market update

MBS  -9/32 @ 99.30                10 Yr Treasury  -12/32 @ 2.589          +55@ 14715

 

Despite stronger than expected economic data, MBS are holding modest gains this morning. May Durable Orders increased 3.6% from April, above the consensus of 3.0%. Excluding volatile aircraft orders, the data also exceeded expectations. The April S&P/ Case-Shiller 20-city home price index rose a record 2.5% from March. It was 12% higher than one year ago, which was the largest annual increase since 2006.

 

Sales of new U.S. single-family homes rose to their highest level in nearly five years in May, confirming the housing market's strengthening tone. The Commerce Department said on Tuesday sales increased 2.1 percent to a seasonally adjusted annual rate of 476,000 units - the highest level since July 2008. It was the third straight month of gains in new home sales. Sales increased 3.3 percent in April. Economists polled by Reuters had expected new home sales to rise to a 462,000-unit rate last month. Consumer confidence rose for the third straight month, reaching 81.4 on a scale where 100 represents the level of confidence reached in 1985. The median forecast of economists in a Bloomberg survey was that the number would be 75, up from 74.3 last month, highest confidence reading since before the recession. Top of Form Treasuries  25-Jun-13 Last Change 3-Month T-Bill 0.04% 0.00% 6-Month T-Bill 0.08% 0.01% 1-Year T-Bill 0.13% 0.00% 2-Year Note 0.38% 0.00% 3-Year Note 0.72% 0.00% 5-Year Note 1.47% 0.02% 10-Year Note 2.58% 0.04% 30-Year Bond 3.59% 0.04%   Top of Form Major Indices  25-Jun-13 Last Change 11th District COFI 0.970% 0.003% 1-Month LIBOR 0.194% -0.001% 6-Month LIBOR 0.423% -0.002% 12-Month LIBOR 0.701% -0.002% MTA Index 0.163% -0.006% Prime Rate 3.25% 0.00% Federal Funds Rate 0.25% 0.00% Discount Rate 0.75% 0.00%   Top of Form Mortgage Rates    25-Jun-13 Last Change 15-Year Fixed Freddie 3.04% -0.06% 30-Year Fixed Freddie 3.93% -0.05% 1-Year ARM Freddie 2.57% -0.01% 5/1-Year ARM Freddie 2.79% 0.00% Bottom of Form

 

APOR

30 Yr Fixed- 4.00%

5/1 ARM -     2.89%

 

 

	Event	Actual	Cons.	Previous
Jun 24	Chicago Fed National Activity Index (May)	-0.30		-0.52Revised from -0.53
	Fed's William Dudley speech
	Dallas Fed Manufacturing Business Index (Jun)	6.5		-10.5
Jun 25	Durable Goods Orders (May)		1.8%	3.3%
	Durable Goods Orders ex Transportation (May)		0.1%	1.3%
	Redbook index (YoY) (Jun 16)			2.9%
	Redbook index (MoM) (Jun 16)			-0.4%
	Housing Price Index (MoM) (May)			1.3%
	S&P/Case-Shiller Home Price Indices (YoY) (Apr)		10.7%	10.9%
	Consumer Confidence (Jun)		76.6	76.2
	New Home Sales (MoM) (May)		0.460M	0.454M
	New Home Sales Change (MoM) (May)			2.3%
	Richmond Fed Manufacturing Index (Jun)			-2
Jun 26	MBA Mortgage Applications (Jun 21)			-3.3%
	Gross Domestic Product Annualized (Q1)		2.4%	2.4%
	Gross Domestic Product Price Index (Q1)		1.2%	1.0%
	Personal Consumption Expenditures Prices (QoQ) (Q1)		1%	1%
	Core Personal Consumption Expenditures (QoQ) (Q1)		1.3%	1.3%
	EIA Crude Oil Stocks change (Jun 21)			0.313M
Jun 27	Initial Jobless Claims			354K
	Continuing Jobless Claims			2.951M
	Personal Spending (May)			-0.2%
	Core Personal Consumption Expenditure - Price Index (MoM) (May)			0%
	Core Personal Consumption Expenditure - Price Index (YoY) (May)			1.1%
	Personal Consumption Expenditures - Price Index (MoM) (May)			-0.3%
	Personal Consumption Expenditures - Price Index (YoY) (May)			0.7%
	Personal Income (MoM) (May)		0.2%	0.0%
	Pending Home Sales (YoY) (May)			10.3%
	Pending Home Sales (MoM) (May)			0.3%
	EIA Natural Gas Storage change			91B
Jun 28	Chicago Purchasing Managers' Index (Jun)		55.0	58.7
	Reuters/Michigan Consumer Sentiment Index (Jun)			84.5