MBA Mortgage Applications rose +4.9% (-13.3% YoY), for the week ending November 14th, following three consecutive weeks of decline. Purchases jumped +11.7% vs. 1.1% prior (-6.1% YoY), Refinancing rose +0.9% vs. -1.9% prior (-17.3% YoY) and the average interest rate for a conforming conventional loan fell -1 bps to 4.18% (4.46% a year ago). Housing starts for September rebounded +6.3% following a -12.8% drop in August. Housing starts in October were at an annual rate of 1009K (consensus 1025K), for a monthly decline of -2.8%. Building Permits increased 1.5% in September, following a 5.1% drop in August. Building Permits in October were at an annual rate of 1080K (consensus 1040K), for a monthly advance of +4.8%. At 11:00 AM (PST)the Fed releases the FOMC minutes from the October 28th-29th meeting in which they are expected to reinforce the meetings modestly hawkish sentiment. Treasuries are pressing session lows following the mixed housing data and the curve has bull steepened with 2s10s up +0.7 bps.
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