As one would expect, mortgage applications for the week ending December 30 dropped 4.1%, primarily from a decrease in purchase activity. Even with the downtick in interest rates last week, the holiday season and cold weather took the focus off of buying a home.
In a follow-up to Tuesday’s stronger than expected ISM manufacturing report, the Commerce Department reported this morning that factory orders in November rose 1.8%, led by demand for aircraft and autos.
This morning’s economic data is being overshadowed again by the financial woes in Europe and higher oil prices driven by threats from Iran to block oil shipments from the Middle East as it faces additional sanctions. U.S. stocks are slightly lower and Treasury yields slightly higher, with the yield on the 10 year note back to 1.97%. Mortgage prices, however, have improved by approximately .25%
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