Posted in contractions

BoB in historic benchmark rate cut

Businesses, banks and household on Thursday midday received the much anticipated announcement from Bank of Botswana Governor, Moses Pelaelo, who said the central bank has decided to reduce the Bank Rate by 50 basis points from 4.25 percent to 3.75 percent.

This is the second 50 basis points cut this year after the April cut from 4.25 percent to 4.75 percent. This Thursday cut is the record lowest since 2006, two years before global recession. The two cuts this year were seen as intervention to cushion the economic impact of Covid-19.
Covid-19 and its new normal to most business activities shifted most macroeconomic dynamics and dimension; this recent cut according to the central bank is meant to support the domestic economy which is backed against the wall by inflationary pressures.

The headline inflation remained steady at 1 percent in August and well below the lower bound of the Bank’s objective

Read More
Continue Reading BoB in historic benchmark rate cut
Posted in home improvement loans

How to land an ultra-low 15-year mortgage rate for your refinance

How to land an ultra-low 15-year mortgage rate for your refinance
How to land an ultra-low 15-year mortgage rate for your refinance

Thanks to this year’s historically low mortgage rates, refinancing remains a popular activity among homeowners — and it has taken on more urgency as a new refi fee threatens to push rates higher this fall.

A 30-year fixed-rate mortgage might be a borrower’s automatic first choice for a refi loan. But if you’ve been in your house a few years, refinancing to a 15-year mortgage can keep you from dragging out the debt and piling up massive interest costs.

The monthly payments on a 15-year home loan can be steeper, but the interest rates are lower: currently near an all-time low at an average 2.37%, which is one-half of 1 percentage point (0.50) below the typical 30-year mortgage rate, according to mortgage company Freddie Mac.

Some borrowers in 2020 have been able to score 15-year rates in the low

Read More
Continue Reading How to land an ultra-low 15-year mortgage rate for your refinance
Posted in home repair

Your next home insurance rate increase is going to be a whopper

South Florida homeowners are about to get hit with insurance rate increases unlike any other we’ve ever experienced.

Loading...

Load Error

We’re talking as much as 30% to 40% over what you are paying now and price hikes of $1,000 or more for your next year of coverage.

Insurers have been warning for years that these increases would hit us hard. And now they’re here, thanks to years of rising claims abuses, court-clogging litigation, spiraling costs from hurricanes Irma and Michael, and one of the most active seasons in memory for severe and destructive weather.

When Weston resident Ruth Bettini opened her insurance renewal notice in September, “I almost died of shock,” she said. The annual premium to insure her $550,000 house with Orlando-based St. Johns Insurance Co. had increased by 28% — from $4,647 last year to $5,946 for the term beginning Oct. 1. That’s $108.25 more per month.

She

Read More
Continue Reading Your next home insurance rate increase is going to be a whopper
Posted in contractions

MPC to focus on growth, expectation on rate cut back on table

KOLKATA: Expectation of the Reserve Bank of India returning to the interest rate easing cycle sooner gained traction with it saying that the Monetary Policy Committee (MPC) would focus on economic revival when the transient spikes in inflation dissipate. The regulator projected that inflation would ease closer to the target by March next year.

Governor Shaktikanta Das said that the rise in prices is due to supply side shocks as the effect of lockdowns and restrictions in movements across the country.

“As supply chains are restored, these wedges should dissipate,” Das said in his policy statement. “The MPC has hence decided to look through the current inflation hump as transient and address the more urgent need to revive growth and mitigate the impact of COVID-19.”

This has provided the space for continuing with the accommodative stance with forward guidance as set out in the MPC’s resolution.

“We continue to expect

Read More
Continue Reading MPC to focus on growth, expectation on rate cut back on table
Posted in contractions

Fed minutes, RBA rate decision, services PMIs, tesco H1 numbers, UK data

1) Global Services PMIs (Sep) – 05/10 – after the slowdown seen in Q2, the manufacturing sector has managed to hold up reasonably well. The recovery in the services sector has been another story with the recent flash PMIs in Germany and France slipping back into contraction territory. This is an increasing concern, particularly for the weaker countries like Italy and Spain who tried to boost economic activity by way of tourism in the summer months, and who now appear to be paying the price for that with increased infection rates, with Spain especially having to impose new stringent lockdowns. The additional imposition of quarantines and other travel restrictions in the last two months is likely to see further economic deterioration in September. In August Spain and Italy saw contractions of 47.7 and 47.1, and it’s unlikely that September will be much better, at a time when France services PMI

Read More
Continue Reading Fed minutes, RBA rate decision, services PMIs, tesco H1 numbers, UK data
Posted in home improvement loans

Mortgage rate forecast Q4: Will the low rates continue? | Money

However, Ken H. Johnson, a housing economist at Florida Atlantic University, is less optimistic about a quick economic recovery. “Rates will remain low for at least another year,” he says. “I just do not see full or near-full economic recovery until COVID-19 no longer or minimally impacts the economy.”

— Economic recovery could boost rates

Greg McBride, CFA, Bankrate’s chief financial analyst, sees rates holding steady in the coming year. “Mortgage rates will remain at historically low levels and in no way be an impediment to well-qualified borrowers, but they won’t be quite as low as what was seen in the summer of 2020,” he says. “A refinance fee taking effect in Q4 2020 and further economic improvement will push rates a bit higher.”

Audrey Boissonou of Guarantee Mortgage in Walnut Creek, California, says the direction of the economy will prove crucial. “I’m locking people in in the high 2s

Read More
Continue Reading Mortgage rate forecast Q4: Will the low rates continue? | Money
Posted in lowe's home improvement

COVID-19 in Charlotte: Positivity rate stable, caseload low

A carefully watched coronavirus metric — the percent of positive tests — is stable in Mecklenburg County after steadily falling for the last 12 weeks, the latest public health data show.

The weekly average positivity rate locally is 5.7%. In North Carolina, the governor and health officials have said they want the percent of positive tests to reach 5% before contemplating reopening more businesses.

That’s in line with the World Health Organization’s guidance for states still seeing widespread COVID-19 transmission. “If a positivity rate is too high, that may indicate that the state is only testing the sickest patients who seek medical attention, and is not casting a wide enough net to know how much of the virus is spreading within its communities,” according to Johns Hopkins University Coronavirus Resource Center.

The Charlotte region continues to see improvement with other coronavirus trends, including the daily caseload and hospitalizations. But Mecklenburg

Read More
Continue Reading COVID-19 in Charlotte: Positivity rate stable, caseload low
Posted in home repair

Long Beach’s New Home Permit Rate Lags Behind Nation

LONG BEACH, CA — A report released Monday by the home improvement company Porch stated the Los Angeles, Long Beach and Anaheim metropolitan region received the 10th fewest new home building permits per capita among large U.S. metros in the first six months of the year.

Researchers at Seattle-based Porch ranked metros according to the number of new housing units authorized per 100,000 residents, based on U.S. Census Bureau data for monthly permits received.

In the Los Angeles, Long Beach and Anaheim metropolitan region, 12,176 new housing units were authorized, which is 91.6 units for every 100,000 residents. The region that includes the three cities’ data together was established by the U.S. Census Bureau.

Porch reported new housing units authorized per 100,000 residents nationally in the first six months of the year was 201.2 units.

Among large metros, the Austin, Round Rock and Georgetown, Texas, region ranked at the top

Read More
Continue Reading Long Beach’s New Home Permit Rate Lags Behind Nation
Posted in home improvement loans

The Paradox Of The U.S. Black Home Ownership Rate

In a recent article here on the Biden housing plan, I mentioned the Paradox of the Black Home Ownership Rate – in the 30 years from 1940 to 1970 when housing discrimination against Blacks was legal and horrific, the U.S. Black home ownership rate nearly doubled going from 23% to 42%, but 50 years after the 1968 Fair Housing Act became law, the U.S. Black home ownership rate was essentially the same as in 1968. It was 41% in 2018. That paradox seems impossible but it’s true. 

Another hidden truth is that from 1940 to 1970, the Black home ownership rate increased more in the South than in the North. For example, from 1940 to 1970 the Black home ownership rate in Mississippi increased 31 percentage

Read More
Continue Reading The Paradox Of The U.S. Black Home Ownership Rate
Posted in home repair

Coastal Migrants Boost Las Vegas Home Prices, Up 8% in August Amid High Local Unemployment Rate

People moving in from expensive cities and locals with changing needs are contributing to rising home prices and fast sales even as tourism industry takes the brunt of the pandemic’s economic impact

SEATTLE, Sept. 16, 2020 /PRNewswire/ — (NASDAQ: RDFN) — The typical home-sale price in the Las Vegas metro grew 7.8% year over year to $310,000 in August, according to a new report from Redfin (www.redfin.com), the technology-powered real estate brokerage. More than 41% of homes sold within two weeks of going on the market, up from 28.3% last year.

Redfin Logo (PRNewsfoto/Redfin)

Meanwhile, the unemployment rate in the Las Vegas area—where much of the economy depends on the tourism industry, heavily impacted by the coronavirus pandemic—stood at 16.4% in July (the most recent data available). That’s an improvement from 30% in April, but higher than the 10.2% national rate posted in July.

“A lot

Read More
Continue Reading Coastal Migrants Boost Las Vegas Home Prices, Up 8% in August Amid High Local Unemployment Rate