Current borrowers and potential buyers are apparently watching every interest rate move, and reacting accordingly. Higher in rates over the last two weeks sent total mortgage applications into a slide, falling 10.1% last week, according to the Mortgage Bankers Association’s seasonally adjusted index. Volume was still 46% higher than a year ago, when interest rates … Read more
The Federal Reserve cut interest rates by a quarter point Wednesday, but it also signaled its latest rate cut was meant to serve as insurance against negative hits to the economy and not part of a longer rate cutting cycle. Stocks sold off initially but ended mixed and flattish. The Dow was up 36 to … Read more
The Fed is expected to cut interest rates for the second time in a decade Wednesday, but Fed Chairman Jerome Powell is unlikely to deliver the message markets want to hear on plans for future rate cuts. “He’ll underwhelm everyone and not overwhelm anyone,” said Diane Swonk, chief economist at Grant Thornton. She expects a … Read more
Oil prices soared after a coordinated attack hit the heart of Saudi Arabia’s oil industry on Saturday, forcing the kingdom to cut its oil output in half. Brent crude futures, the international benchmark, rose as much as 19.5% to $71.95 per barrel. By 0940 GMT, the contract was at $66.5, up $6.29 or 10.45%. U.S. … Read more
Homebuyers are taking advantage of lower mortgage rates and a slow summer for sellers, and that is driving mortgage applications higher. Total mortgage application volume rose 2.0 % last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Volume was 69% higher than the same week one year ago, … Read more
Twitter – Twitter said the personal account of CEO Jack Dorsey is now secure after being hacked on Friday. The hacker used Dorsey’s account to send out tweets that contained racist messages. Boeing – Boeing faces new delays in returning the 737 Max to service, according to The Wall Street Journal. International regulators are said … Read more
By Jody Chudley, Financial Analyst In relation to low dividend stocks, high dividend stocks now trade at their lowest valuations in 40 years. This is a table-pounding buy signal for companies with really, really big dividend yields. I love it! We have the perfect reason to go out and treat ourselves to some seriously juicy … Read more
Twitter posted earnings that beat analyst estimates on the top and bottom lines Friday. The stock was up as much as 4% during premarket trading. Here are the key numbers Twitter reported for its second quarter of 2019: Earnings per share: 20 cents, adjusted, vs.19 cents per share expected, per Refinitiv survey of analysts Revenue: … Read 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 … Read more
One of Wall Street’s long-time bulls believes a potentially stomach-churning pullback is unfolding in the market reminiscent of the mayhem of May. Canaccord Genuity’s Tony Dwyer blames too much enthusiasm surrounding all-time highs and overbought conditions. But don’t fear. He contends a pullback will create a solid buying opportunity. “It’s kind of like it was … Read more