After the Fed released minutes of its last meeting, the bond market signaled it fears the Fed will not be aggressive enough with its rate cutting.Market Insiderread more
The Fed minutes also note that "a couple" members wanted a 50 basis point cut, based primarily on the weak inflation readings.The Fedread more
The inversion is seen by many veteran traders as an important recession omen, though the timing on the eventual downturn is less predictable.Bondsread more
Here's what Nordstrom reported for its fiscal second-quarter earnings.Retailread more
The sexy image that once boosted Victoria's Secret has been haunting L Brands more recently, as women are steering clear of the brand's hot pink, lacy and bejeweled lingerie.Retailread more
See which stocks are posting big moves after the bell.Market Insiderread more
"I'd love to say that the optimistic universe is most likely to prevail, but the talking heads talk endlessly about how a recession is inevitable," CNBC's Jim Cramer says.Mad Money with Jim Cramerread more
Read the fine print in your Apple Card contract — one clause means you give up your right to be heard in court.Technologyread more
Federal Reserve members worried over future growth are highly concerned about the U.S.-China tariff battleThe Fedread more
President Donald Trump signed a memorandum on Wednesday to automatically cancel the student loan debt of disabled veterans. More than 25,000 service members will have their...Personal Financeread more
Jim Nussle, a former director of the Office of Management and Budget, told CNBC on Wednesday that a strong U.S. consumer is the only thing keeping the country from recession.Marketsread more
After rising the previous week, interest rates fell back again last week, but consumers were not enthused.
Overall mortgage application volume fell 1.9% for the week, according to the Mortgage Bankers Association's seasonally adjusted index. Volume was still 34% higher than a year earlier, thanks to a stronger refinance market this year.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($484,350 or less) decreased to 4.08% from 4.12%, with points decreasing to 0.33 from 0.38 (including the origination fee) for loans with a 20% down payment.
Last year, the average mortgage rate was 69 basis points higher. That's why overall refinance demand is stronger now.
Refinance application volume did fall 2% last week, despite the rate drop, but was 81% higher than the same week one year ago.
"Mortgage rates right now are comparable to the average rate of 4.10% for June, but refinances last week were 7% lower than last month," said Joel Kan, MBA's associate vice president of economic and industry forecasting. "This is an indication that as we see rates lower for longer, borrowers need more of a drop in rates to consider refinancing."
Mortgage demand for buying a home decreased 2% for the week but was 6% higher than a year earlier. Buyers may be getting used to low mortgage rates and more concerned about overall affordability. Sales of existing homes fell again in June, despite a sharp drop in mortgage rates during the month.