Good Monday AM,
Bonds are off a bit today with the ten-year outperforming Mortgage Bonds. Have bond prices have found bottom yet? We are sitting at key support levels once again. It takes a day or two to confirm a bottom and even then bottoms can be very deceptive and choppy (we want this to be the bottom so prices can go up and with bond prices going up, rates can come down). No news this morning and although it is a light news week, until Wednesday, when we have a 10-yr Treasury auction. With yields where they are now, I would expect a lot of interest and attention but be careful because CPI will be released Thursday and, with all the emotion and concern over inflation, it will be high scrutinized.
Did you know that 34% of home sales are new home construction? That number is only going to keep growing.
Please remain safe and healthy, make today great.