Equifax will give consumers a range of options for monitoring their credit or making claims of fraud or data misuse, part of a $425 million restitution fund.Technologyread more
Secretary of Education Betsy DeVos and her family have seen their investments skyrocket since President Donald Trump started enacting pro-business policies. Meanwhile, DeVos...Politicsread more
A group of gold miners stocks, "BAANG," are better plays than mega-cap FAANG names, according to John Roque, technical analyst at Wolfe Research.Marketsread more
The construction industry is heavily dependent on Hispanic and Latino workers, a workforce that diminished during the last housing crisis and has not come close to full...Real Estateread more
The deal between the White House and Democrats would raise the debt ceiling for two years and permanently end the sequester.Politicsread more
Danger is lurking in the stock market: An abrupt sell-off could be around the corner if the Federal Reserve doesn't deliver the rate cut the market expects next week, the firm...Marketsread more
At Rockets of Awesome, Scott Turner will be a senior vice president responsible for digital and marketing. He'll report to founder Rachel Blumenthal, wife to Warby Parker...Retailread more
Shares of Beyond Meat jumped 12% Monday afternoon, nearing its all-time high, on investor optimism ahead of its earnings.Food & Beverageread more
"Even a 50-basis point reduction would still keep the Fed funds rate well above zero," Shelton told The Washington Post in an email.The Fedread more
The stocks of several utilities opened lower, after weekend power outages during a major heat wave and from severe storms.Market Insiderread more
Also in Epstein's address book is supermarket mogul Ron Burkle, Chelsea Clinton, former Secretaries of State Henry Kissinger and John Kerry, and media titan Rupert Murdoch,...Politicsread more
Mortgage application volume wasn't as stellar as it was last week as rates climbed slightly, but it was still up across the board on an annual basis.
Total mortgage applications were down 3.4% from the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. But volume was up 31.6% from the same week a year ago.
Total refinance application volume was down 4%, but up 79.5% from the same week a year ago, which is the highest level since January 2018, and the second highest level this year.
Mortgage rates had seen six weeks of declines before inching up slightly last week, which shows how rate-sensitive refinances are.
"After seeing a six-week streak, mortgage rates for 30-year loans increased slightly, which led to a pullback in overall refinance activity," said MBA economist Joel Kan.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($484,350 or less) increased to 4.14% from 4.12%, with points increasing to 0.38 from 0.33 (including the origination fee) for 80% loan-to-value ratio loans. The effective rate increased from last week.
Applications to purchase a home were down 4% since last week, but they were also 4% higher than a year ago.
"Strong demand from first-time buyers and low unemployment continue to push this year's purchase activity above a year ago," Kan said.
Although there is strong demand, first-time buyers continue to face low inventory. This week's census data on new residential construction didn't improve the outlook, as single-family housing starts in May fell 6.4%. Building permits were up in May, but only by 0.3%.
"The current trend in permits suggests that the same pace of construction is likely to continue, without either acceleration or declines. Builders remain constrained by a lack of skilled labor, shown by the still-record level of job openings in the construction sector," said MBA economist Mike Fratantoni.