A rush on home-purchase mortgages pushed application totals up 5.5% last week. Volume is 10% higher than a year ago. Applications to purchase a home jumped 19% on the week and is now 11% higher than a year ago. The interest rate for 30-year fixed mortgage increased to 4.16%, its highest level since January. Applications to refinance a home loan dropped 3% for the week, but is 9% higher than a year ago. (Mortgage Bankers Association)
New orders for U.S. manufactured capital goods
rose 0.4% in October. However, business spending on equipment declined for a fourth straight quarter. There was a 12% surge in demand for transportation equipment. Overall orders for durable goods, items ranging from toasters to aircraft that are meant to last three years or more jumped 4.8% last month. That was the biggest rise since October 2015. (Commerce Department)
The Index of Consumer Sentiment hit 93.8 in November. Up from 87.2 in October. (University of Michigan)
You knew they were the 800-pound gorilla in the room, but this is big. Apple has a record 91% share of profits in the global smartphone market in Q3. (CNBC)
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.