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In other words, people just aren't buying homes that often right now. that means developers are building fewer houses. after hearing all of that, you may be surprised to hear that mortgage applications actually jumped last month. i'm not so surprised. they are at a crazy low. adam shah-mile-an-hour row at the fox business network with us. why the disconnect? is it just the low rate. >> it is the low rate. you hit the nail on the head. the other issue is refinancing. there is a surge of refinancing activity. 82% is refinance. >> shepard: some adjustable rate mortgages coming due. make a change ...

Would have to -- eventually that compromise, go back to the house. as you can tell from mike emanuel, they're having problems get anything through right now. one senior aide told me if this compromise gets through the senate, there's no way there will be a lot of house republican votes. the only way it would pass would be if nancy pelosi could deliver democratic votes. even more chaos, bret. >> ed, thank you. the dow lost sky 1/2, the s&p dropped 4, the nasdaq gained 1 1/2. a more complete look later. in other economic news, the number of people seeking unemployment benefits dropped by 24,000 ...

Under $3.78. mortgage rate hit another low for the year. the new 30-year fixed rate is 4.55%. down from 4.6. factory orders fell 1.2% in april. retailers reported only modest revenue increases in may. stocks today were mixed. dow lost 41-1/2. nasdaq gained four. let's get more on the economy and the markets from fox business network correspondent peter barnes. it's been volatile. >> that's right. everyone is holding their breath now for the big jobs report tomorrow. and based on other economic reports that we got this week, it may not be very good. maybe 100,000 or so new jobs created last mon...

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Country trip and the car was only doing 30 miles an hour. now we look at the speedometer and we're doing 55 finally but we look at how far we have to go and we're just coming over the gw bridge. >> that's a good road map. >> by the way, oil prices are a lot more expensive for the trip to the west coast. >> that's a major problem. tom costello today was reporting $4.55 a gallon in some parts of california. what about the chance that's that could short circuit the economy? >> the best hope we have is this is a temporary phenomenon and we'll get through this by the things settle down in the middl...