Treasuries are slightly higher across the curve this morning from yesterday’s close. The UST10-Year yield is currently at 3.070% after closing at 3.073% prior.
This morning we received the Housing Starts data for April which fell 3.70% month-over-month to 1287k unit rate following an upwardly revised 3.60% increase of 1336k unit rate in March. Single family starts rose just 0.10% in April, while multi-family starts sharply dropped 11.30% in activities. Building Permits also slowed in April reporting a 1.80% decrease month-over-month to 1352k unit rate following an upwardly revised 4.10% increase of 1377k unit rate in March. We also received the Industrial Production report for April which rose slightly higher than expected at 0.70% versus a 0.60% increase per consensus.
MBA Mortgage Applications for the week ended May 11 fell 2.70% after falling 0.40% the week prior. Purchase applications fell 2.10% after falling 0.20% the week prior, while refinancing activities dropped 3.80% after falling 0.60% the week prior. Lastly, the April Capacity Utilization rate rose 78.00% from a downwardly revised 77.60% in March; consensus called for a 78.40% increase.
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 Housing Starts data for April which fell 3.70% month-over-month to 1287k unit rate following an upwardly revised 3.60% increase of 1336k unit rate in March. Single family starts rose just 0.10% in April, while multi-family starts sharply dropped 11.30% in activities. Building Permits also slowed in April reporting a 1.80% decrease month-over-month to 1352k unit rate following an upwardly revised 4.10% increase of 1377k unit rate in March. We also received the Industrial Production report for April which rose slightly higher than expected at 0.70% versus a 0.60% increase per consensus.
MBA Mortgage Applications for the week ended May 11 fell 2.70% after falling 0.40% the week prior. Purchase applications fell 2.10% after falling 0.20% the week prior, while refinancing activities dropped 3.80% after falling 0.60% the week prior. Lastly, the April Capacity Utilization rate rose 78.00% from a downwardly revised 77.60% in March; consensus called for a 78.40% increase.
The curve has bull flattened with the UST 10-Year yield down 0.3 bp from prior closing.