U.S. Mortgage Applications for the week ending Feb 9 were -2.3%, down from the previous week’s +3.7%. The recent surge in bond yields has lifted the average 30-year mortgage rate to 6.87% (highest since mid-December) pricing some home buyers out of the market. No other economic data is due out today, but the Fed’s Goolsbee and Barr are scheduled to speak at separate events.
The dollar has retraced some of yesterday’s gains, sliding against most G10 pairs: -0.69% vs. NOK, -0.36% vs. AUD, -0.25%. vs. NZD, and -0.20% against SEK. The dollar’s single G10 gain is +0.28% vs. GBP. The dollar index is -0.09%, in a holding pattern above 104.50 while consolidating gains for another attempt at 105.00.
U.S. Equity indexes are set to open higher with value investors looking for bargains after yesterday’s selloff. S&P500 futures are +0.41% and Nasdaq futures +0.52%.
WTI Crude oil is +0.50% today, its 8th consecutive daily gain, +8.29% over that period.
