Ahead of home price data from Case-Shiller and a stabilizing of the global banking system, mortgage rates rose to start the trading week.
- 10-YR. The 10-year treasury jumped at the open and stayed elevated ending the day at 3.54%, up 16 basis points from Friday’s close and the highest level since last Tuesday.
- MBS. A rough day for the Uniform Mortgage Backed Security at 5.0% fell 69 cents to close at $99.41
Tomorrow. At 9:00 AM, The Case-Shiller 20-City Index is projected to show home price appreciation falling to 2.5% in January and the FHFA HPI is expected to show home price appreciation falling to 5.7% thanks to a 0.2% decline month-over-month. Then at 10:00 AM Consumer Confidence is projected to fall to 101 in March.
Looking Ahead. As the banking system continues to stabilize, its likely rates will return to their pre-bank collapse levels but will likely stay below the highs seen in November of 2022.