Weekly mortgage applications in the United States fell further in the week ending June 6, according to data from the Mortgage Bankers' Association (MBA) on Wednesday, which reported that applications increased by 10.6% week-over-week.
In the previous week, applications fell by 15.3%.
While the stock market has been undergoing some wild fluctuations over the last couple of weeks, the mortgage scene has been quiet - very quiet.
According to Freddie Mac which released the results of its Primary Mortgage Market Survey for the week ended June 5, the two long- term products, the 30-year fixed-rate mortgage (FRM) and the 15- year FRM each moved a scant one basis point from the previous week.
Application volume increased 10.9 percent on a seasonally adjusted basis from a week earlier and 23 percent on an.
Economists largely agree that the Beige Book document to be released Wednesday by the Federal Reserve won't reveal anything new. It will likely say that economic conditions are generally soft across the country, with a few pockets of exceptional weakness and moderate growth, economists say.
The last Beige Book was released on April 16 and covered the U.S. economy for the six weeks ending on April 7. It contained commentary stating that...
Despite the current bleak financial outlook, companies are finding ways to watch expenses and invest in growth, according to a report issued by the American Express/CFO Research Global Business and Spending monitor.
The American Express report indicator shows that companies are actively searching ways to pursue growth while maintaining efficient spending practice. "While it is hard to deny the uncertainty in today's economic climate, companies around the world are looking for ways to maintain their growth momentum...
Speaking in an interview with Bloomberg Television, U.S. Treasury Secretary Henry Paulson said he would not speculate on what the G8 will say, but his main message to the organization would be that the strong fundamentals of the U.S. economy would be reflected in the U.S. Dollar. He also said he did not want to completely rule out the possibility of foreign exchange intervention.
The policy-maker reaffirmed his faith in the U.S. economy despite soaring oil prices and ongoing stress in the capital markets...
Speaking at an inflation conference at the Boston Federal Reserve, Richard Fisher of the Dallas Fed said he was not advocating an increase in interest rates even though he "drew the line" when the Fed funds target was at 3.50%.
The financial turmoil was not a "storm", but a "spring shower" said Fisher, warning that the greatest vulnerabilities of the U.S. economy were unfunded liabilities such as Medicare.
The Bank of Canada's rate decision, some Fed speak and international trade statistics from the U.S. and Canada will top the day's economic events.
Delivering remarks at a luncheon organized by the International Economic Forum of the Americas, Former Fed Chairman Paul Volcker said he believed that the United States was undergoing a difficult but necessary political and economic shakeup.
The U.S. economy is undergoing a "prolonged period of adjustment", Volcker said, adding that this was not...
Despite five months of job losses and soaring oil prices, the fundamentals of the U.S. economy remain favourable, said U.S. Treasury Secretary Henry Paulson on Monday. However, he noted the price of oil is a problem and that no policy initiatives are off the table, including currency intervention.
Paulson was interviewed on CNBC as well as CNN on a variety of issues.
He attributed the surge in oil prices to...
New York Fed President and FOMC Vice Chairman Tim Geithner said the U.S. regulatory structure needs to be reformed to more clearly define rules and responsibilities.
Speaking at the Economic Club of New York, Geithner urged banks and Wall Street to come under a unified form of supervision and called for a stronger oversight of OTC payments systems.
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