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ADP Jobs, GDP, Chicago PMI
It’s one day before the start of the fourth quarter and global stock markets are rallying. US equity futures are looking to erase yesterday’s losses, and with appetite for stocks back in favor the US dollar is weaker this morning, though Treasury yields are lower across the curve. rnrnThe main events today are the ADP private jobs survey, a regional business index from the midwest, and a speech from Dennis Lockhart (president of the Atlanta Fed).
MBA: Mortgage Rates Hold Below 5.00%. Loan Demand Falls
Mortgage rates remained below 5% for the second week in a row, yet the low rates fail to spur increased appetite for refinancing, new loans, or purchases, an industry survey said Wednesday. rnrnThe Mortgage Bankers Association said the average rate for a 30-year mortgage fell three basis points to 4.94% in the week ending September 25 ― the lowest rate since early May. Yet, even with the $8,000 tax credit for first-time home purchasers expiring soon, loan applications decreased by 2.8% in the week.
Fannie Mae’s Portfolio Unchanged in August. Delinquencies Rising at Faster Rate
In their monthly summary, Fannie Mae today said their retained portfolio was unchanged at $779.4 billion in August of 2009. This follows an 18.2% contraction in July and brings Fannie Mae's year to date portfolio growth to a rate of -1.5%. Last week Freddie Mac reported their retained portfolio contracted by almost 30% to $779.4 billion in August. Year over year Freddie Mac's portfolio has shrunk by 4.7%
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