| Last | Change | Percent | |
| S&P Futures | 2090.6 | -2.9 | -0.14% |
| Eurostoxx Index | 3427.2 | -6.1 | -0.18% |
| Oil (WTI) | 52.24 | -0.5 | -1.02% |
| LIBOR | 0.257 | -0.001 | -0.39% |
| US Dollar Index (DXY) | 94 | -0.197 | -0.21% |
| 10 Year Govt Bond Yield | 2.04% | -0.01% | |
| Current Coupon Ginnie Mae TBA | 102.7 | 0.2 | |
| Current Coupon Fannie Mae TBA | 101.7 | 0.0 | |
| BankRate 30 Year Fixed Rate Mortgage | 3.83 |
Stocks are lower this morning as Greek talks break down. Bonds and MBS are up small.
The Empire Manufacturing Index fell in Feb and came in slightly light. There is almost certainly some weather-related noise in that report.
The NAHB Housing Market Index fell to 55 in February from 57 in January. The index increased in the Northeast and fell in the Midwest. The South and West were more or less unchanged.
We have a lot of data this week with housing starts tomorrow, industrial production / capacity utilization, and finally the FOMC minutes. The minutes should be the big event for the week. The focus will be on handicapping a June rate hike.
Speaking of rate hikes, wage inflation continues to be the missing piece of the puzzle for the economy. That said, Big Labor is waking up, with refinery strikes and a longshoreman's strike on the West Coast. Strike activity is still well below where it was in the 70s and 80s, but it could be the start of wage inflation.
One in three FHA borrowers could save money by refinancing today. Of course many will find the savings to small to make it worthwhile, but the drop in annual MIP is a big deal. Certainly MBS investors think so as Ginnie Mae TBAs continue to underperform Fannie Mae TBAs.
Finally, I appeared on Capital Markets Today and did a deep dive into the economy and housing. You can listen to the podcast here.
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