Industry News
Mortgage Industry News
Today’s Market Color
03/02/2011
ADP printed at a better-than-expected +217K, vs. expectations of +180K; consensus for Friday’s Nonfarm Payrolls is +193K. Mortgage applications were off 6.5%; the Refi index was down 6.5% and purchases were down 6.1%. Right now, the futures market is pricing in about an 82% chance that the Fed keeps rates between 0% and 0.25% through April 27th, 2011. Currently, the Ten Year yield is at 3.43% (3.47% yesterday) and the 2-10 yield spread is at 277bps, steepening 1bp since yesterday morning.
