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MBA Forecasts Slow Economic Recovery, Less Refinances, More Purchases
The Mortgage Bankers Association has issued an economic forecast that projects further increases in unemployment but continued low interest rates, high rates of refinancing, and a turn-around in economic production.
Mortgage Applications Dip as Rates Rise Above 5%
Demand for mortgage applications was unable to keep pace with the five-month peak reached in final week of September, according to the Mortgage Bankers Association on Wednesday. The weekly survey said rates for a 30-year mortgage moved above 5% for the time in four weeks, driving down the indexes for new mortgages, refinancing, and purchases.rnrnAverage mortgage rates for a 30-year loan moved up to 5.02% in the week ending October 9. Higher rates helped drive applications down 1.8%, following a 16.4% surge in the prior week’s survey.
Stocks Higher Before Retail Sales Data
With the dollar remaining weak, investors are finding other safe havens to store their money, which helped drive the price of oil past $75 for the first time in a year this morning. rnrn“Oil is the anti-dollar, like gold, and I think investors who are scared by what could happen to the dollar in the future are using those dollars to buy dollar-denominated 'real' assets that should appreciate as the greenback tanks,†said Sean Brodrick, natural-resources analyst at UncommonWisdomDaily.com.
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