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THE ECONOMY.(TO THE POINT)

Investor's Business Daily

| July 01, 2004 | COPYRIGHT 2004 Investor's Business Daily, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Confidence retaking lost ground

The ABC News-Money magazine consumer confidence index rose 4 points to -11. That's its 2nd straight weekly gain and recoups the drop it logged over the previous month when it dipped from -11 to -20. The index's compilers said lower retail gasoline prices along with more jobs and higher personal incomes fueled the increased optimism.

Mortgage activity slowing down

The Mortgage Bankers Association's index of applications for new mortgages dropped 4.4% last week to 575. The group's purchase sub-index declined 4.2% to 435.4. Its refinancing gauge fell 4.7%. Refinancings accounted for 33.4% of total mortgage applications. MBA also said the average rate on a 30-year fixed mortgage held at 6.21%. But adjustable rates, which have become more popular as Americans seek the lowest rates, continued their recent rapid rise.

European inflation eased in June

The euro zone region's annual inflation rate dropped to 2.4% in June from 2.5% in May, Eurostat said. That's higher than the ...

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