The weekly MBA Mortgage Application Index rose 7.4% with refinancing applications increasing 9.0% and purchase applications rising 7.0%.
Yesterday’s close marked the first time since 1981 that the 2s10s spread was more than 100 basis points, reflecting worries about the Fed possibly taking rates too high and forcing a recession.
The 2-yr note yield is up three basis points this morning at 5.04% and the 10-yr note yield is unchanged at 3.97%.