Rates have peaked, says City
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A sharp and surprising downturn in Britain&#39;s economy made the City predict yesterday that interest rates have peaked, and signs emerged that the higher cost of borrowing is putting the brakes on the housing market and the manufacturing sector.
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Galvanized by the record profits at energy companies, the city has shaken off the effects of the Enron implosion.
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Bee Staff Writer. The housing market throttled back in parts of California last month, but it sped ahead of last year&#39;s pace here, with prices reaching new highs across the capital region.
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Investor's Business Daily - The 30-year fixed mortgage rate averaged 6.53% in the week ended June 7, up from 6.42% last week and the highest since Aug., Freddie Mac said. It was at 6.62% last year. The 15-year fixed rate rose 0.1 point 15 6.22%. &quot;Mortgage rates climbed this week owing to market concerns of a tight labor force and wage growth,&quot; said Frank Nothaft, Freddie Mac vice president and chief economist. He said housing probably won&#39;t recover before year-end.
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YET more evidence emerged yesterday that British interest rates have either peaked, or are extremely close to doing so. House prices fell at their steepest pace in nine years in the three months to September.
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House prices fell at their sharpest rate in four years in October, the Halifax bank says, in another sign that the property boom is over and that interest rates could already have peaked.
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A spokesman from the National Bureau of Statistics (NBS) said here Friday that multi-fators have pushed up the housing price. Statistics show that the prices of housing and residential housing in the first
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Business & money: The City risks financial turmoil unless it learns the lessons from this summer's credit crunch, warns Bank.
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A DOVISH inflation report from the Bank of England yesterday further fuelled talk that interest rates have now peaked amid concerns from the central bank that a decline in house prices might be sharper than expected.
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The decision was widely expected, following data which showed the surge in housing prices easing. The base rate is what the Bank of England charges on loans to commercial lenders.
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As home prices peaked in the first half of this decade, roughly 40 percent of buyers took out two loans -- often from two lenders -- to cover the purchase.
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Industrial orders have jumped to a six-year high this month, a survey showed yesterday as a sharp fall in mortgage approvals pointed to a slowdown in the housing market.
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Hopes that interest rates have peaked grew after minutes of this month&#39;s monetary policy committee meeting, released yesterday, showed support for the view that the housing market and consumer spending are starting to slow.
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Interest rates have been kept at 4.75% amid signs that five rises over the last year had finally put the brakes on house prices and consumer spending.
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Prices for single-family homes fell in more than half of the nationâs biggest metropolitan areas in the last three months of 2006.
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Mortgage rates inched up last week, but they remained well below the year-high levels set during the spring. Freddie Mac, in its weekly survey released Thursday, reported that rates on 30-year
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Current account deficit hits record high as credit crunch knocks tax receipts from the City