The Enid News and Eagle, Enid, OK

National and world

July 2, 2013

U.S. construction spending up 0.5 percent in May

(Continued)

WASHINGTON — Sales of previously occupied homes surpassed the 5 million mark in May, the first time that has happened in 3½ years.

Steady hiring and low mortgage rates have helped to boost home sales.

However, mortgage rates have been rising in recent weeks as the Federal Reserve has sent signals that it may start trimming back its level of bond purchases that have sought to keep long-term rates such as mortgages low as a way to boost the economy.

The average rate on 30-year fixed loans rose to 4.46 percent last week, according to a survey by Freddie Mac. That's the highest average in two years and a full point more than a month ago. The rate rose from 3.93 percent, marking the biggest one-week jump in 26 years.

While higher rates could dampen home building, builders say they don't believe rates at current levels will depress sales significantly. Some builders believe sales could be spurred in the near term as potential buyers rush to lock in mortgages before rates rise further.

Text Only
National and world
  • Economic Recovery web.jpg U.S. economy, though sluggish, may now be sturdier

    • Inflation is under control. Runaway price increases would be destructive. Low inflation can lay a foundation for growth.

    July 24, 2014 1 Photo

  • Mideast web.jpg Casualty numbers raise questions about Gaza war

    A Palestinian health official put the death toll at 695 and said more than 4,100 were wounded, with civilian casualties rising sharply since Israel sent tanks and troops into Gaza last week in its first ground operation in five years.
    Israel has not offered its own count, but Lt. Col. Peter Lerner, a military spokesman, said Wednesday that 210 Gaza militants were killed since the ground operation began.

    July 24, 2014 1 Photo

  • Oil Train Fires web.jpg Stopping deadly oil train fires: New rules planned

    Accident investigators have complained for decades that older tank cars, known as DOT-111s, are too easily punctured or ruptured, spilling their contents when derailed. Since 2008, there have been 10 significant derailments in the U.S. and Canada in which crude oil has spilled from ruptured tank cars, often igniting and resulting in huge fireballs. The worst was a runaway oil train that exploded in the Quebec town of Lac-Megantic a year ago, killing 47 people.

    July 23, 2014 1 Photo

  • Taiwan Plane Crash web.jpg Relatives fly to Taiwan plane crash site, 48 dead

    Penghu in the Taiwan Strait between Taiwan and China late Wednesday, authorities said. The plane was on a flight from the city of Kaohsiung in southern Taiwan.

    July 23, 2014 1 Photo

  • Arizona Execution web.jpg Arizona inmate dies 2 hours after execution began

    Arizona Attorney General Tom Horne’s office said Joseph Rudolph Wood was pronounced dead at 3:49 p.m., one hour and 57 minutes after the execution started.

    July 23, 2014 1 Photo

  • Flights Canceled Israel web.jpg Airlines ban flights to Israel after rocket strike

    July 23, 2014 1 Photo

  • Health overhaul web.jpg Dueling rulings: Courts split on health law clash

    But the split rulings don’t necessarily mean another trip to the Supreme Court for the Affordable Care Act.

    July 23, 2014 1 Photo

  • Senate Georgia web.jpg Perdue defeats Kingston in Georgia Senate runoff

    Tuesday night’s primary runoff win validates Perdue’s campaign as an outsider.

    July 22, 2014 1 Photo

  • ODD Brooklyn Bridge M_Hass.jpg Police probing switch of flags on Brooklyn Bridge

    Video footage of the security breach shows the unidentified people walking on the bridge's footpath at about 3:10 a.m., and 20 minutes later the light on the bridge's Brooklyn tower flickers and goes dark. The same thing happens about 12 minutes later on the Manhattan tower.

    July 22, 2014 1 Photo

  • Veterans Health_Hass.jpg Obama nominee McDonald pledges to ‘transform’ VA

    Robert McDonald cited problems with patient access to health care, transparency, accountability and integrity, among other issues, during a Senate Veterans’ Affairs Committee over his nomination today.

    July 22, 2014 1 Photo 3 Stories

Featured Ads