Скачать или смотреть More Housing Data // 08.24.2022

• More Housing Data – that’s our topic on this morning’s Backstage Pass.
• Stocks have started the day lower along with mortgage bonds. Mortgage rates should open a little worse today.
• But first, let’s talk about – more housing data. Pending Home Sales, which measures signed contracts on existing homes, decreased by 1% in July, which was better than the expected 4% decline. Year over year, pending home sales are down 19.9%.
• The Mortgage Bankers Association released their Mortgage Application Data for the week ending 8/19, showing that overall application volume decreased by 1.2%. Applications to Purchase a home were down 0.5% for the week and down 21% year over year. Refinances decreased by 2.8% from the previous week and were 83% lower from one year ago.
• Economic data today was mixed – Durable Goods for July came in below forecast and Core CapEx for July was slightly higher than what was forecast.
• Despite the mixed economic data, mortgage bonds are still selling. MBS is down 22bps this morning, the 10yr is up 6bp. Yesterday, the national average 30yr-fixed rate was around 5.73% - today it will likely come in around 5.75%.
• So, why the selloff in the bonds with weaker economic data? Many folks think this week's weakness could be attributed to selling the rumor and buying the news ahead of Friday's Jackson Hole Powell speech.
• The Jackson Hole Economic Symposium is an annual symposium, sponsored by the Federal Reserve Bank of Kansas City since 1978, and held in Jackson Hole, Wyo., since 1981. Every year, the symposium focuses on an important economic issue that faces world economies. It brings in central bank leaders from across the globe and traditionally, a speech is given by the Chairman of the US Federal Reserve.
• Market activity this week could be pre-positioning for this year’s Jackson Hole Speech by Fed Chairman Jerome Powell – selling the rumor.
• That’s all we have for today. Remember to stay positive! Have a day!

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