President Donald Trump said Monday he's in no rush to respond to a coordinated attack that hit Saudi Arabia's oil industry over the weekend.Marketsread more
The price of oil could go sharply higher, depending on the duration of the disruption at Saudi oil facilities and whether there is a military response.Powering the Futureread more
Energy stocks, one of the worst-performing sectors this year, spiked Monday after an attack on Saudi Arabia's heart of oil production Saturday sent oil prices soaring.Marketsread more
The Saudi-led military coalition battling Yemen's Houthi movement said on Monday that the attack on Saudi oil plants was carried out by Iranian weapons and did not originate...Oilread more
"The United States military, with our interagency team, is working with our partners to address this unprecedented attack and defend the international rules-based order that...Politicsread more
Traders in the fed funds futures market on Monday were pricing in a 34% chance that the Fed will stay put on rates.The Fedread more
Gas prices could rise by about 20 cents per gallon "starting tomorrow," oil analyst Andy Lipow says Monday.Oil and Gasread more
Some operators are cashing in on the CBD craze by substituting cheap and illegal synthetic marijuana for natural CBD in vapes and edibles such as gummy bears, an AP...Health and Scienceread more
Attack on Saudi oil facilities shows that 'risk is real', Chevron CEO Michael Wirth said on CNBC's "Closing Bell" Monday.Marketsread more
J.P. Morgan's chief quant says oil prices would start to hurt stock prices when they hit the $80 to $85 range.Market Insiderread more
Walmart said Monday it's relaunching the once-beloved trendy New York fashion brand, Scoop NYC, on its website nationwide and in select stores.Retailread more
Mortgage applications soared last week, but the nation's largest mortgage lender has been posting record numbers for months.
Quicken Loans, the home loan company based in Detroit, saw April and May origination volumes that proved to be the highest in the company's 34-year history. CEO Jay Farner told CNBC Wednesday the jump resulted from greater awareness of lower interest rates. And he thinks there's more gas in the tank.
"We're having record months. This quarter will be the largest quarter in the company's history," he said in a sit-down interview with "Mad Money" host Jim Cramer. "I think June will be the biggest month we've ever had, and it's both on the purchase side and the refinance side."
The report said that the average long-term, fixed-rate mortgage for conforming loans equal to or less than $484,350 fell from 4.23% to 4.12% in one week. That compares to 4.83% percent the year prior.
Wall Street considers falling rates to be a red flag for the economy, but it leads to more business for mortgage companies. Quicken Loans, co-founded by Cleveland Cavaliers owner Dan Gilbert, closed almost half a trillion dollars worth of mortgages across the country between 2013 and 2018.
Farner said that the company is still growing. He added that Quicken Loans was able to weather blows from last decade's housing crisis by focusing on conforming traditional loans and investing in technology as the economy emerged from the Great Recession into the longest bull market on record.
Uncertainty about interest rates is high, Farner said, "because words and tweets and things of that nature can really change the direction." He added that he's "surprised" to hear chatter that the central bank should cut interest rates twice because "it feels like the economy is still very, very strong" based on discussions with clients.
"So we think about a scalable platform. A lot of lenders will sometimes really ramp up when rates tick down, and then I always worry about what happens when rates tick up," Farner said. "We're more focused on the long haul. ... We don't really play that cyclical game like other lenders do."
Cramer delivered well wishes to Gilbert, who is recovering from a recent stroke.
Gilbert relocated Quicken Loans to downtown Detroit in 2010 about three years prior to the Motor City's historic bankruptcy and has been a key figure in helping to shape the city's economic future. Quicken Loans companies employ more than 17,000 workers in Detroit.
"If there was a guy out there that's got the passion and energy to accelerate whatever timeline they're giving him, I'm sure it's Dan," Farner said. "We're all rooting for him and thinking about him."