Treasuries rallied strongly following the release of the FOMC statement yesterday in which the Fed clearly acknowledged their concern about the economy and a lack of inflation but stopped short of taking action, yet. The 10-year Treasury traded at 2.70% just before the release and dropped shortly thereafter to 2.57%.
This morning the Mortgage Bankers Association stated mortgage applications fell 1.4% last week and applications for new purchases (excludes refinances) were down 3.3%. The pace of new purchase applications continues to be very low, the lowest they have seen since 1997.
The Treasury market is improving again this morning and mortgage pricing is better by .125% to .250%.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment