Industry News
Mortgage Industry News
Today’s Market Color
03/30/2011
ADP printed slightly below expectations, +201K vs. +208K consensus; the median estimate for Friday’s Nonfarm Payrolls is +190K. Mortgage applications were down 7.5% week-over-week; the Refi index was off 10.1% and purchase apps were 1.7% lower. The Treasury will auction $29B of 7yr notes today. Right now, the futures market is pricing in about a 91% chance that the Fed keeps rates between 0% and 0.25% through August 9th, 2011. Currently, the Ten Year yield is at 3.49% (3.45% yesterday) and the 2-10 yield spread is at 267bps, steepening 2bps since yesterday morning.
