Facebook Vice President David Marcus is the face of the company's Libra digital currency, but the original driving force was a 26-year-old female engineer named Morgan Beller.Technologyread more
After a year of flooding, Midwest farmers face a stifling heat wave that's spreading across the U.S.Agricultureread more
There is no end in sight to the Boeing 737 Max grounding after two fatal crashes, prompting airlines to rethink their growth plans.Airlinesread more
A quarter of the S&P 500 companies report earnings next week, and that could buffet the market as investors await the July Fed meeting.Market Insiderread more
Iran's Revolutionary Guard claims a British tanker it still holds, Stena Impero, failed to follow international maritime rules.World Newsread more
Moving lots of data to a public cloud over the internet can take months or years. CNBC got an inside look at how AWS transfers data to the cloud for its clients.Technologyread more
The president also said he "offered to personally vouch" for Rocky's bail. Sweden, however, does not have a bail system.Politicsread more
CoinShares Chief Strategy Officer Meltem Demirors discusses Facebook's Libra project and its impact on the cryptocurrency market after testifying to the House Financial...Fast Moneyread more
Some 40% of Americans would struggle to come up with even $400 to pay for an emergency expense. Just how are so many Americans so short on cash? Blame debt.Personal Financeread more
Amazon hires Trump-allied lobbyist Jeff Miller as battle for Pentagon contract heats up.Politicsread more
In a series of tweets, the president addressed an unusual controversy stemming from a speech delivered Thursday by New York Fed President John Williams.Marketsread more
Mortgage rates have hit their lowest levels since November, but it is still not enough to entice people to apply for loans to buy homes.
While the lower rates did push mortgage applications to refinance higher by 4 percent last week from the previous week, they did nothing to push potential home buyers into the market. Applications to purchase a home fell 3 percent week to week and are now nearly 12 percent lower than a year ago.
"Rates on conforming loans hit six month lows and jumbo rates hit 12 month lows," said Mike Fratantoni, chief economist for the Mortgage Bankers Association. "Refinance volume picked up somewhat as a result, but it still remains more than 65 percent below last year's pace."
Meanwhile, U.S.mortgage rates continued lower, after another week of economic uncertainty in Europe and weak data at home. Investors fleeing to the safety of the bond market pushed yields lower, and mortgage rates loosely follow those yields. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased to 4.33 percent, the lowest rate since November, from 4.39 percent the previous week, according to the Mortgage Bankers Association.
Weeks of lackluster purchase applications in the face of lower rates would seem to indicate that it's not rates but overall affordability and access to credit that is hampering home buyers. Continued high levels of negative and near-negative equity are also to blame for fewer sellers, and thereby fewer closed sales.
Mortgage rates are hovering around these latest lows, but haven't made any dramatic moves, which is uncommon.
"Normally, when we have a quick move to recent highs or recent lows, rates will continue in the same direction or reverse course with a bigger correction," according to Matthew Graham of Mortgage News Daily. "This time around, however, they continue to bide their time without giving any clear signals about their next move."
So should borrowers lock in now? It might seem the longer we go without a new move lower, the riskier it is to wait
"On the other hand, we haven't seen a sense of urgency for rates to move back higher, and until we do, floating for small gains can pay off as long as you're committed to lock if markets force your hand," Graham added.