El Nino to strengthen: Colorado State University researcher William Gray has slightly downgraded his forecast for the 2009 Atlantic hurricane season. Gray said today his team now expects 10 named storms, including four hurricanes, two of them major. In June, the team forecast 11 named storms, including five hurricanes and two major. Gray said the forecast was scaled back because El Nino conditions are expected to intensify; El Nino conditions suppress hurricane formation. The hurricane season runs until Nov. 30.
Program running out of money: Senate Majority Leader Harry Reid is predicting swift approval for an extension of the popular “cash-for-clunkers” program, which is rapidly running out of money because of surging demand from consumers eager to purchase new cars with federal help. Senate approval of a House-passed measure would send a $2 billion extension of the program to the White House for President Barack Obama’s signature. But there were questions. Republicans said Reid would have to let them offer changes that could slow the dramatically measure’s progress.
Dropping down: The national average rate for a 30-year fixed mortgage fell for the second consecutive week, according to real estate Web site Zillow.com. The average rate for the week ending Sunday was 5.26%, compared with 5.29% for the week before. Fifteen-year rates posted a bigger drop, going from 4.66% to 4.62% for the week ending Sunday.
