September 4, 2024
United States:
US Mortgage Rates Continue to Ease on Expectations of Fed Move
US mortgage rates fell last week to their lowest level since April 2023, prompting potential homebuyers to apply for loans at a faster clip.
The contract rate on a 30-year fixed mortgage fell slightly to 6.43% in the week ended Aug. 30, according to data released Wednesday by the Mortgage Bankers Association. That marked the fifth decline in as many weeks and spurred a pickup in the MBA’s index of home-purchase applications, which rose 3.3% to 136.1.
Europe:
ECB’s Kazaks Says Interest Rates Can Be Cut at Next Meeting
The European Central Bank can lower borrowing costs at this month’s meeting, according to Governing Council member Martins Kazaks.
“Next week we have the ECB’s council meeting, and to my mind — looking at the data that we have at available at the moment — we can take the next step in the direction of decreasing rates,” the hawkish Latvian central-bank chief told Latvian TV on Wednesday. “Of course there will be a discussion, as there always is, but for me at this moment this picture is pretty clear.”
Asia:
China Services Expansion Cools in New Sign of Economic Weakness
China’s services activity expanded less than expected, a private survey showed, adding to worries over the economy’s health.
The Caixin China services purchasing managers’ index fell to 51.6 in August, versus 52.1 the previous month, according to a statement released by Caixin and S&P Global on Wednesday. The median forecast of economists surveyed by Bloomberg was 51.8. Any reading above 50 suggests an expansion.
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