Good morning and happy hump day! We’re back into scheduled housing news today with two numbers for you. First, on the early release, we got Mortgage Applications for the week ending March 11. This was coming off a stellar +8.5% for the week prior and flopped today at -1.2%. Then at 9:00 central, we heard from the homebuilders as the NAHB delivered its Housing Market Index for March. The street was expecting a small downtick to 81 from its Feb. release, which scored at 82 and got a larger decline to 79. The Feb number was also revised down 1 to 81. In other news, rents are on fire and are rising four times faster than they did in 2020! Lastly, the U.S. Senate has passed a bill to make daylight savings time permanent in 2023. No more “spring forward,” “fall back.”
Bonds today are in limbo, waiting for the Fed announcement on raising rates after lunch. 10yr T-Notes are -2/32 to yield 2.15%. In MBS FNMA 30yr 3.00% are also -2/32 to $98-22, which is a 3.18% yield and +102 basis points to the 8.4yr treasury curve. That’s all from us. Have a great day and call or email with your inquiries.
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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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