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Jan 12, 2011

Mortgage applications rose last week

NEW YORK — The number of people applying for a mortgage rose last week as lower rates lured more borrowers to refinance. The Mortgage Bankers Association said Wednesday its overall mortgage application index increased 2.2 percent from the previous week. The refinance index rose 4.9 percent, while the purchase index slipped 3.7 percent last week. […]

Jan 11, 2011

Fed official: $600B bond program could backfire

WASHINGTON — A member of the Federal Reserve’s policymaking committee suggested Tuesday that the Fed may need to scale back its $600 billion Treasury bond-buying program if the U.S. economy grows more quickly than expected. But Charles Plosser, who becomes a voting member this year, is unlikely to sway the other members, based on speeches […]

Dec 30, 2010

Average rate on 30-year mortgage up to 4.86 pct.

NEW YORK — The average rate on 30-year fixed mortgages rose this week to the highest level in seven months, reflecting higher yields on long-term Treasurys. Freddie Mac says the rate increased to 4.86 percent from 4.81 percent in the previous week. It hit a 40-year low of 4.17 percent last month. The average rate […]

Nov 24, 2010

Consumers spend and earn more, layoffs slow

WASHINGTON — Americans earned more and spent more last month, and the number of people applying for unemployment benefits dropped last week to the lowest level in more than two years. At the same time, demand for long-lasting manufactured goods fell off. All told, the latest government data released the day before Thanksgiving suggest an […]

Nov 14, 2010

U.S. plan to buy T-bonds annoys rival nations

WASHINGTON — The Federal Reserve’s plan to buy more Treasury bonds has incited critics at home to complain that high inflation and financial turmoil are inevitable. It turns out many foreigners are pretty angry, too. They say the Fed’s $600 billion program is a scheme to give U.S. exporters an unfair edge — one that […]

Oct 15, 2010

Gov’t: No increase for Social Security next year

WASHINGTON — More than 58 million retirees and disabled Americans will get no increase in Social Security benefits next year, the second year in a row without a raise. The Social Security Administration said Friday inflation has been too low since the last increase in 2009 to warrant an increase for 2011. The announcement marks […]

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