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Average long-term US mortgage rate falls to 6.69%, second straight drop since climbing to 2023 high

Published Mon, 11 Nov 2024 19:25:23 GMT

The average long-term U.S. mortgage rate fell again this week, positive news for potential homebuyers after rates reached their highest level since November earlier this month.Mortgage buyer Freddie Mac said Thursday that the average rate on the benchmark 30-year home loan slipped to 6.69% from 6.71% last week. A year ago, the rate averaged 5.78%. Despite easing the past two weeks, the average rate is only down slightly from its 2023 high of 6.79% set in early June. The average rate on 15-year fixed-rate mortgages, popular with those refinancing their homes, rose this week to 6.10% from 6.07% last week. A year ago, it averaged 4.81%, Freddie Mac said.The pullback comes a day after the Federal Reserve decided to forgo another increase in its benchmark interest rate. The pause in hikes followed 10 straight increases in 15 months. But the central bank also warned that it could raise interest rates two more times this year in its battle against inflation. Investors’ expectations for fut...

Lennar, AutoZone rise; Kroger, John Wiley fall, Thursday, 6/15/2023

Published Mon, 11 Nov 2024 19:25:23 GMT

NEW YORK (AP) — Stocks that are trading heavily or have substantial price changes on Thursday:Lennar Corp. (LEN), up $4.26 to $119.01.The homebuilder reported strong second-quarter financial results.Kroger Co. (KR), down $1.81 to $45.40.The grocery chain reported weak fiscal first-quarter revenue.NexTier Oilfield Solutions Inc. (NEX), up 47 cents to $9.40.Patterson-UTI is buying the oilfield services company.Jabil Inc. (JBL),up $4.85 to $104.54.The electronics manufacturer beat analysts’ fiscal third-quarter earnings and revenue forecasts.MicroVision Inc. (MVIS), up 35 cents to $4.95.The maker of drivers for miniature video displays withdrew a public stock offering, citing market volatility.AutoZone Inc. (AZO), up $58.58 to $2,458.The auto parts retailer increased its stock buyback program by $2 billion.Mersana Therapeutics Inc. (MRSN), down $5.43 to $4.13.The biopharmaceutical company gave investors a discouraging update on a potential ovarian cancer treatment.John Wiley &...

Bulgaria wants to join the EU’s ammo-for-Ukraine club

Published Mon, 11 Nov 2024 19:25:23 GMT

SOFIA — Bulgaria’s new defense minister said the country is looking to step up its support for EU efforts to supply Ukraine with the ammunition it needs to continue fighting Moscow’s troops.NATO defense ministers meet in Brussels on Thursday and Friday to discuss how to ramp up the alliance’s industrial capacity to support Ukraine — as well as defense and deterrence capabilities in the run-up to a key summit in Vilnius next month.EU countries in May finalized a deal to send 1 million 155-millimeter shells and missiles to Kyiv by March next year, agreeing to give ammunition immediately from their own stockpiles and for member states to get partial reimbursement for their efforts. They agreed €1 billion for this part of the plan, and another €1 billion for a joint procurement scheme to provide rounds to Ukraine and refill their stocks. The Commission also proposed a €500 million initiative to boost Europe’s ability to manufacture arms and ...

US Senator Mark Warner: China leads the world on AI rules

Published Mon, 11 Nov 2024 19:25:23 GMT

There’s a global race to build guardrails for how governments tap artificial intelligence — and China is setting the pace of development, Sen. Mark Warner warned Thursday.“Many of us believe that we are in an enormous technology competition, particularly with China, and that national security means winning the battle around AI” and other emerging technologies, the Senate Intelligence Committee chair said in a video interview for POLITICO’s Global Tech Summit in London.Warner, a Virginia Democrat, said China “has a variety of efforts in AI, and they have already actually moved even further than Europe in having specific legislation.” The senator said China presents a tough technological challenge for the U.S. “because it has such scale — both in terms of data and compute power — is a leading competitor in this field.”His remarks aired shortly after Sen. Ted Cruz (R-Texas) took an aggressive tone about Beijing’s advances in AI development and regulation. ...

Bank of England deputy governor: Digital pound will be private but not anonymous

Published Mon, 11 Nov 2024 19:25:23 GMT

Payments made by a digital version of the U.K. pound will be private but with certain conditions, according to the Bank of England’s deputy governor.Privacy and anonymity are two different things, Jon Cunliffe said during POLITICO’s Global Tech Day — a principle that’s enshrined in today’s payment systems and which will be no different for central bank-backed digital currencies (CBDC).“Every transaction you make with your credit card, with your phone, using your bank account, is recorded and stored,” he said. “Under certain circumstances, the authorities, law enforcement, tax … can have access to the records of all of your transactions in your bank accounts.”“For a CBDC, we would completely respect that balance,” he continued. “Complete anonymity has with it the potential for social harms, tax evasions, crime, terrorist financing,”  The central bank is currently collecting public comments on how to design virtual pound coins and banknotes that can settle payments in...

Singapore warns US, EU chip subsidies will ‘drive up costs’

Published Mon, 11 Nov 2024 19:25:23 GMT

Singapore is worried that the massive subsidies Washington and Brussels are about to spend on new microchip projects will upset a “finely balanced” global market.“When we start doing these things, then I would say it functions almost like a tax,” David Koh, chief executive of Singapore’s Cyber Security Agency, said during a panel at POLITICO’s Global Tech Day in London on Thursday. Koh warned that planned chip subsidies from the United States and Europe could impose “false barriers” that “end up driving up costs.”“These costs will then feed into the global economic system,” Koh said.Despite its small size, Singapore produces 5 percent of the world’s semiconductor wafers.Last year, Congress passed the CHIPS and Science Act, a law that pumps $52 billion into domestic chipmaking facilities and research labs. And in April the EU advanced its own Chips Act, which will funnel roughly $47 billion in subsidies to semiconductor firms that set up shop in Europe.Koh su...

NATO vs. Canada, its nicest truant

Published Mon, 11 Nov 2024 19:25:23 GMT

BRUSSELS/OTTAWA — NATO loves Canada — but hates its defense spending. The North American country has a reputation within the West’s military alliance as an agreeable partner: Reliably committed to transatlantic relations, never obstructionist, and, well, just pleasant to work with. But with a war on, that’s not enough.Frustration is mounting over Canada’s long-standing resistance to catching up with NATO’s spending targets. The country not only remains far behind on an agreement to eventually spend 2 percent of economic output on defense, it is now part of a tiny group resisting a push to set 2 percent as the alliance’s spending floor, rather than the ceiling. Emotions are running high. Russia’s invasion of Ukraine has forced NATO to redesign its military plans, and it needs money for that. Money for more advanced weapons. Money for more ammunition. Money to get thousands of troops ready to defend NATO’s eastern flank. And thus far, Canada appears unwilling ...

Ukraine will be a leader in defense technology, says minister

Published Mon, 11 Nov 2024 19:25:23 GMT

LONDON — Ukraine will become the global leader in defense technology following its war with Russia, the country’s minister for digital transformation Oleksandr Bornyakov said at POLITICO’s Global Tech Day event.More than a year into the war, both defense and cyber technology companies from around the world are actively testing their products in Ukraine.But to encourage homegrown talent, Ukraine has also launched its own platform to fast-track defense-related technology procurement, called Frame One. The online platform allows small and medium-sized companies to pitch their products directly to the defense ministry for consideration.“You just apply online and the ministry will consider your idea and will give you the fast track if it’s interesting and you’re capable of delivering,” said Bornyakov. “We’re working with companies that just emerged from a garage like [a] couple years ago, and now some of those companies have government-proc...

Saying “Justice Can’t Wait,” Healey Off To Early Start On Pardons

Published Mon, 11 Nov 2024 19:25:23 GMT

Gov. Maura Healey on Thursday took the unusually early step of seeking pardons for seven people convicted of various offenses years ago, and signaled that she wants to take additional steps to “modernize” clemency in Massachusetts. Healey, who was sworn in in January, moved to forgive offenses that range as far back as more than half a century. Her office said the clemency recommendations are the first an elected Massachusetts governor has made in their first year in office in three decades. She sought to pardon Edem Amet, who was convicted in 1995 on drug charges; Xavier Delvalle, who was convicted in 2006 on breaking and entering and larceny charges; Glendon King, who was convicted in 1992 on drug charges; John Latter, who was convicted of arson in 1966; Deborah Pickard, who was convicted on several charges between 1982 and 1987; Gerald Waloewandja, who was convicted of drug charges in 2003; and Terrance Williams, who was convicted of assault and battery...

Matt Eberflus ticks off the reasons Chicago Bears QB Justin Fields is better: ‘It’s quicker, it’s faster, it’s more precise’

Published Mon, 11 Nov 2024 19:25:23 GMT

It would be overstating the situation to say the 2023 season will be a defining one for Justin Fields’ career. However, it will no doubt shape the trajectory of the quarterback’s future with the Chicago Bears.In an offseason of change at Halas Hall in a lot of ways — Kevin Warren now sits at the top as the president and CEO and the roster has undergone significant turnover — what matters around Fields has remained the same.The playbook and the coaching staff are unchanged, which put him much further ahead when the team wrapped minicamp Thursday and prepared to break for the summer. A year ago at this time, he was still trying to digest his third offense in three seasons dating back to Ohio State.Two offenses and two coaching staffs in Fields’ first two NFL seasons kept him in a constant cycle of adaptation. Now, there’s a comfort level for him — and the coaches — and it’s growing with teammates, especially the newcomers. All of t...