The Mortgage Bankers Association sees fewer mortgage originations in its latest forecast than it forecast earlier in the year. Higher market rates are mostly to blame, they say. As a result, they forecast a dip in existing home sales this year by 1.2% and in new homes by 27% versus 2008. Lousy housing markets will keep banks and the economy under pressure ahead, traders fear.
EUR/USD is consolidating around the 1.3870 level as US share prices stabilize. Oil is off its lows as well, above $67 once again. Copper continues to be off-loaded, down more than 0.12 cents a pound or 5.3%.
