10-year yield hits record low
Posted May 30, 2012
Spanish and Italian yields are heading higher Wednesday as European unrest continues to drive mortgage rates lower here in the US. This morning the 10-year yield hit a new all-time low of 1.65 percent. These unfortunate European circumstances are translating nicely into the continued strengthening of Triangle housing fundamentals.
That being said, mortgage applications actually fell for the first time in three weeks last week. For the week ending May 25, the index fell 1.6 percent as both purchases and refinances were down for the week, despite slight improvements in mortgage rates.
As the markets wait for jobs data Thursday and Friday, it’s also important to note that the unemployment rate for the Triangle’s Orange County recently dropped to 5.8 percent, which is its lowest reading in three years.