June 19, 2024
United States:
US Mortgage Rates Drop Below 7% for First Time Since March
US mortgage rates declined below 7% last week for the first time since March, spurring back-to-back increases in financing applications for home purchases.
The contract rate on a 30-year fixed mortgage decreased 8 basis points to 6.94% in the week ended June 14, according to Mortgage Bankers Association data released Wednesday. The five-year adjustable-rate mortgage slid 18 basis points to 6.27%, matching the lowest level since February.
United Kingdom:
UK Inflation Falls to 2% Goal for First Time in Three Years
British inflation fell back to the Bank of England’s 2% target for the first time in almost three years, a milestone that likely comes too late to improve the political fortunes of Prime Minister Rishi Sunak before the looming election.
Consumer price increases eased in May from 2.3% the month before, the Office for National Statistics said on Wednesday. Those figures should keep the central bank on track to cut interest rates in the coming months, even though Bank of England officials have signaled they are unlikely to announce a policy shift on Thursday due to the election campaign.
Asia:
China Plans New Measures to Attract Venture Capital Investment
China plans to introduce fresh measures to encourage venture capital into the country’s technology sector, including from overseas.
International investors will be able to set up yuan funds in China to facilitate domestic investments, while qualified institutions will be encouraged to issue corporate bonds and debt financing instruments to help fund their investments, the government said in a notice Wednesday. State-owned enterprises will also be urged to invest in industry leaders with advanced technologies.
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