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- People can’t afford to sell their homes!
Market Overview
Read time 0.9 minutes
Year To Date Performances:
| Dow Jones | 34,288.83 | 3.48% |
| S&P 500 | 4,387.55 | 14.73% |
| Nasdaq | 13,505.87 | 30.03% |
| Rusell 2000 | 1,850.84 | 5.72% |
| TSX | 19,691.21 | 1.27% |
| Bitcoin | $25,663.70 | 55.26% |
| Ethereum | $1,603.66 | 34.14% |
| US to Canadian Dollar | $1.36 | -0.11% |
People can’t afford to sell their homes! The average rate for a 30-year fixed mortgage has surged to 7.48%, marking a significant 44bps increase this August, with 29bps of that spike occurring just in the past week. This current rate, as reported by Mortgage News Daily, is the steepest in over 22 years and approximately 17% higher than last year's rate of 5.72%. Interestingly, 91% of US mortgage borrowers have rates under 5.0%. This vast difference in rates provides insight into the declining sales of existing homes, as homeowners are reluctant to trade their low rates for the current higher ones. In contrast, there remains a steady demand for new homes, driven in part by homebuilders offering incentives such as mortgage rate buydowns. An update on existing home sales will be available later today.
Nobody trusts the US government. The US government debt is facing a continued sell-off, pushing the yields on 10- and 30-year Treasuries to levels not seen since 2007 and 2011, respectively. Additionally, the 2-year Treasury yield, which is highly responsive to monetary policy changes, has surpassed 5%. This recent shift in yields can be attributed to an optimistic economic growth outlook, stemming from consistent data and anticipation of a more stringent policy in the future. Although higher yields might challenge stocks, they shouldn't be the sole reason for a bearish perspective. Historical data from SentimenTrader reveals that stocks have consistently shown positive performance six months after a new peak in 10-year Treasury yields.
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Headlines
Zoom announced its earnings beating both EPS and revenue expectations.
The state of New York has lost more than $1T in assets due to financial firms leaving the state. .
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