February 21, 2024
United States:
US Mortgage Rates Jump Above 7% for First Time Since December
US mortgage rates jumped above 7% for the first time since early December, dealing a blow to the housing market’s nascent recovery.
The contract rate on a 30-year fixed mortgage increased 19 basis points in the week ended Feb. 16 to 7.06%, according to Mortgage Bankers Association data released Wednesday. It was the largest weekly increase since October.
United Kingdom:
Disposable Incomes Rise in UK to a Near Two-Year High, Says Asda
British families have more spare cash than at any time in nearly two years, a survey said Wednesday, after inflation in the UK fell sharply.
An income tracker published by supermarket chain Asda found that disposable income for the average UK household rose 6.1% year-on-year to £230 ($182) per week last month, the highest since March 2022.
Asia:
Bank of Korea Poised to Hold Interest Rate as Board Undergoes Changes
The Bank of Korea is expected to hold its benchmark interest rate steady as it undergoes a reorganization of its board that may influence the timing of a potential policy pivot later this year.
All 19 economists surveyed by Bloomberg forecast South Korea’s central bank will keep its rate at 3.5% on Thursday, as the board convenes with a new member. Hwang Kunil, a former World Bank executive director, highlighted higher-than-targeted inflation and weakening growth potential among concerns as he joined the board earlier this month.
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