May 29, 2024
United States:
US Mortgage Rates Rise for First Time in a Month, Denting Demand
US mortgage rates increased for the first time in a month, denting demand for home-buying and refinancing.
The contract rate on a 30-year fixed mortgage increased 4 basis points in the week ended May 24 to 7.05%, according to Mortgage Bankers Association data released Wednesday. That dragged down a gauge of refinancing by more than 13%, while purchasing activity fell to the lowest level in three months.
Europe:
ECB’s Vujcic Faces Uncertain Future With New Term in the Balance
Croatia’s new government is throwing the future of the country’s central bank chief into question at a critical juncture for euro-zone interest rates.
The administration, which took power this month, has until July 13 to decide whether to hand the 59-year-old Boris Vujcic a third six-year stint as governor. But with the addition of a nationalist party to Prime Minister Andrej Plenkovic’s ruling coalition complicating appointments, Vujcic’s prospects are unclear.
Asia:
China’s Property Rescue to Deliver Modest GDP Boost, Survey Shows
China’s most forceful attempt to shore up its beleaguered property market is expected to improve growth prospects modestly this year, according to economists surveyed by Bloomberg.
Seven out of 12 respondents to a flash survey said the rescue package unveiled May 17 will give a boost of between 0.1 and 0.3 percentage point to gross domestic product this year. Four economists expect a contribution of less than 0.1 percentage point, while one saw no impact from the policies.
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