Bond Market Update

Data Recon

• Existing home sales decreased 0.7% month-over-month in May to a seasonally adjusted annual rate of 4.11 million (Briefing.com consensus 4.10 million) from 4.14 million in April. Sales were down 2.8% from the same period a year ago.
  • The key takeaway from the report is that there was a pickup in inventory of homes for sale; however, inventory overall remains constrained, which is leading to ongoing price gains that continue to pose affordability pressures, along with elevated mortgage rates, for prospective buyers.
• Yield Check:
  • 2-yr: UNCH at 4.73%
  • 3-yr: UNCH at 4.46%
  • 5-yr: UNCH at 4.27%
  • 10-yr: UNCH at 4.25%
  • 30-yr: UNCH at 4.39%