|10 year government bond yield||0.88%|
|30 year fixed rate mortgage||2.80%|
Stocks are flattish this morning after a slew of economic data. Bonds and MBS are flat.
Third quarter GDP rose 33.1% and personal consumption expenditures rose 40.6%. This was the second revision and the numbers came in more or less in line with street expectations.
Initial Jobless Claims rose to 778k last week, which was a touch worse than expectations. Meanwhile durable goods orders rose 1.3%, which was better than expected.
Mortgage Applications rose by 4% as purchases rose 4% and refis increased 5%. “Thirty-year fixed mortgage rates dropped seven basis points to 2.92 percent, another record low in MBA’s survey,” said Joel Kan, MBA Associate Vice President of Industry and Economic Forecasting. “Weekly mortgage rate volatility has emerged again, as markets respond to fiscal policy uncertainty and a resurgence in COVID-19 cases around the country. The decline in rates ignited borrower interest, with applications for both home purchases and refinancing increasing on a weekly and annual basis.”
The FHFA increased the one-unit conforming loan limit to $548,250, an increase of 7.42%. All other limits were adjusted upward accordingly.