Industry News
Mortgage Industry News
Initial Jobless Claims - Forth Straight Drop
05/13/2010
Initial jobless claims posted a 4th straight drop; continuing claims remain elevated, printing higher than expectations. According to RealtyTrac, there were a record 92,432 bank repossessions in April, up 45% from a year ago; there were 333,837 foreclosure filings. The Treasury will auction $16B in 30yr bonds today. Right now, the futures market is pricing in a 63% chance that the Fed keeps rates at .25% through September 21st, 2010. Currently, the Ten Year yield is at 3.545% (3.56% yesterday) and the 2-10 yield spread is at 270bps, steepening 1bp since yesterday morning.
