again; and is currently just under 3.03%.Please subscribe to my YouTube Channel at MikesDailyMarketRptAlso, 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... 06/08/2022

http://MikesDailyMarketReport.com:  As mentioned in yesterday's report, this week is light with Economic data, as today is one of the days without anything with merit.  So, the impact will come mostly from headline news and geopolitical this week.  Today, stocks are down on renewed concerns over the retail industry, as Target reiterated it's profit outlook and began taking preventive measures.  This set the mood in the Markets.  This is helping Mortgage Rates today, as the MBS is currently Up between 38-43bps.  Yesterday, we lost 53bps and closed below the 25 DMA; so, we are regaining most of the losses that were incurred from yesterday's trading this morning and pushing back above the 25 DMA.  We'll need to see if it can hold.  Also, even if we break above the 25 DMA, then within next ... 06/07/2022

http://MikesDailyMarketReport.com:  There are no economic data to report today; and the week ahead is pretty light.  However, Friday, the CPI will be released and this could have a big impact with the Markets.  The Markets are continuing to assess the Fed's Policy with the current and future economic landscape; and monitor any more of the talk about reducing tariffs, as a method to bring down inflation.  As I noted in the video, prior to the spike with inflation, the tariffs didn't seem to have much impact with inflation; so, it seems to reason that this response may not really do much.  Stocks are Up today after another bad week, which Investors are buying on the Dip today.  Meanwhile, this has pulled investment dollars from MBS, along with more Corporate Bonds taking up more of the in... 06/06/2022

http://MikesDailyMarketReport.com:  The Bureau of Labor Statistics (BLS) released several Jobs reports today for the month of May.  They reported that Average Earnings rose 0.3%, while the Average Workweek remained Unchanged at 34.6 hrs.  The Non-Farm Payrolls came in with 390k and an upward revision of 8k to April's data.  Unemployment Rate remained Unchanged at 3.6%.  Lastly, the ISM Services PMI dipped to 55.9%, which is still in expansion territory.  Stocks are in Negative Territory, as they watch the data being released, listening to Fed Members on Fed Policy and CEOs with some pessimistic outlooks.  MBS dropped on the Jobs data, but the ISM data gave it a little boost.  Currently, MBS is Down 19 bps from yesterday's close.  This is enough for Lenders to have less favorable pricing... 06/03/2022

http://MikesDailyMarketReport.com:  ADP revised their April report lower to 202k (off from 247k).  It's May report came in (underwhelmingly) at 128k.  The Initial Jobless Claims reported 200k applied for first time benefits last week.  Labor Costs for the first Quarter were revised higher by 1% to 12.6%.  Although, we like to see people make more money, it's at the cost of higher inflation!  Productivity for the first Quarter was revised slightly better to -7.3% (from -7.5%).  Factory Orders only rose 0.3% in April, which is off from it's forecasts of 0.7%.  Overall, not a great day for economic data.  Microsoft announce a bleak forecast, which had the Markets listening.  We have a few Fed Speakers talking today; which Vice Chair Brainard did speak already and indicated that she doesn't... 06/02/2022

http://MikesDailyMarketReport.com:  The ADP Private Payrolls would normally be released today, but it was rescheduled for tomorrow; along with the Initial Jobless Claims.  Constructions Spending rose only 0.2% for April, as forecasts called for 05%.  The ISM Manufacturing PMI rose to 56.1%.  This data is showing investors that the economy is doing well, so the Fed should continue it's course of tightening policy.  Fed Member Bostic cautioned the Markets that a pause after the next few rate hikes doesn't mean the Fed will bend to the Markets whims, as it fights to control inflation.  There will be a few other Fed Members speaking today, so the Market could move accordingly.  Meanwhile, the Fed will begin their Balance Sheet reduction today, which will add more pressure to Mortgage Rates,... 06/01/2022

http://MikesDailyMarketReport.com:  This week will be about Jobs data, starting tomorrow with the ADP and ending on Friday with the Non-Farm Payrolls and Unemployment Rate from the Bureau of Labor Statistics.  Today, we have 2 Home Price Indices (HPI) for the month of March.  The Case Shiller HPI rose by 2.4% MoM and 21.2% YoY.  This index measures the 20 largest cities in the US.  The FHFA HPI rose by 1.5% MoM and 19.0% YoY.  This index measures the homes with conforming loans.  Manufacturing picked up in the Chicago region, as the Chicago PMI rose to 60.3 in May.  Lastly, the Consumer Confidence dipped to 106.4, which still beat the 104.0 forecasts.  Stocks are Down today, as well as, MBS is Down 42bps (off from earlier lows of approximately 52bps).  News of China lifting some of it's... 05/31/2022

http://MikesDailyMarketReport.com:  Consumer Spending's March data was revised higher by 0.3% to 1.4%; while April it rose by 0.9%.  However, it's counter-part, Personal Income, only rose 0.3% in April.  Consumer Sentiment dropped from 59.1 in April to 58.4 in May.  Now, the big news!  Personal Consumption Expenditure (PCE) rose only 0.2% in April, as it's YoY dropped from 6.6% in March to 6.3% in April.  The Core PCE, which excludes food and energy, rose 0.3% in April while it's YoY dropped 0.3% to 4.9%.  The Core PCE is the Fed's favorite gauge for inflation, which is why it is highly sensitive data and can create a lot of volatility in the Markets.  Today's numbers helped the Markets, as Investors are feeling a bit more optimistic about inflation peaking.  Stocks are Up today; and ap... 05/27/2022