Happy Monday to All! Should be a better week for rates!
30 year Conventional: 6.5
30 Year VA: 6.375
30 Year CHFA: 6.875
Current Trend Direction: Lower
Risks favor: Very Cautiously Floating
Current Price of FNMA 6.0% Bond: $98.59, -9bp
Mortgage Bonds are trading slightly lower, but off of the best levels of the day.
At 1:00pm ET, the National Association of Home Builders will release the Housing Market Index for June. The report measures housing market conditions by surveying buyer traffic through model homes, expectations for sales during the next six months, and builders sentiment on current sales. Lately, builder sentiment has trended lower and weakened with readings of 36 in March, 33 in April, and 30 in May. A reading below 50 indicates more builders view conditions as poor rather than good. Should this report come in a little weak, Mortgage Bonds may benefit.
Thanks to Jason MIller, Cascade Mortgage for another great weekly update.