Asia stocks subdued by rising yields, earnings deluge
Asian stocks started in muted fashion on Monday as investors braced for a bevy of earnings from the world's largest corporations, while keeping a wary eye on U.S. bond yields as they approached peaks that had triggered ructions in the past.
Mortgage interest rates hit a 7-year high this week when the average 30-year fixed mortgage rate increased from 4.61% to 4.66%, its highest level since May 2011. Interest rates started at 3.95% at the beginning of the year and had a recent low of 3.78% last September, USA Today reports.
Home sales have already started to slow, something that analysts have attributed to both the rising rates and a low housing supply. Existing home sales dropped 2.4% last month and were 1.4% lower than where they were in April of last year. Interest rates are expected to rise to 5% for a 30-year fixed rate mortgage by the end of the year.
Despite the declining number of home sales, the homes that are available for sale are being purchased quickly. Homes stayed on the market for an average of 26 days in April, marking the shortest time frame since the Nation Association of Realtors started tracking the data in 2011.
VentureBeat has a job opening for an AI reporter with experience covering tech news via a wide variety of story types, including breaking news, analysis, and features. This is a full-time position. We’re looking for a person in the Bay Area. You have to enjoy covering the business of technology, but more important is a […]