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Economy - Wednesday Thursday, February 04, 2010
U.S. mortgage applications surge
A gauge of home loan demand in the U.S. shot up 21% to a 6-week high of 620.7 in the week ended Jan. 29 as buyers took advantage of low interest rates and the federal tax credit, the Mortgage Bankers Association said
The group's refi gauge leapt 26.3% as the average 30-year mortgage rate dipped to 5.01%, which is expected to rise later this year. The purchase index climbed 10%, suggesting that a renewed and expanded gov't tax credit is spurring demand after sales fell late last year on expectations the incentive would expire.
Euro zone, U.K. services slow
The 16-nation bloc's service sector expanded at a slightly slower pace in Jan. as Markit's purchasing managers' index fell to 53.5 vs. 53.6 in Dec. It was the 5th straight month the gauge stayed above the boom-bust 50 mark. A growing concern is that while services in Germany, France and Italy continued to expand, albeit slower, the service sector slump in Ireland and Spain deepened. Separately, heavy snow and a sales-tax hike led to an unexpected slowing in the U.K. service sector in Jan. But investors still expect the Bank of England to halt its pro-growth quantitative easing program this week.
Britain's consumer confidence rose in Jan. as the labor market showed signs of revival, suggesting the recovery is on track. A sentiment measure rose 3 points to 73, nearly double the low of 39 a year ago.
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