Early this morning, the Mortgage Bankers Association announced that, for the week ending November 13th, Mortgage Applications fell 0.3% following the prior week’s slip of 0.5%. Also today, the Census Bureau reported that Housing Starts rose by a higher-than-expected 4.9% in October as September’s 1.9% gain was revised to a much more vigorous 6.3%. Meanwhile, Building Permits were unchanged last month against an expected increase of 1.4%. September’s 5.2% growth was revised to just 4.7%. Later today, the Treasury will conduct an auction of $27B Twenty-Year bonds.
Bond prices are up slightly in early trading with the Long Bond’s yield slipping just below 1.60% as the Ten-Year rests at 85 basis points. Equity indices are looking to start their day on a positive note after Pfizer updated its analysis of it vaccine’s efficacy to 95%. It had previously been announced to be 90%. Crude oil has slipped slightly to $42.16 while gold’s slight slip has taken that price to $1,873.