Morning Report – slow data week 8/5/13

Posted on August 5, 2013 by Brent Nyitray

Vital Statistics:

 

  Last Change Percent
S&P Futures  1701.8 -2.2 -0.13%
Eurostoxx Index 2807.7 -3.3 -0.12%
Oil (WTI) 105.9 -1.0 -0.95%
LIBOR 0.265 -0.001 -0.45%
US Dollar Index (DXY) 81.99 0.077 0.09%
10 Year Govt Bond Yield 2.62% 0.03%  
Current Coupon Ginnie Mae TBA 104.6 -0.1  
Current Coupon Fannie Mae TBA 103.8 -0.2  
RPX Composite Real Estate Index 200.7 -0.2  
BankRate 30 Year Fixed Rate Mortgage 4.38    

 

Markets are flattish after a wild week with an unexpectedly strong GDP report, a dovish FOMC statement, and a disappointing jobs report. This week is very data-light, so I don’t expect a whole lot of movement. We do have some Treasury auctions this week, but I don’t see that as market moving. Bonds and MBS are down small.
 
The 10 year traded in a range of 2.57% to 2.74%. So far, it is looking like 2.74% is acting as resistance.
 
Another data point showing the first time homebuyer is being put off by higher rates – Beazer Homes announced a drop in orders as traffic has slowed due to higher interest rates. So far we have seen drops in orders from Pulte and Beazer – both geographically diverse builders with an emphasis on lower price points. 

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