Good morning and happy hump day! Housing news continues with Mortgage Applications coming off a -6.3% reading from last week. It’s been down 5 of the past 8 weeks. Today, it came in at +0.3%! We haven’t had a chance yet to cover yesterday’s outstanding +14% release on New Home Sales for Sept. while The Street had expected a 2.5% rise. Even though it was higher from Aug., it was still 17.6% lower than a year earlier.
Ghouls and Ghosts are, fittingly, in the news today! Don’t be trying to withhold disclosure in NY state if your house is haunted and you’re trying to sell it. Some 40% of Americans believe in ghosts and that their “existence” can affect the price of a home in much the same way as a murder in the house can. Trends indicate that prices are affected by between 10% to 25% lower! A 1991 decision by the NY Supreme Court makes it illegal to withhold such information.
For our renters, $30 billion out of $45 billion total of rental assistance money still hasn’t been spent. This doesn’t mean that there are no renters behind on their payments, by the way. This program has been beset by distribution issues since day one.
Bonds today are up a little, with 10yr T-Notes +4/32 to yield 1.59%. MBS are also with FNMA 30yr 2.50% +4/32 at $102-21, which yields 1.96% and is +72 to the 5.7yr 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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