Housing numbers miss expectations
MBS are down -1/32 (FNMA 30-yr 3.5 at 103.02), around 1/32 higher than yesterday at this time.
This morning, July Housing Starts fell 5% from June to an annual rate of 1155K, below the consensus of 1220K. The decline was nearly entirely due to multi-family units. Single-family starts posted just a slight decline. Housing starts are highly volatile from month to month. The Dow is up 50 points. No more economic data will be released today. The Minutes from the July 26 Fed meeting will come out at 2:00 et. Investors will be looking for clues about the Fed’s plans for the pace of tightening monetary policy.