Today, the US Treasury 10-year yield exploded upwards by over 12 basis points. With it, the 30-year mortgage yield is above 5%. And MBA Mortgage Purchase Applications are actually increasing.
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Today’s bond market summary shows the 10-year Treasury yield up 12.7 basis points. Its the same all over the western world. Asia? Not so much.
See also Applications to refinance a home loan decreased 5% from the previous week and were 44% lower than the same week one year ago
Fear of further Fed fireballs coming from removal of the monetary punchbowl.