Average Long-Term Mortgage Rates Climb, Ending 9-Week Slide
Video Credit: Wibbitz Top Stories - Duration: 01:31s - Published
Average Long-Term Mortgage Rates Climb, Ending 9-Week Slide
Average Long-Term , Mortgage Rates Climb, , Ending 9-Week Slide.
'The Independent' reports that
average long-term mortgage rates in
the United States edged higher this week.
.
On January 4, mortgage buyer Freddie Mac said that
average rates for a 30-year mortgage climbed to 6.62%,
ending a nine-week slide, offering buyers some relief.
.
Average rates for 15-year fixed-rate mortgages fell
slightly over the same time, bringing the average
rate down to 5.89% from 5.93% last week.
.
At the same time in 2023,
30-year mortgages were at 6.48%,
and 15-year fixed-rates were at 5.73%.
.
Mortgage rates hit 7.79% in late October,
a record high since late 2000.
'The Independent' reports that the Federal Reserve
has paused its rate-hiking campaign at its last
three meetings, offering financial markets a boost.
.
Given the expectation of rate cuts
this year from the Federal Reserve,
as well as receding inflationary
pressures, we expect mortgage
rates will continue to drift
downward as the year unfolds, Sam Khater, Freddie Mac’s chief economist, via 'The Independent'.
Economists have predicted average rates
for 30-year mortgages to decline in 2024, however
forecasts have not seen rates falling below 6%.
While lower mortgage rates
are welcome news, potential
homebuyers are still dealing
with the dual challenges of
low inventory and high home
prices that continue to rise, Sam Khater, Freddie Mac’s chief economist, via 'The Independent'.
Home prices have continued to climb due to a persistently
low supply of available properties, leading sales of
previously-owned U.S. homes to slump 19.3% in 2023.
ISS Crew Forced to , Take Shelter , After Russian Satellite Breaks Apart.
'The Independent' reports that astronauts aboard the
International Space Station (ISS) took shelter due to
the danger of debris from a broken up Russian satellite.
Crews aboard the ISS were ordered to board
their respective spacecraft in case debris
struck and damaged the orbital laboratory.
According to experts, the ever-increasing number of
satellites in orbit around Earth has magnified the risk of
collision and other potential problems for space crews.
It remains unclear what caused
the RESURS-P1 Russian Earth
Observation satellite to break apart. .
According to NASA's Space Station office, the event
occurred near the space station, prompting astronauts
to take shelter in their spacecraft for about an hour. .
Mission Control continued to monitor the path of the debris, and after about an hour, the crew was cleared to exit their spacecraft and the station resumed normal operations, NASA statement, via X.
Space-tracking firm LeoLabs said that U.S. radar
detected the decommissioned satellite releasing a
cloud of debris in low-Earth orbit late on June 26. .
Shortly after 9 p.m. EDT, NASA
instructed crews aboard the space
station to shelter in their respective
spacecraft as a standard precautionary
measure after it was informed
of a satellite break-up at an
altitude near the station, NASA statement, via X.
According to U.S. Space Command, the Russian satellite created , "over 100 pieces of trackable debris.".
USSPACECOM has observed no
immediate threats and is continuing
to conduct routine conjunction
assessments to support the safety
and sustainability of the space domain, U.S. Space Command statement, via 'The Independent'
Credit: Wibbitz Top Stories Duration: 01:31Published
Taylor Swift Addresses Dave Grohl’s Claim , That She Doesn’t Play Live.
Taylor Swift Addresses Dave Grohl’s Claim , That She Doesn’t Play Live.
On June 22, Grohl referred to the
Foo Fighters' show in London as the
"Errors Tour," according to 'The Independent.'.
His comment stemmed from having a
"few more eras and more than a few f------ errors.”.
The 55-year-old frontman went
on to say, “we actually play live.”.
Swifties took to social media
to slam Grohl's comments.
Oh Tayvoodoo is coming for him and he
deserves it. Can’t handle that a woman
is more talented and successful, Taylor Swift fan, via X.
Wow Grohl so washed he has to
use Taylor’s name for free pr?
Embarrassing thought he was
better than that what a shame, Taylor Swift fan, via X.
On June 23, Swift seemed to address Grohl's comments on stage while performing at Wembley. .
She said that her band
deserves "so much" praise.
What you just did is an unforgettable moment
in not just my life, but every very single one of
our crew. The band that’s going to be playing
live for you for three and a half hours tonight, Taylor Swift, via 'The Independent'.
They deserve this so much and so does every
one of my fellow performers, and you just gave
that to us so generously. We’ll never forget it, Taylor Swift, via 'The Independent'
Credit: Wibbitz Top Stories Duration: 01:31Published
Julian Assange , Reaches Plea Deal With , US Government.
'The Independent' reports that Wikileaks
founder Julian Assange has been released
from Belmarsh prison as part of a plea deal
with the United States Justice Department.
Assange will be flown out of the U.K. as part
of the deal before he makes a guilty plea deal
that could end the years-long legal battle.
On June 24, Assange boarded a flight at Stansted airport
ahead of a scheduled appearance later this week in the
Mariana Islands, a Western Pacific U.S. commonwealth.
The U.S. government has charged the
Wikileaks founder with conspiracy to obtain
and disclose national defense secrets.
The charges stem from one of the largest leaks of
classified information in U.S. history, disclosing tens of
thousands of reports regarding the war in Afghanistan.
The disclosure, which occurred between 2009 and
2011, included unfiltered diplomatic cables that
potentially endangered the safety of confidential sources. .
The leak also included significant
activity reports related to the war in Iraq
and information regarding Guantanamo Bay.
According to the latest DOJ filing, Assange is expected
to plead guilty and be sentenced to 62 months of time
already served, thus avoiding U.S. imprisonment. .
This is the result of a global campaign
that spanned grass-roots organizers,
press freedom campaigners,
legislators and leaders from
across the political spectrum,
all the way to the United Nations, Wikileaks statement, via X.
After more than five years in
a 2x3 metre cell, isolated 23 hours
a day, he will soon reunite with his
wife Stella Assange, and their children,
who have only known their
father from behind bars, Wikileaks statement, via X
Credit: Wibbitz Top Stories Duration: 01:31Published
Important Things to Know , About Dangerous Ocean, Rip Currents.
'The Independent' reports that rip currents pose
the greatest danger to beachgoers,
accounting for the most beach rescues every year. .
Over a recent two-day period in Florida,
six people drowned in rip currents.
Every year, about 100 people drown
because of rip currents in the United States
according to the U.S. Lifesaving Association.
Over 80% of beach rescues
involve rip currents every year.
So far in 2024, the National
Weather Service has listed 16 deaths
from rip currents in U.S. waters. .
A rip current is a narrow column of water that
flows rapidly away from the beach, which are capable
of pulling swimmers a fair distance from the shore.
Rip currents normally form
at low spots along the beach
or along jetties and piers.
While sometimes associated
with stormy weather, they can
also occur on sunny, clear days.
Rip currents are also difficult to
detect as the surface water near
them often appears to be calm. .
'The Independent' reports that the best advice to escape a
rip current is to try and swim parallel to the shore and not
to tire yourself out before having to swim back to land. .
'The Independent' reports that the best advice to escape a
rip current is to try and swim parallel to the shore and not
to tire yourself out before having to swim back to land.
Credit: Wibbitz Top Stories Duration: 01:31Published
FAA Investigating Southwest-Operated, Boeing 737 , That Flew Dangerously Low.
'The Independent' reports that a Southwest Airlines
passenger jet flew extremely low over a suburb of
Oklahoma City, triggering an altitude alert on June 19.
According to Flightradar24, the Boeing 737-800
descended to just 525 feet above the ground
on its way to Will Rogers World Airport.
Approximately nine miles from the airport,
the plane was passing over Yukon when it triggered
an automated warning around 12:05 a.m. local time. .
Altitude alerts are triggered when an aircraft
descends to within an unsafe distance
to terrain, obstructions or other aircraft. .
'The Independent' reports that the pilots quickly
regained altitude and circled around for a safe
landing on another runway shortly after midnight.
The incident, which sparked concern
in communities it passed over,
is now being investigated. .
On June 20, Southwest Airlines
confirmed that it was in contact
with the FAA regarding the situation.
Southwest is following
its robust Safety
Management System
and is in contact with the
Federal Aviation Administration.., Southwest spokesperson, via 'The Independent'.
... to understand and address any
irregularities with the aircraft’s
approach to the airport. , Southwest spokesperson, via 'The Independent'.
Nothing is more important
to Southwest than the safety
of our customers and employees, Southwest spokesperson, via 'The Independent'
Credit: Wibbitz Top Stories Duration: 01:31Published
New US Home Construction , Sinks to Slowest Pace in 4 Years.
Government data released on June 20 indicates that new home construction in America dropped in May to the slowest pace since June 2020, Yahoo Finance reports. .
Housing starts dropped 5.5%,
and building permits dipped 3.8%.
Home completions also fell to the lowest amount since September 2022.
High interest rates, set by the Fed to help tame inflation, have resulted in high mortgage rates.
But recent data has suggested that inflation has started to cool, which may give the Fed the confidence it needs to lower rates.
The weakest U.S. housing starts
since the pandemic-led shutdowns
are fairly convincing evidence of
restrictive monetary policy. , Sal Guatieri, senior economist at BMO Capital Markets, via note.
While a growing population and
workforce are providing some support,
US home builders won’t become
busier until borrowing costs fall, Sal Guatieri, senior economist at BMO Capital Markets, via note.
Meanwhile, other data released on June 20 showed that first-time applications for unemployment benefits dropped last week.
However, continuing claims rose
for a seventh consecutive week
Credit: Wibbitz Top Stories Duration: 01:30Published
Mortgage Rates Continue , to Fall, Raising Hopes of the , Fed Cutting Rates.
ABC reports that borrowing costs for
home loans continued to ease this week,
with the average rate on a 30-year mortgage
falling to its lowest level since April.
According to mortgage buyer
Freddie Mac, the rate fell from
6.95% to 6.87% last week. .
That figure is still significantly higher than
what the rate was during the same time last year,
which was at an average of 6.67%. .
15-year fixed-rate mortgages
also eased, falling from
6.17% last week to 6.13%. .
During the same time last year,
the average rate was at 6.03%.
Those higher rates can add hundreds of dollars
to monthly costs for borrowers, which limits the
purchasing options of potential homebuyers.
Mortgage rates fell for
the third straight week
following signs of cooling
inflation and market
expectations of a
future Fed rate cut, Sam Khater, Freddie Mac’s chief economist, via ABC.
ABC reports that rates are influenced by a number
of factors, including the Federal Reserve's interest
rate policy and the 10-year Treasury yield.
ABC reports that rates are influenced by a number
of factors, including the Federal Reserve's interest
rate policy and the 10-year Treasury yield.
Due to yields also beginning to ease, the Federal
Reserve could start to drop its main interest rate
after hiking it up to the highest level in over 20 years.
Last week, Fed officials suggested that they would make
just one cut to their benchmark interest rate in 2024,
down from previous projections of three cuts for the year.
Credit: Wibbitz Top Stories Duration: 01:31Published
Surge of New Applications for , Unemployment Benefits , May Signal Cooling Job Market.
Last week, the number of people in the
United States filing for unemployment benefits
reached the highest level in ten months last week. .
ABC reports that the news comes as a potential
sign that the U.S. labor market may be slowing
under the burden of high interest rates. .
The week ending June 8 saw
applications for jobless benefits
rise by 13,000 to reach 242,000. .
According to Labor Department
data, that is up from 229,000 new
applications the week before.
The number also represents the highest
number of new applications since August
of 2023, while also being significantly higher
than the 225,000 new claims forecast.
ABC reports that weekly unemployment claims have
lingered at historically low levels since millions of
jobs disappeared with the COVID-19 pandemic.
ABC reports that weekly unemployment claims have
lingered at historically low levels since millions of
jobs disappeared with the COVID-19 pandemic.
Since March of 2022, the Federal Reserve has raised
benchmark rates 11 times in an attempt to reign in
inflation which has risen to a four-decade high.
While the latest data suggests that consumer
inflation cooled in May, the Federal Reserve
has decided to leave rates at a 23-year high.
According to Fed Chair Jerome Powell, officials
are waiting for more evidence that prices
are reaching their target of two percent.
ABC reports that a total of 1.82 million
Americans were collecting unemployment
benefits in the week ending June 1. .
ABC reports that a total of 1.82 million
Americans were collecting unemployment
benefits in the week ending June 1.
Credit: Wibbitz Top Stories Duration: 01:30Published
Fed Holds Steady , With Interest Rates at , 2-Decade High.
On June 12, the Federal Reserve chose to hold
interest rates at a two-decade high while it
waits to see more signs of inflation going down.
'The Guardian' reports that officials at the United States
central bank expect to make a single rate cut
in 2024, according to the latest projections.
In previous projections,
policymakers expected the Fed
to make three cuts in 2024. .
At the latest meeting, the Fed chose to
keep rates at the same place they've been
for nearly a year, between 5.25% and 5.5%.
Despite recent data suggesting that inflation
may be easing, the Fed clearly doesn't see it moving
at a pace that would lead it to start cutting rates.
In May, inflation cooled slightly across the U.S.,
according to the latest consumer price index, however
consumers remain frustrated over skyrocketing prices.
In May, inflation cooled slightly across the U.S.,
according to the latest consumer price index, however
consumers remain frustrated over skyrocketing prices.
'The Guardian' reports that price growth has
slowed significantly since surging over 9%
in 2022, its highest level in a generation.
'The Guardian' reports that price growth has
slowed significantly since surging over 9%
in 2022, its highest level in a generation.
May saw prices for air fare and fuel go
down, inflation for grocery prices remained
flat, and shelter costs continued to rise.
May saw prices for air fare and fuel go
down, inflation for grocery prices remained
flat, and shelter costs continued to rise.
Overall, prices remained unchanged on a month-to-month
basis as the Fed emphasized that it would wait for
inflation to hit its previously-stated target of 2%.
The committee does not expect
it will be appropriate to reduce
the target range until it has
gained greater confidence
that inflation is moving
sustainably toward 2%, Federal Reserve statement, via Fox News
Credit: Wibbitz Top Stories Duration: 01:31Published
European Central Bank , Cuts Interest Rates.
The action was confirmed on June 6 at
the central bank's meeting, CNBC reports. .
The European Central Bank's (ECB) key
rate will go from 4% down to 3.75%.
The ECB Governing Council issued a statement.
Based on an updated assessment of
the inflation outlook, the dynamics of
underlying inflation and the strength
of monetary policy transmission, , ECB Governing Council, via statement.
... it is now appropriate to
moderate the degree of monetary
policy restriction after nine months
of holding rates steady, ECB Governing Council, via statement.
This is the first time that interest rates
have been cut since September 2019. .
Updated macroeconomic projections indicate that 2024's "annual average headline inflation outlook" has been increased from 2.3% to 2.5%, CNBC reports.
For 2025, it was raised from 2% to 2.2%.
The projection for 2026 stayed at 1.9%.
The ECB's next meeting is in July, where another rate cut is unlikely, experts say.
The slight upgrade to the inflation forecast
was to be expected, inflation has been printing
a little bit hotter than markets were expecting,
but in terms of the timing of the next cut
I’d still be looking to September, Dean Turner, chief euro zone economist at
UBS Global Wealth Management, to CNBC.
Canada also cut interest rates on June 5, while Sweden and Switzerland cut rates earlier this year.
Canada also cut interest rates on June 5, while Sweden and Switzerland cut rates earlier this year.
Canada also cut interest rates on June 5, while Sweden and Switzerland cut rates earlier this year.
The U.S. Federal Reserve continues
to battle America's rate of inflation.
Credit: Wibbitz Top Stories Duration: 01:31Published
In this week's episode of Yahoo Finance Future Focus, our host Brian McGleenon engages in a discussion with Zodia Markets CEO Usman Ahmad, focusing on the shifting market sentiment towards ethereum as..
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New Study Highlights , Global Acceleration of , Groundwater Depletion.
'The Independent' reports that groundwater
sources around the world are being depleted
faster than they have been in the past..
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