January 22, 2025
United States:
US Mortgage Rates Drop to 7.02%, First Decline in Six Weeks
US mortgage rates dropped for the first time in six weeks, helping keep a gauge of home-purchase applications at a one-year high.
The contract rate on a 30-year mortgage declined 7 basis points to 7.02% in the week ended Jan. 17, according to Mortgage Bankers Association data released Wednesday.
Europe:
ECB Is Confident on Inflation Stabilizing at Target, Rehn Says
The European Central Bank is confident inflation will stabilize at its 2% target and monetary policy will cease to be restrictive in the first half of this year, according to Governing Council member Olli Rehn.
The Finnish official said the ECB is vigilantly monitoring inflation, noting that further geopolitical tensions could stoke upward price pressures, such as via an increase in energy and transport costs.
Asia:
BOJ Heads Toward Rate Hike as Markets Take Trump in Stride
Bank of Japan Governor Kazuo Ueda is on track to raise interest rates to the highest level since 2008 on Friday, after global financial markets responded with relative calm to US President Donald Trump’s return to the White House.
Ahead of Trump’s inauguration, BOJ officials saw a good chance of a rate hike at the end of this week’s two-day meeting, provided the president didn’t unleash too many negative surprises, people familiar with the matter told Bloomberg earlier this month.
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