Industry News
Mortgage Industry News
Stocks Rallying Aggressively
10/14/2009
Mortgage applications declined by 1.8% week-over-week; purchases were off 5%, refinances were down 0.1%. Intel announced that they beat earnings estimates yesterday afternoon; JPMorgan posted a strong third quarter ($0.82/share vs. expectations of $0.51/share). Stocks are rallying aggressively off of the news. Right now, the futures market is pricing in an 85% chance that the Fed keeps rates somewhere between 0% and .25% through January 27th, 2010. Currently, the Ten Year yield is at 3.41% (3.33% yesterday) and the 2-10 yield spread is at 248bps, steepening 8bps since yesterday morning.
