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Mortgage Bonds Have Rough Day But Rates Remain Low
Given the low mortgage rate environment home buyer appetite has increased leading to a shortage of homes for sale on the market. Realtor.com reports that during September, the national inventory of homes for sale declined 2.5% from the previous year, and at a much quicker pace of decline compared to August’s 1.8% drop. In addition, lower mortgage rates prompted a 10% year-over-year decline in available homes under $200,000. "Buyers looking for their next home have faced the headwinds of tight inventory and a competitive market this year. While lower mortgage rates and the arrival of fall promised a reprieve, conditions continue to tighten as demand remains strong," said George Ratiu, senior economist for Realtor.com.
Hopes for a "skinny" trade deal and tariff delays between the US and China are lifting US stocks this morning, at the expense of bonds. President Trump has said the talks are going very well and will meet with China's Vice Premier He later today. In addition positive Brexit news is further fueling the "risk-on" trade here in the US. The optimism has pushed the 10-year yield to 1.75% from yesterday's low of 1.54% while in the same time, mortgage bond prices have declined.
 
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