Fed’s Beige Book: Modest growth from mid-October thru end of November
Most of the twelve Federal Reserve Districts reported that their economies expanded at a modest or moderate pace from mid-October through late November. New home construction and existing home sales tended to decline or hold steady, while construction and leasing of nonresidential structures tended to rise or remain flat.
Mortgage applications rise 5.5 percent as rates slip four basis points
The Market Composite Index increased 5.5 percent on a seasonally adjusted basis from one week earlier, with purchase loans up 9.0 percent and refinances rising 1.0 percent. The average contract interest rate for 30-year fixed-rate mortgages decreased to 5.12 percent from 5.16 percent.
November manufacturing index up 1.6 points to 59.3, cost pressures falling
The November PMI® registered 59.3 percent, an increase of 1.6 percentage points from the October reading of 57.7 percent. Prices pressure continues, but at notably lower levels than in prior periods.