Industry News
Mortgage Industry News
Tresury Prices Moved Higher
07/12/2017
Treasury prices moved higher overnight as the modest flight to quality bid created by Donald Trump Jr. emails has overshadowed better than expected data from Europe. Today’s focus will be on Fed Chair Janet Yellen’s testimony before Congress. The already released text of the planned remarks is being interpreted as dovish by investors with uncertainly around inflation remaining a concern. In terms of data, the Weekly MBA Mortgage Applications Index slid -7.4%. Higher rates and summer vacation season are dampening activity as refinances dropped -13.0% while purchases dipped a more modest -3.0%. Compass's own measure of the purchase/refi mix (indicated below) shows that purchases hold a 68% majority of recent activity. Currently, the 10yr yield is at 2.317%
