Downgrade of U.S. Debt Amounts to Only Few Basis Points in Ratings History
Aug. 1 (Bloomberg) -- Bloomberg's Kate Andersen Brower reports from Washington about negotiations between congressional leaders and the Obama administration to raise the debt ceiling. Senate Majority Leader Harry Reid has approved a tentative agreement with Republican leaders and the Obama administration to raise the U.S. debt ceiling pending approval by fellow Senate Democrats, according to a spokesman. Brower speaks with Susan Li on Bloomberg Television's "First Up." (Source: Bloomberg)
July 25 (Bloomberg) -- Mohamed El-Erian, chief executive officer at Pacific Investment Management Co., talks about the debt ceiling debate and the possibility the credit ratings agencies will downgrade the U.S.'s AAA credit rating. El-Erian, speaking with Betty Liu, Sara Eisen and Jon Erlichman on Bloomberg Television's "In the Loop," also discusses the impact a debt default may have on the economy and investment strategy. Kevin Rendino, fund manager at BlackRock Inc., also speaks. (Source: Bloomberg)
As the prospect for the loss of the U.S.’s AAA credit rating approaches and congressional leaders agree on a pact to avert default, bonds and currencies are signaling increasing demand for the assets of the world’s largest economy.
Treasury yields average 0.72 percentage point less than the rest of the world’s sovereign debt markets, Bank of America Merrill Lynch indexes show. The difference has expanded from 0.15 percentage point in January. The dollar saw greater than average net inflows last week compared with the previous year, according to Bank of New York Mellon, the custodian for more than $20 trillion.
Investors from China to the U.K. are lending money to the U.S. government for a decade at the lowest rates of the year. For many of them, there are few alternatives outside the U.S., no matter what its credit rating. President Barack Obama said leaders of both parties in the U.S. House and Senate approved an agreement to raise the nation’s debt ceiling and cut the federal deficit, in a televised speech yesterday in Washington.
“There is no other country that can step in and replace the U.S. at the core of the system,” Mohamed El-Erian, the chief executive officer at Newport Beach, California-based Pacific Investment Management Co., which manages the world’s largest bond fund, said July 25 in an interview on Bloomberg Television. “The U.S. is the supplier of the reserve currency.
History Of Average Mortgage Rates - News
A rating reduction would trigger a jump in interest rates on credit cards, mortgages and consumer loans, “which amount to a huge tax hike on the American people,” Obama said. The average rate for a 30-year fixed-rate mortgage rose for a second week,
In Georgia, people like Julie Brock of Alpharetta, a divorced mother, worries that mortgage rates will skyrocket, making it harder for her to buy a home. Cliff Norris of East Atlanta has an adjustable rate mortgage and is concerned his rate will
June marks the third-straight month of declines. The average rate, according to the index history, hasn't reached above 5% since April 2010, when the homebuyer tax credit was still available. The FHFA averages rates based on a small monthly survey of
"That's a big reason why black families and Latino families don't accumulate wealth at the same rate that white families of similar education, income and credit history do,” he said. Other factors that contribute to the state's wealth gap include
But Gershkowitz said he has not seen any indication that the partisan bickering has affected mortgage interest rates or caused housing sales to slow more. Meanwhile, Bank of America Corp., TD Bank, Sovereign Bank and other major banks say they are
FHFA: Mortgage rates down for third straight month « HousingWire
The national average mortgage rate charged for purchasing previously owned homes dropped 12 basis points to 4.62% in June, according to the Federal Housing Finance Agency .
June marks the third-straight month of declines. The average rate, according to the index history, hasn't reached above 5% since April 2010, when the homebuyer tax credit was still available. The FHFA averages rates based on a small monthly survey of lenders originating government-insured or guaranteed mortgages, refinances and balloon loans.
For June, the FHFA measured more than 6,000 loans from 31 lenders.
The average interest rate on a 30-year fixed-rate mortgage slid 13 bps to 4.79% in June.
The initial fees and charges averaged 0.94% of the loan balance in June, up 9 bps from the month before. Of all the loans studied in June, 28% were "no-point" mortgages. The average loan period inched closer to 30 years, and the average loan-to-value ratio in June was 76.3%.
The average loan amount was for $219,000, down nearly $4,000 from the month before.
Write to Jon Prior .
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History Of Average Mortgage Rates - Bookshelf
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See current mortgage rates from lenders across the nation. HSH.com is the nation's largest publisher of mortgage information and we survey rates from thousands of lenders.