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US bond rally points to more affordable housing market
  + stars: | 2023-11-15 | by ( Amina Niasse | ) www.reuters.com   time to read: +3 min
REUTERS/Sarah Silbiger/File Photo Acquire Licensing RightsNEW YORK, Nov 15 (Reuters) - Growing confidence that U.S. bond yields have hit their peak and could head lower from here looks set to make the housing market more affordable in coming weeks. Some analysts think mortgage rates are positioned to come down even more quickly as the spread between conventional 30-year mortgage rates and the 10-year Treasury yield, now near the largest since the 1980s, normalizes. "That's part of the reason why mortgage rates are so elevated - because of that uncertainty on rates and the volatility of rates," Kiefer said. Reuters GraphicsMeasures of bond market volatility have fallen from earlier this year, and as bond yields show signs of falling further, home affordability may be set to improve. The median mortgage payment has risen steadily since 2022, and is now 11% higher than the current period last year.
Persons: Sarah Silbiger, Freddie Mac, Len Kiefer, Freddie Mac's, Kiefer, Joel Kan, Kan, Amina Niasse, Paul Simao Organizations: REUTERS, Federal, Treasury, Reuters, Mortgage Bankers Association, Thomson Locations: Washington , U.S, Treasuries
As Rent Rises Cool, So Will Inflation
  + stars: | 2023-11-14 | by ( Justin Lahart | ) www.wsj.com   time to read: 1 min
Will the strong U.S. economic data we’ve seen push the Fed to change policy this year? What comes next depends on how the Fed will interpret the data. Photo: Sarah Silbiger/Bloomberg NewsInflation has been cooling, and a big part of why is that rent increases have as well. That is also why inflation is likely to keep going lower in the months ahead. Tuesday’s inflation report from the Labor Department showed that overall consumer prices were up 3.2% from a year earlier in October, while core prices, which exclude food and energy prices in an effort to better track inflation’s underlying trend, were up 4%.
Persons: WSJ’s Dion Rabouin, Sarah Silbiger Organizations: Bloomberg, Labor Department
LSEG Workspace, a financial news and data platform, calculated inventory turnover ratios of 30 major U.S. retailers for Reuters. "I am relatively pessimistic about the holiday season," said Gerald Storch, retail consultant and former Target vice chairman and ex-CEO of Hudson's Bay. Department stores' holiday season is "likely not going to be that strong," said David Swartz, a Morningstar analyst. Reuters Graphics Reuters GraphicsTo be sure, inventory turnover is not the only metric Wall Street investors use to judge retailers' inventory levels. Some are already slashing prices and dangling discounts to clear excess inventory before Black Friday, the start of holiday shopping season.
Persons: King, King of Prussia, Sarah Silbiger, Gerald Storch, Jeff Bornino, David Swartz, Ulta, pare, Jason Benowitz, Joseph Feldman, Jane Hali, Nordstrom, Brian Mulberry, Savyata Mishra, Ananya Mariam Rajesh, Richa Naidu, Siddharth Cavale, Aishwarya Venugopal, Rod Nickel Organizations: REUTERS, Dollar, Walmart, Reuters, North America, Kroger, Department, Morningstar, TJX Companies, Dick's Sporting, Reuters Graphics Reuters, Roosevelt, Telsey Advisory, Research, Associates, Nordstrom, Zacks Investment Management, Thomson Locations: King of, King, King of Prussia , Pennsylvania, U.S, Hudson's, North
See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. Mortgage Rates for Buying a Home30-Year Fixed Mortgage Rates Inch Down (-0.05%)The current average 30-year fixed mortgage rate is 7.25%, down five basis points since this time last week. 20-Year Fixed Mortgage Rates Drop (-0.24%)The average 20-year fixed mortgage rate is down 24 basis points from last week and sits at 6.75%. 15-Year Fixed Mortgage Rates Go Down (-0.06%)The average 15-year mortgage rate is 6.55%, down a bit from last week. 20-Year Fixed Refinance Rates Plummet (-0.32%)The current 20-year fixed refinance rate is 6.84%, which is down compared to a week ago.
Persons: we'll, you'll, It's, refinance Organizations: Federal Reserve, Zillow, FHA Locations: Chevron
"This two-step continuing resolution is a necessary bill to place House Republicans in the best position to fight for conservative victories," Johnson said in a statement after announcing the plan to House Republicans in a conference call. The House Republican stopgap contained no supplemental funding such as aid for Israel or Ukraine. She said "House Republicans are wasting precious time with an unserious proposal that has been panned by members of both parties." A stopgap measure would give lawmakers more time to implement full-scale appropriations bills to fund the government through Sept. 30. McCarthy opted for the bipartisan route after hardliners blocked a Republican stopgap measure with features intended to appease them.
Persons: Mike Johnson, Johnson, Republican stopgap, Joe Biden, Karine Jean, Pierre, centrists, Sarah Silbiger, Chip Roy, Roy, Brian Schatz, Schatz, Biden, Johnson's, Kevin McCarthy, McCarthy, David Morgan, Timothy Gardner, Scott Malone, Daniel Wallis, David Gregorio Our Organizations: . House, Republican, Republicans, Democratic, White, AAA, ., Louisiana Republican, Food and Drug Administration, U.S, Capitol, REUTERS, Caucus, Social Security, Thomson Locations: Israel, Ukraine, Louisiana, Washington , U.S
Average 30-year mortgage rates reached 23-year highs in October, but they dropped last week and are at their lowest in over a month. This is good news for mortgage rates — although the federal funds rate doesn't directly impact mortgage rates, the general rule of thumb is that when the Fed's rate goes up, so do mortgage rates. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's interest rates will affect your monthly payments. 15-Year Fixed Mortgage RatesAverage 15-year mortgage rates were 6.81% last week, according to Freddie Mac data. Mortgage rates increased dramatically in 2022 and have been volatile so far in 2023, but they're expected to trend down later this year.
Persons: Jerome Powell, you'll, Freddie Mac Organizations: Federal Reserve, Zillow Locations: Chevron
White House National Security Advisor Jake Sullivan speaks during a press briefing at the White House in Washington, D.C., U.S., September 15, 2023. "The United States does not want to see firefights in hospitals where innocent people, patients receiving medical care, are caught in the crossfire and we've had active consultations with the Israeli Defense Forces on this," Sullivan told CBS News' "Face the Nation" program. Al-Shifa and other hospitals in northern Gaza, the focus of Israel's month-old war to wipe out Hamas and free hostages held by the militants, are barely able to care for patients. Sullivan said that open-source information indicated that "Hamas is using hospitals as it uses many other civilian facilities, for command and control, for weapons storage, to house its fighters. He also said the United States continues to move U.S. citizens out of Gaza.
Persons: Jake Sullivan, Sarah Silbiger, we've, Sullivan, Arshad Mohammed, Katharine Jackson, Scott Malone, Hugh Lawson Organizations: White, National, Washington , D.C, REUTERS, Rights, United, CBS News, Israeli Defense Forces, CBS, Thomson Locations: Washington ,, United States, Gaza, Al
Average mortgage interest rates have fluctuated since yesterday, but almost all new-purchase rates are down since this time last week. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. 30-year Fixed Mortgage RatesThis week, the average 30-year fixed mortgage rate is 7.50%, according to Freddie Mac. 15-year Fixed Mortgage RatesAverage 15-year mortgage rates are 6.81% this week, a 22-basis-point drop from the previous week, according to Freddie Mac data. Mortgage rates started ticking up from historic lows in the second half of 2021 and increased over three percentage points in 2022.
Persons: you'll, Freddie Mac Organizations: Federal, Zillow, Federal Reserve Locations: Chevron
The White House sought to pin blame for the outlook change, which cited the high deficit and rising interest rates, on Republicans. "Moody's decision to change the U.S. outlook is yet another consequence of congressional Republican extremism and dysfunction," White House spokesperson Karine Jean-Pierre said. House Republicans hope to vote on Tuesday on a stopgap measure, which could extend discretionary funding for federal agencies into mid-January. Representative Chip Roy, a prominent member of the hardline House Freedom Caucus, said he could accept a stopgap measure that also contains aid to Israel in its war with Hamas. McCarthy opted for the bipartisan route after hardliners blocked a Republican stopgap measure with features intended to appease the party's far right.
Persons: Mike Johnson, Sarah Silbiger, Moody's, Andy Harris, Karine Jean, Pierre, Joe Biden, Tom Cole, Cole, Johnson, Chip Roy, Roy, Biden, Johnson's, Kevin McCarthy, McCarthy, David Morgan, Scott Malone, Daniel Wallis Organizations: U.S, Capitol, REUTERS, Rights, . House, Republicans, AAA, Republican, White, Democratic, Caucus, Texas Republican, Social Security, Thomson Locations: Washington , U.S, U.S, Mexico, Washington, Israel, Ukraine
But your credit card rewards and cell phone protections may be worth more than the monthly savings. Credit card transactions cost businesses more than debit card payments. Credit card issuers use those extra fees to fund credit card perks such as rewards and discounts. The main difference between linking a debit card and a credit card is account protection. Fees no monthly service fee Annual Percentage Yield (APY) None Minimum Deposit Amount $0 Pros Check mark icon A check mark.
Persons: , Cash Organizations: Verizon, AT, Service, Discover, Discover Bank Locations: Canada, Mexico, Caribbean
A knowledgeable source, who spoke on condition of anonymity, said plans for the release of the continuing resolution, or "CR," were still in flux. U.S. House Speaker Mike Johnson has spent days in talks with members of his slim 221-212 Republican majority about several CR options. The Republican-controlled House and Democratic-led Senate must agree on a vehicle that President Joe Biden can sign into law before current funding expires on Nov. 17. Many lawmakers warn that a prolonged partisan fight over a stopgap measure could prevent Congress from averting a shutdown. As House Republicans debated their options this week, Senate Majority Leader Chuck Schumer took an initial procedural step toward moving his own stopgap measure.
Persons: Mike Johnson, Sarah Silbiger, Joe Biden, Moody's, Chuck Schumer, David Morgan, Daniel Wallis, Grant McCool Organizations: U.S, Capitol, REUTERS, Rights, . House, Republican, Democratic, Republicans, Thomson Locations: Washington , U.S, Washington, U.S, Mexico
A knowledgeable source, who spoke on condition of anonymity, said plans for the release of the continuing resolution, or "CR," were still in flux. U.S. House Speaker Mike Johnson has spent days in talks with members of his slim 221-212 Republican majority about several CR options. The Republican-controlled House and Democratic-led Senate must agree on a vehicle that President Joe Biden can sign into law before current funding expires on Nov. 17. Many lawmakers warn that a prolonged partisan fight over a stopgap measure could prevent Congress from averting a shutdown. As House Republicans debated their options this week, Senate Majority Leader Chuck Schumer took an initial procedural step toward moving his own stopgap measure.
Persons: Mike Johnson, Sarah Silbiger, Joe Biden, Chuck Schumer, David Morgan, Daniel Wallis Organizations: U.S, Capitol, REUTERS, Rights, . House, Republican, Democratic, Republicans, Thomson Locations: Washington , U.S, U.S, Mexico
Yeah, when asked how they met, she was like, ‘I was his Uber driver on the way over.’” — JIMMY FALLON“Aw, that’s so sweet! Man, you look for love your whole life, and you finally find it with a respectable-looking woman just two months before the Iowa caucus. I mean, what are the odds?” — SARAH SILVERMAN“He really should have just proposed right there, got down on one knee, like, ‘Mindy, would you make my campaign manager the happiest man alive?’” — SARAH SILVERMAN“It’s just too bad for Tim that he had to get this nonunion actor to play his girlfriend. I mean, if he had waited one more day for the strike to end, he could have gotten a professional actor fake girlfriend.” — SARAH SILVERMAN“It’s a smart move by Tim Scott. He’s never going to be president, but at least people will know that he has a fake girlfriend, so that’s good: ‘She lives in Canada, you guys don’t know her.’” — JIMMY FALLON
Persons: , JIMMY FALLON “, Tim Scott’s, jury’s, Tim Scott, ” — SETH MEYERS “, Uber, ’ ”, JIMMY FALLON “ Aw, SARAH SILVERMAN “, ‘ Mindy, SARAH SILVERMAN “ It’s, Tim, ” — SARAH SILVERMAN “, He’s, JIMMY FALLON Organizations: JIMMY FALLON “ Politico Locations: Iowa, Canada
An off-duty pilot accused of trying to crash a plane refused to take antidepressants, his wife told NYT. AdvertisementAdvertisementAn off-duty pilot facing attempted murder charges after being accused of trying to crash a plane had refused to get antidepressants because he was afraid of losing his job, his wife told The New York Times. Emerson told the New York Times in an interview that he'd consumed psychedelic mushrooms two days before the incident. Emerson said the trip was during a weekend getaway with his friends to commemorate the death of his best friend, The New York Times reported. The Times reported that the loss prompted Emerson to seek help for mental health issues.
Persons: Joseph Emerson didn't, He's, , Joseph Emerson's, Sarah Stretch, Stretch, Insider's Michelle Mark, Joe LoRusso, Emerson Organizations: Service, New York Times, Times, Federal Aviation Administration, Alaska Airlines, The Times Locations: The California, Oregon
The average 30-year mortgage rate dropped 26 points to 7.50% — this is the lowest the rate has been since the beginning of October. Paused Fed rates and a cooling jobs market are both good signs for mortgage rates. See more mortgage rates on Zillow Real Estate on ZillowMortgage Refinance Rates TodayMortgage type Average rate today This information has been provided by Zillow. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. 15-Year Fixed Mortgage RatesAverage 15-year mortgage rates are 6.81% this week, according to Freddie Mac data, which is a 22-basis-point drop from last week.
Persons: Freddie Mac, it's Organizations: Federal Reserve, Bureau of Labor Statistics, Zillow Locations: Chevron
[1/2] A woman shops for groceries at El Progreso Market in the Mount Pleasant neighborhood of Washington, D.C., U.S., August 19, 2022. The U.S. banking sector was in turmoil in the spring as Silicon Valley Bank abruptly collapsed after grappling with large amounts of unrealized losses spurred by rapidly rising interest rates. She said reinflation was a risk, especially if banks do not correctly anticipate interest rate moves and adjust their portfolios appropriately. That led to unrealized losses across the sector coming under closer scrutiny. Global banking and securities regulators are also still grappling with the fallout from the collapse of Credit Suisse Group (CSGC.UL).
Persons: Sarah Silbiger, Ana Arsov, Arsov, reinflation, ” Arsov, Tim Wennes, Paul Servais, Paritosh Bansal Tatiana Bautzer, Megan Davies, Lisa Shumaker, David Gregorio Our Organizations: El Progreso Market, Washington , D.C, REUTERS, Reuters, Banco Santander, Global, Credit Suisse Group, UBS, Jean, International Organization of Securities Commissions, Financial, Swiss, Thomson Locations: Mount Pleasant, Washington ,, U.S, SVB
Our experts answer readers' credit card questions and write unbiased product reviews (here's how we assess credit cards). If you've been thinking about getting a United credit card, now is the time to do it. United just boosted introductory offers on four popular credit cards, increasing each sign-up bonus by 10,000 additional United MileagePlus miles from its current rate. A free first and second checked bag can save you and a companion up to $320 round-tripCheck mark icon A check mark. Up to $125 in annual credits toward United® purchases can offset half the annual feeCheck mark icon A check mark.
Persons: , you've, Here's Organizations: United Club, Service, United, FDIC, United ®, United Airlines, , Card, Club, Free, TSA, Star Alliance Locations: United, Canada
A "For Rent, For Sale" sign is seen outside of a home in Washington, U.S., July 7, 2022. REUTERS/Sarah Silbiger/File Photo Acquire Licensing RightsNov 8 (Reuters) - The interest rate on the most common type of U.S. residential mortgage plunged last week by the most in nearly 16 months on the back of a rally in the Treasury market that drove down the benchmark yields used to set home loan costs. The Mortgage Bankers Association on Wednesday said the average contract rate on a 30-year fixed-rate mortgage dropped in the week ended Nov. 3 by a quarter percentage point to 7.61%, the lowest in about a month. It was the largest weekly drop since late July 2022. Reporting By Dan Burns; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.
Persons: Sarah Silbiger, Dan Burns, Chizu Organizations: REUTERS, Treasury, Mortgage Bankers Association, Wednesday, U.S, U.S . Treasury, Federal Reserve, Thomson Locations: Washington , U.S
Almost all mortgage rates are down since this time last week, and since a month ago. ARMs weren't very popular when mortgage rates were at all-time lows, because people wanted to lock in their great rates for their entire mortgage terms — in fact, ARM rates were higher than fixed rates not so long ago. See more mortgage rates on Zillow Real Estate on ZillowMortgage Refinance Rates TodayMortgage type Average rate today This information has been provided by Zillow. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control.
Persons: Fannie Mae Organizations: ARM, Zillow, Federal Reserve, Mortgage, Association, Sky Locations: Chevron
The case of IrvineWhen the city of Irvine took on short-term rentals in 2018, Airbnb seemed unstoppable. Its tentacles had spread to cities across the globe, converting entire neighborhood blocks, in the most dramatic cases, to short-term rentals. Plenty of cities had passed ordinances banning short-term rentals, only to see Airbnb listings continue to pop up. That's consistent with data on short-term rentals in Irvine, which showed that by January 2021, the number of listings in Irvine had halved. As the Berlin and Boston studies found, when houses or apartments are pulled off the long-term market to be used as short-term rentals, housing supply decreases.
Persons: it's, that's, Banning, Irvine, Airbnb, Michael Seiler, College of William & Mary, Seiler, Murray Cox, Ken Fairbanks, Fairbanks, Cox, Airbnbs, Alicia Glen, Sarah Saadian, It's, we're, Saadian, Katya Schwenk Organizations: , New, Real Estate Economics, College of William &, Irvine, New York's, Housing Coalition, The Locations: New York City, New York, York City, Irvine , California, Orange County, Real, Irvine, Plenty, Airbnbs, . New York City, Berlin, Boston, Burlington , Vermont, Summit County, Colorado, New, Airbnb, Phoenix , Arizona
You can now transfer Bilt Rewards points to Marriott Bonvoy at a 1:10 ratio. As of today, November 8, you can now transfer Bilt Rewards points to Marriott Bonvoy at a 1:1 ratio. Bilt cardholders can transfer points to Marriott in increments of 1,000 (Bilt Blue tier members must transfer a minimum of 2,000 points per transaction). Cardholders also receive a bonus 5,000 Marriott Bonvoy points for every 20,000 Bilt points transferred to Marriott in a single transaction. You'll receive a 100-point Bilt Rewards point bonus for linking your Marriott Bonvoy account to your Bilt Rewards account.
Persons: , Cardholders, Marriott, Here's, you’re, Bilt, Experian, TransUnion ™, Equifax, You'll, Bilt cardholders Organizations: Marriott, IHG, Hyatt, Service, American Airlines and United Airlines, Mastercard, Alliance, Emirates Locations: Hyatt, Emirates
REUTERS/Sarah Silbiger/File Photo Acquire Licensing RightsWASHINGTON, Nov 7 (Reuters) - The U.S. regulator charged with overseeing the Federal Home Loan Banks said in a report on Tuesday the system is overdue for an overhaul in its mission and structure. The Federal Housing Finance Agency emphasized in the report that there needs to be a clearer distinction between the purpose of the FHL banks and the Federal Reserve, which is the primary emergency lender for banks. The agency said FHL banks were created by Congress in 1932 to provide liquidity to banks for affordable housing and other economic development. Tuesday's report was the culmination of a year-long project by the agency to review the FHL banks. FHL Banks are 11 regional government-chartered institutions that raise money for low-cost lending to their members.
Persons: Sarah Silbiger, Loan Banks, Banks, Ryan Donovan, Pete Schroeder, Aurora Ellis Organizations: REUTERS, Rights, Federal, Loan, Federal Housing Finance Agency, Federal Reserve, of Federal Home Loan, Thomson Locations: Washington , U.S, U.S
CNN —“West Side Story” breakout Rachel Zegler is set to join the blockbuster “Hunger Games” franchise with the release of prequel “The Ballad of Songbirds and Snakes” on November 17. Fans have compared Zegler's dress with another key "Hunger Games" moment. Jorg Carstensen/dpa/APFans were quick to compare Zegler’s look with another famous “Hunger Games” frock. Jennifer Lawrence as Katniss Everdeen in "The Hunger Games: Catching Fire" (2013). From left: Tom Blyth, Rachel Zegler, Hunter Schafer and Josh Andres Rivera attend the premiere of "The Hunger Games: The Ballad of Songbirds & Snakes" in Berlin.
Persons: CNN —, Rachel Zegler, Zegler, Lucy Gray Baird, Katniss, Alexander McQueen, Jorg Carstensen, Suzanne Collins ’, Jennifer Lawrence, Katniss Everdeen, Sarah Slutsky, Tom Blyth, Hunter Schafer, Josh Andres Rivera, Gerald Matzka, Zegler’s, Schafer Organizations: CNN, AP, Lionsgate, Capitol Locations: Berlin
Average 30-year mortgage rates reached 23-year highs in October, and although they're still relatively high, they're starting to trend downward. This is good news for mortgage rates — generally, when the federal funds rate goes up, mortgage rates tend to follow suit. As inflation comes down and the Fed is able to stop hiking rates, mortgage rates should start to recede. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's interest rates will affect your monthly payments. 15-Year Fixed Mortgage RatesAverage 15-year mortgage rates were 7.03% last week, according to Freddie Mac data.
Persons: they're, Jerome Powell, you'll, Freddie Mac Organizations: Federal Reserve, Zillow Locations: Chevron
[1/2] U.S. Treasury Secretary Janet Yellen discusses "U.S.-China Economic Relationship" during a forum hosted by the Johns Hopkins University at the Nitze Building in Washington, U.S., April 20, 2023. REUTERS/Sarah Silbiger/File Photo Acquire Licensing RightsWASHINGTON, Nov 6 (Reuters) - U.S. Treasury Secretary Janet Yellen will meet with Chinese Vice Premier He Lifeng in San Francisco this week to try to deepen a fledgling economic dialogue between the world's two largest economies ahead of a U.S.-hosted summit of Pacific Rim leaders. The Treasury said the Nov. 9-10 meetings will also convene the new economic and financial forums launched in October by the Treasury and China's finance ministry and central bank. Yellen also is keen to discuss what steps Chinese officials are contemplating to support their flagging economic growth, and what circumstances might change their policy path. Instead, Yellen said she was "focusing on specific, high-priority economic topics on which we can make tangible progress."
Persons: Janet Yellen, Sarah Silbiger, Yellen, Joe Biden, Xi Jinping, David Lawder, Simon Cameron, Moore Organizations: . Treasury, Johns Hopkins University, REUTERS, Rights, Pacific Rim, Treasury, San, Biden, Asia Pacific Economic Cooperation, U.S, Washington Post, Thomson Locations: China, Washington , U.S, San Francisco, U.S, Beijing
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