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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
US DATA
- Freddie Mac 30Y mortgage rate bounces 23bps to 5.22% as volatility continues after surprise 31bp decline to 4.99% last week in what was the lowest since early April. Still off from a peak of 5.81% in late June (rates vs very long end Tsys in chart below).
- Freddie Mac sees recent data suggesting the housing is market stabilizing and see prices continuing to rise but at a slower pace for the rest of summer.
- Separately, NAR homebuyer affordability slumped in Q2 to a level just above what sees the national median income family being able to a median-priced home, with the first-time buyer component the lowest since 3Q06.
- There is no sign of financial stress in MBA mortgage delinquencies though, falling to a record low of 3.64% in Q2 on 1-to-4 unit properties (data back to 1979). It’s down from 4.11% in Q1, a pandemic peak of 8.22% 2Q20 and surpasses the pre-pandemic low of 3.77% from 4Q19.
Freddie Mac 30Y mortgage rate (yellow) vs MBA 30Y (green) and 30Y Tsy yield (pink)Source: Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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