From the Desk - Economic Commentary
Brandon Casey, Member Strategies - 1/21/2026
U.S. stocks rebounded in early trading Wednesday morning after the sell-off on Tuesday. The U.S. ruled out military action and said it would not force a sale of Greenland. The president said the U.S. would still like to acquire Greenland and wants to begin negotiations immediately. All three major averages are up nearly 1% today after having the worst day for the market since early October.
Looking at economic data today, MBA mortgage applications jumped 14.1% last week, the second consecutive week refinance activity drove applications higher. Refinance activity was up 20% and purchase applications rose 5%. The report also showed that the average interest rate of a conforming 30-year mortgage fell two basis points to 6.16%, the lowest level since September 2024.
Pending home sales fell 9.3% in December, versus expectations of increasing 0.7%. Over the last year, pending sales fell 3.0%. Elsewhere, construction spending increased 0.5% in October, a report that was delayed due to the government shutdown.
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