MBA Mortgage Applications fell -0.2% for the week ending September 26th, following the prior week’s -4.1% decline. Purchases came in flat vs. -0.3% prior (-10.7% YoY), refinancing fell -0.3% vs. -7.0% prior (-33.6% YoY) and the average rate for a 30-Year conventional conforming loan declined -6 bps to 4.33% vs. 4.39% prior. ADP Employment change was stronger than expected (consensus 205K) at 213K vs. 204K prior and the Markit US Manufacturing PMI consensus is for a half a point slip to 58.5. Treasuries have pressed to session highs following the better than expected ADP Employment report and the curve has bull flattened with 2s10s down -1.3 bps.
GNMA Issuer Fannie Mae and Freddie Mac Direct Lender Licensed throughout the U.S. and Puerto Rico Privately Held Mortgage Bank for Over 32 Years Excellent Underwriting / Funding Turn Times
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