Market Snapshot May 11, 2018
Good Morning on this Fantastic Friday,
Bonds are hanging in despite a little stronger data. Both Michigan sentiment and export prices beat expectations, Import prices came in as expected. The 10-yr is just lingering around, like a guest at a party that doesn’t want to leave (I know that feeling well). Nothing much else to share other than I am using the 10-yr as a proxy for rate movements. A 10-yr above 2.95% means caution, lock now and float down later. A 10-yr below 2.95 means it’s worth waiting until the end of the trading day to see if gains are sustained, if it stays below 2.95% into the closing, maybe float overnight, if not, lock. A 10-yr below 2.90% (wishful thinking right now) would likely mean float and see how much improvement we can get.
I came across this stat and thought it was odd enough to share. Redfin recently analyzed a sample of 100,000 homes to see how listing day impacts their overall sale. According to the analysis, homes listed on Wednesdays sell for the most. Wednesday listings come in more than $2,000 higher in sales price than homes listed on Sundays.
Wishing everyone a very Happy Mother’s Day.
Enjoy the weekend and first, make today great!