Industry News
Mortgage Industry News
MBA Mortgage Applications Dip
02/01/2017
Treasury prices moved modestly lower overnight as another heavy round of mixed economic reports from overseas combined with month end influences and position squaring ahead of this afternoon’s FOMC Meeting Announcement. The US economic calendar is busy this morning with data on employment, housing and manufacturing. Thus far, the Jan ADP Employment Report showed robust growth in private payrolls of 246k, which was well above consensus estimates of 168k. Meanwhile, the MBA Mortgage Applications Index dropped -3.2% overall. Purchases led the way lower with a -6.0% drop, while refinance activity only dipped -1.0%. Currently, the 10yr yield is at 2.494%.
