Weekly Mortgage Applications
The weekly mortgage applications rose 2.7% reversing last week’s 1.9% decline. The weekly Mortgage Bankers' Association Purchase Applications is a leading indicator for single-family home sales and housing construction. Equities to watch on these numbers include: Home builders, mortgage lenders, and home furnishings companies.
February Durable Good Orders
Durable Good Orders gained 0.5% in February however fell below the 1.0% consensus. Last month durable good orders posted a 2.6% gain following December’s 1.8% increase. Durable goods reflect the future prospect of the manufacturing industry through placement of new orders. The manufacturing industry is a major component of the economy.
February New Home Sales
Yesterday February Existing Home Sales was down for the third month in a row falling 0.6% of 5.02 million, the lowest in eight months. Today February New Home Sales fell 2.2% to 308,000. Last month new home sales were difficult due to the winter snowstorms and had a lower-than-expected annual rate of 309k versus 360k consensus in January. New home sales fell 7.6% in December and down 22.9% in 2009. New home sales provide demand for housing of newly constructed homes with a committed sale during the month. Equities to watch on these numbers include: Home builders, mortgage lenders, and home furnishings companies.
Weekly Petroleum Report
Crude oil inventories rose for the eighth straight week up 7.3 million barrels. Last week OPEC cartel announced that it will keep oil output ceiling unchanged as it will keep its profit from the falling dollar. Oil is currently trading between the $80 and $81 range compared to last week’s $82 indicating the price of oil has not fluctuated greatly for OPEC to change the output.
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