http://MikesDailyMarketReport.com: Existing Homes sales dropped by 2.7% in March, as the seasonally adjusted units were lowered to 5.77 million. This is mostly due to low inventories. Investors are reviewing Q1 Earnings reports, which Netflix is in the headlines, as they reported a decline of 200k subscriptions. A few Fed Members are speaking today; and they main theme appears to be a quick route to "Neutral" level for Fed Funds Rate, which is around 2.50%. This probably means that the Fed will raise rates at a higher than normal pace to attain that level sooner, than later. We had a 20 year Bond Auction which briefly helped the Bond Market, but subsided closer to pre Auction levels. MBS is currently UP 34bps, which has helped improve pricing Mortgage Rates. This is helpful because of yesterday's close, which dropped 47bps. Yesterday had re-prices with worse pricing. Yields had touched 2.95% range yesterday; however, today, it subsided to 2.84%.
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