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Biz Briefs: Mortgage Rates / Corn / Let’s Eat

July 3,2014

California thirty-year fixed mortgage rates go up to 4.05%

Zillow Mortgage Marketplace’s current mortgage rates in California for mortgages increased 1 basis point from 4.04% to 4.05%. State mortgage rates today ranged from the lowest rate of 3.94% (NH) to the highest rate of 4.16% (IN). California mortgage rates today are 3 basis points higher than the national average rate of 4.02%.
The California mortgage interest rate on July 3, 2014 is down 2 basis points from from last week’s average California rate of 4.07%

Corn Prices Head Toward $4

Corn for September delivery fell to $4.17 a bushel on the CME this week after USDA said a big corn crop us coming this fall. It was not that long ago that the Midwest drought pushed corn prices to the $8 level, a killer for dairymen and livestock owners in recent years. The low corn prices should also help ethanol prices low and thus gas prices but keep biofuel makers margins at a high level. Farmers across the country planted around 91 million acres of corn this spring –  the lowest in the past four years. Wet conditions have analysts predicting that this year’s fall corn harvest will surpass last year’s crop.

Screen Shot 2014-07-03 at 7.35.57 AMRestaurant Performance Index Heads Higher

The National Restaurant Association’s Restaurant Performance Index (RPI) is a monthly composite index that tracks the health of and the outlook for the U.S. restaurant industry. Launched in 2002, the RPI is released on the last business day of each month.
Latest RPI (released June 30, 2014)
Driven by stronger sales and traffic levels and an increasingly optimistic outlook among restaurant operators, the RPI rose to its highest level in more than two years.  The RPI stood at 102.1 in May, up 0.4 percent from April’s level.

The Current Situation Index stood at 102.0 in May – up 0.7 percent from April’s level of 101.3.  In addition, May represented the third consecutive month that the Current Situation Index stood above 100, which signifies expansion in the current situation indicators.
The Expectations Index stood at 102.2 in May, unchanged from April’s level. May represented the 19th consecutive month in which the Expectations Index stood above 100,  indicating that restaurant operators remain optimistic about future business conditions.

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