Good morning and happy Monday! If you looked at the schedule of economic releases for this week, you’d think the housing market had ceased to exist! We have our stand-by Mortgage Applications on Wednesday, but nothing else until next week, where the schedule is jam-packed! No worries. Even without any scheduled news, we always have interesting stories to cover. Nationwide, rents are headed substantially higher. They’re already up 7.5% this year in the first 6 months, which is three times higher than an average year! Landlords have an ace in the hole if their renters rebel and move out on them, they can just sell the property for a princely sum. The multi-family purchase market is on fire right now! On another hot topic, the Fed is coming under criticism for dragging their feet on tapering asset purchases. Canada and Australia have already made the move, many feel we should too.
In the bond market this morning, prices are back to about unchanged after an early attempt to rally. The 10yr T-Note is unchanged at a 1.35% yield and 30yr MBS 2.50%’s are -5/32 to $103-23, to yield 1.68% and spread +87 to the 5.1year 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
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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