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New Orders Tumble as Transportation Sector Falls 13% in June
The decline in orders for durable goods was significantly worse than expected in June. Orders fell by 2.5% in the month, which in percentage terms is five times worse than analysts’ expectations. The sharp drop is the biggest in five months, and follows two straight increases including a 1.3% advance in May. rn
Markets Stutter Ahead of Durable Goods, Beige Book
Futures are slightly extending the decline seen yesterday after earnings were mixed and consumer confidence fell below analysts’ forecasts. Today, the major news is durable goods orders at 8:30, and two hours before markets close the Federal Reserve will release a detailed economic summary in the Beige Book.rn
Rising Mortgage Rates Slow Application Activity
Mortgage rates climbed for the second straight week, pulling down demand for mortgage applications, particularly for refinancing, according to a weekly industry survey.rnrnThe Mortgage Bankers Association said average rates for a 30-year mortgage moved up 0.05 percentage points to 5.36% in the week ending July 24, which follows a rebound from 5.05% to 5.31% in the prior week. The jump in rates caused demand to shrink for the first time in four weeks.
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