Trump said he will raise tariffs on $250 billion in Chinese goods to 30% and hike duties on another $300 billion in products to 15%.Politicsread more
Stocks dropped after Donald Trump ordered that U.S. manufacturers find alternatives to their operations in China.US Marketsread more
Federal Reserve Vice Chair Richard Clarida said Friday that the global economy has deteriorated in the past month.Marketsread more
The latest escalation in the trade war ups the odds the economy will fall into recession and that the Fed will aggressively cut rates.Market Insiderread more
Here are the products that stand to be the most affected by China's new tariffs on $75 billion worth of U.S. goods.Marketsread more
"We don't need China and, frankly, would be far better off without them," Trump tweeted.Politicsread more
"My only question is, who is our bigger enemy, Jay Powell or Chairman Xi?" Trump wrote amid a series of tweets that rattled markets Friday.Politicsread more
"I would love this to be clarified. We come to a deal on trade, boy, this market is up 10 to 15%, but without it's going to be worrisome," Jeremy Siegel says.Marketsread more
The final week of August could be highly volatile as markets fret over the economy and the latest developments in trade wars.Market Insiderread more
Tesla solar energy systems reportedly ignited at an Amazon warehouse in Redlands, California last June, and the Seattle e-commerce titan confirmed that it has no further plans...Technologyread more
The death comes as federal and state health officials investigate a slew of lung illnesses in connection to e-cigarette use.Health and Scienceread more
A drop in interest rates drove homeowners and homebuyers to the mortgage market last week.
Total mortgage application volume increased 3 percent on a seasonally adjusted basis from the previous week, but is down 25 percent from a year ago, according to the Mortgage Bankers Association.
The increased mortgage activity was buoyed by applications to refinance home loans, which increased 5 percent from last week but were down 44 percent from a year ago.
"Mortgage rates decreased last week, which led to the highest volume of refinance applications since mid-June," said MBA chief economist Mike Fratantoni. "The slight drop in rates likely reflected concerns about weakness in certain data released earlier in the week, such as the drop in auto sales, but the market also reacted to stronger-than-expected job growth in Friday's employment report."
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) dropped to 4.14 percent from 4.17 percent, with points increasing to 0.38 from 0.36 (including the origination fee) for 80 percent loan-to-value ratio loans.
Fratantoni said a 15 percent increase in government refinance applications helped boost refinance applications. VA refinances jumped 17 percent last week.
Mortgage applications to purchase a home also increased, by 1 percent from the previous week.
"With rates trading in a narrow range, the purchase market continues to show strength, with application volume running about 7 percent ahead of last year," said Fratantoni.
Refinance applications increased to 46.7 percent of total applications from 45.5 percent in the previous week. The adjustable-rate mortgage share of total mortgage activity increased to 6.8 percent. The FHA share of total applications decreased to 10.2 percent from 10.3 percent the previous week. The VA share of total applications increased to 10.7 percent from 10.1 percent the previous week.