Limited economic data this morning; we were told by the Mortgage Bankers Association that mortgage applications rose 15.5% for the week ending March 4th, with purchase applications rising 12.5% while refinance applications rose 17.5%. I think it is clear to all of us in the mortgage space the recent drop interest rates holds sole responsibility for this increase.
The U.S. Treasury will auction $21 billion in 10-year notes today. Yesterday’s 3-year note auction fared better than recent auctions have, which is a positive sign that demand remains good despite the recent drop in Treasury yields.
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