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Prospective home buyers view a kitchen while touring a model home at a PulteGroup housing development in Albuquerque, New Mexico.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased to 3.62 percent, the lowest level since July, from 3.66 percent, with points decreasing to 0.32 from 0.33 (including the origination fee) for 80 percent loan-to-value ratio loans.
German politicians have accused the U.S. of waging economic war against Germany as concern continues to rise among the country’s political and corporate elite over the future of Deutsche Bank, its biggest lender.
Some of Germany’s top industrial chiefs have also rallied to the bank’s side following the market storm that last week threatened to engulf Deutsche, stressing its importance to the German economy and expressing confidence in the leadership of John Cryan, the bank’s chief executive.
Deutsche has been under intense pressure since the U.S. Department of Justice requested it pay $14 billion to settle claims of mis-selling mortgage securities last month, sparking fears about the bank’s capital levels. Shares in the bank fell below €10 to their lowest level since 1983 before bouncing back on Friday after some media reports suggested Deutsche was close to a much smaller $5.4 billion deal with the U.S. authorities.
The big issue in Europe in relation to banks
Director of Research and Chief Equity Strategist at Keefe, Bruyette & Woods, Frederick Cannon discusses mortgages and global growth.