MBA Mortgage Applications fell -4.3%, for the week ending November 21st (-16.9% YoY), following a strong prior week at +4.9%. Purchases declined -4.8% vs. +11.7% prior (-10.5% YoY), Refinancing declined -3.5% vs. +0.9% prior (-20.3% YoY) and the average interest rate for a conforming conventional 30-Year mortgage fell -3 bps to 4.15% (4.48% a year ago). New orders for durable goods in October increased 0.4% to $243.8 Billion following two consecutive monthly declines; durables decreased -1.1% in September after dropping -18.3% in August. Personal income advanced +0.2% in September, following +0.3% in August, and for October income posted another +0.3% gain (consensus +0.4%). Personal spending gained +0.2% after posting flat in September. More than forecasted filed for jobless claims last week with Initial Claims coming in at 313K vs. 291K prior (consensus 288K) and continuing claims fell to 2316K vs. 2330K prior (consensus 2348K). Pending home sales were up +0.3% in September after a -1.0% drop in August, and for October expectations are for a +0.5% advance. Treasuries advanced, pushing 10-Year yields to a one-month low, following today’s data and the curve has bull flattened with 2s10s down -2.5 bps.
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