Weak Data Morning

A spate of weak economic data is starting off the day. Early this morning, the Mortgage Bankers Association announced that Mortgage Applications fell 2.5% last week after dipping 2.2% the week prior. Purchase applications were up 2.6% while Refis fell 5.1%. The average 30-year fixed rate loan was 3.36%.

From the Census Bureau, we learned that Durable Goods Orders fell 1.1% last month surprising analysts looking for a 0.5% rise. Without Transportation, the decline was 0.9% versus the expectation of a 0.5% gain. January’s growth of 1.3% was revised to 1.6%. Core Capital Goods Orders were also a downside surprise with a February swoon of 0.8% versus an estimated 0.5% uptick. January’s growth of 0.4% was revised to 0.6%.

A little later, Markit U.S. is expected to report that its PMIs for both Services and Manufacturing improved this month. Also later today, the Treasury will sell $61B Five-Year notes and $26B Two-Year Floating Rate notes. Treasury prices are little changed after yesterday’s rally with the Ten-Year around 1.63% and the Long Bond at 2.33%. The Two-Year is steady at around 15 basis points. Crude oil has come back about a dollar-and-a-half to $59.20 with gold up a bit to $1,732. Equity futures are flashing green.