Jim Cramer Is Watching Mortgage Applications Data on Wednesday

TheStreet’s Jim Cramer is keeping a close eye on a key piece of economic data that’s set to be released on Wednesday: mortgage applications.
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TheStreet’s Jim Cramer is keeping an eye on a key piece of economic data that’s set to be released on Wednesday: mortgage applications. ‘I think this is the beginning of perhaps a rush – before people realize that rates are about to go up,’ Cramer said. ‘I expect there to be a spurt of home buying.’ The Mortgage Bankers Association reports weekly mortgage applications data at 7am Eastern on Wednesday. The most recent report, showing mortgage applications for the week ending Dec. 11, revealed a 1.1 percent drop from the prior week. Cramer is interested to see how mortgage applications stand after last week’s historic meeting from the Federal Reserve, in which the central bank announced a hike to short-term interest rates of 25 basis points.