The bond market selloff continues, with the 10-year breaching 4.24% for the first time since July. As mentioned previously, rising yields have been driven by a reevaluation of the forward path for Fed policy. Mortgage applications fell amidst the increase in rates, with the MBS mortgage applications index falling 6.7% last week to its lowest level since August. The 30-year contract rate was unchanged at 6.52%, roughly 40 bps higher than the month before.
Hafizan Hamzah Senior Director, Investment Management Group
Date Event Surv(M) Actual Prior 10/23/24 MBA Mortgage Applications — -6.70% -17.00% 10/23/24 Existing Home Sales 3.88m — 3.86m 10/23/24 Existing Home Sales MoM 0.50% — -2.50% 10/23/24 Federal Reserve Releases Beige Book 10/24/24 Chicago Fed Nat Activity Index 0.5 — 0.12 10/24/24 Initial Jobless Claims 242k — 241k 10/24/24 Continuing Claims 1875k — 1867k 10/24/24 S&P Global US Manufacturing PMI 47.5 — 47.3 10/24/24 S&P Global US Services PMI 55 — 55.2 10/24/24 S&P Global US Composite PMI 53.8 — 54 10/24/24 New Home Sales 720k — 716k 10/24/24 New Home Sales MoM 0.60% — -4.70% 10/24/24 Kansas City Fed Manf. Activity -7 — -8 10/25/24 Durable Goods Orders -1.00% — 0.00% 10/25/24 Durables Ex Transportation -0.10% — 0.50% 10/25/24 Cap Goods Orders Nondef Ex Air 0.10% — 0.30% 10/25/24 Cap Goods Ship Nondef Ex Air 0.00% — -0.10% 10/25/24 Bloomberg Oct. United States Economic Survey 10/25/24 U. of Mich. Sentiment 69.1 — 68.9 10/25/24 U. of Mich. Current Conditions — — 62.7 10/25/24 U. of Mich. Expectations — — 72.9 10/25/24 U. of Mich. 1 Yr Inflation 2.80% — 2.90% 10/25/24 U. of Mich. 5-10 Yr Inflation 3.00% — 3.00% 10/25/24 Kansas City Fed Services Activity — — -2
Hafizan Hamzah Senior Director, Investment Management Group
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