The Mortgage bankers association report was out this morning with a big surge in refinance applications up 13% for the week of May 11. The average mortgage rate fell 5 basis points to 3.96% its lowest in the reports history.
The housing starts are up for April .747 million units an increase of 30.1% from a year ago, strengthen mostly by multifamily units.
JCPenny earnings were reported short and shares are down pre-trade while Target and Abercrombie both posted up. John Deere also beat expectations with net profit up 17%. Dunkin Doughnuts were upgraded by Argus to buy from hold and shares are above before open.
Commodities futures are currently presenting a loss with crude of over 1%, gold and silver of about 1% while natural gas stays afloat up about .5%.
Contributer Chris Rygh is currently pursuing his MBA in Wisconsin and has a passion for the Market. Comments can be directed to ryghcw19@uww.edu