22:42
US Mortgage Rates at Their Lowest Level Since October Last Year
According to a report by Jinse Finance, U.S. mortgage rates have stabilized after four consecutive weeks of decline. In a statement, Freddie Mac noted that the average rate for a 30-year fixed mortgage stands at 6.58%, unchanged from last week, when it dropped to the lowest level since October of last year. Over the past few months, rates have fallen enough to potentially entice some hesitant homebuyers to move off the sidelines. In areas with a backlog of listings, sellers are willing to negotiate and offer assistance with closing costs and other concessions. However, affordability remains a significant barrier, especially for first-time buyers. Additional data shows that existing home sales climbed in July as price increases slowed. But this does not mean the market has become affordable: some institutions report that home prices have surged by more than 50% since early 2020. Danielle Hale, chief economist at Realtor.com, stated, “Higher interest rates have eroded the real purchasing power of the typical American household. This dynamic is forcing many buyers to adjust their expectations, whether that means looking for a smaller home, moving farther away, or simply postponing the dream of homeownership.”
22:32
Pennsylvania lawmaker proposes ban on cryptocurrency trading by public officials
According to Jinse Finance, Pennsylvania Democratic Representative Ben Waxman has introduced a bill (HB1812) aimed at prohibiting public officials and their immediate family members from profiting from cryptocurrencies during their term of office, including issuing, promoting, or trading digital assets in which they hold a financial interest. The bill stipulates that relevant individuals are not allowed to conduct cryptocurrency transactions exceeding $1,000 during their term and for one year after leaving office, and must liquidate their holdings within 90 days of the bill taking effect. Violations may result in up to five years of imprisonment or a maximum fine of $50,000. Waxman introduced this bill in response to controversies surrounding allegations that Trump and his family profited from public office.
22:23
Fed’s Collins: If the labor market outlook deteriorates, a rate cut may be appropriate in the near term
According to a report by Jinse Finance, Federal Reserve's Collins stated that if the outlook for the labor market deteriorates, it may be appropriate to cut interest rates in the short term. We cannot wait until inflation is fully clarified before considering a rate cut.