Industry News
Mortgage Industry News
Purchase and Refi Applications Up
10/27/2010
MBA mortgage applications were 3.2% higher week-over-week; both purchases and refis were up, 3.9% and 3.0%, respectively. Durable goods orders were mixed. Deutsche Bank beat 3Q earnings estimates due to their corporate banking and securities unit net income growing 12%. The following auctions are scheduled for this week: $35B 5yr notes today and $29B 7yr notes tomorrow. Right now, the futures market is pricing in an 87% chance that the Fed keeps rates between 0% and 0.25% through January 26th, 2011. Currently, the Ten Year yield is at 2.69% (2.61% yesterday) and the 2-10 yield spread is at 228bps, steepening 5bps since yesterday morning.
