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No fooling: mortgage rates low
The average 30-year fixed mortgage rate fell 5 basis points to 5.77% this week, the lowest since April 1, Freddie Mac said. It was 6.32% a year ago. The average 15-year mortgage was 5.15%, down from 5.21% last week and 5.66% a year ago.
** M2 money rose $14.4 bil to $6.3115 tril in the week ended Aug. 23. M3 grew $36.5 bil to $9.3166 tril. M1 gained $19.6 bil to $1.3562.
ECB predicts growth edging up
The European Central Bank forecast euro zone growth of 1.6%-2.2% this year and 1.8%-2.8% next year. The bank now expects '04 inflation at 2.1%-2.3% vs. its old forecast of 1.9%-2.9%. The ECB also left interest rates unchanged at 2%.
German unemployment is rising
The country's jobless rolls grew a seasonally adjusted 24,000 in Aug., the 7th straight gain, the German Federal Labor Office said. Unemployment jumped 18,000 in western Germany and 6,000 in the east. The seasonally adjusted jobless rate stood at 10.6% in July after staying at 10.5% for 3 ...