MBA Mortgage Applications declined -2.6% (-19.9% YoY), for the week ending Oct 31st, following a -6.6% dip the week prior. Purchases rose +2.6% vs. -5.0% (-12.6% YoY), Refinancing fell -5.5% vs. -7.4% prior (-23.7% YoY), and the average interest rate for a 30-Year conforming loan rose +4 bps to 4.17% (4.32% a year ago). ADP Employment Change posted higher than expected at 230K vs. 225K prior revised (consensus 220K), this could point to strength in Friday’s Employment report. The ISM non-manufacturing survey for September came in at 58.6 vs. 59.6 in August, and consensus for October is for a slight slip to 58. MBS is opening 2 ticks tighter to treasuryhedges (outperform) and the curve has bear steepened with 2s10s up +1.2 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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