While the days data should have led to the Atlanta Fed cutting its GDP Now first quarter estimate into the red, it was instead revised up to +.3% on the news. It’s often said that the Chinese economy is command as opposed to free market driven. A criticism that I’m increasingly of the opinion applies to our supposedly free market system as much if not more than the Chinese.
The MBA or Mortgage Bankers Association reports that mortgage activity jumped 10% last week as refis surged 11% and purchase apps increased 8%. The 30-year contract rate on a conforming loan slipped .04% to 3.82%.
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