Industry News
Mortgage Industry News
President Calls for Lowering Corp Tax Rate
01/26/2011
In his State of the Union speech last night, President Obama called for lowering the corporate tax rate for the first time in 25 years and reducing non-military spending by 400 Billion. MBA Mortgage applications came in .at -12.9% for the week ending January 21st. Right now, the futures market is pricing in an 87% chance that the Fed keeps rates between 0% and 0.25% through April 27th, 2011. Currently, the Ten Year yield is at 3.39% (3.36% yesterday) and the 2-10 yield spread is at 274bps, narrowing 1bp since yesterday morning.
