May 8, 2024
United States:
US 30-Year Mortgage Rate Falls for First Time Since March
US mortgage rates fell for the first time since late March, giving some relief to homebuyers and lifting applications for purchases and refinancing.
The contract rate on a 30-year fixed mortgage fell 11 basis points in the week ended May 3 to 7.18%, according to Mortgage Bankers Association data released Wednesday. It marks the first drop following four straight weekly increases that brought borrowing costs well above 7%.
Europe:
German Industrial Production Falls for First Time This Year
German industrial output fell for the first time this year — highlighting the sector’s enduring challenges within Europe’s largest economy.
Production decreased 0.4% in March, led by drops in consumer and intermediate goods, and energy, the statistics office said Wednesday. That was still better than the 0.7% decline estimated by economists in a Bloomberg poll.
Asia:
BOJ’s Ueda Ramps Up Yen Warnings While Traders Keep Selling
Bank of Japan Governor Kazuo Ueda fired a salvo of warning shots to financial markets about a potential policy move as he beefed up his language on the weak yen while traders continued to sell it.
“Abrupt and one-sided weak yen moves raise uncertainties and are negative for Japan’s economy and undesirable as, for example, they make it hard for companies to formulate their business plans,” Ueda said Wednesday at an event in Tokyo. It’s natural for the central bank to consider taking action if foreign exchange moves hit the nation’s price trend, he added.
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