Facebook's cryptocurrency project has already been met with skepticism from policymakers around the world.Technologyread more
The U.S. and China restarted their trade talks, but signs are showing a comprehensive deal could be a long way off, if it happens at all.Marketsread more
Stone, 66, a notorious Republican political operative who has described himself as a "dirty trickster," had previously been dressed down by the judge for his public remarks...Politicsread more
The Biden team's second quarter Federal Election Commission filing shows that the campaign wrote a check of just over $5,300 on June 28 to Sheehan Associates for "strategic...2020 Electionsread more
The largest U.S. banks are scrutinizing members of the Federal Reserve for any insight into how the central bank will tinker interest rates.Banksread more
United Airlines' second-quarter profit tops estimates but questions about the 737 Max linger.Airlinesread more
Charles Evans spoke Tuesday at CNBC's @Work Human Capital + Finance Conference in Chicago. The Fed president said he is worried about low inflation and several other issues.At Workread more
But it's important to separate this very real threat from Thiel's specific allegations about Google, which were presented without proof, and from his claims that Google has...Technologyread more
In prepared remarks for a congressional hearing, Facebook says Instagram and WhatsApp have had a greater chance to thrive after merging.Technologyread more
The speech comes as market participants are strongly anticipating a rate cut at the July 30-31 Federal Open Market Committee policy meeting.The Fedread more
The electric car company is making price cuts to some of its vehicles and announced updates to its lineup.Technologyread more
Demand is high for housing today, but that strength is not yet showing up in the mortgage market. Seasonally adjusted mortgage application volume fell 2 percent for the week ending Feb. 17, compared to the previous week. Total volume is now down almost 21 percent compared to a year ago, according to the Mortgage Bankers Association.
Lackluster refinancing largely drove the weakness in applications. That part of the mortgage business began dropping off a cliff when interest rates jumped, right after the presidential election. Refinance volume fell 1 percent last week to its lowest level of 2017 and is now down 40 percent compared to the same week one year ago. The refinance share of mortgage activity fell to 46 percent of total applications, the lowest level since November 2008.
"Purchase applications are not increasing as fast as is typically expected at this time of the year," said Joel Kan, MBA's associate vice president of industry surveys and forecasting.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances, $424,100 or less, increased to 4.36 percent from 4.32 percent, with points increasing to 0.35 from 0.34, including the origination fee, for 80 percent loan-to-value-ratio loans.
"Rates were up last week as markets assessed that the Fed might increase rates sooner than expected on the strength of a recent pick-up in inflation readings," Kan said.
Purchase applications are likely responding less to higher rates and more to lack of supply of homes for sale. Mortgage rates have moved very little since the big November jump, but local markets across the nation are showing far fewer listings now compared to a year ago. While new supply will surely hit the market along with warmer temperatures, it will not be enough, by far, to meet the demand.