Weak economic data has U.S. Treasuries in rally mode this morning with the yield on the 10 year note falling from 2.255 to 2.17%. The Conference Board reported its index of consumer sentiment dropped to its lowest level since March 2009, coming in at a reading of 39.8, down from last moth’s number of 46.4.
On the housing market front the Case/Shiller price index was flat for the 20 MSAs it measures. On a year over year basis the rate of price decline is now only 3.8%.
The FHFA announced changes to the Home Affordable Refinance Program which should help more homeowners take advantage of the low interest rate environment. The key component of modification is which reps and warrants will be waived.
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