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Mortgage apps fall for 3rd week
The Mortgage Bankers Association said the weekly applications index fell 1.8% to 624.1 in the week ended Nov. 25 from 635.4 the prior week. Rates for 30-year mortgages averaged 6.20% vs. 6.26% the week before and above 5.78% a year ago. Mortgage applications for buying a home rose 0.8% last week. But refinancings hit a 16-month low.
Post-Katrina joblessness lessens
The Labor Dept. said unemployment rates in Gulf Coast cities hit by Hurricane Katrina fell in Oct. But Hurricane Rita, which struck later, is still being felt in new claims. In the New Orleans-Metairie-Kenner areas of Louisiana, unemployment fell to 15.5% from 16.5% in Sept. It was about 5.8% before the storm. A separate survey showed New Orleans employment remains a third below year-ago levels for Oct.
** William Poole, St. Louis Fed president, said a formal inflation target would make monetary policy more predictable but maintained the Fed "should not be a slave to the target." Fed Chairman-designate Ben Bernanke is an outspoken ...