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On Wednesday, the Mortgage Bankers Association released data showing a sharp drop of 0.7% in mortgage applications from a week prior. The MBA’s report blamed higher interest rates on fixed-rate mortgages as the cause for the downturn. Currently, these rates are at a two-year high.
Monday saw a drop in gold prices as investors look to the Federal Reserve to raise interest rates next week. The misguided selloff comes despite almost certain future inflation levels, and many traders are likely to backtrack their bets in the coming months. Higher interest rates will add to inflationary pressures. Leveraged businesses will find […]
Since it was first proposed last April, trading gold as a commodity within Islamic finance is now a reality. The pro-gold law was first adopted on November 19 by the Accounting and Auditing Organization for Islamic Financial Institutions, which sets Sharia Law standards for finance groups. Historically, Islamic investments have been guided by Sharia Law, which […]
Trump has pegged the next US Treasurer, Steven Mnuchin, who’s already begun making bold statements about tax cuts and revamping Fannie Mae and Freddie Mac. Italy may hold the keys to a European market crisis and Bernanke tells the Fed to keep their economic predictions to themselves. This much and more in this week’s Fed […]
Donald Trump’s US Treasury nominee Steven Mnuchin sent mortgage markets into a frenzy when he said privatization of Fannie Mae and Freddie Mac should begin and that the incoming administration would “get it done reasonably fast.” Comments about the two mortgage finance titans shot their stocks up over 30% according to Bloomberg. Both financial institutions […]
A man from the French region of Normandy recently inherited a house from a deceased relative, only to discover his newly acquired home was actually a secret gold depository. Throughout the house, the man found a total of 220 lbs (3208.33 Troy oz.) of gold coins and bars totaling $3.7 million. The man’s identity has […]
The southern African Republic of Zimbabwe knows all about currency crisis. In 2009, the country was forced to stop printing its own currency because inflation levels had grown to astronomical proportions. At its highest levels during 2008 and 2009, Zimbabwe’s inflation rate was estimated to have reached 79.6 billion percent. Eventually, the struggling republic was […]
The majority of Americans know the basics behind the story of the pilgrims’ 1620 journey on the Mayflower, their eventual landing at Plymouth Harbor, and the physical and mental hardships they faced helping form the first permanent settlement of Europeans in New England. Native American tribes like the Pokanoket were instrumental in helping the Pilgrims […]
Last week, St. Louis Federal Reserve economist William Emmons presented a study showing American home ownership declining at a rate that’s projected to return levels to the 1950s. In a presentation entitled “Is Home Ownership Still the American Dream?” Emmons explains how the increase in home ownership of post-WWII was fueled by many factors, including […]
Next to Donald Trump’s economic policies, one of the most spirited economic debates at the moment involves which direction the dollar will move in the coming months. While Goldman Sachs is predicting the dollar and euro will reach a value equivalency by Q4 of 2017, other analysts see the greenback trending downward next year. The […]
