Stock futures dipped after a disappointing durable goods orders report.
Durable goods orders rose just 0.3% in July, well short of the 2.8% increase that economists had forecast. Excluding the volatile transportation sector, orders fell 3.8%. Data for the prior month was revised higher though. Total orders for June declined 0.1% instead of the 1.2% drop that was previously reported and excluding transportation, orders actually increased in June by 0.2% instead of the 0.9% decline that was originally reported.
Record low mortgage rates fueled a 5.7% rise in refinancing applications last week, following a 17.1% surge in the previous week. On a four-week basis, refinancing applications are up 26%. New purchase application also rose, but only by 0.6% in the week. The 30-year fixed rate is at 4.55%. Still to come today is the new home sales report, which will be closely watched after yesterday’s disappointing existing home sales number.
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