12/5: MetroIntelligence Economic Update by P. DUFFY

Fed’s Beige Book:  Modest growth from mid-October thru end of November

Most of the twelve Federal Reserve Districts reported that their economies expanded at a modest or moderate pace from mid-October through late November. New home construction and existing home sales tended to decline or hold steady, while construction and leasing of nonresidential structures tended to rise or remain flat.

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Mortgage applications rise 5.5 percent as rates slip four basis points

The Market Composite Index increased 5.5 percent on a seasonally adjusted basis from one week earlier, with purchase loans up 9.0 percent and refinances rising 1.0 percent.  The average contract interest rate for 30-year fixed-rate mortgages decreased to 5.12 percent from 5.16 percent.

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November manufacturing index up 1.6 points to 59.3, cost pressures falling

The November PMI® registered 59.3 percent, an increase of 1.6 percentage points from the October reading of 57.7 percent. Prices pressure continues, but at notably lower levels than in prior periods.

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