Industry News
Mortgage Industry News
Mortgage Market News
04/06/2011
MBA mortgage applications were down 2% week-over-week; the Refi index was 6.2% lower while purchases increased 6.7%; ARMs comprised of 12% of the total lock volume (in $). Strong data out of Germany has stocks higher in early trading. The euro is stronger on speculation that the ECB will raise rates tomorrow. Right now, the futures market is pricing in about a 90% chance that the Fed keeps rates between 0% and 0.25% through August 9th, 2011. Currently, the Ten Year yield is at 3.51% (3.41% yesterday) and the 2-10 yield spread is at 268bps, steepening 4bps since yesterday morning.
