Industry News
Mortgage Industry News
Mortgage Applications Dip 2.7%
06/29/2011
Treasury prices are continuing to slide this morning after yesterday’s selloff. Overnight protests failed to dampen investor optimism that the austerity vote will pass. Today’s release of the weekly MBA mortgage applications index showed a -2.7% decrease, w/w. Despite the lower rate environment, purchases and refinances both declined, -3.0% and -2.6%, respectively as potential borrowers are distracted by vacations and other summer activities. Elsewhere, today’s May pending home sales report is expected to rebound modestly by 3.8% after last month’s abysmal report of -11.6%. Currently, the Ten Year yield is at 3.066% and the 2-10 yield spread is at 259bps, unchanged since yesterday morning.
