Business News

US stocks are near the flat line in early trading, after the S&P 500 and Nasdaq posted their biggest drops in over a month. The S&P 500 is down 5 of the last 6 trading sessions. (CNBC)

McDonald’s same store sales fell 3.7% in August as its U.S. slump continued for the fourth straight month.

McDonald’s, the world’s largest restaurant chain, posted the worst same-store sales decline in more than a decade, hurt by sluggish demand in the U.S. and a health scare involving a Chinese supplier. (Bloomberg)

Total mortgage applications fell 7.2% last week according to the Mortgage Bankers Association. The index is now at its lowest level since December of 2000. Applications to refinance mortgages decreased 11% and applications to purchase a home fell 3%. Purchase applications are now 12% below where they were one year ago.  In an interesting twist the interest rate for 30-year fixed-rate mortgage with conforming loan balances ($417,000 or less) is 4.27%, while a 30-year fixed-rate mortgage with jumbo loan balances (greater than $417,000), is 4.15%. Historically, jumbo loans carry higher interest rates, but lenders today are charging borrowers more for loans backed by Fannie Mae and Freddie Mac (conforming loans) to make up for higher fees imposed by the government-sponsored entities and for higher risk. These are called credit "overlays."

Powdr Corp., owner of Mt. Bachelor Ski Resort, has agreed to pay a $17.5 million bond to maintain access to the terrain of its Park City Resort.  The company had long rented access to the resort terrain for $155,000 a year, but in 2011 that lease lapsed. (CNBC)




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