Mortgage Industry News
MBA Mortgage Applications Dip
Treasury prices moved modestly lower overnight as yesterday’s flight to quality bid lost some of its momentum. Overseas data was light and the US economic calendar is fairly light today, as well. The EIA Petroleum Status Report is due out at 10:30 AM ET, followed by some Fedspeak and the Fed’s Beige Book in the afternoon. Earlier this morning the weekly MBA Mortgage Applications Index posted a -1.8% dip. Purchase slid -3.0%, while refinance activity eked out a small +0.2% gain. Compass's own measure of the purchase/refi mix (indicated below) shows that purchases hold a 65% majority of recent activity, unchanged from last week. Currently, the 10yr yield is at 2.22%.