Mortgage demand stalls after mini refinance boom

After a massive 58% weekly surge in refinance demand the week before, mortgage demand stalled again last week, even though interest rates fell further. Total application volume rose 0.6% last week from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. The average contract interest rate for 30-year fixed-rate mortgages with conforming…

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AI is too risky to insure, say people whose job is insuring risk

What happens when the software everyone is rushing to adopt becomes too risky for anyone to insure? according to Reporting from the Financial TimesWe’re about to find out. Major insurers including AIG, Great American and WR Berkley are seeking permission from US regulators to exclude AI-related liabilities from corporate policies. One underwriter described the output…

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