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Archive for the Economic News Category

Consumer Confidence Hits 18-Year High

Consumer confidence rose in September, reaching the highest level in 18 years. According to the results of a survey conducted by the Conference Board, a global independent research organization, consumer confidence hit 138.4 in September, surpassing August’s level of 134.7. This is close to the all-time high of 144.7 in 2000, the Conference Board stated.  Economists at Reuters estimated consumer confidence level to reach 132 in September. “Consumers’ assessment of current conditions remains extremely favorable, bolstered by a strong economy and robust job growth,” said Lynn Franco, director of economic indicators at the Conference Board. “These historically high confidence levels should

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Mortgage rates reach highest levels in seven years

Investors Concerned by ECB, Economic Data on Target Overview: Over the past week, mortgage rates reached their highest levels in seven years, mainly due to comments by a European Central Bank (ECB) official. The major U.S. economic data came in close to expectations and caused little reaction. On Monday, comments from an ECB official were viewed by investors as a little more hawkish than expected, meaning in favor of a faster pace of rate hikes. François Villeroy de Galhau, the governor of the Bank of France, said that the ECB might soon provide guidance about the timing of its first

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Home sales strengthen, rates rise

Stocks Drop, Rates Rise, Home Sales Strengthen Overview: The stock market dropped sharply over the past week. Normally, this would result in investors shifting assets to bonds, and the added demand would push yields lower. However, that was not the case this week, and mortgage rates ended at the highest levels in four years. Several big-picture factors negatively affected mortgage rates over the past week. Investor expectations for future inflation increased. Investors also raised their outlook for the pace of tightening by the Federal Reserve, meaning that they now view four rate hikes this year as more likely. The supply of

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