Industry News
Mortgage Industry News
Today’s Market News
06/30/2011
Treasury yields have reached their highest levels in a month as the end of QEII and the passage of the Greek austerity plan have coupled to dampen investor demand. Prices seem to have leveled off this morning as investors appear to finally have some comfort at current yields. This morning’s release of the weekly jobless claims reports showed slightly worse than expected results and indicates that the US labor market is continuing to flounder. In other economic news, today’s June Chicago PMI report is expected to dip to 54 from May’s level of 56.6 and QEII comes to an official end today with the Fed buying approximately $4-5bln. Lastly, Greece will remain in the headlines today as implementing the recently approved austerity plan now takes center stage. Currently, the Ten Year yield is at 3.095% and the 2-10 yield spread is at 265bps, steepening 6bps since yesterday morning. MBS prices continue to move lower on the last day of the quantitative easing program.
