The fed funds were left unchanged today. On that news the mortgage bond have seen some pressure and are off aobut 19bp's. This should move rates up slightly in the afternoon and tomorrow morning. Applications rose in the last week by 8.2% though. The next big event will be the auctions on the 9th of $40B 3 yr bonds, $25B 10 yr bonds and $16B of 30 yr bonds.
Mortgage Advisor
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