The housing market continues to struggle as home prices continue to rise, along with mortgage rates. Total mortgage application volume fell 3% from the previous week, and 17% from a year ago, according to the Mortgage Bankers Association’s seasonally adjusted report. Bond yields finished slightly higher for the week in anticipation of fresh inflation data Thursday and Friday. The 10-year UST ticked up 1 basis point to yield 2.97%, and the 30-year UST finished 4 basis points higher to 3.12%. Municipal yields trended higher in tandem with Treasuries. The 10-year MMD was 3 basis points higher for the week to 2.48% and 30-year MMD was 5 basis points higher to 3.06%.
Interest Rate Observations
Source: Thomson Reuters, Bloomberg. The table above reflects market conditions as of August 7, 2018.
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