Industry News
Mortgage Industry News
Mortgage Applications Increase 15.5%
07/20/2011
Treasury prices are moving lower this morning as positive results from Portugal’s bond auctions are helping to ease investor concerns that the debt crisis will spread in Europe. This morning’s release of the MBA mortgage applications index showed a spike in activity last week as the overall index increased +15.5%. Refinances led the way higher with a lofty 23.1% gain. Meanwhile, purchases dipped a modest -0.1%. In other housing related news, today’s June US home sales report is expected to climb +1.9% after last month’s disappointing -3.8% dip. Currently, the Ten Year yield is at 2.918% (2.946% yesterday) and the 2-10 yield spread is at 254bps, flattening 3bps since yesterday morning.
