August 13, 2020

Coronavirus latest: Kate Spade parent sales fall less than expected on recovery in China

US stocks hover close to record as Treasuries remain steady

US stocks slipped yet stayed close to an all-time high while Treasuries steadied after a three-day selling bout as investors turned their attention to economic data and this week’s large sales of bonds.

The 10-year Treasury note yield trimmed an earlier decline to be little changed at 0.688 per cent. The tame performance for US debt comes after a significant sell-off in recent days. Yields have risen 12 basis points since the end of July, after tumbling in February, when coronavirus fears gripped financial markets.

Treasuries have come under pressure this week as investors shifted into equities, pushing the Wall Street benchmark S&P 500 index briefly above its all-time closing high on Wednesday. The US index opened Thursday’s session 0.2 per cent lower. The index, at 3372.43 points, is just shy of its intraday record of 3,393.52 struck in mid-February.

Equities in Europe remained under pressure on Thursday. The continent-wide Stoxx 600 accelerated its slide once New York opened to shed 0.7 per cent in early afternoon trading. Markets in Frankfurt, Paris and London tumbled, with the FTSE 100 in particular shedding 1.2 per cent.

Mortgage refinancing more expensive as Fannie Mae, Freddie Mac raise fees

Signage stands outside the Freddie Mac headquarters in McLean, Virginia, U.S., on Tuesday, Oct. 1, 2019.

Andrew Harrer | Bloomberg | Getty Images

Consumers will have to pay more to refinance their mortgages after Fannie Mae and Freddie Mac announced that they are raising fees for lenders on the loans.

The change is designed to shield the two entities from the additional risk brought on by the coronavirus pandemic. In a letter to lenders, Fannie Mae specifically cited “market and economic uncertainty resulting in higher risk and costs.”

The price adjustment adds 0.5{6b17707e448e34f54d6d1a9e433426abf2addbba8938cba1c35a09fc0ada7803} of the loan amount to the consumer’s cost. That amounts to $1400 on the average mortgage originated today. It will begin in September, which means it will basically apply to all refinances that aren’t already in process.

The move was met by strong criticism from the mortgage industry, seen as a slap in the face of the one sector of the economy that has been thriving during the pandemic.

“This announcement is bad for our nation’s homeowners and the nascent economic recovery,” wrote Bob Broeksmit, CEO of the Mortgage Bankers Association in a statement. “Requiring Fannie Mae and Freddie Mac to charge a 0.5{6b17707e448e34f54d6d1a9e433426abf2addbba8938cba1c35a09fc0ada7803} fee on refinance

Day Nationwide Lockdown, Monetary Markets To Continue Functioning

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ABCs Of Banking

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