The Commerce Department reported this morning that Durable Orders in June fell 1.0% for the 2nd straight monthly loss and the biggest decline since August signaling that economic growth was stagnant in the 2nd quarter. Estimates were calling for a 1.0% rise. When stripping out transportation, orders fell 0.6%, below the +0.6% expected. This afternoon at 1:00pm ET the Treasury will announce the results from today's $37B 5-Year Note auction. Yesterday's 2-Year $38B was decent but today's longer maturity may have some headwinds. At 2:00pm ET, the Fed will release its Beige Book, which is a gathering of "anecdotal information on current economic conditions" by each Federal Reserve Bank in its district. The Mortgage Banker's Market Composite Index fell 4.4% in the latest week. The Refinance Index decreased 5.9%, while the Purchase Index increased 2.0% and is the highest Purchase Index since the end of June. Standard & Poor's reported today that the world's largest companies have a combined record of $837 billion in cash on hand. But instead of expanding and hiring new employees to grow their businesses, companies are hoarding the cash and receiving hardly any returns on the money.

Brought to you, courtesy of The Mortgage Market Guide