November 8, 2023
United States:
US 30-Year Mortgage Rate Tumbles by Most in More Than a Year
The average 30-year mortgage rate plunged last week by the most in more than a year, helping generate the biggest advance in home purchase applications since early June.
The contract rate on a 30-year fixed mortgage slid 25 basis points to 7.61%, the lowest level since the end of September, according to the Mortgage Bankers Association. The group’s index of mortgage applications for home purchases increased 3% in the week ended Nov. 3, the data out Wednesday showed.
Europe:
ECB Says Consumer Inflation Expectations Increased in September
Consumer expectations for euro-zone inflation over the next year rose “noticeably” in September, highlighting why the European Central Bank plans to keep interest rates elevated for an extended period.
Expectations for the next 12 months increased to 4% from 3.5%, while uncertainty about the outlook intensified, the ECB said Wednesday in its monthly survey. For three years ahead, however, they remained unchanged at 2.5%.
Asia:
China’s Central Bank Vows Liquidity for Debt-Laden Regions
China will provide emergency funding to heavily indebted local governments as needed, central bank Governor Pan Gongsheng said — comments that underscore the importance authorities place on the problem.
“When it’s necessary, the People’s Bank of China will provide emergency liquidity support to regions with a relatively heavy debt burden,” Pan said in a speech at the Financial Street Forum in Beijing on Wednesday.
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