links for 2010-10-06
Hoisted from Archives: Satiation?

The Ferocious Invisible Bond Market Vigilantes Are Back!

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Sue Chang:

Freddie Mac: 30-year mortgage slides to record low - MarketWatch: Thursday the 30-year fixed-rate mortgage average fell to a new record low of 4.27% with an average 0.8 point for the week ending Oct. 7. In the previous period, the average was 4.32%, and the year-ago average was 4.87%. "The 12-month growth rate in the core price index for personal consumption, which the Federal Reserve closely tracks, has been drifting lower over the past six months ending in August and suggests inflation is running at a tepid pace at best. This allowed mortgage rates to ease to new or near record lows this week," said Frank Nothaft, Freddie Mac chief economist, in a statement. "Housing affordability increased for the second month in a row in August to tie April's level, according to the National Association of Realtors. As a result, pending existing home sales also rose for the second consecutive month in August to the strongest pace in four months, the NAR also reported. Furthermore, since the end of August, mortgage applications for home purchases were up over 14% for the week ended October 1."