Bond Market Update

Data Recon

• Existing home sales decreased 5.9% month-over-month in March to a seasonally adjusted annual rate of 4.02 million (Briefing.com consensus 4.20 million) from an upwardly revised 4.27 million (from 4.26 million) in February. Sales were down 2.4% from the same period a year ago.
  • The key takeaway from the report is that existing home sales declined month-over-month in all regions, while the median selling price increased month-over-month in all regions, signaling the affordability constraints buyers are facing with higher prices and relatively higher mortgage rates.
• Yield Check:
  • 2-yr: -5 bps to 3.81%
  • 3-yr: -7 bps to 3.81%
  • 5-yr: -7 bps to 3.95%
  • 10-yr: -6 bps to 4.33%
  • 30-yr: -5 bps to 4.78%