|This email was sent to you by:|
Mortgage News Daily
Email alerts, such as this one, are a free service
provided by Mortgage News Daily. If you would like to receive an alert when important news breaks
please register to join our community
MBS in Positive Territory After Tepid Existing Sales Data
Posted to: Micro News
Thursday, May 22, 2014 10:12 AM
Existing Home Sales:
- April Existing Sales 4.65 mln (annual pace) vs 4.68 mln forecast, 4.59 mln in March
- Inventory 2.29 mln units or 5.9 months worth -- highest since August 2012
- Median Price $201,700, +5.2% year-over-year, slowest pace since March 2012
- 15% were distressed vs 18% a year ago
Bond markets were already holding steady to slightly improved before the data, and haven't really reacted since then. Fannie 3.5s improved 1 tick for a total of 2 ticks on the day (102-19 currently). 10yr yields are in the same range as yesterday afternoon. Very boring so far, but with rates within striking distance of 11-month lows and MBS outperforming, boring is fine.
More from MND:
If you would like to opt-out of receiving email forwards from this person please click here to remove your email address.