The Fed’s Beige Book Report, which is a measure of economic activity across the twelve Federal Reserve districts, indicated today that the economy expanded at a moderate pace from February through March. They stated that overall inflation seems modest at this point, and that retail strength is strong in many areas. They also noted that loan demand had improved in eight of the twelve districts measured.
Mortgage Applications fell 2.4% for the week ending April 6th, and for the eighth consecutive week, overall refinance percentage of total mortgage volume dropped, now accounting for only 70.5 of all mortgage activity.
Mortgage Rates and Treasury Yields were flat on the Beige book announcement today. Thursday and Friday should provide some greater economic insight with the release of the CPI, PPI, Weekly Jobless Claims and Consumer Sentiment Reports.