Industry News
Mortgage Industry News
Slight Dip In MBA Mortgage Applications
02/01/2012
Treasury prices are slightly lower after overnight reports from Europe and Asia indicated an uptick in global manufacturing. In US economic news, rumors of a national refinance program continue to swirl with indications that details may be released as soon as today. The latest MBA mortgage applications index showed a slight dip in applications of -2.9%, following last week’s -5.0% decline. Ahead of Friday’s payroll report, today’s US ADP employment report showed a disappointing gain of 170k vs estimates of a 185k gain. The previous month’s report was also revised lower to +292k vs the original amount of +325k. Currently, the 10yr yield is at 1.807% (1.847% Tuesday) and the 2-10 yield spread is at 159bps, 3bps flatter since yesterday morning.
