Published Date 5/24/2017
Still little movement in the bond market; yesterday slightly weaker, this morning before existing home sales back to levels from Monday. No strong selling or buying. Early this morning the weekly MBA mortgage applications: overall applications were up 4.0% last week. Purchase apps, however, declined 1.0% after being down 3.0% the prior week. It was all refinances, up 11.0% after being down 6.0% the previous week. The year-on-year purchase index gain down 6 percentage points to 3%. Refinancing share of mortgage activity rose 1.8 percentage points to 43.9%. Purchases were strong earlier this year but recently have been slipping.p>
March FHFA home price index, expected +0.5% was up 0.6% but down from Feb’s +0.8%. Old data; yr./yr. the home price index at 6.2% down from 6.4% in Feb.
April existing home sales were thought to be down 1.5% to 5.65 mil from 5.71 mil in March. Sales declined 2.3% to 5.57 mil (annualized). Yr./yr. in March revised from +4.4% to +4.2%; yr./yr. April sales +1.6% down from +5.9% in March. We will have more detail later today. There’s been little reaction to the data; both the 10 yr and MBS prices are unchanged on the session.
At 2:00 pm the minutes from the recent FOMC meeting will be released; likely that is the reason markets are quiet so far today.
President Trump met the Pope this morning; the two are at some odds over immigration and climate change. The Vatican expressed hope for “serene collaboration” between the US government and the Catholic Church on “healthcare, education, and assistance to immigrants.” Trump will attend the NATO summit tomorrow where he has been pushing NATO members to increase their share of costs to fund NATO; most other countries have not met their responsibilities and have let the US bear much of the costs. On Friday, he will attend the G-7 summit in Sicily.
Speaker Paul Ryan telling us today that tax reform will happen this year. Debate continues whether or not a final plan will include a border adjustment tax; asked if he could envision a scenario where tax reform passes the House without including a border adjustment tax, Ryan said “yes,” but added that internal negotiations are still ongoing. Let us not forget though that he leads the House; any reform will have to move through the Senate, where the sledding won’t be easy.
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