Current position: Carefully Floating
Please take 30 seconds to fill out our May Housing Survey and feel free to share the link with your Realtors for their input. Take the survey HERE!
Stocks are flat and Mortgage Bonds are trading lower to start the day.
Evercore Trucking Survey
Evercore's ISI Trucking Survey is an accurate recession indicator when the index drops below 48. The most recent reading of 36 shows that we are deeply in recession territory.
Manheim Used Car Index
Manheim's Wholesale Used-Vehicle Index continued to decline in May, showing a 2.7% decrease from April and down 7.6% year over year. Used Cars were a major contributor to inflation in the last CPI report, where they were up 4.4%. This report from Manheim is a positive signal that inflation is moderating in this category.
The MBA released their Mortgage Application data for last week, showing that purchases fell by 2% last week and are down 27% year over year.
Interest rates decreased from 6.91% to 6.81%, with rates now about 1.75% higher than this time last year. Refinances decreased by 1% last week and are now down 42% year over year.
Mortgage Bonds are lower to start to day and are battling an important Fibonacci level at 99.845.
The 10-year is continuing to trade in a wide range with a ceiling at 3.77% and support at 3.644%. Start the day Floating.