Mortgage applications for the week ending January 6 rose 4.5%, led by an 8.1% increase in purchase applications. Looking at the four-week moving average, purchase applications are marginally higher than their lowest point while refinance applications continue to trend higher.
At 10:00 a.m. PT, the Fed will release their Beige Book report, which is the Fed’s data and analysis of the U.S. economy and gives insight into their decision making process. Last but not least, the Treasury will be selling $21 billion in 10-year notes. Tuesday’s 3-year note auction went very well as demand from dealers and indirect bidders was strong.
This morning on CNBC Richmond Fed Bank President Lacker appeared stating the economy continues to face “serious headwinds” and he see slow progress on bringing down the unemployment rate.
Bond and mortgage prices are flat from the close on Tuesday, although MBS pricing rolled from January settlements to February.
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