Overseas Headlines – January 18, 2023

January 18, 2023


United States:

US Mortgage Rates Retreat to 6.23%, Lowest in Four Months

US mortgage rates fell to a four-month low last week, supporting more home purchases and refinancing.

The contract rate on a 30-year fixed mortgage decreased 19 basis points to 6.23% in the week ended Jan. 13, according to Mortgage Bankers Association data released Wednesday. That helped boost total applications by nearly 28% in the week, though the data can be volatile around major holidays.



UK House Prices Slip From Record After Mortgage Rates Jump

UK house prices pulled back from their record level in November, official data showed, adding to evidence that the market may be entering a more protracted downturn.

The average cost of a home fell to £295,000 in November, down by £1,000 from the month before but £28,000 more than a year ago, the Office for National Statistics said Wednesday.



China’s Growth Relies on Consumers Still Too Cautious to Spend

China will need its cautious consumers to start spending again in order to achieve stronger economic growth, but recent data shows just how difficult that goal may be this year.

The biggest driver of the economy’s 3% growth last year was investment — or gross capital formation — which includes spending on durable assets such as buildings and also business inventory. That reverses the trend seen over most of the last decade, where consumption spending was the fastest growing component of demand for goods and services each year.




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