Plosser Says Rate Hike is Inevitable Even if Housing Prices Continue to Fall
July 23, 2008
Speaking in a Bloomberg Television interview, noted
hawk Philadelphia Federal Reserve President Chuck
Plosser said the Fed may have to hike rates even as housing
prices continue to fall.
U.S. Fed's Beige Book is Downbeat, But Few Surprises
July 23, 2008
Economic conditions across the U.S. “slowed somewhat,” according to
the Fed’s Beige Book on Wednesday. Five of the 12
districts were said to have weakened since the last report six weeks ago,
while Chicago’s economy was “sluggish” and growth in Kansas City had
moderated. The remaining three districts saw slight increases in
activity.
Treasury's Paulson Says it Was Easy to Recommend President Sign Housing Bill
July 23, 2008
Although he is not pleased with some parts of the
housing bill, U.S. Treasury Secretary Henry Paulson said
it was easy for him to recommend to President George W. Bush to sign a
housing rescue package into law on Wednesday.
Mortgage Rates Fall in Response to Speculation about Overnight Bank Rates
July 23, 2008
Rates for both short- and long-term mortgages tumbled last week
according to Freddie Mac’s Primary Mortgage Market Survey.
The Mortgage Bankers Association (MBA) released the results of its
Weekly Mortgage Applications Survey for the week ended
July 18 on Wednesday. Mortgage activity as measured by the volume of loan
applications…
Preview: Fed's Beige Book to Confirm Broad-Based Softness in Economy
July 23, 2008
Economists largely agree that the Beige Book document
to be released Wednesday by the Federal Reserve won’t receive extended
attention from markets, which are more concerned with forward-looking
data. The report will likely say that economic conditions are soft across
the country, with a few pockets of exceptional weakness and moderate
growth.
MBA Mortgage Applications Move Down in Week Ending July 18
July 23, 2008
Weekly mortgage applications in the United States
declined in the week ending July 18, according to data released from the
Mortgage Bankers’ Association (MBA) on Wednesday, which reported a 6.2%
week-over-week fall in applications.
Wednesday's Events: Canadian CPI, DOE Oil, Fed's Beige Book
July 23, 2008
Canadian CPI tops the economic news of the day as markets receive the
Fed’s Beige Book and the Department of Energy’s weekly oil inventories.
In the afternoon, markets will also be paying attention o the sales of
$31 billion in two-year Treasury notes.
Mortgage Activity Slows in Latest Application Report Despite the Ease of Securing FHA Loans
July 23, 2008
This morning the Mortgage Bankers Association (MBA), in its Weekly Mortgage Applications Survey for the week ending July 18, announced that mortgage loan application volume dropped 6.2 when compared to the week prior. The number of people applying to refinance their existing mortgage dropped, as did the number of people applying for a mortgage to purchase a home. FHA loans, which for months have been the star of the MBA report posting large week to week gains, also saw a pull-back of 7.7 .