Fundamentals may Say More about Weather than Economy.

MBA Mortgage Applications (week ended 1/17/2014)

– Purchase Index Week/Week -4.0%. Previous weeks were +12.0%, -1.0%, -4.0%, -6.0%, +1.0%, -4.0%, -0.2%, +6.0%, -1.8%, -1.0%, +2.0%, and +1.0%.

– Refinance Index Week/Week +10.0%. Previous weeks were +11.0%, +5.0%, -8.0%, +2.0%, -18.0%, -0.2%, +6.0%, -4.0%, +9.0%, and -1.0%.

– Composite Index Week/Week +4.7%.  Previous weeks were +11.9%,+2.6%, -6.3%, -5.5%, +1.0%, -12.8%, -0.3%, -2.3%, -2.8%, +6.4%, and -0.6%.

Slightly lower rates helped refinancing.  I have no idea what has caused the bounciness in the Purchase Index.  It could be weather related.

ICSC-Goldman Store Sales (week ended 1/18/2014)

– Store Sales week/week -1.9%. Previous was -1.0%
– Store Sales year/year +0.9%. Previous was +1.3%

Redbook Store Sales (week ended 1/18/2014)

– Store Sales  year/year +3.1%. Previous was +2.9%.