Stocks are moving lower today. All 3 major indices were lower on Tuesday today. Investors now await the release of inflation data over the next 2 days, with consumer data up first tomorrow.
The lone data release today, MBA mortgage applications, fell 3.1% last week. The Purchase Index was down 3% & the Refinance Index was down 4%. The report also showed that the average interest rate of a conforming 30-year mortgage rose 16 basis points to 7.09%.
Treasury yields are lower, with the 2-year T yield up 3 basis points to 4.78%, the 5-year T yield down 2 basis points to 4.10%, and the 10-year T yield down 2 bps to 4%. Short-term advance rates are slightly lower today, while the rest of the curve is mostly higher.