Americans now say they approve of free trade by 64%-27%, a margin of better than two to one. That's up from 57%-37% early in Trump's presidency, and 51%-41% near the end of...Politicsread more
The yield on the benchmark 10-year Treasury note briefly fell below the 2-year rate on Wednesday, a phenomenon in the bond market known as yield curve inversion, which is...Marketsread more
The MacBook Pro recall and its subsequent ban from flights underscores the increasing brand risk from problems with lithium-ion batteries.Technologyread more
Experts say the timing of Amazon executives' contributions to Rep. David Cicilline likely reflect the company's heightened urgency over growing regulatory scrutiny.Technologyread more
CNBC combed through Wall Street research to see which stocks are still a buy after their earnings reports.Marketsread more
Despite aggressive strides, Waymo needs one thing before their self-driving cars become a seriously useful transportation system: people. We talked to the ones closest to it.Technologyread more
Coinbase security chief Philip Martin explains, "Possession of a key is possession of your currency. What that means is that you can't revoke a cryptocurrency key, if that key...Technologyread more
Fraud investigator Harry Markopolos' accusations extended beyond GE's management to actuaries, auditors and analysts who he claims overlooked billions in liabilities.Marketsread more
The Supreme Court could strike down the constitutionality of the Consumer Financial Protection Bureau, an agency Elizabeth Warren has likened to her child and which Justice...2020 Electionsread more
Bianco Research's James Bianco suggests Wall Street is desperately looking for a signal that a 50 basis point cut is coming next month.Trading Nationread more
The company's S-1 lays the groundwork for what is widely expected to be one of the largest initial public offerings of the year, second only to Uber's IPO in May. It's also...Technologyread more
Mortgage interest rates haven't moved much in the past three weeks, but they are holding at a higher level than they've been for much of the year. That is taking its toll on borrowers who wish to refinance.
Total mortgage application volume decreased 0.2 percent last week on a seasonally adjusted basis from the previous week, according to the Mortgage Bankers Association.
"Volume always drops significantly during Thanksgiving week. However, even after adjusting for the holiday, with rates little changed last week, refinance volume slipped to its lowest level since late July," said Michael Fratantoni, the association's chief economist.
Refinance applications decreased 6 percent from the previous week, seasonally adjusted. Loan applications to purchase a home, which are less influenced by small rate moves, rose 8 percent for the week. Purchase applications are now 30 percent higher than the same week one year ago. It may be that buyers are rushing in now, concerned that interest rates will move decidedly higher at the start of 2016.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased to 4.12 percent from 4.14 percent, with points increasing to 0.5 from 0.49 (including the origination fee) for 80 percent loan-to-value ratio loans.
Mortgage rates actually made their biggest move Tuesday, falling back into the 3 percent range, after a weaker-than-expected manufacturing report sent investors fleeing to the bond market. Mortgage rates loosely follow the yield on the U.S. 10-year Treasury.
"Weaker economic data tends to benefit the bond markets that dictate mortgage rate movement, but that alone wasn't enough to explain today's drop," wrote Matthew Graham, chief operating officer of Mortgage News Daily. "Unfortunately, the other pieces to this puzzle are more esoteric. They involve things like the bond market trading dynamics surrounding the beginning of a new month."
All eyes are now on Friday, and the release of the November employment report. Unless it is truly disastrous, most expect the Federal Reserve will raise interest rates at its next meeting in two weeks. December is always the slowest month for home sales, so a slight bump up in rates may not impact the housing market significantly. A bigger headwind is home prices, which are beginning to see wider gains again after a slight cool-down in the first half of this year.