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30-yr mortgage rates above 6%
The average 30-year fixed-rate mortgage this week jumped 20 basis points to 6.14%, its highest level since early Dec, Freddie Mac said. The 15-year fixed-rate rose 17 points to 5.44%, also close to an eight-month high. The one-year adjustable rate inched up 1 point to 3.68%, the highest since early May.
Q2 employment costs rise 0.9%
The rise in the Labor Dept.'s employment cost index was slower than Q1's 1.3% increase. From a year ago, employment costs were up 3.7%. Wages and salaries rose 0.6% from Q1 and 2.7% from a year ago. Benefits costs rose 1.4% from Q1 and 6.3% from a year ago, thanks to higher health insurance costs.
** The Conference Board's gauge of newspaper help-wanted advertising volume in June rose to 38 from 35 in May, which was a 41-year low. The index stood at 47 a year ago.
** A Georgia law that cracks down on abusive lending is not binding on national banks, the Comptroller of the Currency said.
** OPEC members elected not to cut current output quotas, despite concern a revival of Iraqi exports will erode prices. Crude oil traded down 12 ...