October 09, 2024
United States:
US 30-Year Mortgage Rate Climbs by Most in More Than a Year
US mortgage rates jumped last week by the most since July 2023, abruptly halting a monthslong slide that was helping to reinvogorate housing activity.
The contract rate on a 30-year mortgage increased 22 basis points to 6.36% in the week ended Oct. 4, according to Mortgage Bankers Association data out Wednesday. The rate now stands at the highest level since August.
Europe:
ECB’s Wunsch Warns on Rapid Cuts, Undecided on October: L’Echo
European Central Bank Governing Council member Pierre Wunsch cautioned against interest rates being lowered too quickly and said he’s undecided on a widely expected cut this month, according to Belgium’s L’Echo.
Trends in the euro-zone economy and inflation “motivate measured and prudent rate cuts,” the Belgian central-bank head told the newspaper in an interview. “But is there a determining factor that means that we should open the discussion in October? I would really like to see the analysis that the central bank staff makes of it.”
Asia:
BOJ’s Next Hike Likely to Come in January, Former Official Says
New Prime Minister Shigeru Ishiba won’t impede the Bank of Japan’s path toward raising interest rates, with January the most likely timing for its next hike, according to a former executive director in charge of monetary policy.
“My view at the moment is that January has the highest probability,” Eiji Maeda, the former executive, said in an interview Tuesday. “That would be about a half year since the July rate hike and that’s also when the bank releases its latest economic projections.”
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