Industry News
Mortgage Industry News
Purchase Index Down
07/14/2010
Despite the low-rate environment, MBA mortgage applications dropped 2.9%; the purchase index was down 3.1%, printing at its lowest level in 13 years. The Treasury is scheduled to auction $13B of 30yr bonds today. Right now, the futures market is pricing in a 78% chance that the Fed keeps rates at .25% through November 3rd, 2010. Currently, the Ten Year yield is at 3.10% (3.07% yesterday) and the 2-10 yield spread is at 236bps, flattening 6bps since yesterday morning.
