Bond Market Update

Data Recon

• Existing home sales decreased 0.5% month-over-month in April to a seasonally adjusted annual rate of 4.00 million (Briefing.com consensus 4.15 million) from an unrevised 4.02 million in March. Sales were down 2.0% from the same period a year ago.
  • The key takeaway from the report is that the median existing home price reached an April record of $414,000, putting the spotlight on affordability constraints as prices rise alongside mortgage rates.
• Yield Check:
  • 2-yr: -2 bps to 4.00%
  • 3-yr: -2 bps to 3.99%
  • 5-yr: -2 bps to 4.13%
  • 10-yr: -1 bp to 4.59%
  • 30-yr: +2 bps to 5.11%