Bullet Points
#1) MBA Home Purchase Applications  for week 02.04.11

Purchase Index W/W Chg: Prior= 9.5% Act=-1.4%

Refinance Index W/W Chg; Prior=11.7% Act=-7.7%

Composite Index W/W Chg: 11.3% Act=-5.5%

Stronger-than-expected economic data has caused the average rate on 30-year mortgages  to climb 22 basis points, to 5.13%

#2)USDA Grain Report (Click to view)

The grain reports revised downward the USDA's estimates for year-end supplies. The biggest surprise was the 70 million bushel reduction of ending stocks estimate for corn. 

#3) Highlights from the EIA Weekly Supply Report 

Crude inventores: +1.9m vs est. +2.0m

Gasoline inventories: +4.66m vs est. +6.26m

Gasoline and heating oil were supported by the strength in Brent crude.  Brent’s premium to WTI rose to a record on Wednesday.

Gasoline is trading at a 28 month high despite the fact that inventories are extremely high and demand is at a 10-month low




#4) Bernanke Before Congress (Click to view)

In testimony before Congress Federal Reserve Bernanke stated that “unsustainable” budget deficits must be addressed, but he said that sharp cuts in spending would threaten the economic recovery.