LOS ANGELES—The average long-term U.S. mortgage rate rose this week, snapping a three-week pullback after reaching a high for the year in early June. Mortgage buyer Freddie Mac said Thursday that the average rate on the benchmark 30-year home loan rose to 6.71 percent from 6.67 percent last week. A year ago, the rate averaged…
Average Long-Term US Mortgage Rate Rises to 6.71 Percent in First Increase After 3 Straight Drops
June 30, 2023
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China’s Economy Slows in May; Central Bank Cuts Interest Rate
June 16, 2023
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BEIJING—China’s economy stumbled in May with industrial output and retail sales growth missing forecasts. The economic rebound seen earlier this year has lost momentum in the second quarter, prompting China’s central bank to cut some key interest rates this week for the first time in nearly a year, with expectations of more to come. “The…
ECB Lifts Interest Rates to 22-year Highs
June 15, 2023
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LONDON—The European Central Bank raised interest rates for the eighth successive time, as expected, on Thursday and signalled further policy tightening, as it battles high inflation. The central bank for the 20 countries that share the euro also said it expected inflation to stay above its 2 percent target through 2025 and hinted once again…
Bank Rates Are Up. How to Avoid Leaving Money on the Table
April 29, 2023
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NEW YORK—Moving your savings around by opening a new account and closing an old one can seem like a hassle. But it’s a use of time that can pay off. After years of paying low rates for savers, banks are finally offering better interest on deposits. Though the increases may seem small, compounding interest adds…
Nine Months of Monetary Restraint: What’s Next?
April 3, 2023
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Commentary Faced with the highest inflation in 40 years, the Federal Reserve decided a year ago to adopt a restrictive monetary policy. Although there is widespread agreement monetary policy has turned restrictive, it is less clear just how restrictive monetary policy has been and what effect it will have on the economy and inflation. Measuring…
Bank Failures Lead to Lower Mortgage Rates
The first good news for potential homebuyers has come out recently with a drop in mortgage rates. Rates had been at a high of over 7 percent, but due to the news of two bank failures, they dropped toward a 6 percent level. The collapse of both Silicon Valley Bank and the Signature Bank seems…
As Fed Rates Rise, Save at a Credit Union
In the past year, the Federal Reserve has employed several interest rate hikes in an effort to stabilize the U.S. economy. Depending on your situation and financial institution, your debt may have gotten more expensive or your savings might have grown. As rates continue to change, it’s worth exploring whether you’re still getting the best…
ECB Set to Raise Rates Again in May, Policymakers Say
VILNIUS/PRAGUE—The European Central Bank is likely to raise interest rates again in May after an already signaled hike in March, two policymakers said on Friday, with one arguing that the peak or “terminal” rate is at least starting to appear on the horizon. The ECB raised rates by a half a percentage point to 2.5…
Fed Needs Mortgage-Backed Securities Exit Plan ‘Earlier Than Later,’ Kansas City Fed President Says
WASHINGTON—Kansas City Federal Reserve President Esther George has urged her colleagues to come to terms “earlier than later” on a plan for the U.S. central bank to exit the mortgage-backed securities (MBS) market and be more explicit on how bond purchases will figure into future monetary policy. “You can’t just wake up one day and…
Fed Wants ‘Flexibility’ on Rates as Inflation Remains Key Focus, Minutes Show
WASHINGTON—All officials at the Federal Reserve’s Dec. 13–14 policy meeting agreed the U.S. central bank should slow the pace of its aggressive interest rate increases, allowing them to continue increasing the cost of credit to control inflation but in a gradual way meant to limit the risks to economic growth. The minutes of the meeting,…
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