Existing Home Sales +7.2% higher. Annual rate 5,240,000 sales per year......much better than expectations for 4,890,000 sales per year.
Stocks instantly shot higher and TSY prices plummeted. Consequently the FN 4.5 has fallen 12 ticks from 100-11 to 99-31.
REMEMBER: trading flows are thin. pricing movements are exaggerated.
Nevertheless, better than expected housing data gives stocks an pportunity to trade higher...which puts pressure on TSYs and MBS to cheapen up. If your lender already published pricing...you may get a reprice notice.
MBS Market Alerts
