US 30-Year Mortgage Rate Rises to Five-Month High of 7.24%
US mortgage rates increased to the highest level in five months, pushing down home-purchase applications for the fifth time in the last six weeks.
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US mortgage rates increased to the highest level in five months, pushing down home-purchase applications for the fifth time in the last six weeks.
A rash of failures of A-rated insurers points to a hidden weakness in the market, researchers say.
A new book by University of Virginia professor Andrew W. Kahrl argues that the country has weaponized tax collection against its citizens for more than a century.
Chinese developer Country Garden Holdings Co., one of the biggest symbols of the nation’s broader property debt crisis, won approval to push back payments on three yuan bonds, people familiar with the matter said, staving off its first local default for now.
Iron ore climbed to the highest level in seven weeks as Fortescue Ltd., the fourth-biggest producer, said full-year shipments are likely to be at the lower end of guidance after disruptions hit supplies at mines in Western Australia.
Jul 5, 2020
Bloomberg News
,(Bloomberg) -- Federal Reserve stress tests predicted large loan losses from European banks operating in the U.S. market, the Financial Times reported.
The annual tests predict HSBC Holdings Plc and Banco Santander SA will have the biggest loss rates among large banks across credit cards and consumer lending, the FT said. Credit Suisse Group AG and Barclays Plc were seen with the highest loss rates in commercial real estate and commercial loans.
Every year, the Fed’s stress tests prepare a “severely adverse scenario” -- an imagined economic crisis that would put pressure on the big banks, which then model how they would do in such a predicament.
Deutsche Bank AG is expected to burn through capital quicker than the other 32 financial institutions whose performance was modeled, the tests showed.
Deutsche Bank, Barclays and HSBC all declined to comment to the FT on their performance in the exercise. Santander said most of its consumer losses were from its subprime car-finance business, and that the tests proved its U.S. business was “extremely well capitalized.” Credit Suisse said its overall loan loss rate, of 0.9%, was the best of the banks.
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