Page 12 - Jeffrey Roach News Today

With homeowners who have low mortgage rates sitting on the sidelines, mortgage applications for newly built homes are surging. Mortgage applications for new home purchases rose 22.2% in December compared to a year ago, according to Mortgage Bankers Association (MBA) data from December. Applications decreased by 4% from November. The change doesn't include adjustments for typical seasonal patterns. "The low level of existing homes for sale continues to divert prospective buyers to newly...

BofA strategist Michael Hartnett calls it as he sees it and regardless of how fast the Fed may pivot, investors continue to position for lower interest rates.

The average rate for a 30-year fixed rate mortgage fell to 6.6% this week, the lowest the benchmark note has been in eight months.

Dollar & U.S. Treasury yields surge on strong economic data. Dollar index approaches 103.52, Treasury yield reaches 4.13%.

Housing starts for December came in at an annual rate of 1.46 million, better than analysts were forecasting, but 4.3% lower than the prior month, while building permits moved higher.

Housing starts fell in December for the first time in four months, even as a drop in mortgage rates spurred a burst of optimism in the housing market.

Retail sales increased 0.6% for the month, buoyed by a pickup in clothing and accessory stores as well as online nonstore businesses.

Oil prices rise post U.S. and Britain strikes on Houthi targets in Yemen; tanker diversions observed. U.S. Treasury yields ease with unexpected December fall in producer prices.

The Producer Price Index fell lower than expected in December causing some analysts to forecast a dip in consumer prices ahead.

Wall Street stocks dipped in early trading as US earnings season unofficially began. Major US. bank fourth-quarter profits fell, and an S&P 500 bank index was down 0.9%.