Industry News
Mortgage Industry News
Today’s Market Color
06/01/2011
ADP printed much worse than expectations, +38K vs. +175K; consensus for Friday’s Nonfarm Payrolls is +180K. MBA mortgage applications posted a 4% decline; purchases were unchanged, while the Refi index, which currently comprises 65.4% of applications, was off 5.7%. Right now, the futures market is pricing in about an 83% chance that the Fed keeps rates between 0% and 0.25% through September 20th, 2011. Currently, the Ten Year yield is at 3.02% (3.09% yesterday) and the 2-10 yield spread is at 256bps, flattening 5bps since yesterday morning.
