Existing Home Sales Rise Slightly
March Existing Home Sales declined 0.2% from February to an annual rate of 4.59M, which was very close to the consensus, and the lowest level since July 2012. Existing Sales were 8% lower than one year ago. Total inventory of existing homes available for sale rose 5% to a 5.2-month supply.
The results from the 2-yr Treasury auction will come out around 1:00 et.
MBS prices correlate and are inversely related to today’s mortgage rates available from U.S. banks and lenders. When MBS prices rise, mortgage rates tend to fall. When MBS prices fall, mortgage rates tend to rise. In general, a .250 change in MBS pricing corresponds to a 0.125 percentage point change in mortgage rates.
MBS pricing is provided by MBSQuoteline, a mortgage pricing subscription service available to loan officers, real estate agents, and finance professionals. Today’s mortgage rates are based on the real-time pricing shown above.