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Mar 01 2024
News
7% interest rates hit weekly mortgage demand hard
Higher mortgage rates continue to hit demand from both current homeowners and potential homebuyers.
Total mortgage application volume dropped 5.6% last week from the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. An additional adjustment was made to account for the Presidents Day holiday.
The average contract interest rate for 30-year
CNBCMar 14 2024
News
Michigan Senate approves cap on payday loan interest rates • Michigan Advance
Legislation to reform the state’s payday loan industry has passed the Michigan Senate. After passing through the Michigan Senate Finance, Insurance and Consumer Protection Committee in February, Senate Bill 632, sponsored by state Sen. Sarah Anthony (D-Lansing), and House Bill 4343, sponsored by Rep. Jennifer Conlin (D-Ann Arbor), were both approved by the full Senate on Thursday. Anthony’s
Michigan AdvanceMar 06 2024
News
Egypt’s pound plunges after currency float, interest rate rise
The value of the Egyptian pound crashed on Wednesday after the country’s central bank floated the currency on international markets, while also hiking interest rates, in moves that are expected to pave the way for further loans from the International Monetary Fund (IMF).
In a statement, the Central Bank of Egypt said it had lifted its key overnight deposit rate by 600 basis points to 27
MarketWatchMar 13 2024
News
High interest rates temper optimism for Tampa Bay real estate development
High interest rates and a dearth of qualified workers have tempered optimism for Tampa Bay's real estate development market, according to a new survey of local architects. The big picture: 81% of the 124 local architects who responded to the annual Voice of Architecture survey said this year's development-related economy will be "excellent" or "good." • That's higher than last year but lower
AxiosJan 31 2024
News
Fed holds interest rates steady, signals it is not ready to start reducing rates
The Federal Reserve on Wednesday held interest rates steady for the fourth straight time, and cracked open the door to reducing rates later this year if inflation continues to subside.
The widely expected decision left interest rates unchanged at a range of 5.25% to 5.5%, the highest level in 22 years.
Policymakers also made substantial changes to their post-meeting statement,
Fox BusinessMar 17 2024
News
Presidential election or not, the Fed will cut interest rates in the fall if it must, economists say
Washington (CNN) — A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. You can listen to an audio version of the newsletter by clicking the same link. This should have been the week the Federal Reserve finally begins to cut interest rates after rapidly raising them to a 23-year high, at least according to Wall Street
KRDOMar 13 2024
News
Weekly mortgage demand jumps again as interest rates fall just below 7%
A For Sale sign is posted in front of a home for sale in San Marino, California on September 6, 2023. Mortgage rates swung slightly lower last week, fueling a significant jump in mortgage demand for the second straight week. Total application volume rose 7.1%, compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. The average contract
CNBCJan 31 2024
News
Fed holds interest rates at a 23-year high
Officials at the US central bank have left interest rates at a 23-year high, while offering little certainty about the path ahead for borrowing costs.
The decision from the Federal Reserve again kept the target range for its benchmark rate, which helps set borrowing costs for mortgages, credit cards and other loans, at 5.25%-5.5%.
That is sharply higher than two years ago, when
BBC NewsJan 31 2024
News
The Federal Reserve holds interest rates steady but signals rate cuts may be coming
The Federal Reserve held interest rates steady on Wednesday but signaled that rates could fall in the coming months if inflation continues to cool.
Policy makers have kept their benchmark interest rate between 5.25% to 5.5% — the highest in over two decades — since July.
In its post-meeting policy statement, the Fed's rate-setting committee replaced a reference to possible future
NPR (Online News)Dec 14 2023
News
ECB Keeps Interest Rates Steady
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Barron's