Houston's Rate Sheet

Existing home sales unexpectedly rise

U.S. Treasury debt prices turned lower on Thursday on an unexpected rise in existing home sales in February, which encouraged views that the Federal Reserve will raise short-term rates at least two more times.

Sales of existing homes rose 5.2 percent to a seasonally adjusted annual rate of 6.91 million units, according to the National Association of Realtors. That compared with economists' expectations of 6.5 million and January's upwardly revised 6.57 million unit pace.

Benchmark 10-year notes turned 2/32 lower for a yield of 4.72 percent versus 4.71 percent on Wednesday.

posted by Vincent Biondillo @ 9:12 AM