Good morning! Yesterday the The National Multifamily Housing Council (NMHC) released their July report, and like the housing market, the rental market has become increasingly tight. The NMHC’s Market Tightness Index hit a record-breaking high of 96, up from 81 last quarter. Between high demand for apartments and ongoing scarcity in the housing market, it is a safe bet that home prices and rents will continue to rise going forward. In other housing news, the U.S. government is extending more help for borrowers with federally guaranteed mortgages who are struggling to keep up with their payments. New modifications include options such as extending loan terms and reducing principal and interest payments by up to 25%.
In the bond market today, the 10yr. T-note is -1/32 to yield 1.29%, and the FNMA 30yr. 2.5% is trading at $103-30+ to yield 1.56% with a +90 spread over the treasury curve. Thanks, and have a wonderful 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
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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