Industry News
Mortgage Industry News
Mortgage Market News
07/13/2011
Treasury prices are under pressure this morning after better than expected data on China’s GDP has investors wading back into equity markets. In US economic news, the latest edition of the MBA Mortgage Index showed a 5.1% drop in applications week over week. The fourth consecutive weekly drop was driven mostly by refinance activity, which dipped 6.2%. Purchases posted a more moderate decline of 2.6% after climbing 4.8% last week. In other news, US Import Prices dipped -0.5% in June vs estimates of a -0.6% drop and June Export Prices increased a modest 0.1% versus estimates of a +0.2% gain. Currently, the Ten Year yield is at 2.932% (2.899% yesterday) and the 2-10 yield spread is at 255bps, widening 2bps since yesterday morning.
