Industry News
Mortgage Industry News
Refi Applications Jump
05/18/2011
MBA mortgage applications jumped 7.8% last week; purchases were down 3.2%, while the Refi index--accounted for 66.7% of the applications--increased 13.2%. Commodities are slightly higher in early trading on speculation that there will be increased demand from emerging markets. The FOMC minutes are scheduled for release at 2:00PM today. Right now, the futures market is pricing in about an 83% chance that the Fed keeps rates between 0% and 0.25% through September 20th, 2011. Currently, the Ten Year yield is at 3.11% (3.14% yesterday) and the 2-10 yield spread is at 258bps, flattening 4bps since yesterday morning.
