Industry News
Mortgage Industry News
MBA Applications Surge 9.3%
09/28/2011
Treasury prices are relatively flat this morning as the yield on the 10yr is just about 2.04%. Markets seem to have hit a temporary equilibrium as investors await the next big story that will roil markets. This morning’s release of the MBA applications index showed a 9.3% surge as borrowers took advantage of last week’s historic lows. Both purchases and refinances posted increases, +2.6% and +4.3%, respectively. Meanwhile, the Aug durable goods report fell -0.1% after posting a healthy 4.1% increase in July. The report had little effect on markets as investors are focusing on the bigger stories out of Europe rather than the continued stream of soft economic data. Currently, the 10yr yield is at 1.990% (1.975% Tuesday) and the 2-10 yield spread is at 175 bps, steeper by 2 bps since yesterday morning.
