Mortgage applications rise 2%, but buyers seem unimpressed by lower rates

Mortgage rates have now been falling for three straight weeks and that is reinvigorating the refinance business. Total mortgage application volume rose 2 percent last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Volume was still 36 percent lower than a year ago, when interest rates were lower. Mortgage interest rates are still 89 basis points higher than a year ago and home prices are still gaining, making home buying ever more


Mortgage rates have now been falling for three straight weeks and that is reinvigorating the refinance business. Total mortgage application volume rose 2 percent last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Volume was still 36 percent lower than a year ago, when interest rates were lower. Mortgage interest rates are still 89 basis points higher than a year ago and home prices are still gaining, making home buying ever more
Mortgage applications rise 2%, but buyers seem unimpressed by lower rates Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-05  Authors: diana olick, daniel acker, bloomberg, getty images
Keywords: news, cnbc, companies, market, applications, mortgage, unimpressed, volume, lowest, interest, rates, higher, economic, rise, lower, buyers, week


Mortgage applications rise 2%, but buyers seem unimpressed by lower rates

Mortgage rates have now been falling for three straight weeks and that is reinvigorating the refinance business. It is not, however, bringing many more buyers back to today’s very expensive housing market.

Total mortgage application volume rose 2 percent last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Volume was nearly 19 percent lower than the same week one year ago.

Refinance activity drove the volume, increasing 6 percent for the week. Refinances are highly rate-sensitive week to week, as borrowers seek to save money on monthly payments. Volume was still 36 percent lower than a year ago, when interest rates were lower.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) decreased to 5.08 percent last week from 5.12 percent the previous week, with points decreasing to 0.44 from 0.46 (including the origination fee) for loans with a 20 percent down payment.

“Treasury rates continued to slide last week, driven mainly by concerns over slowing global economic growth and U.S. and China trade uncertainty. The 30-year fixed-rate fell for the third week in a row,” said Joel Kan, MBA’s associate vice president of economic and industry forecasting.

Mortgage applications to purchase a home rose just 1 percent for the week and were 0.2 percent higher than a year ago. Mortgage interest rates are still 89 basis points higher than a year ago and home prices are still gaining, making home buying ever more expensive. While the price gains are now shrinking, affordability is still at the lowest level in a decade and proving to be the biggest barrier to housing demand today; sales of both newly built and existing homes continue to suffer because of it.

Luxury homebuilder Toll Brothers saw new orders decline this fall, according to its earnings release this week. CEO Douglas Yearley blamed higher mortgage rates and high prices in California, where it sells a large share of its homes. Luxury buyers, it seems, are not exempt from today’s weaker affordability, and that is showing up in the size of loans for which borrowers are applying.

“We saw a decrease in the average loan size for purchase applications to the lowest since December 2017 ($298,000 from $313,000),” Kan said. “This is perhaps an indication that there are fewer jumbo borrowers, or maybe first-time buyers are having better success reaching the market as we close out the year.”

Mortgage rates continued to slide this week, falling to their lowest level in two months on Tuesday as the U.S. stock market sold off sharply and bond yields fell.

“Mortgage rates didn’t experience nearly as big of a move as the broader bond market,” said Matthew Graham, chief operating officer for Mortgage News Daily, noting that economic data at the end of the week, specifically the U.S. monthly employment report, could cause more dramatic moves. “If it’s weaker than expected, rates could easily continue lower, but if it surprises to the upside, the bounce back in rates could be somewhat abrupt.”


Company: cnbc, Activity: cnbc, Date: 2018-12-05  Authors: diana olick, daniel acker, bloomberg, getty images
Keywords: news, cnbc, companies, market, applications, mortgage, unimpressed, volume, lowest, interest, rates, higher, economic, rise, lower, buyers, week


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China’s rise in artificial intelligence

China’s rise in artificial intelligence9 Hours AgoChina’s vast amount of data is helping advance its artificial intelligence research. CNBC’s Uptin Saiidi speaks to experts VC Kai-Fu Lee, author Thomas Friedman and VC Benjamin Harburg about China’s upcoming ambitions.


China’s rise in artificial intelligence9 Hours AgoChina’s vast amount of data is helping advance its artificial intelligence research. CNBC’s Uptin Saiidi speaks to experts VC Kai-Fu Lee, author Thomas Friedman and VC Benjamin Harburg about China’s upcoming ambitions.
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Company: cnbc, Activity: cnbc, Date: 2018-12-05
Keywords: news, cnbc, companies, chinas, uptin, vc, speaks, artificial, saiidi, vast, upcoming, intelligence, thomas, rise


China's rise in artificial intelligence

China’s rise in artificial intelligence

9 Hours Ago

China’s vast amount of data is helping advance its artificial intelligence research. CNBC’s Uptin Saiidi speaks to experts VC Kai-Fu Lee, author Thomas Friedman and VC Benjamin Harburg about China’s upcoming ambitions.


Company: cnbc, Activity: cnbc, Date: 2018-12-05
Keywords: news, cnbc, companies, chinas, uptin, vc, speaks, artificial, saiidi, vast, upcoming, intelligence, thomas, rise


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Planet-warming carbon emissions are rising in wealthy nations for the first time in five years

While wealthy nations continue to move away from burning coal, rising oil and natural gas consumption in those economies is increasing carbon emissions, the agency says. The report comes as the nations of the world gather in Katowice, Poland, for a United Nations meeting to assess their progress cutting greenhouse gas emissions since the 2015 Paris Agreement on climate change. In October, the U.N.’s Intergovernmental Panel on Climate Change reported that the path to staving off catastrophic impa


While wealthy nations continue to move away from burning coal, rising oil and natural gas consumption in those economies is increasing carbon emissions, the agency says. The report comes as the nations of the world gather in Katowice, Poland, for a United Nations meeting to assess their progress cutting greenhouse gas emissions since the 2015 Paris Agreement on climate change. In October, the U.N.’s Intergovernmental Panel on Climate Change reported that the path to staving off catastrophic impa
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Company: cnbc, Activity: cnbc, Date: 2018-12-04  Authors: tom dichristopher, getty images
Keywords: news, cnbc, companies, planetwarming, carbon, rise, iea, wealthy, global, rising, gas, increase, nations, climate, emissions, change


Planet-warming carbon emissions are rising in wealthy nations for the first time in five years

Carbon dioxide emissions from advanced economies will rise in 2018 for the first time in five years, the International Energy Agency reports, marking a setback for the global campaign to fend off the worst effects of climate change.

Energy-related carbon emissions from North America, Europe and developed nations in the Asia-Pacific region are set to rise by about a half a percent this year, according to a preliminary assessment from the IEA. Over the past five years, the group saw its emissions fall by 3 percent.

The increase is being driven by higher energy use as the global economy grows at a brisk pace. While wealthy nations continue to move away from burning coal, rising oil and natural gas consumption in those economies is increasing carbon emissions, the agency says.

The report comes as the nations of the world gather in Katowice, Poland, for a United Nations meeting to assess their progress cutting greenhouse gas emissions since the 2015 Paris Agreement on climate change. The accord aims to prevent global temperatures from rising by more than 2 degrees Celsius above pre-industrial levels.

“This turnaround should be another warning to governments as they meet in Katowice this week,” IEA Executive Director Fatih Birol said in a statement. “Increasing efforts are needed to encourage even more renewables, greater energy efficiency, more nuclear, and more innovation for technologies such as carbon capture, utilisation and storage and hydrogen, for instance.”

In October, the U.N.’s Intergovernmental Panel on Climate Change reported that the path to staving off catastrophic impacts from climate change is quickly narrowing. Global temperatures could rise by 1.5 degree Celsius as soon as 2030, the climate change panel warned, requiring unprecedented global action to halt the increase.

Last month, the U.S. government issued an expansive study concluding that the effects of climate change could shrink the American economy by as much as 10 percent by 2100.

President Donald Trump dismissed the report last week, claiming climate change is not man-made and is not affecting the Earth yet. Trump withdrew the United States from the Paris Agreement last year and is pursuing policies to increase fossil fuel consumption.

The IEA says strong growth in oil demand, China’s growing natural gas consumption and new coal plant construction in emerging markets will drive an increase in global carbon emissions in 2018. Last year, global carbon emissions rose by 1.6 percent, ending a three-year period of flat-lining emissions.


Company: cnbc, Activity: cnbc, Date: 2018-12-04  Authors: tom dichristopher, getty images
Keywords: news, cnbc, companies, planetwarming, carbon, rise, iea, wealthy, global, rising, gas, increase, nations, climate, emissions, change


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Treasury yields rise as the US and China reach truce on trade

U.S. government debt prices sank on Monday, amid news that President Donald Trump’s administration has reached a cease-fire with China on trade tariffs. The yield on the benchmark 10-year Treasury note was seen trading higher at 3.033 percent at around 5:30 a.m. ET, while the benchmark on the 30-year Treasury bond was also in the black, trading at 3.322 percent. Trump lauded a breakthrough on trade with China as “one of the largest deals ever made.” As for auctions, $39 billion in 13-week Treasu


U.S. government debt prices sank on Monday, amid news that President Donald Trump’s administration has reached a cease-fire with China on trade tariffs. The yield on the benchmark 10-year Treasury note was seen trading higher at 3.033 percent at around 5:30 a.m. ET, while the benchmark on the 30-year Treasury bond was also in the black, trading at 3.322 percent. Trump lauded a breakthrough on trade with China as “one of the largest deals ever made.” As for auctions, $39 billion in 13-week Treasu
Treasury yields rise as the US and China reach truce on trade Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-03  Authors: ryan browne, nicolas asfouri, afp, getty images
Keywords: news, cnbc, companies, truce, rise, trade, china, et, yields, federal, trading, president, benchmark, treasury, trump, reach, trumps, rate


Treasury yields rise as the US and China reach truce on trade

U.S. government debt prices sank on Monday, amid news that President Donald Trump’s administration has reached a cease-fire with China on trade tariffs.

The yield on the benchmark 10-year Treasury note was seen trading higher at 3.033 percent at around 5:30 a.m. ET, while the benchmark on the 30-year Treasury bond was also in the black, trading at 3.322 percent. Bond yields move inversely to prices.

Investor focus is mostly attuned to trade developments following the G-20 summit in Argentina. Trump lauded a breakthrough on trade with China as “one of the largest deals ever made.” Both Washington and Beijing agreed not to introduce any additional tariffs on each other’s imports in the short term.

However, there appeared to be some discrepancies between Trump’s line on the deal and the White House’s, as well as the Trump administration’s own description diverging with the Chinese government’s.

Meanwhile, U.S. fixed-income traders continue to be wary around the Federal Reserve’s upcoming policy meeting this month.

Jerome Powell, the central bank’s chairman, said last week that the benchmark interest rate was “just below” the neutral level. That remark appeared to backtrack from a previous statement by Powell in which he said rates were still a “long way” from the targeted neutral rate.

The Federal Open Market Committee, which sets the federal funds rate, will gather for a two-day meeting on December 18, where the central bank is strongly expected to hike interest rates.

In other Fed-related news, New York Fed President John Williams will be making a welcome address and introductory remarks at an annual conference on the evolving structure of the U.S. Treasury market at around 9 a.m. ET. Lael Brainard, a member of the Fed’s board of governors, will make a keynote address at that event at 10:30 a.m. ET.

As for auctions, $39 billion in 13-week Treasury bills and $36 billion in 26-week Treasury bills are due to go on auction on Monday.

On the data front, U.S. PMI manufacturing index numbers will be released at 9:45 a.m. ET, while a ISM manufacturing index and construction spending figures are due at 10 a.m. ET.


Company: cnbc, Activity: cnbc, Date: 2018-12-03  Authors: ryan browne, nicolas asfouri, afp, getty images
Keywords: news, cnbc, companies, truce, rise, trade, china, et, yields, federal, trading, president, benchmark, treasury, trump, reach, trumps, rate


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The ‘Netflix’ model of car ownership is on the rise for drivers who need wheels–without the debt

After Tiffany Ford McLemore’s car was destroyed in an accident, the single mother of four needed a new one. That’s when she stumbled on flexdrive, which calls itself Netflix for cars, and is one of several new companies offering vehicles through a subscription. Automakers, dealers and start-ups now offer car subscriptions as an alternative to the traditional financing model, which increasingly involves going into significant debt. The services typically charge a flat monthly fee that bundles tog


After Tiffany Ford McLemore’s car was destroyed in an accident, the single mother of four needed a new one. That’s when she stumbled on flexdrive, which calls itself Netflix for cars, and is one of several new companies offering vehicles through a subscription. Automakers, dealers and start-ups now offer car subscriptions as an alternative to the traditional financing model, which increasingly involves going into significant debt. The services typically charge a flat monthly fee that bundles tog
The ‘Netflix’ model of car ownership is on the rise for drivers who need wheels–without the debt Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-01  Authors: annie nova, source, shannon franklin, philip reed, -peter wexler, head of volvos subscription line
Keywords: news, cnbc, companies, services, model, wheelswithout, need, whats, typically, vehicles, debt, thats, drivers, volkswagen, traditional, tiffany, ford, netflix, car, ownership, rise


The 'Netflix' model of car ownership is on the rise for drivers who need wheels--without the debt

After Tiffany Ford McLemore’s car was destroyed in an accident, the single mother of four needed a new one. Quickly.

Yet she didn’t want to take out another auto loan and so she researched her options. That’s when she stumbled on flexdrive, which calls itself Netflix for cars, and is one of several new companies offering vehicles through a subscription.

“I love the flexibility,” Ford McLemore said. She now drives her children to sports and band practice in a 2018 Volkswagen Jetta.

Automakers, dealers and start-ups now offer car subscriptions as an alternative to the traditional financing model, which increasingly involves going into significant debt. The services typically charge a flat monthly fee that bundles together all the disparate expenses of car ownership, including insurance and maintenance.

“There’s a reason consumers are gravitating toward these services — what’s out there right now isn’t very good,” said Gary Hallgren, president of Arity, a technology start-up founded by Allstate.


Company: cnbc, Activity: cnbc, Date: 2018-12-01  Authors: annie nova, source, shannon franklin, philip reed, -peter wexler, head of volvos subscription line
Keywords: news, cnbc, companies, services, model, wheelswithout, need, whats, typically, vehicles, debt, thats, drivers, volkswagen, traditional, tiffany, ford, netflix, car, ownership, rise


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Oil strengthens ahead of G20 meeting, but supply rise caps gains

Oil prices ticked higher on Thursday on optimism that trade talks at the G20 meeting could aid the global economy and improve the demand outlook, while an increase in U.S. crude inventories to their highest in a year curbed gains. U.S. crude futures rose 38 cents, or 0.8 percent, to $50.67 per barrel by 0338 GMT. International benchmark Brent crude rose 27 cents, or 0.5 percent, to $59.03 a barrel, having dropped 2.4 percent on Wednesday to $58.76 a barrel. Both markets rose more than 1 percent


Oil prices ticked higher on Thursday on optimism that trade talks at the G20 meeting could aid the global economy and improve the demand outlook, while an increase in U.S. crude inventories to their highest in a year curbed gains. U.S. crude futures rose 38 cents, or 0.8 percent, to $50.67 per barrel by 0338 GMT. International benchmark Brent crude rose 27 cents, or 0.5 percent, to $59.03 a barrel, having dropped 2.4 percent on Wednesday to $58.76 a barrel. Both markets rose more than 1 percent
Oil strengthens ahead of G20 meeting, but supply rise caps gains Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-29
Keywords: news, cnbc, companies, barrel, ahead, million, crude, trade, gains, rose, markets, meeting, g20, inventories, strengthens, oil, caps, rise, supply


Oil strengthens ahead of G20 meeting, but supply rise caps gains

Oil prices ticked higher on Thursday on optimism that trade talks at the G20 meeting could aid the global economy and improve the demand outlook, while an increase in U.S. crude inventories to their highest in a year curbed gains.

U.S. crude futures rose 38 cents, or 0.8 percent, to $50.67 per barrel by 0338 GMT. The market ended the previous session down 2.5 percent at $50.29 a barrel, after hitting the lowest since early October last year.

International benchmark Brent crude rose 27 cents, or 0.5 percent, to $59.03 a barrel, having dropped 2.4 percent on Wednesday to $58.76 a barrel.

Both markets rose more than 1 percent in early Asian trade.

“We have seen huge increases in supply and the demand picture is in question. However, we might see some movement on global trade issues at the G20 meeting which starts on Friday,” said Michael McCarthy, chief strategist at CMC Markets and Stockbroking.

“I think we are seeing some positioning ahead of those potential demand-positive events.”

Investors in commodity markets are looking ahead to the meeting of leaders of the Group of 20 nations (G20), the world’s biggest economies, on Nov. 30 and Dec. 1, with the U.S.-China trade war at the top of the agenda.

U.S. President Donald Trump is open to a trade deal with China but is also prepared to hike tariffs on imports from the country if there is no breakthrough on longstanding trade issues during a dinner on Saturday with Chinese leader Xi Jinping, White House economic adviser Larry Kudlow said on Tuesday.

Xi said China will widen market access for foreign investors and step up protection of intellectual property rights.

Meanwhile, rising supplies are keeping a lid on prices.

U.S. crude inventories for the week to Nov. 23 added 3.6 million barrels to the most in a year at 450 million barrels, exceeding expectations, the Energy Information Administration said on Wednesday.

“WTI oil is now trading right around the $50 per barrel level, a price last seen well over a year ago, as the current oversupply situation has now manifested itself in 10 consecutive weekly increases in U.S. oil inventories,” said William O’Loughlin, Investment Analyst at Australia’s Rivkin Securities.

The Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC members will meet in Vienna, Austria on Dec. 6 to discuss a new round of production cuts of 1 million to 1.4 million barrels per day (bpd) and possibly more, OPEC delegates told Reuters earlier this month.


Company: cnbc, Activity: cnbc, Date: 2018-11-29
Keywords: news, cnbc, companies, barrel, ahead, million, crude, trade, gains, rose, markets, meeting, g20, inventories, strengthens, oil, caps, rise, supply


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US weekly jobless claims rise to 6-month high

The number of Americans filing applications for jobless benefits increased to a six-month high last week, which could raise concerns that the labor market could be slowing. Initial claims for state unemployment benefits rose 10,000 to a seasonally adjusted 234,000 for the week ended Nov. 24, the highest level since the mid-May, the Labor Department said on Thursday. Economists polled by Reuters had forecast claims falling to 220,000 in the latest week. The claims report also showed the number of


The number of Americans filing applications for jobless benefits increased to a six-month high last week, which could raise concerns that the labor market could be slowing. Initial claims for state unemployment benefits rose 10,000 to a seasonally adjusted 234,000 for the week ended Nov. 24, the highest level since the mid-May, the Labor Department said on Thursday. Economists polled by Reuters had forecast claims falling to 220,000 in the latest week. The claims report also showed the number of
US weekly jobless claims rise to 6-month high Cached Page below :
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US weekly jobless claims rise to 6-month high

The number of Americans filing applications for jobless benefits increased to a six-month high last week, which could raise concerns that the labor market could be slowing.

Initial claims for state unemployment benefits rose 10,000 to a seasonally adjusted 234,000 for the week ended Nov. 24, the highest level since the mid-May, the Labor Department said on Thursday. Claims have now risen for three straight weeks.

Economists polled by Reuters had forecast claims falling to 220,000 in the latest week.

The claims data included Thanksgiving Day on Thursday. Claims tend to be volatile around holidays. The Labor Department said no states were estimated last week.

The four-week moving average of initial claims, considered a better measure of labor market trends as it irons out week-to-week volatility, rose 4,750 to 223,250 last week.

The claims report also showed the number of people receiving benefits after an initial week of aid increased 50,000 to 1.71 million for the week ended Nov. 17. The four-week moving average of the so-called continuing claims rose 19,750 to 1.68 million.


Company: cnbc, Activity: cnbc, Date: 2018-11-29
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European markets edge higher on policy hopes ahead of G-20 summit; Banco BPM shares rise 2%

Europe’s banking index led the gains shortly after the opening bell, up around 0.8 percent amid support from Italy’s notoriously fragile lenders. On Tuesday, deputy Prime Minister Matteo Salvini reportedly said he would like to avoid any EU disciplinary action concerning the government’s expansionary budget plans. Italy’s Banco BPM was the top sectoral performer during early morning deals, up around 2.5 percent. EU government representatives are set to back disciplinary proceedings by the Europe


Europe’s banking index led the gains shortly after the opening bell, up around 0.8 percent amid support from Italy’s notoriously fragile lenders. On Tuesday, deputy Prime Minister Matteo Salvini reportedly said he would like to avoid any EU disciplinary action concerning the government’s expansionary budget plans. Italy’s Banco BPM was the top sectoral performer during early morning deals, up around 2.5 percent. EU government representatives are set to back disciplinary proceedings by the Europe
European markets edge higher on policy hopes ahead of G-20 summit; Banco BPM shares rise 2% Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-28  Authors: sam meredith, alexandra gibbs
Keywords: news, cnbc, companies, shares, hopes, rise, index, summit, markets, policy, g20, stock, italys, higher, increase, european, morning, eu, company, edge, disciplinary


European markets edge higher on policy hopes ahead of G-20 summit; Banco BPM shares rise 2%

Europe’s banking index led the gains shortly after the opening bell, up around 0.8 percent amid support from Italy’s notoriously fragile lenders. On Tuesday, deputy Prime Minister Matteo Salvini reportedly said he would like to avoid any EU disciplinary action concerning the government’s expansionary budget plans. Italy’s Banco BPM was the top sectoral performer during early morning deals, up around 2.5 percent.

Rome remains at loggerheads with European commissioners over a proposed budget that would increase the country’s deficit to 2.4 percent of annual economic output during 2019.

EU government representatives are set to back disciplinary proceedings by the European Commission against Italy on Thursday, Reuters reported, citing two unnamed EU sources.

Looking at individual stocks, France’s EDF surged towards the top of the benchmark after President Emmanuel Macron said Wednesday that a decision over any possible increase of the state’s stake in the company would take place next year. Shares of the Paris-listed stock rose 2.6 percent.

Meanwhile, Danone slumped towards the bottom of the index after Goldman Sachs downwardly revised its stock recommendation to “sell” from “neutral” Wednesday morning. Shares of the company slipped more than 2 percent on the news.


Company: cnbc, Activity: cnbc, Date: 2018-11-28  Authors: sam meredith, alexandra gibbs
Keywords: news, cnbc, companies, shares, hopes, rise, index, summit, markets, policy, g20, stock, italys, higher, increase, european, morning, eu, company, edge, disciplinary


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Oil prices rise on North Sea outage, ahead of OPEC, G20 meetings

The shutdown of Britain’s largest North Sea oilfield for repairs also supported prices, traders said. U.S. West Texas Intermediate (WTI) crude futures were at $52.11 per barrel at 0448 GMT, up 55 cents, or 1.1 percent from their last settlement. International Brent crude oil futures were up 57 cents, or 1 percent, at $60.78 per barrel. Despite Wednesday’s rise, oil prices have still lost around 30 percent in value since early October, weighed down by an emerging supply overhang and by widespread


The shutdown of Britain’s largest North Sea oilfield for repairs also supported prices, traders said. U.S. West Texas Intermediate (WTI) crude futures were at $52.11 per barrel at 0448 GMT, up 55 cents, or 1.1 percent from their last settlement. International Brent crude oil futures were up 57 cents, or 1 percent, at $60.78 per barrel. Despite Wednesday’s rise, oil prices have still lost around 30 percent in value since early October, weighed down by an emerging supply overhang and by widespread
Oil prices rise on North Sea outage, ahead of OPEC, G20 meetings Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-28  Authors: andrew burton, getty images
Keywords: news, cnbc, companies, trade, oil, wti, opec, rise, futures, crude, g20, sea, outage, prices, meetings, supply, north, ahead, emerging, traders


Oil prices rise on North Sea outage, ahead of OPEC, G20 meetings

Oil prices rose by one percent on Wednesday ahead of an OPEC meeting next week at which the producer club is expected to decide some form of supply cut to counter an emerging glut.

The shutdown of Britain’s largest North Sea oilfield for repairs also supported prices, traders said.

U.S. West Texas Intermediate (WTI) crude futures were at $52.11 per barrel at 0448 GMT, up 55 cents, or 1.1 percent from their last settlement.

International Brent crude oil futures were up 57 cents, or 1 percent, at $60.78 per barrel.

The Buzzard oilfield, which pumps about 150,000 barrels per day (bpd) has closed temporarily after the discovery of pipe corrosion. A smaller field linked to Forties, Total’s Elgin-Franklin, is also shut for maintenance. As a result, trade sources said three cargoes due to load in December had been cancelled.

Despite Wednesday’s rise, oil prices have still lost around 30 percent in value since early October, weighed down by an emerging supply overhang and by widespread weakness in financial markets.

The crude oil price slump since October is so far on par with the 2008 price crash and steeper than that of 2014/2015.

The Organization of the Petroleum Exporting Countries (OPEC) will meet at its headquarters in Vienna, Austria, on Dec. 6 to discuss output policy.

The OPEC-meeting will follow a gathering by the Group of 20 (G-20) nations, which includes the world’s biggest economies, in Argentina this weekend, at which the Sino-American trade dispute as well as oil policy are expected to be discussed.

While most analysts expect some form of supply cut from the OPEC meeting, sentiment in oil markets remains negative.

“Options traders remain focused on downside risks following a 30 percent slide in WTI,” Erik Norland, senior economist at commodities exchange CME Group wrote in a note, referring to the higher number of traders who have placed positions that would profit from a further fall in crude prices than those placing bets on a rising market.

Portfolio managers have slashed their combined net long position in crude futures by a total of 607 million barrels over the last eight weeks, the largest reduction over a comparable period since at least 2013, when the current data series began, exchange data showed.

A concern to global markets is a slowdown in global trade as a result of the Sino-American trade dispute, swelling debt and a strong dollar that puts pressure on emerging markets.

The World Trade Organization (WTO) said in its latest outlook, published on Tuesday, that “trade growth is likely to slow further into the fourth quarter of 2018”, with growth likely at its slowest since Oct. 2016.


Company: cnbc, Activity: cnbc, Date: 2018-11-28  Authors: andrew burton, getty images
Keywords: news, cnbc, companies, trade, oil, wti, opec, rise, futures, crude, g20, sea, outage, prices, meetings, supply, north, ahead, emerging, traders


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Weekly mortgage applications rise 5.5% as homebuyers edge back in

Total mortgage application volume increased 5.5 percent last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Mortgage applications to purchase a home drove the volume, rising 9 percent for the week and 2 percent from a year ago. Purchase volume had been trending lower on an annual basis for several weeks, as home sales weakened. Sales of existing and newly built homes have been falling as rising interest rates and already high pric


Total mortgage application volume increased 5.5 percent last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Mortgage applications to purchase a home drove the volume, rising 9 percent for the week and 2 percent from a year ago. Purchase volume had been trending lower on an annual basis for several weeks, as home sales weakened. Sales of existing and newly built homes have been falling as rising interest rates and already high pric
Weekly mortgage applications rise 5.5% as homebuyers edge back in Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-28  Authors: diana olick, scott mlyn
Keywords: news, cnbc, companies, week, weekly, rising, purchase, market, interest, lower, rise, homebuyers, homes, rates, volume, 55, applications, edge, mortgage


Weekly mortgage applications rise 5.5% as homebuyers edge back in

It may be a greater supply of homes for sale. It may be price cuts on those homes. Whatever the reason, buyers are coming back to the market, and driving mortgage demand.

Total mortgage application volume increased 5.5 percent last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. The week’s results also include an adjustment for the Thanksgiving holiday. Overall volume was still 16 percent lower than a year ago.

Mortgage applications to purchase a home drove the volume, rising 9 percent for the week and 2 percent from a year ago. Purchase volume had been trending lower on an annual basis for several weeks, as home sales weakened. Sales of existing and newly built homes have been falling as rising interest rates and already high prices pushed affordability to the lowest level in a decade.

“The rise in purchase activity was led by conventional purchase applications, which surged almost 12 percent, while government purchases were essentially unchanged over the week,” said Mike Fratantoni, chief economist for the MBA. “This also pushed the average loan size for purchase applications higher, which likely meant there were fewer first-time homebuyers in the market last week.”

Fratantoni also pointed to a small drop in mortgage rates, but weekly rate moves tend to affect refinance demand more than buyer demand because buying a home is a more lengthy and complicated process.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) decreased to 5.12 percent from 5.16 percent, with points decreasing to 0.46 from 0.48 (including the origination fee) for loans with a 20 percent down payment.

Refinance demand responded, rising 1 percent from the previous week. Refinance volume was still 35 percent lower than the same week one year ago, when interest rates were nearly a full percentage point lower. Most borrowers today have already refinanced at rock-bottom rates, and those who are refinancing are largely doing so to pull cash out of their homes.

Home values have risen dramatically over the past few years, giving millions of borrowers much more equity to draw upon. The gains in home values, however, have been shrinking for several months, and that may be giving more buyers incentive to get into the market again. Last year, competition for the few homes that were for sale was fierce, and bidding wars were the norm. That is no longer the case.

WATCH:Renting vs. buying a home — here are the numbers you need to decide


Company: cnbc, Activity: cnbc, Date: 2018-11-28  Authors: diana olick, scott mlyn
Keywords: news, cnbc, companies, week, weekly, rising, purchase, market, interest, lower, rise, homebuyers, homes, rates, volume, 55, applications, edge, mortgage


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