MBA Mortgage Applications
Purchase Index - Week/Week +2.1 %
Refinance Index - Week/Week +11.2 %
Composite Index - Week/Week +9.3 %
Refinancing activity was driven by the extremely low rates of last week.
Purchases are so small that a 2.1% bump is not that meaningful.
Durable Goods Orders
New Orders - Month/Month -0.1 %
New Orders - Year/Year 12.3 %
Ex-transportation - Month/Month -0.1 %
Ex-transportation - Year/Year +7.8 %
Mixed message here. Year/Year is good. Month/month is weak.
GDP 3rd estimate is tomorrow. This is called the "final estimate" even though it can get revised for the next 6 years. With the data this weak the discretionary "corrections" made by BEA may be overwhelming the actual data.