The housing market and all of the uncertainty plaguing it is undoubtedly on the minds of prospective buyers, sellers and investors. As the Federal Reserve continues to try to curb inflation through the increase in rates, its been indirectly driving up the cost of the home loan that 90% of buyers obtain — the 30-year fixed-rate mortgage. The average 30-year fixed rate mortgage in the U.S. climbed to 6.82% as of Sept. 29 — more than double what it was on Sept. 30, 2021, when the average rate was a
Market instability replaces inflation as the biggest risk, raising the chances of a pivot by the Federal Reserve
Market instability is the biggest risk to central banks globally, replacing inflation, owing to massive amounts of leverage. Market stability affords the Fed the space needed for the most aggressive rate-hiking campaign since the late 1970s. The BOE on Wednesday was forced to start buying bonds to solve a potential crisis with U.K. pension funds.
Why is Russia sending oil and gas workers to fight in Ukraine? It may signal more energy cutoffs ahead
The new Baltic Pipe natural gas pipeline connects Norwegian natural gas fields in the North Sea with Denmark and Poland, offering an alternative to Russian gas. Sean Gallup/Getty ImagesRussia’s effort to conscript 300,000 reservists to counter Ukraine’s military advances in Kharkiv has drawn a lot of attention from military and political analysts. But there’s also a potential energy angle. In its call for reservists, Russia’s leadership specifically targeted oil and gas workers for the draft. On
A public policy miracle happened two weeks ago and we should not let it pass quietly just because it went smoothly. Ethereum, one of the most popular blockchains on the planet, reduced its energy consumption by about 99% and increased its cyber resilience by overhauling the way network participants validate transactions – a milestone called “The Merge.” Now, instead of using about as much energy as all the televisions and computers in America combined annually (100 billion kilowatt hours, according to the Biden administration), Ethereum will use as much energy on an annual basis as Gibraltar, which has just 30,000 residents, all while supporting billions of dollars worth of transactions daily.
China’s factory activity is expected to have shrunk for a third month in a row in September, a Reuters poll showed on Thursday, as strict COVID measures in big cities and weakening exports growth hit orders and business confidence. China’s economy showed some improvements in August with faster-than-expected growth in factory output and retail sales, but protracted COVID restrictions, softening exports momentum and the continued drag from a stressed property sector have dimmed the outlook. On Tuesday, data showed profits at China’s industrial firms shrank at a faster pace in January-August.
The consequences of the high home mortgage rates were supposed to mean a shift from a sellers’ to a buyers’ market. It was just this spring that sellers could expect multiple offers in hot markets. Now, real estate agents have to tell what few sellers are out there to expect their homes to sit for a while. According to residential real estate brokerage Redfin Corp. (NASDAQ: RDFN), mortgage rates are now the highest they’ve been in 14 years and, in many cases, over 6%. “This is the sharpest turn
The stock market took a U-turn on Thursday, erasing all the gains it made on Wednesday as investors continued to worry about the impacts of high inflation and the interest rate hikes that central banks are implementing to get it back in check. As of 11:40 a.m. ET, the S&P 500 was down 2.1%, and the tech-heavy Nasdaq has lost 2.9%. Companies tied to the electric vehicle industry were getting hit especially hard, with Rivian Automotive (NASDAQ: RIVN) down 5% and Chinese luxury EV-maker Nio (NYSE: NIO) falling 8.2%.