MBA Purchase Applications Index 402.2
(Econoday.com) - The Mortgage Bankers purchase index fell in the Feb. 6 week to 402.2, its lowest reading since early January and down 20 percent from its highs at mid-January. But volatility in a week-to-week series is the norm. The housing market, helped by low mortgage rates, remains strong. The MBA's refinancing index, at 3099.1, also fell in the week, perhaps due to a slight rise in mortgage rates (Freddie Mac 30-year average mortgages rose 4 basis points to 5.72 percent last week).
5-Year Note Yield Awarded 3.030%
(Econoday.com) - The 5-year note auction was well received Wednesday, posting a strong bid/cover ratio of 2.84 and an awarded yield of 3.030 percent, 2 basis points below the when-issued rate at bidding time. Central bank demand, likely from Japan, was solid, as 42.4 percent of the accepted bids went to indirect bidders. The results point to strong demand for U.S. Treasuries, a good indication for Thursday's final leg of the Treasury's quarterly refunding, a $16 billion auction of 10-year notes.
04.02.11 15:59 #