Treasuries are higher across the curve this morning from yesterday’s close. The UST10-Year yield is currently at 2.862% after closing at 2.887% prior.
This morning we received the MBA Mortgage Applications for the week ended on March 2 which rose 0.30% after increasing 2.70% the week prior. Purchase applications fell 0.50% after rising 6.20% prior, while refinancing activities rose 1.50% after falling 1.20% prior. We also received the ADP Employment Change for February, which came in above expectations at 235k versus 200k per consensus; ADP Employment Change for January was upwardly revised from 234k to 244k.
We also received the 4Q final print of the Nonfarm Productivity which came in at 0.00% versus -0.10% prior. The Unit Labor Costs 4Q final print came in above expectations at 2.50% versus 2.10% per consensus. Lastly, we received the Trade Balance for January showing that the trade deficit widened to -$56.60b from -$53.90b revised prior. Later today at 11:00 AM (PT), we will receive the Fed’s latest release of its Beige Book.
This information is provided solely for informational use and is not intended as trading or investment advice in any manner whatsoever. Sun West Mortgage Company, Inc. is not a licensed or registered broker or dealer and cannot provide investment strategies or recommendations. This information is provided to licensed brokers/lenders only and may not be copied or distributed to customers or potential customers. All loans are subject to approval. Certain restrictions may apply. Listed pricing is a morning indication only. Program rates, prices, guidelines, fees, costs, terms and conditions are subject to change without notice
This morning we received the MBA Mortgage Applications for the week ended on March 2 which rose 0.30% after increasing 2.70% the week prior. Purchase applications fell 0.50% after rising 6.20% prior, while refinancing activities rose 1.50% after falling 1.20% prior. We also received the ADP Employment Change for February, which came in above expectations at 235k versus 200k per consensus; ADP Employment Change for January was upwardly revised from 234k to 244k.
We also received the 4Q final print of the Nonfarm Productivity which came in at 0.00% versus -0.10% prior. The Unit Labor Costs 4Q final print came in above expectations at 2.50% versus 2.10% per consensus. Lastly, we received the Trade Balance for January showing that the trade deficit widened to -$56.60b from -$53.90b revised prior. Later today at 11:00 AM (PT), we will receive the Fed’s latest release of its Beige Book.
The curve has bull-flattened with the UST 10-Year yield down 2.5 bps from prior closing.