Published Date 5/17/2024
After a week full of key data, today nothing but Leading Economic Indicators which doesn’t get much notice.
Unlike this week, next week has less to focus on, no direct inflation data. Housing reports including existing home sales and new home sales. The FOMC minutes from the May 1st meeting.
News from the wires: Recent national data suggests that more sellers are thinking about entering the market, as the crucial spring selling season reaches its peak period. More than two-thirds of consumers surveyed by Fannie Mae in April said it was a good time to sell a home, the highest level since July 2022. Nationally, active listings in April were 36% below typical pre-pandemic levels, according to Realtor.com. News Corp, parent of the Journal, operates Realtor.com.(WSJ)
Still feeling the impact of COVID when it comes to rates. COVID caused rates to decline to levels unsustainable in a normal world. That era is over as most now realize but still have difficulty believing rates will work back to the artificial lows. Reminds of the housing market disaster in the early 2000’s when anything thrown on the wall stuck, liar loans 1 year ‘teaser rates’ as low as 2.0%, no underwriting, make up your own income with no verification. Consumers (would be home buyers and sellers) still hoping mortgage rates will decline back to levels of 2 years ago and that isn’t in the cards now.
At 9:30 am the DJIA opened +49, NASDAQ +12, S&P +4. 10 year note +2 bps at 4.40%. FNMA 6.0 30 year coupon -2 bp from yesterday’s close but -41 bp from 9:30 am yesterday.
Today should be quiet.
Source: TBWS
All information furnished has been forwarded to you and is provided by thetbwsgroup only for informational purposes. Forecasting shall be considered as events which may be expected but not guaranteed. Neither the forwarding party and/or company nor thetbwsgroup assume any responsibility to any person who relies on information or forecasting contained in this report and disclaims all liability in respect to decisions or actions, or lack thereof based on any or all of the contents of this report.
NMLS: 38412
Northpointe Bank
8660 College Parkway, Suite 150, Fort Myers FL
Company NMLS: 447490
Cell: 239-470-6310
Email: cheidt@heidtfinancialllc.com
NMLS: 38412
Cell: 239-470-6310
6/7/2024
Buying a house is the biggest expenditure any of us will ever make. The prospect... view more
6/7/2024
The reaction to this morning’s May employment report drove the 10 year note to 4... view more
6/6/2024
Who’d ‘a thunk the ancient Egyptians invented the first form of air conditioning... view more
6/6/2024
The May Challenger Grey Job Cuts were 63,816 which was pretty much the same pace... view more
6/5/2024
It’s coming. The kind of heat dramatized in an old episode of Twilight Zone, whe... view more
6/5/2024
ADP reported May private jobs weaker than forecasts at 152K against estimates of... view more
6/4/2024
Now that summer is upon us, it may not be the most opportune time to talk about ... view more
6/4/2024
The April Job Openings and Labor Turnover Survey (JOLTS) showed 8.059M unfilled ... view more
6/3/2024
Seems anyone and everyone interested in real estate is getting whiplash trying t... view more