Treasuries reversed course again yesterday, moving lower throughout most of the day aside from some midday choppiness, but otherwise gradually erased Monday's entire rally. The downward trend has continued this morning as the market opened with treasuries lower across the curve. The UST10-Year yield is currently at 2.495% after closing at 2.465% prior.
MBA Mortgage Applications for the week that ended on January 20th were released this morning and showed that applications in the U.S. rose for a fourth consecutive week. The index climbed 4.00% after rising 0.80% in the prior week, with refinances increasing 0.20% and the purchase index increasing 6.00%. The November FHFA House Price IndexMoM was also released this morning, which came in just above expectations, rising 0.50% versus 0.40% consensus.
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MBA Mortgage Applications for the week that ended on January 20th were released this morning and showed that applications in the U.S. rose for a fourth consecutive week. The index climbed 4.00% after rising 0.80% in the prior week, with refinances increasing 0.20% and the purchase index increasing 6.00%. The November FHFA House Price Index MoM was also released this morning, which came in just above expectations, rising 0.50% versus 0.40% consensus.
The curve has bear-flattened with the UST 10-Year up 3.0 bps from prior closing.