Industry News
Mortgage Industry News
Mortgage Applications - Modest Decline
01/25/2012
Treasury prices are modestly higher this morning after giving up ground in five consecutive trading sessions. Economic activity has been relatively light to start this week but that will change today. For starters, the World Economic Forum’s annual meeting begins today in Switzerland. Later in the day, focus will shift to the US as the latest FOMC rate decision will be released, followed by Fed Chairman Bernanke’s press conference. Meanwhile, the latest release of the MBA mortgage applications index showed a modest decline of -5% versus last week’s surge of 23%. Purchase and refinance activity both decreased 5%. Currently, the 10yr yield is at 2.053% (2.042% Tuesday) and the 2-10 yield spread is at 180bps, steeper by 1bps since yesterday morning.
