Industry News
Mortgage Industry News
Mortgage Applications Up
01/06/2010
ADP printed slightly worse than expectations, but was much stronger than last month's number; ADP has overshot the Labor Department's estimate for job losses by an average of 85K over the last 6 months. Consensus for Friday's Nonfarm Payrolls is no change. Mortgage applications were up slightly week over week, 0.5%. Right now, the futures market is pricing in an 81% chance that the Fed keeps rates somewhere between 0% and .25% through April 28th, 2010. Currently, the Ten Year yield is at 3.812%(3.79% yesterday) and the 2-10 yield spread is at 274bps, flattening 2bps since yesterday morning.
