Business News

A Happy Gobble Before Thanksgiving

Annualized U.S. single-family home prices rose in September at a faster pace than in August and above market expectations. The S&P/Case Shiller composite index of 20 metropolitan areas gained 5.5% in September on a year-over-year. (Reuters) 
Iron ore sank to the lowest level in at least six years amid speculation that mills in China are cutting back steel output, hurting demand for the raw material. Iron ore has been battered by rising output and faltering demand for steel in China. (Bloomberg)
Deere reported a fourth-quarter profit of $351 million. The results surpassed Wall Street expectations. The agricultural equipment manufacturer posted revenue of $5.93 billion. Deere shares have dropped 14% since the beginning of the year. (AP)
A definitive rise in mortgage interest rates over the last month is slowing home borrowing in the near-term.  Loan application volume fell 3.2% last week. Volume is now skewing toward larger loans for more expensive homes. Refinance applications are 4% higher compared with a year ago. The refinance share of mortgage activity now stands at 58.7% of total applications.  Applications to purchase a home are 24% higher than one year ago. (Mortgage Bankers Association)

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