Industry News
Mortgage Industry News
Refi Index Up 8.6%
07/21/2010
MBA Mortgage Applications jumped by 7.6% last week; the refi index was up 8.6%, while the purchase index was 3.4% higher. After JP Morgan and Goldman reported lower trading revenue than expected earlier in the week, Morgan Stanley announced stronger than consensus numbers. Wells Fargo also beat street estimates due to smaller loan losses. Right now, the futures market is pricing in an 87% chance that the Fed keeps rates at .25% through November 3rd, 2010. Currently, the Ten Year yield is at 2.941% (2.93% yesterday) and the 2-10 yield spread is at 238bps, steepening 4bps since yesterday morning.
