Good morning and happy hump day. We had one scheduled report today, Mortgage Applications for the week ending May 21, which came in at -4.2% after small up numbers the past 2 weeks (+2.1%/+1.2%). Most of the chatter this morning has focused on yesterday’s weaker than expected New Home Sales, especially that big revision on the March number (+20.7% to +7.4%). Economists are once again laying the blame on runaway prices on costs of materials and homes in general. Builders are delaying signing contracts until after new homes are framed, in many cases, to assure that they’re able to pass on supply chain price increases to their buyers. Lower output, higher prices is housing in a nutshell.
The bond market today is up marginally in price. 10yr T-Notes are +2/32 to yield 1.55%. In MBS FNMA 30yr 2.50% are +4/32 to yield 1.67%, which is +85 basis points to the 5.2yr treasury curve. Have a great day!
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.
This information from Hanover Securities is for your private use and does not constitute an offer or solicitation with respect to the sale of any security. This information was obtained from sources we believe to be reliable but we do not represent that it is accurate or complete, and it should not be relied on as such. Certain transactions may give rise to substantial risk and are not suitable for all investors. This information was based on current market indicators which may vary over time. We may from time to time buy or sell, or have long or short positions in securities identical or related to those identified herein.
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. Loans and/or Securities which 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. This information from Banes Capital Group (BCG) and/or Hanover Securities is for your private use, and was obtained from sources we believe to be reliable. However, we do not represent that this information is accurate or complete, and it should not be relied on as such. This information is for institutional investors only, and as such certain transactions may give rise to substantial risk and are not suitable for all investors. This information was based on current market indicators which may vary over time. We may from time to time buy or sell, or have long or short positions in loans or securities identical or related to those identified herein.
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