Mortgage Applications up 7.2%

Market Overview

Year To Date Performances:

1. Last week witnessed a surge in mortgage applications, with a 7.2% increase ending a more than one-month slump. This rise was concurrent with a slight drop in mortgage rates, falling from 6.81% to 6.77% over two consecutive weeks. However, considering the current rates are still significantly higher compared to the previous year—up by a whole percentage point—and more than twice as high as pre-pandemic levels, purchase activity has declined by 27% year-over-year.

2. In the European Union, legislators recently voted in favor of implementing tighter regulations around artificial intelligence (AI). The new draft legislation encompasses a variety of measures, such as a prohibition on the utilization of AI in biometric surveillance. Furthermore, it stipulates that generative AI systems, such as ChatGPT, must disclose any AI-generated content. The legislation also mandates companies to reveal any copyrighted material used in training generative tools. Lastly, it calls for "high-risk applications" to be subject to assessments evaluating their environmental impact and adherence to fundamental rights.

3. Stanley® tumblers are the latest craze—and so is Divvy, BILL’s free spend and expense management solution. 92% of users say Divvy was easy to get up and running, and their TEI report lists a staggering 487% ROI. Don’t get FOMO, get a free Stanley tumbler when you take a 20-minute demo and an additional $100 when you start using Divvy. *

4. Headlines

   1. Vodafone and CK Hutchison have confirmed a $19 billion merger. This partnership will result in the formation of the UK's largest mobile operator.

   2. Music Publishers are suing Twitter in a $250M lawsuit over copyright infringement claims.

5. Preview of Premium Insights

   1. US Crude Oil Data

   2. AI’s impact on global economic output

   3. EU going after Google

_{* This is sponsored content}

Subscribe to Premium Membership to read the rest.