Today has a light economic calendar, with the Mortgage Bankers Association reporting that mortgage applications dropped 0.8% for the week, however, applications for new purchases rose 2.3%. Later today the U.S. Treasury will auction $29 billion of 7 year notes, following Monday’s auction of 2 year notes and Tuesday’s auction of 5 year notes. The 2 year and 5 year note auctions went off extremely well, providing tough acts to follow for today’s 7 year note auction.
Bond prices are taking a breather after the early week rally pushed the yield on the 10 year note below 2.50%. Mortgage prices are .15% to .20% worse than Tuesday.
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