From Matthew Graham at Mortgage News Daily: MBS RECAP: Super Slow Day; Still Waiting For Breakout
Whether it’s the narrow range between 1.62 and 1.68% in 10yr yields or the wider 1.53-1.75%, bond watchers continue waiting for evidence of a breakout. It certainly didn’t arrive today, and even if it did, the ultra low volume profile would argue against reading too much into it. [30 year fixed 3.14%]
• At 8:30 AM ET: Housing Starts for April. The consensus is for 1.710 million SAAR, down from 1.739 million SAAR in March.