According to the Mortgage Bankers Association total mortgage application volume fell 2.5 percent last week. Volume was nearly 10 percent lower than a year ago. Purchase applications fell 5 percent for the week and 2 percent annually. Applications to refinance a home loan increased 0.3 from the previous week but were 19 percent lower than a year ago.
The U.S. Treasury Secretary and the chief trade negotiator are heading to Beijing early next week to further trade talks ahead of the March 1 deadline. While an accord by the end of the month is highly unlikely, an extension to the tariff-truce that began Dec. 1 is. (LPL)
5-day winning streak. U.S. stocks have shown impressive strength so far this year. The S&P 500 Index just capped its best January in over 30 years, and kicked off February with a 5-day winning streak. (LPL)
Bear market recoveries. U.S. stocks are recovering from the worst slide in seven years, and the S&P 500 has now gone 93 days without a new record high. While it’s been a tough waiting game for investors, history shows recoveries from intraday bear markets (what we saw late last year) take time. (LPL)
S&P 500 is down 17 and the NASDAQ is down 47.
Oil is down 61 cents at $53.40 a barrel.
Gold is down $1 at $1313 a Troy ounce.
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.