
Here’s What Happened in the City of London This Week
A potential regulatory shakeup, WhatsApp fines and the City’s struggling pubs were on our radar
Latest Videos
The information you requested is not available at this time, please check back again soon.
A potential regulatory shakeup, WhatsApp fines and the City’s struggling pubs were on our radar
Stanbic Bank Kenya Ltd., a unit of Africa’s biggest lender by assets, forecasts its mortgage business in the nation to surge as the economy recovers from the pandemic and the end of presidential elections brings political stability.
China will offer special loans through policy banks to ensure projects are delivered to buyers, adding to signs of official support for an industry grappling with a debt crisis and slumping home sales.
Crowds are returning to Las Vegas, but Nevada residents struggling with rising prices
The US mortgage industry is seeing its first lenders go out of business after a sudden spike in lending rates, and the wave of failures that’s coming could be the worst since the housing bubble burst about 15 years ago.
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.