Bond yields rise again – The Daily Tearsheet

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Stocks are lower this morning on no real news. Bonds and MBS are down. The move up in yields doesn’t seem to be driven by anything specific, just general malaise.

The week ahead will have a lot of housing data, with new home sales, existing home sales and home prices. We will also get durable goods orders and consumer sentiment. We will also have quite a bit of Fed speakers.

The median home sale price rose 2.6% for the past month, according to data from Redfin. Inventory is increasing, but homebuyers are being cautious. “A lot of buyers, especially first-timers, are backing off because they’re nervous about a potential recession,” said Venus Martinez, a Redfin Premier agent in Los Angeles. “Some house hunters are hanging out on the sidelines because they’re hopeful mortgage rates will come down soon. The buyers who are still active, typically those who need to move, are picky and unwilling to pay over asking price. And those buyers have the right strategy: Many of today’s sellers are willing to negotiate the price down.”

Housing starts rose 1.9% YOY to a seasonally adjusted annual rate of 1.32 million. This was well below the Street forecast of 1.42 million. Building permits surprised to the upside, rising to 1.49 million.

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Please reach out to brent@thedailytearsheet.com

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