Good morning and happy hump day. We have the scheduled housing and auto news today. At 6:00 central time, we got Mortgage Applications for the week ending May 28th. They came in lower again at -4.0%. We were coming off a soft -4.2% for the prior week. It seems fairly obvious that the housing market is facing serious headwinds, led by prices unaffordable for many. Ward’s Total Vehicle Sales for May is scheduled for release after the close of the stock market today. You may recall we had a HUGE uptick to 18.51 million units (annualized) on the April number. The street is looking for a pullback to 17.4 million today on that index.
The bond market today is up in price marginally. 10yr T-Notes are +2/32 to yield 1.60%. FNMA 2.50% 30yr MBS are +1/32 to $103-20, which yields 1.69% and is +89 basis points to the 5yr treasury curve. If you’ve got questions or want to get involved with MBS, call us! 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.
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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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