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Mortgage Applications Slide After Labor Day
Mortgage rates increased slightly last week but still remain at historically low rates. Even so, demand for mortgages, refinancing, and purchases all fell in the week, according to the Mortgage Bankers Association. rnrnInterest rates for a 30-year loan moved up 6 basis points to 5.08% in the four-day period ending Sept. 11. But the Market Composite Index ― which tracks the volume of mortgage applications ― fell 8.6% the week, following a massive 17% increase in the prior week.
CPI, Industrial Production, Homebuilder Sentiment
For the second day in a row, markets began with a rough start yesterday but made steady climbs throughout the afternoon and ended on positive tones. This morning, equity futures continue looking upwards a day after Fed chairman Ben Bernanke said the recession is “very likely over.â€rnrnChina’s Shanghai Index dropped 1.12% earlier this morning, but most other equity markets are enjoying a mid-week rally. In Asia, the Nikkei closed up 0.52% and the Hang Seng jumped 2.57%. In Europe, the FTSE 100 is currently up 1.44%, while the CAC-40 is up 1.38% and the DAX is trading 0.94% higher.
Stocks Up After Bernanke Says Recession Likely "Over"
Retail sales posted their strongest monthly gain in three years and other fresh news was mostly supportive of growth in the third quarter, but market reactions have been mixed. However, in the past hour all three indexes rallied into positive territory, even as Federal Reserve chairman Ben Bernanke warned of “ongoing headwinds.â€rnrnBernanke said the recession, from a technical standpoint, “is very likely over at this point,†but he stressed that the economy will feel weak to consumers as the labor market takes its time to re-adjust to the new reality.rnrn"The general view of most forecasters is that that pace of
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