http://MikesDailyMarketReport.com: New Home Sales dropped 2.0% in February to 772k seasonally adjusted units due to spike in Mortgage Rates, as affordability continues to decline. The hawkish talk from other Fed Members continues, as the Markets adjust to the Fed's policy changes, which include ramping up on rate hikes (may include higher than 0.25% hike increments) and balance sheet reduction. As Yields have spiked to nearly 2.40%, then Investors have moved over some investment dollars to Bonds and Treasuries. MBS has had a seesaw type of morning, as Investors bought early on, only to sell off, and appear to be buying again. Currently, MBS is Up 20bps. Mortgage Rates are showing some improvement from yesterday's close, after we saw 2 days of selloff. Yields have come down to 2.34%.
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