A modest risk-on tone persisted overnight following yesterday’s rebound in equity markets (S&P 500 +1.5%). The Treasury curve is bear steepening with long-end yields up 2-3 basis points ahead of today’s 20-year note auction. The MBA mortgage applications index fell 4% last week, including a 6.4% decline in purchase applications and a 2.8% decline in refi applications. Refinancing accounted for 65% of applications last week with an average loan size of $312,600, and both 30-year and 15-year conventional contract rates were little changed over the week at 3.11% and 2.46%, respectively, according to the MBA survey.
Chief Investment Officer
|07/19/21||NAHB Housing Market Index||81||80||81||—|
|07/20/21||Housing Starts MoM||1.20%||6.30%||3.60%||2.10%|
|07/20/21||Building Permits MoM||0.70%||-5.10%||-3.00%||-2.90%|
|07/21/21||MBA Mortgage Applications||—||-4.00%||16.00%||—|
|07/22/21||Chicago Fed Nat Activity Index||0.3||—||0.29||—|
|07/22/21||Initial Jobless Claims||350k||—||360k||—|
|07/22/21||Langer Consumer Comfort||—||—||52.2||—|
|07/22/21||Existing Home Sales||5.90m||—||5.80m||—|
|07/22/21||Existing Home Sales MoM||1.70%||—||-0.90%||—|
|07/22/21||Kansas City Fed Manf. Activity||25||—||27||—|
|07/23/21||Markit US Manufacturing PMI||62||—||62.1||—|
|07/23/21||Markit US Services PMI||64.5||—||64.6||—|
|07/23/21||Markit US Composite PMI||—||—||63.7||—|
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