Fed Chair Powell speaks in front of the House Financial Services Committee today

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Published Date 7/10/2024

The bellwether 10 year note has traded relatively unchanged since last Wednesday ahead of key inflation data that will surface tomorrow morning with June CPI and Friday with June PPI.

Weekly MBA mortgage applications last week declined 0.2%, purchases +1.0% after declining 3.3% the prior week, refinance apps -2.2%. The unadjusted Purchase Index decreased 19% compared with the previous week and was 13% lower than the same week one year ago. The refinance share of mortgage activity decreased to 34.9% of total applications from 35.7% the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 6.2% of total applications.

At 9:30 am the DJIA opened +2, NASDAQ +85, S&P +14. 10 year at 9:30 am 4.30% unchanged. FNMA 6.0 30 year coupon at 9:30 am also unchanged and +5 bps from 9:30 am yesterday. FNMA 6.5 coupon at 9:30 am -1 bp and+7 bp from 9:30 am yesterday.

Powell at 10 am at the House Financial Services Committee. Yesterday Powell commented on the recent increase in unemployment filings, emphasizing mounting signs of a cooling job market after government data showed a third straight month of rising unemployment. He continues to refrain from any outlook for when a cut will occur.

At 1 pm Treasury will auction $39B of 10 year notes. Recent Treasury auctions have been meeting with high demand over the last six weeks, yesterday the 3 year auction saw solid demand.

Source: TBWS

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Bobbie Jo Haggard, NMLS 92472;
Licensed to do business in Washington & Oregon.

Heartland Mortgage, Inc. NMLS# 3205; Office(509) 529-3280
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