Good morning and welcome to Fed/hump day! This should be interesting, at the least! We did have some scheduled housing news today to start things off. Mortgage Applications for the week ending April 29 were released at 6:00 a.m. central time and followed a -8.3% from last week. We’ve also had negative numbers on this index in 11 of the previous 12 weeks. Today reversed and put in a +2.5%. All eyes are on the Fed today, and some are betting they raise overnight rates 75 basis points. If you’re working on any financial products this morning, be sure and re-price after Fed release time (2:00 eastern).
Bonds today are down in price, with 10yr T-Notes -7/32 to yield 3.00%. MBS are also weak, with FNMA 30yr 4.00% -5/32 to $98-29, a 4.21% yield and +116 basis points to the 5.9yr treasury curve. Have a great day and call or email with your inquiries.
Cherry Picks
10 Year Fixed
15 Year Fixed
20 Year Fixed
30 Year Fixed
Agency CMBS
Agency CMO – 3 Year
Agency CMO – 5 Year
Agency CMO – Long End
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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