Treasuries Steady to Start the Day

Treasury prices are little changed in this morning’s early trading after yesterday afternoon’s rally pushed yields slightly lower. Earlier today, the Mortgage Bankers Association reported that for the week ending April 2nd, new Mortgage Applications fell 5.1% on the heels of the prior week’s 2.2% dip. Details of the report include a 4.6% drop in purchase applications with refis falling 5.3%. The average rate on 30-year fixed-rate loans was 3.36%.

Also out today was a report from the Census Bureau telling us that the nation’s Trade Balance became more negative with a February move to minus $71.1B from January’s downwardly revised minus $67.8B. Analysts expected February to come in at minus $70.5B but an unexpected surge in imports helped increase the deficit. Later today, the FOMC will release the minutes of its March meeting.

Meanwhile, the Long Bond is yielding around 2.33%, the Ten-Year sits at 1.66% and the Two-Year rests at 15 basis points. Crude oil is up slightly to $59.75 with gold off a bit at $1,735. DJIA futures are slightly down so far.