Increasing interest rates are crushing mortgages in both purchases and refi’s. According to the Mortgage bankers Assoc. the purchase index fell 3.0% and the refi dropped 20.0% for a composite index of -13.5%. Wholesale trade increased 0.1% the same as the rise in sales yet under the estimated increase of 0.3%. Overall the industry is stable with the exception of farm products with inventories falling 10.1% following a mid-single drop for the last two months. The three month drop in inventories could show up in the supermarket soon as shortages can push up prices. There is some exciting news in the oil industry; there was a big jump in domestic oil production to 7.8 M barrels which is just under oil imports of 8.0million barrels. Refineries are operating at 92.5% of capacity building gas inventories which climbed 1.7 million barrels.
Posted on: Wed, 11 Sep 2013 18:12:46 +0000
Trending Topics
Recently Viewed Topics
© 2015