Where Are the Buyers?

According to the MBA data, purchases still cannot get any traction in response to the multi decade low in mortgage rates and the seasonally busy time of the year. Purchases fell 4.2% to the lowest since the week ended Nov 14 which was right before the Fed announced their MBS purchase plan even though mortgage rates have fallen 144 bps since that time from 6.17% to 4.73%. Refi’s on the other hand rose 7.7% and remains near the highest level since ’03 when rates were between 5-5.5%.

The Feb FHFA home price index is out at 10am. ABC confidence rose 4 pts to -47 to a 5 week high and coincides with the recent action in the markets.

The WSJ is reporting that on Friday the Govt will release ‘an outline of how the stress test’s were conducted,’ especially the degree of stress they used in their assumptions. On May 4th, more details will be out on specific banks.

The Yen is quietly at a 3 1/2 week high after Japanese exports were a touch better that estimated.

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