May 21, 2025
United States:
US Mortgage Rates Rise to Three-Month High, Slowing Home Demand
US mortgage rates climbed last week to a three-month high, prompting a slide in applications for home purchases and refinancing.
The contract rate on a 30-year mortgage rose 6 basis points to 6.92% in the week ended May 16, according to Mortgage Bankers Association data released Wednesday.
United Kingdom:
UK Inflation Surge Prompts Traders to Pare Bets on BOE Cuts
UK inflation jumped more than forecast to its highest rate in over a year as households were hit by a raft of price increases, prompting investors to pare bets on rate cuts from the Bank of England.
Increases to energy, water and other administered prices pushed inflation to 3.5% in April from 2.6% a month earlier, the Office for National Statistics said Wednesday. It was the highest rate in 15 months and above the 3.4% forecast by the BOE.
Asia:
Japan’s Exports Slow as US Tariffs Bite, Risking Recession
Growth in Japan’s exports slowed as the US ramped up its tariff measures, highlighting the risks the country faces after its economy already contracted before the levies began hitting in earnest.
Exports measured by value gained 2% in April from a year earlier, slowing from March’s 4% as cars and steel dragged on shipments, the Ministry of Finance reported Wednesday.
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