From Matthew Graham at Mortgage News Daily: MBS RECAP: Monday Giveth
Summertime weekend trading dynamics are sadly a source of motivation for bond markets–especially amid a lack of actionable data on a week that ends with the most actionable data. In that sense, whereas we found ourselves saying “Friday taketh away” at the end of last week, we can now say “Monday giveth.” … MBS kept pace with the Treasury gains quite nicely and 2.0 coupons are now at their best levels in 2 weeks. [30 year fixed 3.20%]
• At 9:00 AM ET, S&P/Case-Shiller House Price Index for April. The consensus is for a 12.3% year-over-year increase in the Comp 20 index for April. (CR Note: Consensus seems low!)
• Also at 9:00 AM, FHFA House Price Index for April 2021. This was originally a GSE only repeat sales, however there is also an expanded index.