March 29th, 2023 - Market Update
Current position: Carefully floating
Stocks and Mortgage Bonds are both higher to start the day.
Pending Home Sales
Pending Home Sales, which measures signed contracts on existing homes, rose almost 1% in February.
Mortgage Applications
The MBA released their Mortgage Application data for last week, showing that purchases rose 2% last week, the third week in a row of gains. Purchases are now down 35% year over year.
Interest rates decreased 6.5% to 6.45%, which is between 1 5/8 to 1 3/4 higher than this time last year. Refinances rose 4% for the third week in a row and are now down 66% year over year.
Technical Analysis
Mortgage Bonds are trading in a narrow range between a dual floor of support at the 50 and 100-day Moving Averages and overhead resistance at the 100.758 Fibonacci level. Bonds are attempting to test resistance this morning, and if they are able to break convincingly above it, the next stop is the 200-day Moving Average.
Begin the day carefully floating.
Source: MBS Highway
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