Good morning and happy Monday! Today was a scheduled housing news day, with New Home Sales for June at 9:00 a.m. central time. The street was looking for a +4.0% number after a -5.9% stinker in May. Instead, the ghost of housing headwinds struck again with a -6.6% release and a bad revision to -7.8% on that May number. In an interesting story this morning some buyers have thrown in the towel and backed off from trying to buy a home until conditions soften up a bit. They’re getting tired of submitting numerous offers well over the ask price and not being close to where the properties are trading in this hot market!
The bond market today is basically unchanged, with the 10yr T-Note +1/32 to yield 1.28%. In MBS the 30yr FNMA 2.50% is +2/32 to $103-31, which yields 1.43% and is +87 to the 4.1yr 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
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