Current Position: Floating
There will be a Bond Coupon Rollover after the close of the market today. This occurs each month because Mortgage Bonds are finite. They have an end term, such as 30 years.
Therefore, each month a new 30-year period begins. This new 30-day extension is reflected in an adjusted rollover price. This rollover does not impact your pricing.
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 higher and Mortgage Bonds are lower to start the day.
Zillow May 2023 Market
Zillow's Home Value Index shows that the typical home value increased 1.4% from April to May, which is the strongest monthly growth seen since last June. The largest gains were seen primarily in the Midwest. Columbus, Cincinnati, Detroit, Richmond, and Milwaukee led the way, all with over 2.0% gains. The report also shows a rebound in West Coast markets, where prices fell late last year. We see for the second month in a row, California tech hubs San Jose, Seattle, and San Francisco saw large monthly price gains.
Also of note were the lack of new listings. Zillow says that there were 23% fewer new listings than last May.
Total active inventory is 45.7% below May 2019 levels. This marks the fewest active listings in any May on record.
Technical Analysis
Mortgage Bonds are lower to start the day and are once again, for the seventh consecutive trading session battling a critical Fibonacci level at 99.845. The 10-year is testing resistance at 3.77%. If Yields can stay beneath this level the next floor is all the way down at 3.644%. Start the day Floating.