cnbc_topnews

Mortgage rates hit their highest level in over a year, causing demand to drop below year-ago levels

📰 source: cnbc_topnews · 💼 business

mortgage rates hit their highest level in over a year last week, and demand dropped. total mortgage application volume fell 2.9% week to week, per the mortgage bankers association's seasonally adjusted index. applications were also 5% lower than the same week a year ago — the first annual decline since april.

the average contract rate for 30-year fixed-rate mortgages with conforming balances ($832,750 or less) rose to 6.81% from 6.76%, with points down to 0.65 from 0.69. mba chief economist mike fratantoni said rates increased after the july fomc meeting, and both refinance and purchase applications declined, now running behind last year's pace. refinance apps fell 2% weekly and 9% annually; purchase apps dropped 4% weekly and 3% annually.

higher rates are squeezing buyers even as supply grows and homes sit longer. prices remain stubbornly high, offsetting any bargaining power. rates began sliding early this week after iran war rhetoric pulled back oil prices, with mortgage news daily noting the average 30-year fixed rate is now at its lowest in just over two weeks.

why it matters: first annual decline in mortgage demand since april as rates hit a year-plus high, signaling housing market chill for buyers and sellers.

source: cnbc_topnews
sentiment: -0.40 · impact: 0.60

Surprise fall in US jobs last month as slow summer continues

📰 source: bbc_business · 💼 business us jobs fell by 23,000 last month, against forecasts for an 80,000 gain, with the bureau of labor statistics also revising down may and june payrolls by a combined 103,000. the unemployment rate still dipped to 4.1% from 4.2%, as labor

Homes are selling below asking in 38 of the 50 biggest U.S. cities—if you can afford one

📰 source: cnbc_topnews · 💼 business homes sold for less than their asking price in 38 of the 50 largest u.s. housing markets in june, per redfin. the biggest discounts hit florida and texas: miami and west palm beach averaged nearly 5% below asking, while houston, austin, tampa, dallas, san antonio,

China is gaining ground in AI. But the U.S. still has a major advantage

📰 source: cnbc_topnews · 💼 business hugging face ceo clément delangue told cnbc china is clearly dominating on open models and could start dominating at the frontier by end of this year or next. chinese models are closing the gap with u.s. frontier systems despite limited access to cutting-edge compute. beijing-based

US strikes $1.2bn deal to pay German firm to halt offshore wind projects

📰 source: bbc_business · 💼 business rwe will abandon its offshore wind projects in the us after accepting a $1.2bn payout from the department of the interior. the german energy firm said it will reinvest the money into gas projects, including $900m for an lng export terminal in louisiana. rwe will

Read more

Surprise fall in US jobs last month as slow summer continues

Homes are selling below asking in 38 of the 50 biggest U.S. cities—if you can afford one

China is gaining ground in AI. But the U.S. still has a major advantage

US strikes $1.2bn deal to pay German firm to halt offshore wind projects