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
Lady Gaga and Joaquin Phoenix are creating chaos and love in the newest trailer for the highly anticipated 'Joker' sequel film. In the newest glimpse of 'Joker: Folie À Deux,' director Todd Phillips teases what's to come in the follow-up to 2019's Academy Award-winning 'Joker.'
Credit: The Hollywood Reporter Duration: 01:29Published
Donald Trump has chosen J.D. Vance as his running mate as he seeks to unseat President Joe Biden for a second term as president of the United States. Vance is a freshman senator from Ohio who rose to fame with his 2016 memoir 'Hillbilly Elegy.' The book was turned into a movie starring Glenn Close and Amy Adams in 2020. The film adaptation received two Academy Award nominations, including a best supporting actress nomination for Close. Trump shared the news on his social media platform Truth Social on Monday.
Credit: The Hollywood Reporter Duration: 01:12Published
Oscar-winning actor, producer and prominent Democratic Party fundraiser George Clooney wrote an op-ed published in The New York Times Wednesday praising President Biden, but arguing that Democrats need a new nominee and calling for Mr. Biden to exit the 2024 race hours after senior Democrat Nancy Pelosi swerved questions about whether he should continue. Clooney wrote in The New York Times that it was "devastating to say it" but the Biden he met at a fundraising event three weeks ago was not the "'Joe 'big ****ing deal' Biden of 2010. He wasn't even the Joe Biden of 2020."
#GeorgeClooney #Biden #BidenPresident #Joebiden #PresidentBiden #Worldnews #Oneindia #Oneindianews
~PR.320~HT.95~ED.101~
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Multiple YouTube creators are accusing companies, including Apple, of stealing their content to train AI. Investigations by Wired and Proof News revealed that over 170,000 subtitles from more than..
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