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A group of investors led by a Dubai-based real estate developer is in talks to build a mixed-use tower in Thailand that may vie for the mantle of the world’s tallest building.
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Former Bank of Canada Governor David Dodge said the increase in spending in the federal government’s new budget will make the central bank’s battle against rising prices more difficult.
Sales of previously-owned homes in the US fell in March from a one-year high, underscoring the lingering impact of high mortgage rates and elevated prices.
Mortgage rates in the US climbed past 7% for the first time this year.
May 27, 2021
, Bloomberg News
(Bloomberg) -- Mortgage rates in the U.S. are back below 3%.
The average for a 30-year loan was 2.95%, down from 3% last week, Freddie Mac data showed Thursday.
Rates have seesawed in recent weeks, with investors looking for signs of inflation as the economy recovers from the pandemic. Historically low borrowing costs have fueled a housing rally over the past year, with a shortage of homes to buy amid intense demand for properties in the suburbs driving up prices.
Even with the increased buying power that comes with lower rates, many Americans are struggling to find properties they can afford. Sales of new homes declined in April by more than forecast, as the higher prices constrained demand.
Mortgage rates plummeted as the coronavirus roiled financial markets. The bottom came early this year at 2.65%. Rates then started ticking up, hitting a high of 3.18% on April 1.
©2021 Bloomberg L.P.
