Weekly mortgage applications fall as the highest rates in a month are spooking spring buyers

Applications to refinance a home loan, which are most sensitive to interest rates, fell 11% for the week but were nearly 13% higher than a year ago. Mortgage rates were a significant 27 basis points higher last year. Mortgage applications to purchase a home, which had been holding strong amid higher rates, fell 4% for the week. “The strong economy and job market is keeping buyer interest high, but rising mortgage rates could add pressure to the budgets of some would-be buyers,” Fratantoni said.


Applications to refinance a home loan, which are most sensitive to interest rates, fell 11% for the week but were nearly 13% higher than a year ago. Mortgage rates were a significant 27 basis points higher last year. Mortgage applications to purchase a home, which had been holding strong amid higher rates, fell 4% for the week. “The strong economy and job market is keeping buyer interest high, but rising mortgage rates could add pressure to the budgets of some would-be buyers,” Fratantoni said.
Weekly mortgage applications fall as the highest rates in a month are spooking spring buyers Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-24  Authors: diana olick, daniel acker, bloomberg, getty images
Keywords: news, cnbc, companies, month, sensitive, applications, week, spooking, fall, rate, weekly, buyers, highest, spring, higher, interest, rates, homes, sales, mortgage, points


Weekly mortgage applications fall as the highest rates in a month are spooking spring buyers

Homebuyers had been brushing off the slight rise in rates during recent weeks, but as those rates move even higher, pruchasers are now pulling back.

Overall mortgage application volume fell 7.3% last week from the previous week, but it was 6.6% higher than a year ago, thanks to stronger refinance volume, according to the Mortgage Bankers Association’s seasonally adjusted index.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($484,350 or less) increased to 4.46% from 4.44%, with points increasing to 0.44 from 0.42 (including the origination fee) for loans with a 20% down payment. The rate has risen 10 basis points in the past three weeks and is now at its highest level in over a month.

“Borrowers remain extremely sensitive to rate changes,” said Mike Fratantoni, MBA senior vice president and chief economist. “Borrowing costs have recently drifted higher because of ebbing geopolitical concerns, as well as signs of strengthening in the U.S. economy, including the recent data pointing to robust retail sales.”

Applications to refinance a home loan, which are most sensitive to interest rates, fell 11% for the week but were nearly 13% higher than a year ago. Mortgage rates were a significant 27 basis points higher last year.

Mortgage applications to purchase a home, which had been holding strong amid higher rates, fell 4% for the week. They were still 3% higher than a year ago, but that annual comparison is shrinking. Purchase applications should be strengthening as the spring season progresses and the supply of homes for sale rises.

Supply was up 2.4% annually at the end of March, according to the National Association of Realtors, but much of that increase is not from more new listings. Instead, listings are sitting for a longer time and piling up.

“The strong economy and job market is keeping buyer interest high, but rising mortgage rates could add pressure to the budgets of some would-be buyers,” Fratantoni said.

Recent home sales reports are showing just how sensitive today’s buyers are. Sales of existing homes in March, which are based on closings and therefore contracts signed in January and February, were disappointing. Sales of newly built homes, however, were stronger than expected, but those numbers are based on contracts signed in March, not closings.

Mortgage rates took a steep dive in March, and that likely juiced sales. With rates now higher again, sales could falter.


Company: cnbc, Activity: cnbc, Date: 2019-04-24  Authors: diana olick, daniel acker, bloomberg, getty images
Keywords: news, cnbc, companies, month, sensitive, applications, week, spooking, fall, rate, weekly, buyers, highest, spring, higher, interest, rates, homes, sales, mortgage, points


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Boeing’s about to break below a key level, and here’s how one trader is playing the drop

There’s more trouble ahead for Boeing shares as the stock now faces a key level, according to TradingAnalysis.com founder Todd Gordon. “So resistance seems to be in place to attack this yellow line here, which is the 200-day moving average.” He says the stock could not only fall below its 200-day moving average, it could actually fall to around $340, which it hit in January. Gordon is buying the April 26 weekly 360-strike put and selling the April 26 weekly 340-strike put, and then pairing that


There’s more trouble ahead for Boeing shares as the stock now faces a key level, according to TradingAnalysis.com founder Todd Gordon. “So resistance seems to be in place to attack this yellow line here, which is the 200-day moving average.” He says the stock could not only fall below its 200-day moving average, it could actually fall to around $340, which it hit in January. Gordon is buying the April 26 weekly 360-strike put and selling the April 26 weekly 340-strike put, and then pairing that
Boeing’s about to break below a key level, and here’s how one trader is playing the drop Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-09  Authors: annie pei, steve parsons, pa images, getty images, david paul morris, bloomberg, source, adam jeffery, han haiden, visual china group
Keywords: news, cnbc, companies, key, 200day, gordon, average, trader, boeing, break, 340, weekly, stock, shares, moving, boeings, heres, drop, 26, playing, level


Boeing's about to break below a key level, and here's how one trader is playing the drop

There’s more trouble ahead for Boeing shares as the stock now faces a key level, according to TradingAnalysis.com founder Todd Gordon.

On Tuesday, shares of Boeing dropped more than 1 percent after the company saw deliveries and orders on its 737 jets plummet in the first quarter.

The stock is down more than 17 percent from its high on March 1, and as it approaches its 200-day moving average, Gordon suggests a break below could open up the flood gates to more pain.

“We’ve bounced from the 200-day moving average, traded up to $400, and you’ll notice that we’ve failed at that $400 mark, which is that gap down at the beginning of that new cycle,” he said Tuesday on CNBC’s “Trading Nation.” “So resistance seems to be in place to attack this yellow line here, which is the 200-day moving average.”

As a result, Gordon wants to short Boeing going into the company’s earnings report on April 24. He says the stock could not only fall below its 200-day moving average, it could actually fall to around $340, which it hit in January.

Since he’s not looking for “an all-out collapse” for shares of Boeing, Gordon says, he wants to play the stock using an options butterfly. In this case, he is using the combination of a put debit spread and a put credit spread.

Gordon is buying the April 26 weekly 360-strike put and selling the April 26 weekly 340-strike put, and then pairing that with the sale of the April 26 weekly 340-strike put and the purchase of the April 26 weekly 320-strike put. With this trade, Gordon is essentially betting that Boeing is headed to around the $340 level, at which he would make the most profit on his trade.

If Boeing shares were to close above $360 or below $320 on April 26 expiration, Gordon would lose a maximum of $279. But if Boeing were to close at $340 on April 26 expiration, then Gordon would make a maximum profit of $1,700.

Shares of Boeing were trading at $369.03 on Tuesday. The stock is down 16 percent from its 2019 high that it hit on March 1.


Company: cnbc, Activity: cnbc, Date: 2019-04-09  Authors: annie pei, steve parsons, pa images, getty images, david paul morris, bloomberg, source, adam jeffery, han haiden, visual china group
Keywords: news, cnbc, companies, key, 200day, gordon, average, trader, boeing, break, 340, weekly, stock, shares, moving, boeings, heres, drop, 26, playing, level


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Dow rises more than 150 points after Trump pushes back March trade deal deadline

Trump hinted last week that a delay may be happening when he said the early March deadline was not a “magical date.” “The market seems to expect a grand ‘trade deal’ soon that marks a NAFTA2 -like quiet end to President Trump’s trade actions,” Barry Bannister, head of institutional equity strategy at Stifel, wrote in a note. Sentiment was also lifted after General Electric announced it will sell its biopharmaceutical business to Danaher for $21.4 billion. Meanwhile, Barrick Gold launched a bid t


Trump hinted last week that a delay may be happening when he said the early March deadline was not a “magical date.” “The market seems to expect a grand ‘trade deal’ soon that marks a NAFTA2 -like quiet end to President Trump’s trade actions,” Barry Bannister, head of institutional equity strategy at Stifel, wrote in a note. Sentiment was also lifted after General Electric announced it will sell its biopharmaceutical business to Danaher for $21.4 billion. Meanwhile, Barrick Gold launched a bid t
Dow rises more than 150 points after Trump pushes back March trade deal deadline Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-25  Authors: fred imbert, scott eells, bloomberg, getty images
Keywords: news, cnbc, companies, 150, trump, levels, points, deadline, dow, trade, week, pushes, deal, weekly, president, major, rises, gold, newton


Dow rises more than 150 points after Trump pushes back March trade deal deadline

Trump hinted last week that a delay may be happening when he said the early March deadline was not a “magical date.” The news also comes after sources familiar with the situation told CNBC last week that the United States and China are discussing a late March meeting between Trump and Chinese President Xi Jinping in Florida.

“The market seems to expect a grand ‘trade deal’ soon that marks a NAFTA2 -like quiet end to President Trump’s trade actions,” Barry Bannister, head of institutional equity strategy at Stifel, wrote in a note. However, “major deals bring unexpected changes, and also the U.S./Europe (autos) conflict awaits.”

Sentiment was also lifted after General Electric announced it will sell its biopharmaceutical business to Danaher for $21.4 billion. News of the deal sent GE shares flying more than 8 percent. Danaher’s stock jumped 7.8 percent.

Meanwhile, Barrick Gold launched a bid to acquire Newmont Mining for $7 billion in an all-stock deal. If approved, the deal would come after years of stagnant gold prices. The precious metal has been trading between $1,000 and $1,400 per ounce in recent years.

The major indexes kicked off the week after notching solid weekly gains. Last week, the Dow and Nasdaq posted their ninth straight weekly gain, while the S&P 500 recorded its eight one-week gain in nine.

“While sentiment is growing a bit more constructive from its December 2018 pessimistic levels, it’s nowhere near levels of complacency that marked the peak around this time last year,” said Mark Newton, managing member at Newton Advisors. “Heading into the final week of February, there still seems to be little with regards to price or momentum lately that would suggest this trend is stalling out.”

—CNBC’s Spriha Srivastava and Eustance Huang contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-02-25  Authors: fred imbert, scott eells, bloomberg, getty images
Keywords: news, cnbc, companies, 150, trump, levels, points, deadline, dow, trade, week, pushes, deal, weekly, president, major, rises, gold, newton


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US crude oil exports hit a record last week at 3.6 million barrels a day

The United States exported a record amount of crude oil last week, as output from the nation’s shale fields continues to surge. That easily topped the previous all-time high of 3.2 million bpd set in November. Also last week, U.S. production hit a record 12 million bpd. On Tuesday, EIA forecast output from seven major U.S. shale fields will rise by 84,000 bpd next month to 8.4 million bpd. The U.S. will start consistently exporting more crude oil and petroleum products than it imports at the end


The United States exported a record amount of crude oil last week, as output from the nation’s shale fields continues to surge. That easily topped the previous all-time high of 3.2 million bpd set in November. Also last week, U.S. production hit a record 12 million bpd. On Tuesday, EIA forecast output from seven major U.S. shale fields will rise by 84,000 bpd next month to 8.4 million bpd. The U.S. will start consistently exporting more crude oil and petroleum products than it imports at the end
US crude oil exports hit a record last week at 3.6 million barrels a day Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-21  Authors: tom dichristopher, eddie seal, bloomberg, getty images
Keywords: news, cnbc, companies, fields, oil, exports, week, crude, weekly, million, shale, output, 36, bpd, day, record, barrels, hit


US crude oil exports hit a record last week at 3.6 million barrels a day

The United States exported a record amount of crude oil last week, as output from the nation’s shale fields continues to surge.

The nation shipped out just over 3.6 million barrels a day in the week through Feb. 15, according to the U.S. Energy Information Administration. That easily topped the previous all-time high of 3.2 million bpd set in November.

Also last week, U.S. production hit a record 12 million bpd. The reading is subject to significant revision, but this is the first time EIA’s weekly report has shown American output hitting the threshold. The weekly reading has been hovering at 11.9 million bpd for the last five weeks.

Much of that growing output is coming from U.S. shale fields, where drillers use advanced methods to squeeze crude oil and natural gas from rock formations. On Tuesday, EIA forecast output from seven major U.S. shale fields will rise by 84,000 bpd next month to 8.4 million bpd.

The U.S. notched the new export record despite China halting imports of American crude in recent months amid a trade dispute with Washington. China had emerged as the biggest buyer of U.S. oil prior to that.

Shipping data indicates that China was scheduled to receive its first cargoes of crude oil from the U.S. in months around Feb. 17, but it was not immediately clear if those shipments were baked into last week’s figures.

To be sure, weekly U.S. exports rise and fall by wide margins from week to week.

The U.S. will start consistently exporting more crude oil and petroleum products than it imports at the end of next year, EIA recently forecast.


Company: cnbc, Activity: cnbc, Date: 2019-02-21  Authors: tom dichristopher, eddie seal, bloomberg, getty images
Keywords: news, cnbc, companies, fields, oil, exports, week, crude, weekly, million, shale, output, 36, bpd, day, record, barrels, hit


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Weekly mortgage applications rise 3.6%, a sign of hope for the spring homebuying season

Mortgage application volume increased 3.6 percent last week from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Applications to purchase a home increased 2 percent for the week — the first uptick in a month — a sign of optimism in the housing market. “After four consecutive declines, purchase applications increased almost 2 percent over the week and 2.5 percent compared to a year ago — showing some promise as we edge closer to the spring homebuying


Mortgage application volume increased 3.6 percent last week from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Applications to purchase a home increased 2 percent for the week — the first uptick in a month — a sign of optimism in the housing market. “After four consecutive declines, purchase applications increased almost 2 percent over the week and 2.5 percent compared to a year ago — showing some promise as we edge closer to the spring homebuying
Weekly mortgage applications rise 3.6%, a sign of hope for the spring homebuying season Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-20  Authors: lisa rizzolo, getty images
Keywords: news, cnbc, companies, spring, rate, season, 36, homebuying, rise, mortgage, hope, according, sign, increased, volume, weekly, applications, singlefamily, week, sales, traffic


Weekly mortgage applications rise 3.6%, a sign of hope for the spring homebuying season

Mortgage application volume increased 3.6 percent last week from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.

Applications to purchase a home increased 2 percent for the week — the first uptick in a month — a sign of optimism in the housing market.

“After four consecutive declines, purchase applications increased almost 2 percent over the week and 2.5 percent compared to a year ago — showing some promise as we edge closer to the spring homebuying season,” said Joel Kan, MBA associate vice president.

Some real estate agents have reported surprise at better-than-expected traffic at open houses this month, and the new numbers seem to confirm those perceptions.

Still, overall volume was 2.3 percent lower than a year ago.

The biggest boost came from applications to refinance a home loan, which are far more sensitive to weekly interest rate moves. The 30-year fixed rate was essentially unchanged at 4.66 percent. Homeowners clearly saw an opportunity, as refinance applications increased 6 percent from the previous week. They were 8 percent lower than a year ago.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $484,350) increased to 4.56 percent from 4.48 percent, with points decreasing to 0.23 from 0.27 (including the origination fee) for 80 percent loans. The effective rate increased from last week.

The positive numbers in mortgage application volume are in line with this month’s homebuilder sentiment, which rose 4 points, according to a monthly survey from the National Association of Home Builders/Wells Fargo Housing Market Index. That index showed an increase in buyer traffic, sales expectations and current sales conditions in February.

Builders still point to a concern in affordability, however, which is at a 10-year low, according to the index’s data. There continues to be a critical shortage of affordable single-family homes for sale.

“Ongoing job creation and solid household formations will keep demand firm, but builders will continue to grapple with supply-side headwinds that will dampen more vigorous growth in the single-family sector,” said NAHB chief economist Robert Dietz.


Company: cnbc, Activity: cnbc, Date: 2019-02-20  Authors: lisa rizzolo, getty images
Keywords: news, cnbc, companies, spring, rate, season, 36, homebuying, rise, mortgage, hope, according, sign, increased, volume, weekly, applications, singlefamily, week, sales, traffic


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‘Panic buying’ likely to drive stock market higher in the near term

Stocks could get a short-term boost as fear of missing out on gains leads more investors to plow more money into the U.S. equity market, analysts said. The S&P 500 rose more than 2 percent last week, posting its seventh weekly gain in the last eight. The surge in stocks comes as investors increasingly bet China and the U.S. will strike a trade deal in the near future. “It seems a ‘panic buying’ mood, with purchases by investors who had been lagging the broader market, has strengthened,” Masanari


Stocks could get a short-term boost as fear of missing out on gains leads more investors to plow more money into the U.S. equity market, analysts said. The S&P 500 rose more than 2 percent last week, posting its seventh weekly gain in the last eight. The surge in stocks comes as investors increasingly bet China and the U.S. will strike a trade deal in the near future. “It seems a ‘panic buying’ mood, with purchases by investors who had been lagging the broader market, has strengthened,” Masanari
‘Panic buying’ likely to drive stock market higher in the near term Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-19  Authors: fred imbert, spencer platt, getty images news, getty images
Keywords: news, cnbc, companies, near, panic, stocks, tightening, market, drive, investors, weekly, term, trade, weak, higher, week, trend, likely, stock, buying


'Panic buying' likely to drive stock market higher in the near term

Stocks could get a short-term boost as fear of missing out on gains leads more investors to plow more money into the U.S. equity market, analysts said.

The S&P 500 rose more than 2 percent last week, posting its seventh weekly gain in the last eight. The surge in stocks comes as investors increasingly bet China and the U.S. will strike a trade deal in the near future. It also follows the Federal Reserve signaling it will be patient in tightening monetary policy.

“It seems a ‘panic buying’ mood, with purchases by investors who had been lagging the broader market, has strengthened,” Masanari Takada, a cross-asset strategist at Nomura, said in a note Monday. “Systematic trend followers that had temporarily suspended buying after the weak US retail sales print have also been compelled to follow the market by adding fresh longs.”


Company: cnbc, Activity: cnbc, Date: 2019-02-19  Authors: fred imbert, spencer platt, getty images news, getty images
Keywords: news, cnbc, companies, near, panic, stocks, tightening, market, drive, investors, weekly, term, trade, weak, higher, week, trend, likely, stock, buying


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Traders expect Nvidia to see a huge move on earnings

Nvidia finds itself right in the middle of the pack, rallying 15 percent after a brutal end to 2018 cut the stock in half. “The implied movement is pretty big, and [Nvidia] has been an aggressive mover on earnings news over the last few months,” Nathan said Wednesday on CNBC’s “Fast Money.” “If you think back to Nov. 15, the company reported a very disappointing result, the stock was down 20 percent. Nathan noted that the current implied move for Nvidia stock is roughly 7 percent in either direc


Nvidia finds itself right in the middle of the pack, rallying 15 percent after a brutal end to 2018 cut the stock in half. “The implied movement is pretty big, and [Nvidia] has been an aggressive mover on earnings news over the last few months,” Nathan said Wednesday on CNBC’s “Fast Money.” “If you think back to Nov. 15, the company reported a very disappointing result, the stock was down 20 percent. Nathan noted that the current implied move for Nvidia stock is roughly 7 percent in either direc
Traders expect Nvidia to see a huge move on earnings Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-14  Authors: tyler bailey, akio kon, bloomberg, getty images, andrew caballero-reynolds, afp, david a grogan
Keywords: news, cnbc, companies, earnings, traders, weekly, company, stock, huge, options, implied, price, expect, 15, nvidia, atthemoney


Traders expect Nvidia to see a huge move on earnings

Chip stocks are ripping in 2019, can Nvidia’s earnings report keep the rally going? 23 Hours Ago | 03:43

Semiconductors are surging this year. The SMH ETF that tracks the space is up 17 percent in 2019, with a number of names in the group soaring double digits.

Nvidia finds itself right in the middle of the pack, rallying 15 percent after a brutal end to 2018 cut the stock in half. The company is scheduled to report earnings after the bell Thursday, and while Nvidia issued a warning last month, the options market is still expecting a big move for the chip stock, said RiskReversal.com’s Dan Nathan.

“The implied movement is pretty big, and [Nvidia] has been an aggressive mover on earnings news over the last few months,” Nathan said Wednesday on CNBC’s “Fast Money.” “If you think back to Nov. 15, the company reported a very disappointing result, the stock was down 20 percent. Then, just last month, Jan. 25, the company pre-announced a negative quarter and the stock was down 15 percent,” he added.

Nathan noted that the current implied move for Nvidia stock is roughly 7 percent in either direction.

But what is an implied move, and how do you calculate it?

The implied move refers to the price of the at-the-money put plus the price of the at-the-money call, divided by the strike price. This can help give investors clues as to where the options market expects a particular stock to trade by a given date.

“If I know that [Nvidia] is reporting on Thursday after the close, I can look at the at-the-money straddle, the weekly options. When the stock was trading at $155, the weekly 155-call was offered at $5.50, the weekly 155-put was offered at $5.50. Together, that makes $11,” Nathan said.


Company: cnbc, Activity: cnbc, Date: 2019-02-14  Authors: tyler bailey, akio kon, bloomberg, getty images, andrew caballero-reynolds, afp, david a grogan
Keywords: news, cnbc, companies, earnings, traders, weekly, company, stock, huge, options, implied, price, expect, 15, nvidia, atthemoney


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Gold holds firm on trade, growth worries; heads for weekly fall

Gold held steady on Friday on worries that a prolonged Sino-U.S. trade war could worsen global economic slowdown, but a strong dollar put bullion on track for its first weekly loss in three. The two countries had taken a 90-day hiatus in their trade war to work out a deal. Stocks pulled back sharply around the world on fears of a global growth slowdown spreading to Europe and uncertainties around U.S.-China trade tensions. “People are still not sure in what direction the trade war might go,” Sha


Gold held steady on Friday on worries that a prolonged Sino-U.S. trade war could worsen global economic slowdown, but a strong dollar put bullion on track for its first weekly loss in three. The two countries had taken a 90-day hiatus in their trade war to work out a deal. Stocks pulled back sharply around the world on fears of a global growth slowdown spreading to Europe and uncertainties around U.S.-China trade tensions. “People are still not sure in what direction the trade war might go,” Sha
Gold holds firm on trade, growth worries; heads for weekly fall Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-08  Authors: getty images
Keywords: news, cnbc, companies, war, heads, global, weekly, firm, dollar, fall, steady, worries, growth, week, countries, trade, strong, holds, gold


Gold holds firm on trade, growth worries; heads for weekly fall

Gold held steady on Friday on worries that a prolonged Sino-U.S. trade war could worsen global economic slowdown, but a strong dollar put bullion on track for its first weekly loss in three.

Spot gold was steady at $1,309.34 per ounce, as of 0320 GMT, after the metal hit its lowest since Jan. 29 at $1,302.11 on Thursday.

U.S. gold futures were also unchanged at $1,313.10.

U.S. President Donald Trump said on Thursday he did not plan to meet with Chinese President Xi Jinping before a March 1 deadline set by the two countries to achieve a trade deal. The two countries had taken a 90-day hiatus in their trade war to work out a deal.

Stocks pulled back sharply around the world on fears of a global growth slowdown spreading to Europe and uncertainties around U.S.-China trade tensions.

“Some of our growth indicators are clearly seeing easing global activity and trade volumes are being hit. That makes people cautious and could derive support for gold around $1,300-$1,330 range,” said John Sharma, an economist with National Australian Bank.

The European Commission on Thursday sharply cut its forecasts for euro zone economic growth this year and next on expectations the bloc’s largest countries will be held back by global trade tensions and domestic challenges.

“People are still not sure in what direction the trade war might go,” Sharma said, adding that the U.S. dollar’s strength was also capping gold’s gains.

The dollar index, a gauge of its value versus six major peers, was hovering close to its two-week high.

“The negative trade talk headlines saw some safe-haven buying re-emerge,” ANZ analysts said in a note, adding that sharp falls in equity markets had been supportive for gold.

Bullion prices have risen about 13 percent since touching over 1-1/2-year lows in August, mostly due to volatile stock markets, a pull-back in dollar and dovish U.S. Federal Reserve.

But, a strong dollar, which makes bullion more expensive for holders of other currencies, has driven gold down 0.6 percent for this week.

Gold’s pull back from a nine-month high of $1,326.30 touched last week has driven outflows in the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust.

SPDR gold holdings fell for a fifth straight session on Thursday, shedding over 1 percent for the week in what could be their worst fall since the week ended Oct. 7.

Among other precious metals, palladium stood firm at $1,386 an ounce, silver was down 0.1 percent at $15.70 and platinum was 0.4 percent lower at $793.


Company: cnbc, Activity: cnbc, Date: 2019-02-08  Authors: getty images
Keywords: news, cnbc, companies, war, heads, global, weekly, firm, dollar, fall, steady, worries, growth, week, countries, trade, strong, holds, gold


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Weekly mortgage applications fall 2.5% despite a sharp drop in rates

Overall mortgage application volume fell 2.5 percent last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Purchase volume pulled back the most, with those applications falling 5 percent for the week and 2 percent annually. Home sales fell at the end of the year, but so did mortgage rates, and agents report seeing higher demand in direct response to lower rates. The average contract interest rate for 30-year fixed-rate mortgages wit


Overall mortgage application volume fell 2.5 percent last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Purchase volume pulled back the most, with those applications falling 5 percent for the week and 2 percent annually. Home sales fell at the end of the year, but so did mortgage rates, and agents report seeing higher demand in direct response to lower rates. The average contract interest rate for 30-year fixed-rate mortgages wit
Weekly mortgage applications fall 2.5% despite a sharp drop in rates Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-06  Authors: diana olick, ty wright, bloomberg, getty images
Keywords: news, cnbc, companies, applications, sharp, higher, fall, loan, lower, ago, despite, mortgage, volume, 25, interest, week, rates, rate, weekly, drop


Weekly mortgage applications fall 2.5% despite a sharp drop in rates

Mortgage demand continued to weaken, with homebuyers retreating the most last week.

Overall mortgage application volume fell 2.5 percent last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Volume was nearly 10 percent lower than a year ago.

Purchase volume pulled back the most, with those applications falling 5 percent for the week and 2 percent annually. The signals are mixed, as real estate agents are reporting a surge in potential buyer activity through open houses in the past few weeks. Home sales fell at the end of the year, but so did mortgage rates, and agents report seeing higher demand in direct response to lower rates.

“I absolutely think it’s the interest rate, especially when they’re getting a 30-year mortgage and they’re going to be stuck with it for a long time,” said Laura Barnett, a Dallas area real estate agent who was surprised by the crowd of house hunters who came to one of her open houses last Sunday. “They have to make a really wise decision. They can always refinance later if it goes down, but they can never get this rate again if it goes back up.”

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($484,350 or less) decreased to 4.69 percent from 4.76 percent last week, with points decreasing to 0.45 from 0.47 (including the origination fee) for loans with a 20 percent down payment. That rate was the lowest since April and just 19 basis points higher than one year ago.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $484,350) decreased to 4.50 percent from 4.60 percent.

“Despite more favorable borrowing costs, and after a three-week surge in activity, purchase applications have slowed over the past two weeks, and are now almost 2 percent lower than a year ago,” said Joel Kan, an MBA economist. “However, moderating price gains and the strong job market, including evidence of faster wage growth, should help purchase growth going forward.”

Applications to refinance a home loan, which are far more rate-sensitive week to week, increased 0.3 from the previous week but were still 19 percent lower than a year ago. Many borrowers already refinanced to rates in the 3 percent range a few years ago, so there is not a lot of incentive now to go through the process. For those who want to take cash out, they are now more likely to take out a second loan or line of credit rather than give up their current rock-bottom rate.

Mortgage rates started this week slightly higher, but then stabilized. There is no major economic data expected later this week to cause more volatility, but there is always the potential for political issues at home and abroad to cause major moves in the bond market.


Company: cnbc, Activity: cnbc, Date: 2019-02-06  Authors: diana olick, ty wright, bloomberg, getty images
Keywords: news, cnbc, companies, applications, sharp, higher, fall, loan, lower, ago, despite, mortgage, volume, 25, interest, week, rates, rate, weekly, drop


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The future of the movie experience: AMC versus MoviePass

The streaming wars continue to revolutionize how consumers are able to get their content, making it easier than ever for people to enjoy movies. Platforms like Netflix, Hulu and YouTube are putting the pressure on theaters to find a way to keep customers to enjoy the movie going experience. Both AMC Theaters and MoviePass offer their own unique plans, but which one is better? Jon Fortt sits down with Ed Lee of the NY Times, AMC CEO Adam Aron and MoviePass CEO Mitch Lowe to discuss the changing l


The streaming wars continue to revolutionize how consumers are able to get their content, making it easier than ever for people to enjoy movies. Platforms like Netflix, Hulu and YouTube are putting the pressure on theaters to find a way to keep customers to enjoy the movie going experience. Both AMC Theaters and MoviePass offer their own unique plans, but which one is better? Jon Fortt sits down with Ed Lee of the NY Times, AMC CEO Adam Aron and MoviePass CEO Mitch Lowe to discuss the changing l
The future of the movie experience: AMC versus MoviePass Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-05  Authors: jonathan kim, jon fortt
Keywords: news, cnbc, companies, model, enjoy, theaters, future, moviepass, youtube, fortt, movie, amc, versus, ceo, experience, weekly


The future of the movie experience: AMC versus MoviePass

The streaming wars continue to revolutionize how consumers are able to get their content, making it easier than ever for people to enjoy movies. Platforms like Netflix, Hulu and YouTube are putting the pressure on theaters to find a way to keep customers to enjoy the movie going experience.

One solution: Bring the subscription model to the theaters.

Both AMC Theaters and MoviePass offer their own unique plans, but which one is better? And can this model last?

Jon Fortt sits down with Ed Lee of the NY Times, AMC CEO Adam Aron and MoviePass CEO Mitch Lowe to discuss the changing landscape of the movie business. Plus, CNBC’s Julia Boorstin joins from Sun Valley.

Fortt Knox is a weekly podcast from CNBC anchor Jon Fortt . Previous episodes of the program can be found here.


Company: cnbc, Activity: cnbc, Date: 2019-02-05  Authors: jonathan kim, jon fortt
Keywords: news, cnbc, companies, model, enjoy, theaters, future, moviepass, youtube, fortt, movie, amc, versus, ceo, experience, weekly


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