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Mortgage rates edge up in week
The average 30-year fixed-rate mortgage rose to 5.52% this week from 5.40% last week, Freddie Mac said. Fifteen-year fixed mortgages rose 14 basis points to 4.84%. Both were at four-week highs. The one-year adjustable-rate mortgage rose to 3.46% from a record low 3.36%.
** Fed Gov. Donald Kohn said that despite signs of "stretched" bond and housing valuations, the Fed's 1% rate doesn't seem to be fueling harmful financial imbalances that would argue for an early rate hike.
** M2 money supply rose $21.0 bil to $6.1813 tril in the March 22 week, the Fed said. M3 money rose $10.2 bil to $8.9976 tril. M1 rose $23.9 bil to $1.3445 tril.
Global manufacturing speeds up
A Reuters index of euro zone manufacturing unexpectedly rose to 53.3 last month from 52.5 in Feb. A Reuters index of Japan factory activity rose to 55.3 from 54.6, putting it further above the no-growth 50 level.
Japan business confidence rises