Mortgage Applications Rebounded Last Week

In a report earlier this morning, the Mortgage Bankers Association reported that for the week ending July 3rd, its Mortgage Applications Index rose 2.2% following the prior week’s slip of 1.8%. Applications for purchases rose 5.3% after sliding 1.3% the preceding week while refis increased 0.4% on the heels of the prior week’s 2.2% dip.

The Treasury market looks to begin the day with a mild sell-off that still leaves the Ten-Year’s yield at around 65 basis points. Equity markets are looking to begin the day slightly in the green after yesterday’s slide. Gold is up almost $8 and that puts its price at around $1,802. Crude oil is little changed at just under $41.

This afternoon, the Federal Reserve is expected to report that Consumer Credit in May declined by another $15B after plunging almost $69B in April.