Bond Market Update

Data Recon

• Existing home sales decreased 5.4% month-over-month in June to a seasonally adjusted annual rate of 3.89 million (Briefing.com consensus 4.00 million) from 4.11 million in May. Sales were down 5.4% from the same period a year ago.
  • The key takeaway from the report is that sales activity slowed to levels last seen at the end of 2023, suggesting that elevated mortgage rates and low inventory are offsetting a seasonal activity boost that would be normally seen in the summer.
• Yield Check:
  • 2-yr: -3 bps to 4.49%
  • 3-yr: -4 bps to 4.26%
  • 5-yr: -4 bps to 4.14%
  • 10-yr: -3 bps to 4.23%
  • 30-yr: -2 bps to 4.46%