WASHINGTON— A key long-term U.S. mortgage rate dipped this week, the second drop after a large increase two weeks ago. Mortgage company Freddie Mac says the nationwide average for a 30- year loan slipped to 4.19 percent from 4.20 percent last week. The average for a 15- year mortgage, a popular choice for people who are refinancing, was unchanged at 3.36 percent.» Read More
Tight central bank monetary policies and well-grounded expectations of low inflation are to thank for low inflation in recent years, not globalization, Federal Reserve Governor Frederic Mishkin said on Thursday.
The probability of the U.S. economy slipping into recession has increased recently but is still less than 50/50, former Federal Reserve Chairman Alan Greeenspan said in comments broadcast on Friday.
I am writing this in Munich airport, yet again waiting for another delayed flight. Getting around Europe these days by aircraft is a frustrating business. Planes are full and aircraft movements appear to be overwhelming the ability of both the airlines and the air-traffic controllers to keep schedules. This notwithstanding the 'flexibility' of departure times already built into the timetable.
China on Friday unveiled a series of measures to tighten property lending in its latest attempt to cool the country's overheating real estate market and curb mortgage lending risks.
The dollar fell to record lows Thursday, hit by fresh evidence that a weak housing market could crimp U.S. growth and force the Federal Reserve to cut interest rates again.
Is the credit crunch becoming more of a crumple? There certainly are encouraging signs of life in the credit markets where just a few weeks ago there was a scary paralysis. But it's too soon to call an end to the crisis even though the stock market is clearly taking the improvements to heart.
Shares of Sallie Mae recovered some ground on Thursday, as traders bet that the endangered $25 billion deal to take over the student lender could be renegotiated at a lower price.
Forgive me for posting a little bit late today, but I’ve been waiting for a call back from the press contact at D.R. Horton all morning, and now that it’s afternoon, I’ve decided to give up. I called the company (three times) to ask for a bit more information regarding an auction of 53 new D.R. Horton-built homes in San Diego this weekend.
We're back in the "bad news is good news" phase. At least that's how you may want to read the stock market's reaction to today's clunker of a durable goods number, its worst monthly reading since January. Durable orders fell by 4.9% in August, below the 3.5% decline expected and way off from July's 6.1% increase.
Here are your responses to my recent reports on foreclosures (here and here) in California. Mike from NY says people got talked into buying a house when they had no business doing so: "...all these people thought they were Donald Trump."
The dollar rebounded from record lows against the euro Wednesday, brushing aside a steeper-than-expected fall in August durable goods orders as buyers took advantage of cheap exchange rates.
New orders for costly U.S.-manufactured goods dropped at the sharpest rate in seven months during August as demand fell across nearly every major category.
The European Central Bank allotted 50 billion euros of three-month refinancing on Wednesday at an average rate of 4.63% -- the highest since March 2001 and evidence of continued tightness on the euro money market.
U.S. home loan applications slumped last week after climbing for three straight weeks, an industry group said Wednesday, as falling demand for home purchase loans overshadowed a fourth consecutive weekly rise in refinancing requests.
The dollar hit a new record low against the euro Tuesday as a surprise plunge in U.S. consumer confidence to nearly two-year lows raised expectations of another Federal Reserve interest rate cut next month.
There's nothing funny about today's post, other than the funny money that went into mortgages. I am on the ground on Henry Long Blvd. in Stockton, CA. This is truly the epicenter of the foreclosure earthquake. I would say one out of every eight homes in this neighborhood is for sale: and you know which ones are vacant because the lawns are dead.
There was more bad news for the housing sector Tuesday. Both sales and prices of existing homes continued to fall, while inventories rose.
Consumer crisis or not, we're three months and counting until Christmas. Americans will still shop for the holidays but the question is just where they'll buy and how much they'll pay for this year's presents. Will we have a merry or mediocre Christmas?
High energy prices, the housing slump and worries about a recession may not have as much impact on holiday sales.
The dollar hit a record low against the euro for the third straight session Monday, amid fears that a deepening housing slump could rein in economic growth and trigger more cuts in U.S. interest rates