| Rate cut sparks rush to refinance mortgages
This is a great time for customers to achieve homeownership in a way that is sustainable for the long term." West Des Moines-based Wells Fargo Home Mortgage is part of Wells Fargo & Co., the nation's largest mortgage lender and the largest private employer in the Des Moines area.
In general, a mortgage is deemed "refinanceable" if it is 0.40 percentage point above current average mortgage rates. And the recent drops in mortgage rates could lead to the refinancing of as many as 7 million mortgages, or more than 70 percent of U.S. mortgages, according to estimates by Tony Crescenzi, a fixed-income analyst at Miller Tabak. David Motley, president of Fort Worth, Texas-based Colonial National Mortgage, which originates loans in all 50 states, is expecting an even larger applications surge this week and beyond.
Gold stocks benefit from $US1000 per oz on horizon
A RISE in the gold price to a new record has boosted support for gold stocks and listings, as existing gold producers restructure books to take full advantage of higher prices for the precious metal. The spot gold price rose above $US900 ($A1000) an ounce overnight to a 28-year high of $US914, as investors sought the safety of the yellow metal amid concerns about the outlook for the US dollar and economy. A year ago, metal analysts baulked at predictions the gold price could reach $US1000 an ounce. But today the broad consensus is that gold will reach that level soon, with some experts tipping a rise to $US1100 in 2008. CommSec chief equities economist Craig James said gold is rising primarily because of weakness in the US dollar and inflationary concerns. "If European and Asian currencies are strengthening, it means that buyers of gold in those regions have greater purchasing power and can effectively buy more gold for the same outlay," Mr James said.
January 2008 - Posts
SAN DIEGO—A Univision satellite truck was waiting for me as I pulled up to a real-estate and loan office a dozen miles from the Mexican border. A sparse crowd—about twenty people—was schmoozing inside while the correspondent filmed a stand-up in Spanish Read More... .
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