Industry News
Mortgage Industry News
Mortgage Applications Surge 17.7%
06/16/2010
MBA mortgage applications were up 17.7% last week. With the price surge in mortgages, the refi index was up 21%, reaching the highest level in a year. Housing starts and building permits printed much worse than expectations. Stock futures are down in early trading due to a lower-than-expected earnings forecast from FedEx; bonds are up. Right now, the futures market is pricing in a 73% chance that the Fed keeps rates at .25% through September 21st, 2010. Currently, the Ten Year yield is at 3.288% (3.28% yesterday) and the 2-10 yield spread is at 252bps, flattening 1bp since yesterday morning.
