Industry News
Mortgage Industry News
Mortgage Applications Up 12.8%
12/07/2011
Treasury prices are mostly unchanged this morning as limited economic data and EU headlines have provided markets a respite. However, as we edge closer to the EU Summit, reports are likely to increase as pundits begin to predict the likely outcomes. Optimism seems to be running high that a deal will be struck, however many question the likelihood that the plan will have enough teeth to actually solve the crisis and boost investor confidence. Meanwhile, the latest release of the weekly MBA mortgage applications index showed a 12.8% rebound from the previous posting of -11.7%. Refinances leaped 15.3%, while purchase surged +8.3% to the highest level in six months. The calendar for the remainder of the day is light with the October consumer credit due to be released later this afternoon. Currently, the 10yr yield is at 2.059% (2.066% Tuesday) and the 2-10 yield spread is at 281bps, unchanged since yesterday morning.
