Industry News
Mortgage Industry News
Import Prices Jump
09/15/2010
Mortgage applications dropped 8.9% last week; the Refi Index was off 11%, purchases were 0.4% lower. Import prices jumped due to oil and food costs. Japan intervened in the FX market for the first time in 6 years as the strengthening yen is dampening the economic recovery. Right now, the futures market is pricing in a 95% chance that the Fed keeps rates between 0% and 0.25% through December 14th, 2010. Currently, the Ten Year yield is at 2.71% (2.71% yesterday) and the 2-10 yield spread is at 221bps, steepening 3bps since yesterday morning.
