Wednesday – August 20
The Mortgage Bankers Association reported that its Market Composite Index, a measure of total loan application volume, rose by 1.4% in the latest week as home loan rates continue to hover near 12-month lows. However, the purchase index fell by 0.4% and continue to disappoint with low numbers despite the low interest rate environment. The refinance index rose by 3% and now makes up 55% of total mortgage activity.
Home improvement retailer Lowe’s reported today that second quarter profits and revenues rose, but announced that future earnings will be lower than previously expected. The company earned $1.04 per share compared with 88 cents from a year ago and above the $1.02 expected. Lowe’s said that full year revenues have been cut due to the cooler than expected summer, slowing the sales of air conditioners. In addition, the retailer cited disappointing sales of appliances and increased competition for the shortfall in 2014 revenues.
The highly regarded Jackson Hole Economic Symposium begins this week with one of the main speakers being the U.S. Fed Chair, Janet Yellen. As the new Fed Chair she is expected to speak on global and domestic economies on Thursday, where she may reveal whether or not employment has healed enough for interest rates here in the U.S. to begin to rise. *Jackson Hole Economic Symposium is an annual symposium sponsored by the Federal Reserve Bank of Kansas City since 1978, and held in Jackson Hole, Wyoming, since 1981. The Symposium focuses on important economic issues that faces U.S. and world economies. Participants include prominent central bankers and finance ministers, as well as academic luminaries and leading financial market players from around the world.
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