Daily Market Commentary for September 29, 2011
Bank of American line of crap to consumers is getting thick and annoying.
(read more at Millennium-Traders.Com) http://www.millennium-traders.com/news/newscommentary.aspx
A bill to keep the federal government running until Tuesday passed the House of Representatives today which averted shutdown. House lawmakers approved the bill with a unanimous voice vote, which the Senate cleared on Monday. The bill paves the way for a vote next week on a separate stopgap bill that funds the government through November 18.
Freddie Mac reported for week ending September 29, the average rate on a 30-year fixed-rate mortgage fell to a record low of 4.01%, from 4.09% in prior week. "Fixed mortgage rates fell to all-time record lows this week following the Federal Reserve's announcement of its Maturity Extension Program and additional purchases of mortgage-backed securities," said Frank Nothaft, Freddie Mac's chief economist, in a statement. In Freddie Mac's data for the five regions, here are what rates hit: in the West 3.95%; in the Northeast 4.01%; in the North Central 4.02%; in the Southwest 4.08% and in the Southeast 4.09%. A year ago, the overall 30-year rate was at 4.32%. In most recent week, the average rate on a 15-year fixed-rate mortgage hit a record low of 3.28% from 3.29% in previous week. The 5-year Treasury-indexed hybrid adjustable-rate mortgage remained at 3.02%, while the 1-year Treasury-indexed ARM ticked higher to 2.83% from 2.82%.
Per the Labor Department, new applications for unemployment benefits plummeted by 37,000 last week to 391,000 to mark the lowest level since April, but a government official suggested the surprising drop may have stemmed from a variety of "technical" issues not captured by normal seasonal adjustments. Initial claims from two weeks ago were revised up to 428,000 from an original reading of 423,000. Average new claims over the past four weeks fell by 5,250 to 417,000. The number of Americans who continue to receive regular state unemployment checks declined by 20,000 to 3.73 million in the week ended September 17. Nearly 6.98 million people received some form of state or federal benefit in the week of September 10, up 95,242 from previous week.
The Commerce Department reported U.S. real gross domestic product for Q2 was revised to an increase of 1.3% annualized rate from earlier estimate of a 1.0% rise. The revision to second-quarter GDP was largely due to a pickup in construction spending and slightly faster consumer spending. A key measure of inflation was revised higher. The core personal consumption index, excluding food and energy prices, increased 2.3% up from 2.2% as reported earlier. Before tax corporate profits were revised higher with an increase of 0.7% quarter-to-quarter, up from the 0.5% as reported earlier.
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