From the Desk - Economic Commentary
Brandon Casey, Member Strategies - 5/21/2025
U.S. stocks are lower Wednesday morning, picking up where they left off on Tuesday. All three major averages snapped winning streaks on Tuesday, three days for both the DJIA and Nasdaq and six days for the S&P 500. The 30-yar U.S. Treasury yield moved back above 5% this morning and the 10-year yield crossed 4.5%.
Looking at economic data today, MBA mortgage applications fell 5.1% last week. Both purchase and refinance applications were down about 5% on the week. The report also showed that the average fixed rate of a conforming 30-year mortgage rose six basis points to 6.92%, the highest level since February.
U.S. Treasury yields are higher this morning this morning, with the 2-year Treasury up 3.5% basis points to 4.01%, the 5-year Treasury yield up 4.7 basis points to 4.11%, and the 10-year Treasury yield up 4.8 basis points to 4.53%. Longer-term advance rates are higher today.
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