Good morning and happy hump day. We’re back on the scheduled housing news train this morning, with Mortgage Applications for the week ending March 26 at 6:00 a.m. central time and Pending Home Sales for Feb. at 9:00. The surveys are calling for -3.00% on PHS on the month-over-month and +6.5% on the PHS annualized. The weekly released Mortgage Applications has no surveys. Following a -2.5% from two weeks ago, we got a -2.2% on today’s Mortgage Applications release and -10.6% on Pending Home Sales monthly, -2.7% annualized.
As we saw from yesterday’s home price data, there is now a solid disconnect between home prices and home sales that many are now laying at the feet of the Fed as the conversation is swinging to pandemic influenced inflation. Have a great day and call or write if you need help with MBS.
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