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Mortgage Applications Rise Despite Higher Interest Rates
Average rates for a 30-year mortgage moved upwards last week, but demand for loans ― refinancing or otherwise ― as well as purchases, continued to increase, providing further confirmation that the housing market is stabilizing.rnrnThe Mortgage Bankers Association (MBA) said interest rates for a 30-year loan moved up 9 basis points from a six-week low to 5.25% in the week ending August 21.rn
Mid-Day Recap: Stock Markets Continue Climb
Consumer confidence is improving and home prices are actually increasing, leading markets to push higher on Tuesday as investors feel more confident that the economy could experience a broad-based rebound. rnrnAt the 2-hour market in today’s session, the Dow is trading 0.83% higher at 9,588, while the S&P 500 is up 0.76% at 1,033, followed by a 0.61% gain in the Nasdaq to 2,030. Since a 2009 low on March 10, the S&P has seen a rapid 51.2% climb.
Rising Expectations Drive Consumer Confidence Upwards
A ten-point rebound in consumer expectations caused a closely-watched measure of consumer confidence to rebound beyond expectations in August. However, the component tracking consumer assessments of present conditions remains deeply pessimistic.rnrnThe Conference Board index climbed to 54.1 this month, after moderating to 47.4 in July. Equity markets, already trading higher since the open, moved upwards on the release, as the consensus among analysts was for a 47.9 reading.rn
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