According to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI). Any level above 50 is considered positive, but this is the first drop in four months. The index also stands at 83 in January 2021.

Among the three index constituents, Sell Conditions are now unchanged at 90. Sell Expectations over the next six months are down two points to 83 and Buyer’s Movement is down two points to 69. The median return on 30-year fixed bond is now about 50 basis points higher than last month and 75 basis points higher than last year.