Bank of America Corp (BAC), Wells Fargo & Co (WFC): Dow Dips After Discouraging Housing Data

Though this news is a troubling sign, perhaps pointing to the “scary” volatility JPMorgan Chase & Co. (NYSE:JPM) CEO Jamie Dimon alluded to last month when he discussed the changing rate environment, long-term investors should remember a few things. First, the 3% decline in new mortgage applications only represents the activity from one week, which included a federal holiday that closed financial institutions. Second, these big banks are fully aware of how the changes in interest rates will affect their businesses, and they still welcome the change. And finally, the current environment is favoring a short-term perspective with a heavy focus on the Fed. All three of these facts should tell you that a confident focus on the long-term viability of your investments is the best way to weather the current storm of uncertainty.

The article Dow Dips After Discouraging Housing Data originally appeared on Fool.com and is written by Jessica Alling.

Fool contributor Jessica Alling has no position in any stocks mentioned. The Motley Fool recommends Bank of America and Wells Fargo. The Motley Fool owns shares of Bank of America, JPMorgan Chase & Co (NYSE:JPM)., and Wells Fargo.

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