Industry News
Mortgage Industry News
Mortgage Applications Dip
01/04/2012
Treasury prices are edging higher this morning after a tranquil overnight session. EU headlines have remained at a minimum since before Christmas but the underlying concern still exists with the yield on the 10yr lingering below the 2.0% threshold. The latest weekly MBA mortgage applications index showed a -4.1% dip despite mortgage rates hitting recent lows. Purchases dropped -9.6%, while refinances slid a more modest -2.5%. Later this morning, the November factory orders report is expected to increase 1.7% from the previous report of -0.4%. Currently, the 10 year yield is at 1.946% (1.944% Tuesday) and the 2-10 yield spread is at 169bps, unchanged since yesterday morning.
