Industry News
Mortgage Industry News
Refinances Jump 13%
06/30/2010
MBA mortgage applications were up 8.8% last week; purchases were down 3.3%, while refinancing jumped 13% with the lower rates. ADP printed at +13K, less than the 60K boost that was expected; consensus for Nonfarm Payrolls on Friday is -115K. Right now, the futures market is pricing in a 76% chance that the Fed keeps rates at .25% through November 3rd, 2010. Currently, the Ten Year yield is at 2.979% (2.98% yesterday) and the 2-10 yield spread is at 235bps, flattening 1bp since yesterday morning.
