September 25, 2024
United States:
US Mortgage Rates Fall Again, Triggering Big Wave of Refinancing
Applications to refinance mortgages surged for a second week as more Americans capitalized on the cheapest borrowing costs in two years.
The Mortgage Bankers Association’s refinancing index jumped 20.3% in the week ended Sept. 20 to the highest level since April 2022, the group said Wednesday. The contract rate on a 30-year fixed mortgage eased 2 basis points to 6.13%, the eighth straight weekly drop and the longest stretch of declines since 2018-2019.
United Kingdom:
BOE’s Greene Calls for ‘Cautious’ Approach to Rate Cuts
Bank of England policymaker Megan Greene said she prefers a “cautious, steady-as-she goes” approach to cutting interest rates, warning of the threat from strong wage growth and economic activity.
Greene said in a speech on Wednesday that she wants to be certain that the danger of permanent changes in price and wage setting has passed before she can support a quicker loosening in policy.
Asia:
China’s Stocks Intervention Faces Long Odds Once Euphoria Fades
China’s pledge of up to $340 billion to boost its ailing equities is invoking parallels with past efforts at home and in Japan that largely faltered in lifting the economy after an initial burst of enthusiasm.
The massive support is part of a broader stimulus package unveiled by People’s Bank of China Governor Pan Gongsheng and other top officials Tuesday. The goal is to reverse a drain on household wealth and prime an economy suffering a years-long housing crisis and mired in deflation and weak demand.
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