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April 23rd, 2014

April 23, 2014; 9:15am

Good morning!

Interest rate trends: Today – Lower; 10 days – Flat; 25 days – Flat

Interest rate recommendation:  Floating

Mortgage bonds (MBS’s) are doing well this morning on worse than expected New Home Sales.  March New Home Sales plunge by 14.5% to an annual rate of 384,000, well below the 455,000 expected.  Yesterday’s Treasury auction garnered a C- rating, not too good, and today’s $35 billion auction of 5 year notes will likely be not so good either.  Mortgage bonds were fairly resilient to yesterday’s auction results, so we suspect today will be likewise.  We switch to a floating recommendation while MBS’s improve, currently better by +28bps.  Corporate earnings reports have been good and Apple will release their figures today after closing.  Interest rates are looking good!  Have a great day!  

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