Fresh Stimulus Propels Emerging Markets to Fourth Week of Gains
Emerging-market currencies dipped Friday on dwindling optimism over Federal Reserve rate cuts, paring their fourth-straight week of gains.
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Emerging-market currencies dipped Friday on dwindling optimism over Federal Reserve rate cuts, paring their fourth-straight week of gains.
The owner of a historic office building in Manhattan’s Financial District has filed bankruptcy to sell the property, which has been subject to foreclosure and suffered from a lack of tenants due to the Covid-19 pandemic.
Deutsche Bank AG has entered a capital-relief deal with the European Investment Bank that allows the German lender to grant discounts on more than €600 million ($652 million) of green mortgages in its home market.
A unit of Abu Dhabi’s Mubadala Investment Co. said it anticipated a roughly $315 million credit hit related to loans issued to the now-insolvent Signa real estate conglomerate.
The Teranet-National Bank composite house price index which tracks home prices in 11 of Canada's largest cities remained stable from March to April.
Apr 8, 2021
The Associated Press
MCLEAN, Va. -- Mortgage rates fell for the first time in more than two months as buyers continue to be stifled by high prices and limited supply.
Mortgage buyer Freddie Mac reported Thursday that the benchmark 30-year loan rate dipped to 3.13 per cent this week from 3.18 per cent last week. At this time last year, the long-term rate was 3.33 per cent.
The rate for a 15-year loan, popular among those looking to refinance, fell to 2.42 per cent from 2.45 per cent last week. One year ago it was 2.77 per cent.
Mortgage rates have been historically low for years, but strong demand and low inventory have pushed prices higher.
Last week the National Association of Realtors reported that its index of pending home sales tumbled 10.6 per cent to 110.3 in February, its lowest level since May of 2020. Contract signings are now slightly behind where they were last year after eight straight months of year-over-year gains.
Meanwhile, U.S. home prices rose at the fastest pace in seven years in January, according to the S&P CoreLogic Case-Shiller 20-city home price index. The pandemic has fueled demand for single-family homes as people look for more space.
Economists expect home loan rates to remain low as the Federal Reserve says it intends to keep its main borrowing rate near zero until the economy recovers from the coronavirus pandemic.
Also Thursday, the Labor Department reported that the number of Americans applying for unemployment benefits rose last week to 744,000, signalling that many employers are still cutting jobs even as more people are vaccinated against COVID-19 and state and local governments lift virus restrictions.