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Consumer Corner: Foreclosure settlement no magic bullet for economy
WASHINGTON, Jan. 7 (UPI) -- The volume of applications for U.S. mortgages decreased last week, falling by a seasonally adjusted 8.2 percent, an industry group said.
The Market Composite Index, which measures mortgage loan application volume, dropped from 1,245.7 to 1,143.8 in the week ending Jan. 2, the Mortgage Bankers Association said in a release Wednesday.
The Refinance Index also fell, dropping 12.3 percent to 5,904.5, the MBA said.
The average interest rate for 30-year, fixed-rate mortgages increased from 5.03 percent to 5.07 percent with points falling from 1.24 to 1.16, the organization said.
Rates for the average 15-year, fixed-rate mortgages decreased from 4.79 percent to 4.67 percent. Points in 15-year, fixed-rate mortgages fell from 1.26 to 1.16.
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TEHRAN, Feb. 14 (UPI) --
More than 31 billion cubic feet of recoverable natural gas reserves have been discovered in Iran in roughly one year, the oil ministry said.
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WASGHINGTON, D.C., Feb. 13 (UPI) --
Defense industries are weighing the potential impact of proposed defense cuts running into tens of billions of dollars over the next 10 years.
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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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