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Mortgage Applications Increase 8.2%. Refinance Demand Up 14.5%
In last week's release, which reported data for the week ending October 23, mortgage application activity fell 12.3% even as mortgage rates dropped from 5.07% to 5.04%. The Refinance Index, decreased 16.2% from the previous week while the seasonally adjusted Purchase Index moved lower as well, decreasing 5.2% from one week earlier. The refinance share of mortgage activity fell to 62.3% of total applications from 65.0% in the previous week. In today's release, which covers new loan applications for the week ending October 30, the MBA reported that demand for new mortgages increased 8.2% and the average 30 year fixed
Equity Futures Better Before Busy Day
Risk is back on the table. As investors await labor data, a key survey on the services sector, and of course the policy announcement from the central bank’s monetary policy board, equity futures are all looking up.rnrnMore than two hours ahead of the bell, the S&P 500 looks to open 7 points higher at 1048.70 and Dow futures are up 64 points to 9,836.rnrnThe main action may not be in equities though. Gold hit a new record high Tuesday at $1,089 per troy ounce, and this morning gold futures are up further to $1,094.60. Meanwhile, oil futures are back above
Equity Futures Erase Monday Gains Ahead of FOMC Meeting
For a packed week Tuesday is pretty light, but that hasn’t stopped equity futures from dropping sharply lower. Markets in Europe are the likely culprit as Germany’s DAX is down -1.8% and shares in France and London are each 2.2% lower. rnrnTwo hours before the opening bell, Dow futures are looking to open 97.00 points off at 9638, while S&P 500 futures are down 11.75 points at 1027.25.
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