Industry News
Mortgage Industry News
Mortgage Applications Jump
02/23/2011
Mortgage applications jumped 13.2% last week; purchases increased 5.1% while the Refi index was up 17.8%. Concern over the unrest in Libya has oil trading above $96/barrel. The Treasury is scheduled to auction $35B of 5yr notes today and $29B of 7yr notes tomorrow. Right now, the futures market is pricing in an 86% chance that the Fed keeps rates between 0% and 0.25% through April 27th, 2011. Currently, the Ten Year yield is at 3.48% (3.53% yesterday) and the 2-10 yield spread is at 270bps, flattening 10bps since yesterday morning.
