MBA Mortgage Applications, for the week ending August 29th, rose +0.2% following two consecutive weeks of advancement (+2.8%, +1.4%). Purchases fell -1.5% vs. +2.6% prior, Refinancing rose +1.4% vs. +2.8% prior and the average rate for a 30-Year conforming loan declined by -3 bps from 4.28% to 4.25%. Factory Orders advanced in June, up a higher than expected +1.1%, following May’s downward revised -0.6% decline. June’s gain in Factory Orders can be traced to a large boost in aircraft orders. For July Orders are expected to jump +11%. 10-Year notes declined for a third straight day, pushing yields to the highest in three weeks, as talks about a cease-fire in Ukraine damped demand for the safe haven assets. Today the curve has bear steepened with 2s10s up +2.3 bps with MBS 1-2 ticks tighter to hedges.
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