Video Credit: Wibbitz Top Stories - Duration: 01:30s - Published
Mortgage Rates Reach Highest Level Since 2006
Mortgage Rates , Reach Highest Level , Since 2006.
Reuters reports that the United States
housing sector continues to feel the impact
of tightening financial conditions.
According to data from the Mortgage Bankers Association
(MBA), interest rates on the most popular home
loan have reached their highest level since 2006.
.
Since the beginning of 2022,
mortgage rates have more
than doubled in the U.S. .
The Federal Reserve has been
driving up interest rates in an attempt
to combat record-high inflation.
.
In the week ending October 7, the average
contract rate on a 30-year fixed-rate mortgage
rose by 6 basis points to reach 6.81%.
Meanwhile, the MBA's Market Composite Index dropped 2.0% from one week earlier and is down roughly 69% from the same time in 2021.
The MBA's Purchase Index, which measures all
mortgage loan applications for the purchase of
a single family home, fell 2.1% from a week earlier.
.
That index is now down 39%
from the same time last year.
.
At the same time, the MBA's
refinance Index declined 1.8%
and is down 86% from one year ago.
Home resale postings have been declining
for seven straight months, while home prices
have remained in a highly-competitive market.
As a result, would-be homebuyers
are continuing to face high prices
due to a shortage of properties for sale
Kalpana Soren, wife of former Jharkhand Chief Minister Hemant Soren, enters active politics, announcing her public service commitment at the JMM's 51st foundation day event. The move sparks speculation about her potential candidacy in the upcoming Lok Sabha elections. With an MTech and MBA, she aims to uphold her husband's principles while the JMM celebrates its foundation day as "Anger Day" amid Hemant's arrest.
#KalpanaSoren #Jharkhand #HemantSoren #JMM #LokSabhaelections #LokSabhaJharkhand #Indianews #Politics #Oneindia #Oneindianews
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Key Federal Reserve Inflation Gauge , Rose 2.8% in March.
According to Commerce Department
data released on April 26.
the personal consumption expenditures
(PCE) price index, not including food or energy, rose 2.8% year-over-year in March. .
That exceeded Dow Jones
estimates of 2.7%, CNBC reports. .
When also accounting for food and energy, the all-items PCE measure rose 2.7%,
which was above the 2.6% estimate.
Inflation reports released this morning
were not as a hot as feared, , George Mateyo, chief investment officer at Key Wealth, via CNBC.
... but investors should not get
overly anchored to the idea that
inflation has been completely
cured and the Fed will be cutting
interest rates in the near-term, George Mateyo, chief investment officer at Key Wealth, via CNBC.
The prospects of rate cuts remain,
but they are not assured, and the
Fed will likely need weakness in
the labor market before they
have the confidence to cut, George Mateyo, chief investment officer at Key Wealth, via CNBC.
Consumers continue to spend despite
higher prices, CNBC reports.
Personal spending increased 0.8% in March, while personal income rose 0.5%.
The personal saving rate dropped to 3.2% as more people are having to dip into their savings to cover the cost of living.
The Fed continues to target 2% inflation, which the core PCE has exceeded for
the last three years, CNBC reports.
Credit: Wibbitz Top Stories Duration: 01:30Published
Fears of Potential Iranian Attack , Drive US Stocks Down , Nearly 500 Points.
CNN reports that United States stocks dropped on
April 12 amid rising tensions in the Middle East pushing
traders to seek safe havens like gold and bonds.
CNN reports that United States stocks dropped on
April 12 amid rising tensions in the Middle East pushing
traders to seek safe havens like gold and bonds.
By mid-afternoon, the Dow had fallen
1.4%, the S&P 500 went down 1.6%,
and the Nasdaq dropped 1.8%.
The dip came after the White House announced
that both the U.S. and Israel are on alert for
a potential attack by Iran or its allies.
The dip came after the White House announced
that both the U.S. and Israel are on alert for
a potential attack by Iran or its allies.
The warning comes after Iran
accused Israel of a deadly airstrike
on a consulate in Damascus, Syria. .
The news also sent oil prices up amid
fears of regional tensions escalating
as a result of the ongoing war in Gaza. .
The news also sent oil prices up amid
fears of regional tensions escalating
as a result of the ongoing war in Gaza. .
Brent crude futures jumped up to $90.42
a barrel, and West Texas Intermediate crude
futures increased to $86.65 a barrel.
Those geopolitical concerns and subsequent
rising oil prices sent investors to safe havens like
gold futures, which rose to $2,379 a troy ounce.
Those geopolitical concerns and subsequent
rising oil prices sent investors to safe havens like
gold futures, which rose to $2,379 a troy ounce.
CNN reports that Americans' opinions of
the economy have dipped in the past few
months amid persistently high inflation.
The geopolitical fears come as investors are already
contending with concerns that the Federal Reserve could
wait to bring interest rates down from a 23-year high.
Officials at the Fed have signaled that further rate
hikes could still be on the way if the central
bank's efforts to fight inflation stall.
Credit: Wibbitz Top Stories Duration: 01:31Published
Federal Reserve Posts Massive, $114 Billion , Loss in 2023.
On March 26, the Federal Reserve
announced a record-breaking net
negative income of $114.3 billion in 2023.
Reuters reports that the loss follows
$58.8 billion in net income in 2022. .
Since releasing the numbers,
the Fed has stressed that negative net
income does not impede its ability to operate.
Since releasing the numbers,
the Fed has stressed that negative net
income does not impede its ability to operate.
As a result of low rates and large
levels of bond holdings, the Fed has
earned significant profits in recent years.
Last year, the Fed's audited interest expenses for
banks' reserve balances reached $176.8 billion,
an increase of over $116 billion from 2022.
In 2023, the Fed's interest payouts from
its reverse repo facility were $104.33 billion,
increased from $41.9 billion the year before.
Reuters reports that the Fed creates funds when
dealing with operating losses, capturing its loss
in an accounting device known as a deferred asset.
Reuters reports that the Fed creates funds when
dealing with operating losses, capturing its loss
in an accounting device known as a deferred asset.
At the close of 2023, the deferred
asset stood at $133.3 billion.
As of March 20 of this year, that number
had risen to $157.8 billion with no
indication of how much larger it could get.
Last year, a St. Louis Fed report forecast that it
could take years before the Fed can return to
profitability and reduce the country's deferred asset.
Last year, a St. Louis Fed report forecast that it
could take years before the Fed can return to
profitability and reduce the country's deferred asset
Credit: Wibbitz Top Stories Duration: 01:30Published
In this Biz Pulse episode, we delve into market updates and the US Federal Reserve's announcement. Indian ADRs witness a decline, while IT stocks garner attention. Equity markets are on an upswing, while gold prices surge. Stay tuned for insights into these trends shaping the financial landscape.
#ADRStocks #ITMarket #StockMarket #Sensex #Nifty #IndianStocks #USStocks #USStockexchange #Businessnews #Worldnews #Oneindia #Oneindianews
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US Mortgage Rates Jump , to Highest Levels Since 2001.
According to data from the Mortgage Bankers Association (MBA) reported on Oct. 26.
U.S. mortgage interest rates jumped to 7.16 percent.
The..
Credit: Wibbitz Top Stories Duration: 01:31Published
Watch: Romanian MEP Cristian Terhes in a press conference today says, βThe excess mortality rate across the EU has increased by 16% more than the average. If you look at the map, the countries with..
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