Treasuries Steady to Start the Day

Today’s only data-point has had little effect on markets. Early this morning, the Mortgage Bankers Association reported that for the week ending April 16th, Mortgage Applications rose 8.6%. This measure has been negative for nine of the last ten weeks. In this morning’s report, Purchase applications rose 5.7% with Refis up 10.4% after last week’s 5% decline. The Average Thirty-Year Fixed Rate fell slightly to 3.2%. Later today, the Treasury will sell $24B Twenty-Year bonds.

Treasury prices are little changed so far with the Long Bond at 2.36%, the Ten-Year yielding 1.57%, and the Two-Year steady at 15 basis points. Crude oil is off about one dollar at $61.65 while gold is up $5 to $1,783. Equity futures are mixed.