Industry News
Mortgage Industry News
MBA Applications Inch Up
11/24/2010
MBA mortgage applications were up 2.1% week-over-week; purchases were 14.4% higher while the Refi index was off 1%. Durable goods orders came in much weaker than consensus; Initial and Continuing Jobless claims data was stronger. As Ireland finalizes their bailout, growing speculation mounts that Spain and Portugal will need financial assistance at some point. There is a $29B 7yr note auction today. Right now, the futures market is pricing in a 91% chance that the Fed keeps rates between 0% and 0.25% through March 15th, 2011. Currently, the Ten Year yield is at 2.84% (2.75% yesterday) and the 2-10 yield spread is at 236bps, steepening 7bps since yesterday morning.
