Industry News
Mortgage Industry News
Mortgage Applications Dip
11/16/2011
Treasury prices are relatively flat this morning as investors await news on the organization of Italian Prime Minister Monti’s cabinet. Today’s calendar is very active with a steady stream of economic reports scheduled throughout the morning. The already released MBA mortgage applications index showed a drop of -10%, essentially erasing last week’s 10.3% surge. Lock activity faltered late last week as we approached the Veteran’s Day holiday. Refinances fell -12.2%, while purchases dipped -2.3%. The 8:30AM release of the Oct CPI report showed few surprises as the Core level of +2.1% was in line with expectations. Later this morning, the calendar delivers reports on Oct US industrial production and the Nation Association of Home Builders index. Currently, the 10yr yield is at 2.017% (2.031% Tuesday) and the 2-10 yield spread is at 178bps, steeper by 1bp since yesterday morning.
