Good morning and happy Friday! Yesterday afternoon, Ward’s total vehicle sales for the month of March came in at an annualized rate of 17.75 million units, a significant jump from February’s 15.67 million units. The street was expecting a much more moderate increase to 16.4 million units, but they sure missed the mark on that one! In other news, yesterday the Consumer Financial Protection Bureau issued a broad warning to mortgage firms about doing what they can to limit avoidable foreclosures. Recall, there has been a moratorium in place on foreclosures since the beginning of the pandemic; as a result, we could be facing a barrage of foreclosures later in the year. The CFPB is expecting mortgage servicers to reach out to struggling homeowners before then to discuss possible loan changes. Mortgage servicers that do not comply will face some form of consequence.
The 10yr. T-note is -14/32 to yield 1.72%, and the UMBS 30yr. 2.5% is trading at $102-17 to yield 2.01% with a +80 spread over the treasury curve. Thanks, and for those celebrating, have a wonderful Easter weekend.
Cherry Picks
10 Year Fixed
15 Year Fixed
20 Year Fixed
30 Year Fixed
Agency CMBS
Agency CMO – 3 Year
Agency CMO – 5 Year
Jim Tait is a registered representative with and offers securities through Hanover Securities, Inc. (Hanover), Member FINRA & SIPC. Although this information has been obtained from sources we believe reliable, we do not guarantee its accuracy, and it may be incomplete or condensed. This is for information purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. Securities that may be shown are subject to availability and changes in price. Past performance is not indicative of future results. Changes in any assumptions may have a material effect on projected results.
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