Week 25-2022 | Rating

Week 25-2022 | Chart

Week 25-2022 | News

10-Year Treasury Yield

U.S. Treasury yields rose Tuesday as traders weighed a fresh batch of economic data as central banks around the world tighten monetary policy. The yield on the benchmark 10-year Treasury note was 6 basis points higher at 3.3%, while the yield on the 30-year Treasury bond traded 9 basis points higher at 3.382%. Yields move inversely to prices.

Existing Home Sales

Sales of existing homes in May dropped 3.4% to a seasonally adjusted annualized rate of 5.41 million units, according to the National Association of Realtors. Sales were 8.6% lower than in May 2021. April’s sales were revised slightly lower as well. This is the weakest reading since June 2020, which was during the early months of the Covid pandemic. Adjusting for that, it is the lowest since January 2020. This reading is based on closings during the month, therefore representing contracts likely signed in March and April. During that time the average rate on the 30-year fixed mortgage rose from right around 4% to 5.5%. It is currently right around 6%, according to Mortgage News Daily. Rising rates, along with rapid home price appreciation and continued low supply, have given affordability a triple punch. There were 1.16 million homes for sale at the end of May, an increase of 12.6% month to month but still down 4.1% from May 2021. At the current sales pace, that represents a 2.6-month supply. Low supply continued to push home prices higher. The median price of a house sold in May was $407,600, an increase of 14.8% from May 2021. That is the highest price on record since the Realtors began tracking it in the late 1980s. Supply is leanest on the lower end of the market, which is likely why activity there continues to be weaker than on the higher end. Sales of homes priced between $100,000 and $250,000 dropped 27% from a year ago. Sales of homes priced between $750,000 and $1 million were up 26%. Sales of homes priced above $1 million surged 22% year over year. Homes are selling quickly, however. Houses stayed on the market an average of just 16 days, the lowest on record for the Realtors. All-cash sales were still elevated at 25% of all sales. Investors made up 16% of all transactions, down slightly from April and from a year ago. First-time buyers made up just 27% of all transactions, down from 31% a year ago. Affordability is clearly hitting them hardest, as rents are rising as well.

CFNAI

Softer print for Chicago Fed National Activity Index in May 2022 at 0.01, vs. 0.47 est. & 0.40 prior.That was underscored by a separate report from the Chicago Fed on Tuesday showing its National Activity Index fell to a reading of 0.01 in May from 0.40 in April, which it said "suggests economic growth declined in May." A zero value for the monthly index has been associated with the economy expanding at trend growth. Fears of a recession have been mounting in the wake of the Fed's decision last week to raise its policy rate by three-quarters of a percentage point, its biggest hike since 1994. The Fed has increased its benchmark overnight interest rate by 150 basis points since March.

Current Account

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PMI Composite Flash

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New Home Sales

New home sales unexpectedly jump in May 2022; April reading revised up.May New Home Sales: +10.7% M/M to 696K vs. 588K expected and 629K prior (revised from 591K). New home sales gained 5.9% from May 2021. The median sales price of new houses sold in May was $449K vs. $450.6K in April. The average sales price was $511.4K in May, down from $570.3K in the previous month. The seasonally adjusted estimate of new houses for sale at the end of May was 444K, representing 7.7 months' supply at the current sales rate.

Consumer Sentiment UM

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MBA Purchase Applications

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Jobless Claims

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Fixed Mortgage Rates

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