Industry News
Mortgage Industry News
Today's Market Color
07/22/2010
Initial jobless claims printed higher than expectations; continuing claims were lower. Yesterday, Fed Chairman Bernanke said that even though the economy is "unusually uncertain" that the Fed will only take additional steps to reinvigorate the economy "if the recovery seems to be faltering". Stocks fell during his testimony, but are back up this morning on a few strong earnings reports. Right now, the futures market is pricing in an 80% chance that the Fed keeps rates at .25% through November 3rd, 2010. Currently, the Ten Year yield is at 2.928% (2.96% yesterday) and the 2-10 yield spread is at 234bps, flattening 4bps since yesterday morning.
