MBA Mortgage Applications reversed the prior week’s 18.2% loss with a +11.1% advance for the week ending January second. Purchases increased +4.5% vs. -9.1% prior (-8.2% YoY), Refinancing rose +16.0% vs. -24.3% prior (-1.9% YoY), and the average interest rate for a 30-Year conventional conforming loan declined -3 bps to 4.01% vs. 4.72% a year ago. ADP Employment Change came in strong at 241K vs. consensus of 225K, with the prior revised up +19K to 227K. The goods and services deficit was $39.0 Billion November, down -$3.2 Billion from $42.2 Billion in October (revised). November’s decline in the Goods and Services Deficit reflected a -$3.3 Billion decrease in the Goods Deficit to $58.3 Billion and a -$0.1 Billion decrease in the Services Surplus to $19.3 Billion. At 11:00 AM (PST)the Fed will release the minutes from its December 16-17th meeting.
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