Initial Jobless Claims: -409,000 last week (previous was 434,000. Consensus was 425,000) -439,000 4-week average moving average -At present, 409,000 is considered relatively good for economy, bad for rates. -This datum was a shot of morning coffee as Treasuries sold on it but will likely recover as the day progresses. 409,000 Jobless Claims is not
Existing Home Sales
Yesterday’s early-week rate outlook said to hold on locking rates until just before tomorrow’s post-FOMC meeting press conference, and we’re sticking with that given today’s weak February home price data as well as stock and bond trading signals. The S&P Case Shiller February 2011 report of existing home prices showed average U.S. home prices declined
Apple, Intel and broader tech sector earnings have led stocks higher since Tuesday (Dow +29, S&P +5.6), erasing Monday’s losses that came after Standard & Poor’s issued a negative outlook for U.S. debt. Bonds are up slightly today (FNMA 30yr 4% coupon + 9 bps, 10yr Note +12 bps to yield 3.39) and trading quietly
Apple, Intel and broader tech sector earnings have led stocks higher since Tuesday (Dow +29, S&P +5.6), erasing Monday’s losses that came after Standard & Poor’s issued a negative outlook for U.S. debt. Bonds are up slightly today (FNMA 30yr 4% coupon + 9 bps, 10yr Note +12 bps to yield 3.39) and trading quietly
Yesterday’s S&P Case Shiller January 2011 report of existing home prices showed average U.S. home prices declined 3.1% from January 2010. Also January was the sixth straight month with a lower reading from the prior month, which reflects sustained foreclosure volumes and high unemployment. U.S. home prices are now at similar levels to what they
Rates are up .125% today after Treasury said it would start selling it’s $142b mortgage bond portfolio this month at a rate of $10b per month. Mortgages were down more than 50 basis points on the initial news, and are now only down 22 bps. Traders are realizing that the Fed’s MBS holdings represent the
Rates are up .125% today after Treasury said it would start selling it’s $142b mortgage bond portfolio this month at a rate of $10b per month. Mortgages were down more than 50 basis points on the initial news, and are now only down 22 bps. Traders are realizing that the Fed’s MBS holdings represent the
The National Association of Realtors reported today that existing homes sales were up 2.7% in January and up 5.3% from a year ago. Investors bought 23% of existing single family homes, condos, townhouses, and co-ops in January, and 32% of all existing home sales transactions were completed with all cash. NAR said the median existing
The S&P Case Shiller December 2010 report of existing home prices showed average U.S. home prices declined 2.4% from December 2009. This is the seventh consecutive month of weaker data, which reflects sustained foreclosure volumes and high unemployment that are a drag on economic improvement. Home prices are at similar levels to what they were
Last week, rates were steady a second straight week following a .375% rate spike the first two weeks of February. This despite lots of data showing manufacturers are facing significant price inflation which may soon be passed onto consumers. Rates would normally rise on inflation data, but consumer inflation came in flat and rate markets
Rates improved a bit yesterday and gave up ground today, making 30yr fixed rates on loans up to $417k hold at 5%, with higher loan amounts and condo loans about .125% to .25% higher. Rates improved yesterday after Housing Starts fell as expected and Building Permits rose almost 17%, then retreated a bit today after
30-year fixed mortgage rates head into Christmas at about 5% for a single family home loan up to $417,000, and about .25% higher for larger loans and most condo loans. Bond markets close at 2:00 ET today and reopen Monday. While today’s inflation report was flat, mortgage bonds sold off and pushed rates higher on
The S&P Case Shiller September 2010 report of existing home sales showed average U.S. home prices declined 1.5% from 3Q2009 to 3Q2010. This is the fourth consecutive month of weaker data, which reflects sustained foreclosure volumes, high unemployment, and the drop off in activity following the federal homebuyer tax credit expiration. While housing prices are
GDP Increases .5% to 2.5% Today’s second of three GDP readings for 3Q2010 showed that GDP increased .5%. The first reading last month was 2% and this reading was 2.5%. Normally better than expected economic data would cause bonds to sell and rates to rise, but the North/South Korea conflict and the Ireland debt crisis
GDP Increases .5% to 2.5% Today’s second of three GDP readings for 3Q2010 showed that GDP increased .5%. The first reading last month was 2% and this reading was 2.5%. Normally better than expected economic data would cause bonds to sell and rates to rise, but the North/South Korea conflict and the Ireland debt crisis
The Census Bureau reported this morning that sales of new single-family houses in September 2010 were at a seasonally adjusted annual rate of 307,000, which is 6.6% above August—a month where new home sales were the second lowest ever behind May—but 21.5% below the September 2009 figure of 391,000. The September median new home sale
Load More