MBA Mortgage applications for the week ended February 27th edged up +0.1% following a -3.5% dip the week prior. Purchases fell -0.2% vs. +4.6% prior (-0.2% YoY), Refinancing rose +0.5% vs. -7.5% prior (+17.2% YoY), and the average interest rate for a 30-Year conventional loan fell -3.0 bps to 3.96% (4.47% a year ago). Today's ADP report projects a slowdown for Friday's payroll print. ADP estimates that private payrolls rose 212K for February, 7K below the 219K consensus. While ADP missed consensus for February, the release includes a big upward revision for January, to 250K vs. an initially reported 213K. Treasuries are getting a boost this morning from the disappointing ADP data, and the curve has bull steepened with 2s10s up +1 bps.
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