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DJ-BTMU U.S. Business Barometer fell -1.4%
For the week ending January 3, 2009, the DJ-BTMU U.S. Business Barometer fell -1.4 percent on top of a slightly downward revised decline of -1.7 percent in the prior week. Following the Fed’s announcement that it would begin buying long-term Treasuries in January, the 30-year fixed rate mortgage dropped to 5.1 percent in the first week of 2009. Such a low rate has spurred refinance activity in the New Year with an increase in mortgage application volume jumping over the past three weeks. Volatility surrounding the seasonally adjusted timing of annual auto plant shutdowns is giving way to large swings in those components. Barring auto production, the barometer would have declined by a more meager -0.2 percent in the latest week.
Posted: January 15, 2009 Thursday 10:02 AM