Dow Watch

I know, the Dow isn't mortgages and really doesn't have much to do with the rise and fall of mortgages directly, but the morning news is being dominated by stories watching for the DOW to hit an all time record high (Previous high was Jan 14th 2000).
As of 7:00 AM Pacific, they are less than 30 points away.

I'm not a day trader, not heavy into stocks, and generally look at the bigger picture so this doesn't matter so much to me. We had a durable goods report that came out earlier that was weaker than expected. Not much of a reaction there.

The New Home Sales report came out just a minute ago.

Overall some surprising numbers.
National Sales were up 4.1%, with the median price actually going up since last month to $237,000, and inventory numbers rising very modestly from 6.5 months to 6.6 - Which is high to begin with but the fact is that it did not substantially increase since last month.



That was the good.

The bad might be the report yesterday from the Mortgage bankers Association who said "U.S. mortgage applications fell for the first time in four weeks even as interest rates dropped to a six-month low".
(I know, that's not so bad of a bad thing, but I was looking for the segway into the "ugly" part)

And then there is the Ugly, back to the New Home Sales Report, breaking out the west only numbers, while the national numbers were overall up, the West was down 17.7%!
Not a good time to be a builder in the west.

Ending on a high note, the 10 YR. Yield which took back some territory yesterday, once again opened lower closer to Mondays close, opening at around 4.55%.