Industry News
Mortgage Industry News
MBA Applications At Six Week High
02/03/2010
ADP printed at a less-than-expected -22K, the smallest drop in two years. With government hires in January, NFP is forecasted to show positive job growth of 13K. MBA mortgage applications came in at the highest level in six weeks due to refinancings with the lower rates. Right now, the futures market is pricing in an 89% chance that the Fed keeps rates somewhere between 0% and .25% through June 23rd, 2010. Currently, the Ten Year yield is at 3.674% (3.64% yesterday) and the 2-10 yield spread is at 281bps, steepening 2bps since yesterday morning.
