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
China said on Saturday it strongly opposes Washington's decision to levy additional tariffs on $550 billion worth of Chinese goods and warned the United States of consequences...Politicsread more
The European Union will respond in kind if the U.S. imposes tariffs on France over digital tax plan, EU chief Donald Tusk told G-7.Technologyread more
Stocks dropped after Donald Trump ordered that U.S. manufacturers find alternatives to their operations in China.US 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
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
Recent trade friction between the two Asian powerhouses has morphed into a dispute with political implications that go far beyond the region.Asia 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
Perhaps it is the August lull or the start of a more prolonged slowdown in the housing market, but homeowners and homebuyers seem unimpressed by the lowest mortgage interest rates of the year.
Total mortgage application volume barely moved last week, down 0.5 percent from the previous week, according to the Mortgage Bankers Association. That's the second consecutive seasonally adjusted week of minimal moves.
Mortgage applications to refinance a home loan rose 0.3 percent from the previous week and are 38 percent lower than the same week one year ago, when rates were lower. The refinance share of total applications did rise to its highest level since January, at 48.7 percent of total applications.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances of $424,100 or less remained unchanged from the week prior, at 4.12 percent, with points increasing to 0.39 from 0.38, including the origination fee, for 80 percent loan-to-value ratio loans. That is the lowest rate since the week of the Nov. 8 presidential election.
The average interest rate for jumbo loans, greater than $421,100, however, fell 5 basis points to 3.99 percent for the week. The jumbo rate is now 13 basis points lower than the conforming rate, the largest spread between the two since March 2016.
"A strong appetite for jumbo loans and a highly competitive jumbo market has led to increased availability and lower pricing of jumbo loans over the past few years," said Joel Kan, an MBA economist.
There may be a strong appetite for larger loans, but overall mortgage applications to purchase a home fell 2 percent for the week. They are 9 percent higher than the same week one year ago.
Much of the housing demand today is on the low, entry-level end, but tight supply and high prices are keeping potential buyers at bay. Actual sales are occurring more on the higher end of the market, which explains the strong demand for jumbo loans.