Industry News
Mortgage Industry News
Refi Index Up 9.2%
07/07/2010
MBA Mortgage applications jumped by 6.7% last week; with the depressed rates, the Refi index was up 9.2%; Purchases were down 2%, printing at their second-lowest level since 1997. Stock futures are down on concern that earnings will disappoint for the past quarter; the 2yr note is near record lows in yield. Right now, the futures market is pricing in a 78% chance that the Fed keeps rates at .25% through November 3rd, 2010. Currently, the Ten Year yield is at 2.95% (2.97% yesterday) and the 2-10 yield spread is at 232bps, flattening 2bps since yesterday morning.
