The UST10-Year yield is at 2.549% this morning after closing at 2.560% yesterday.
In this morning economic data releases, the housing market showed signs of recovering as Mortgage Applications rise for the first time since November 18th. Applications rose overall by 2.50% in the week ended December 16th after declining by 4.00% the week prior. Applications for FHA Purchase transactions were up 1.00% after dropping by 3.10% the week prior and VA Refinances were up 5.60% after declining by 8.50% the previous week. The spike in applications came despite another increase to the average 30-Year mortgage rate which is currently at 4.410% from 4.280% last week.
Existing Home Sales exceeded expectations coming in at 5.61 Million vs. the forecasted 5.50 Million for the month of November. MoM Home Sales also rose in the month of November, increasing by 0.70% vs. -1.80% forecasted drop in sales.
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In this morning economic data releases, the housing market showed signs of recovering as Mortgage Applications rise for the first time since November 18th. Applications rose overall by 2.50% in the week ended December 16th after declining by 4.00% the week prior. Applications for FHA Purchase transactions were up 1.00% after dropping by 3.10% the week prior and VA Refinances were up 5.60% after declining by 8.50% the previous week. The spike in applications came despite another increase to the average 30-Year mortgage rate which is currently at 4.410% from 4.280% last week.
Existing Home Sales exceeded expectations coming in at 5.61 Million vs. the forecasted 5.50 Million for the month of November. MoM Home Sales also rose in the month of November, increasing by 0.70% vs. -1.80% forecasted drop in sales.
The curve has bull-steepened with the UST 10-Year 1.1 bps down from prior closing.