Economy

Mortgage rates at six-month low, and refinances shoot up

A real estate agent stands in the doorway as Giovani and Nicole Quiroz of Brooklyn, New York visit an open house in West Hempstead, New York. Raychel Brightman | Newsday LLC | Newsday | Getty Images The popular 30-year fixed mortgage rate fell back to the lowest level since February last week, and the 15-year […]

Economy

Rates held near zero, economy better even with pandemic worries

The Federal Reserve on Wednesday held its benchmark interest rate near zero and said the economy continues to progress despite concerns over the pandemic spread. As expected, the Federal Open Market Committee concluded its two-day meeting by keeping interest rates in a target range between zero and 0.25%. Along with that, the committee said in […]

Economy

U.S. GDP rose 6.5% last quarter, well below expectations

The U.S. economy rose at a disappointing rate in the second quarter, the Commerce Department reported Thursday in a sign that the U.S. has escaped the shackles of the Covid-19 pandemic but still has more work to do. Gross domestic product, a measure of all goods and services produced during the April-to-June period, accelerated 6.5% […]

Economy

Pending home sales drop in June

A real estate for sale sign shows the home as being “Under Contract” in Washington, DC, November 19, 2020. Saul Loeb | AFP | Getty Images Pending sales of existing homes in June as measured by signed contracts fell 1.9% from May, according to the National Association of Realtors. Sales were also down 1.9% compared […]

Economy

The Fed could sound more worried about Covid and less ready to tighten

Federal Reserve Chair Jerome Powell testifies during a U.S. House Oversight and Reform Select Subcommittee hearing on coronavirus crisis, on Capitol Hill in Washington, June 22, 2021. Graeme Jennings | Pool | Reuters When the Fed emerges from its July meeting Wednesday afternoon, it may sound a bit more prone to keeping its ultra-easy policy […]

Economy

IMF warns that inflation could prove to be persistent

Customers shop for produce at a supermarket on June 10, 2021 in Chicago, Illinois. Scott Olson | Getty Images The International Monetary Fund warned Tuesday that there’s a risk inflation will prove to be more than just transitory, pushing central banks to take pre-emptive action. The issue is currently dividing the investment community, which has […]

Economy

Home prices broke records in May, according to S&P Case-Shiller

A “For Sale” sign is seen in front of a home on May 30, 2019 in Miami, Florida. Joe Raedle | Getty Images Home prices continue to break records, as strong demand slams up against weak supply. Nationally, home prices were 16.6% higher than in May 2020, the highest reading in the S&P CoreLogic Case-Shiller […]

Economy

Housing boom is over as new home sales fall to pandemic low

Sales of newly built homes dropped in June to the lowest level since the early days of the coronavirus pandemic in April 2020, according to data released by the U.S. Census Bureau on Monday. Sales of new single-family homes fell to an annualized rate of 676,000, 6.6% below May’s rate of 724,000 and 19.4% below […]

Economy

The bond market is torn over the potential for higher inflation and lower growth

A man wearing a protective face mask walks by 14 Wall Street in the financial district of New York, November 19, 2020. Shannon Stapleton | Reuters A volatile environment for government bonds is reflecting a highly uncertain future for the U.S. economy, pointing to both slower growth and stubborn inflation. After a burst higher earlier […]

Economy

U.S. weekly jobless claims show surprise gain, well above expectations

Weekly jobless claims unexpected moved higher last week despite hopes that the U.S. labor market is poised for a strong recovery heading into the fall. Initial filings for unemployment insurance totaled 419,000 for the week ended July 17, well above the 350,000 Dow Jones estimate and more than the upwardly revised 368,000 from the previous […]