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Consumer Corner: Foreclosure settlement no magic bullet for economy
WASHINGTON, Oct. 1 (UPI) -- The volume of applications for U.S. mortgages declined last week, falling by a seasonally adjusted 23 percent, an industry group said.
The Market Composite Index, which measures mortgage loan application volume, fell from 591.4 to 455.4 in the week ending Sept. 26, the Mortgage Bankers Association said in a release Wednesday.
The Refinance Index also decreased, down 34.7 percent to 1,333.9, the MBA said.
The average interest rate for 30-year, fixed-rate mortgages decreased from 6.08 percent to 6.07 percent with points falling from 1.13 to 1.12, the organization said.
Rates for the average 15-year, fixed-rate mortgage fell from 5.84 percent to 5.82 percent. Points in 15-year, fixed-rate mortgages fell from 1.17 to 1.11.
The average interest rate for one-year adjustable rate mortgages increased from 7.01 percent with an average 0.33 points to 7.19 percent with 0.24 points, the report said.
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SYDNEY, Feb. 13 (UPI) --
Researchers in Australia are developing a solar roof system that uses wasted energy to warm air and water.
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SAN DIEGO, Feb. 13 (UPI) --
Northrop Grumman reports it will work on the second phase of the U.S. Navy project to deploy new tactical computing network systems aboard ships.
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Local markets will probably not be swamped by waves of foreclosures following the multi-state mortgage settlement announced yesterday. Rather, the huge inventory of one to two million foreclosures will enter markets gradually....
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Investors will not have the distraction of financial reports to look forward to this week. They will have to look at the spot news headlines instead.
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