Morning News Wednesday August 29th 2007
General News: - Adjustable rate mortgage applications were down 22.6% after falling 16.5% the week prior. The one year ARM rate is a stunning 6.51% above the 30 year fixed rate. It rose sharply. Last week. These stats, if you can believe them, point to a credit crunch and reflect the dislocation in the markets. It is also interesting that he average loan for refinancing is down about $15,000 in the last few weeks. This may be a sign of lower home prices. - .S. stocks rebounded from their steepest drop in three weeks after earnings prospects for technology companies…