Industry News
Mortgage Industry News
Today's Market Color
07/28/2010
MBA mortgage applications were off 4.4% week-over-week; the Refi index was down 5.9%, while the Purchase index was up 2%. Durable Goods orders excluding aircraft was up 0.6%, after posting a 4.6% gain last month. There is a $37B 3yr note auction today and a $29B 7yr note auction tomorrow. Right now, the futures market is pricing in an 85% chance that the Fed keeps rates at .25% through November 3rd, 2010. Currently, the Ten Year yield is at 3.05% (3.04% yesterday) and the 2-10 yield spread is at 238bps, flattening 2bps since yesterday morning.
