Industry News
Mortgage Industry News
Mortgage Applications Are Up
03/09/2011
MBA mortgage applications were up 15.5% last week; the purchase and refi indexes were higher by 12.5% and 17.2%, respectively; applications for adjustable rate mortgages jumped 26.1%. The Treasury is scheduled to auction $21B of 10yr notes today and $13B of 30yr bonds tomorrow. Right now, the futures market is pricing in about an 82% chance that the Fed keeps rates between 0% and 0.25% through April 27th, 2011. Currently, the Ten Year yield is at 3.52% (3.50% yesterday) and the 2-10 yield spread is at 283bps, steepening 4bps since yesterday morning.
