The recent surge in mortgage rates has snuffed out last year’s massive refinancing boom.
Why it matters: It shows the Fed’s effort to lift interest rates — which began as a verbal campaign last fall and proceeded to actual rate hikes this year — is already starting to bite.
Driving the news: The New York Fed’s quarterly report on consumer debt and credit showed a sharp drop in mortgage refinancing activity. Originations of refi loans fell 15%, to $424 billion, in the first quarter.
Refi loan originations are down 40% from the first quarter of 2021.
The boom peaked in Q2 of last year, when conventional 30-year fixed mortgage rates hovered around 3%. As rates have risen, they’ve left fewer people with an incentive to refinance. (Today they’re around 5.25%.)
How it works: Mortgage refinancing is a key way the Fed can use interest rates to create economic activity.
Refinancing typically lowers your monthly payment, putting more spending money in your pocket that will work its way into the economy.
The bottom line: The Fed is tapping the brakes, and the slowdown is coming.
David Ayornu, a 31-yr-antique resident of Lufenya, close to Kasseh within the Ada East District, who allegedly slashed the belly of his spouse and killed her on June 3, this year reportedly died in police custody at Ada.
Ayornu popularly called Rapper Bee turned into arrested by means of the Kasseh Police Command for allegedly stabbing his spouse with a sharp object inside the belly resulting in her demise.
Confirming his loss of life to the Ghana information employer in Ada, leader Superintendent Atsu Dzineku, Ada Divisional Commander, stated Ayornu had not been nicely after allegedly killing his wife.
He stated that the suspect turned into sent to the Ada East District hospital, where he was handled and discharged, and brought to the police station at Kasseh, wherein he changed into detained pending similarly investigations.
Chief Supt. Dzineku mentioned that Ayornu changed into additionally processed for court docket after which he changed into remanded to assist in further investigations.
He stated on Sunday, June 12, round 0500 hours, Ayornu’s different inmates found out he changed into unconscious and fast caused law enforcement officials on duty. He turned into eventually despatched to the Ada East District medical institution, where he changed into stated useless on arrival.
He stated that the body have been deposited on the Sogakope health center morgue for preservation and further investigations.
Nene Glover Ayornu, the performing leader of Lufenya close to Kasseh and the uncle of the deceased additionally showed the incident to the GNA.
He stated the family might collaborate with the Police to adopt the vital preparations.
China’s property sales in April fell at their fastest pace in around 16 years as COVID-19 lockdowns further cooled demand despite more policy easing steps aimed at reviving a key pillar of the world’s second-largest economy.
Property sales by value in April slumped 46.6 per cent from a year earlier, the biggest drop since August 2006, and sharply widening from the 26.17 per cent fall in March, according to Reuters calculations based on data from the National Bureau of Statistics (NBS) released on Monday.Property sales in January-April by value fell 29.5 per cent year-on-year, compared with a 22.7 per cent decline in the first three months.A further cut in mortgage loan interest rates for some home buyers announced by Chinese authorities on Sunday did little to convince investors and analysts that it could revive sluggish property demand.
The sector, a major economic growth driver, has been in a severe slump since last year after the authorities clamped down on excessive borrowing by developers, spooking many would-be home buyers who feared projects would not be completed.More than 80 cities have taken steps to boost demand since the beginning of the year, including subsidies, reductions in mortgage rates and smaller down payments.However, the property outlook has remained bleak amid protracted COVID-19 curbs in dozens of cities, including Shanghai, currently in its seventh week of LOCKDOWN.
“With no reopening in sight, a small cut to the lower limit for mortgage rates provides little support to potential first-time home buyers,” Nomura chief China economist Ting Lu said.
“Although we expect this cut to provide a benefit, the positive impact could be quite limited, as stringent anti-COVID measures appear set to continue for an unspecified time,” Lu said in a note on Monday.He added that uncertainty, a lack of confidence, an increase in the unemployment rate and falling income growth have all contributed to the slump in new home sales.Hong Kong’s Hang Seng mainland properties index rose 1.2 per cent in late morning trade, narrowing from a 3.35 per cent gain at the opening. The broader market was down 0.2 per cent.Nationwide property investment by developers fell 2.7 per cent from a year earlier in January-April, after a 0.7 per cent gain in the first three months of the year.
About 8,000 trees, making 40 per cent of the 21,000 tree seedlings procured by the Forestry Commission (FC) in the Bawku Municipality, under the Green Ghana project, survived last year.
Mr Emmanuel Omane, the Bawku Municipal Manager of the FC said 160,000 tree seedlings had been procured for the Municipality and it was expected that 120,000 tree seedlings would be planted, starting from May and to be finished by end of June 2022.Mr Omane was speaking in an interview with the Ghana News Agency in Bawku after a Consultative meeting between the Forestry Commission (FC) and stakeholders to prepare for the second phase of the Green Ghana Project.
He said the trees survived harsh weather conditions, extreme heat, very low atmospheric moisture under the dry harmattan and animal browsing.
“From experience of the last year planting, we will want to do early planting considering the target this year and if we don’t start early we will not be able to achieve the target set for this year,” he said.‘We are praying for good rains this year”, Mr Omane noted, and indicated that the new project would Introduce four species that were also site matching ones.
“In our part of the country the neem does well anywhere and we will want to focus on the savannah Mahogany and especially trees that normally do well such as ‘albeicia’, and ‘Acacia’.He noted that some stakeholders who collected the tree seedlings last year could not account for them and therefore activities mapped out would include checking of sites chosen for the planting exercise to ensure they were good areas in terms of soil fertility, species and adaptability.
The consultations aimed to introduce the project, pick concerns from the initial project and engage the stakeholders to take up tree protection activities even after the planting exercise.The stakeholders included; Ghana Education Service, Religious Bodies; the District Assemblies, Non-governmental Organizations (NGOs) and Traditional authorities.
Mr James Heappey, the United Kingdom (united kingdom) Minister for military, has arrived in Ghana as part of a 3-united states of america visit to West Africa.
A declaration issued by means of the British high commission and copied to the Ghana news organisation said the Minister might visit each Accra and Tamale in Ghana after which tour to Togo and the Ivory Coast.It stated the Minister’s time in West Africa highlighted the UK’s dedication to the long-lasting defence and security partnership with the vicinity.The assertion referred to that Mr Heappey arrived in Ghana as leaders from across the Commonwealth came together in Kigali, Rwanda for the Commonwealth Heads of presidency assembly, which includes united kingdom prime Minister Boris Johnson.It said the UK might now surrender as Chair-in-workplace to Rwanda.
It stated as Chair-in-workplace, the UK delivered extra than £500 million of tasks and programmes in help of a fairer, wealthy, more sustainable and extra at ease destiny.Speaking after he arrived in Ghana, Mr Heappey stated: “the United Kingdom has a firmly international outlook and we realize that settled safety comes from mutual help and dedication.“at some point of my engagements here, i will update depended on companions on what the UK is doing and what extra we would do to co-perform and tackle shared threats to our safety and prosperity.”
The announcement stated at some stage in his visit to Accra, the Minister awarded Lt Commander Priscilla Ami Dogbeda Dzokoto the Dartmouth medal for finishing her preliminary naval schooling at the Britannia Royal Naval college in Dartmouth within the united kingdom in 2013.
The authorities’s national low-priced housing venture is on course, Dr Freda Prempeh, a Minister of nation in charge of Works and Housing has stated.She defined her ministry become finalising strategies of securing land banks throughout the u . S . A . For the implementation of the challenge, pronouncing paper works and documentation at the lands have been progressing.
Dr Prempeh emphasized government had prioritised the low-cost housing undertaking to offer accommodation for public and civil servants, explaining the Ministry had additionally rolled out a district-wide housing scheme.
The Minister stated this while she inspected 23-acre government-invested land earmarked for the housing project at Nanketewa in the Sunyani Municipality.Accompanied by using Madam Justina Owusu-Banehene, the Bono nearby Minister, and some key staff of the Ministry, Dr Prempeh also inspected a 100-acre land secured by the Social protection and countrywide coverage trust (SSNIT) within the Municipality.
She expressed hobby inside the SSNIT land placed at Baakoniaba, a Sunyani suburb, and brought the Ministry would talk with the consider and acquire portions of the land to commence the development of the housing units inside the Municipality.Dr. (Mrs.) Prempeh indicated traders have been ever-ready for the housing task but regretted land litigations in parts of the country of a impeded the Ministry’s efforts in acquiring the required amount of lands for the mission.
Government has been urged to legalise routes along Ghana’s borders, described as “unapproved”, and post security personnel there to protect the country from external attacks and spillage of extremism.
Naba Azaare Anyenaba, the Chief of Feo, a border community in the Bongo District of the Upper East Region, said if such routes were approved and security personnel stationed with the necessary logistics, it would ensure vigilance and effective monitoring to prevent illegal entry to the country.
The political instability and activities of terrorists and extremists in the Sahel Region, including Burkina Faso, Mali and Niger, posed risks to Ghana, hence government must accept those “unapproved routes” and take steps to legalise them to ensure vigilance, he said.
“As a country, we must accept the reality and approve of where people are passing. But we say it is unapproved yet people pass through these routes every day and some people are collecting monies into their pockets,” he said.
Naba Anyenaba said this in an interview with the Ghana News Agency on the sidelines of a training programme on preventing violence extremism for border communities, organised by the National Peace Council (NPC), with funding support from the Danish International Development Agency.
Apart from the Namoo border, which is under the supervision of the Paga border, all other routes linking Ghana to Burkina Faso in the Bongo District are deemed “unapproved.”
Naba Anyenaba said due to the huge market in Burkina Faso (Yelwongo Market) economic activities involving movement of goods and services between the two countries went beyond the approved routes.“We the people of Feo have appealed for the routes to be approved because it is liberal, Namoo and Feo can have different borders so that we can all help to curb the movement of people,” he added.
That would also help to improve the revenue mobilisation drive of the District Assembly for sustainable development, he said.“I think we should wake up and look at our geographical situation very well and straighten things to bring in income, we should not just allow people to come and extort money from our communities.”
Mr Ali Anankpieng, the Upper East Regional Executive Secretary, NPC, said the training, which brought together traditional and religious leaders, women and youth groups and persons with disability, among others, sought to build the resilience of border communities to assist in combating terrorism and extremism.It was also to equip the participants with skills to be able to identify early signals of extremists’ activities and collaborate with the security agencies to address them.
He admonished Ghanaians to take their personal security seriously and report any suspicious characters within their communities to the relevant authorities.
The lengthy hours of torrential rains that hit the twin city of the Western place have rendered many homeless.
The rain also covered the surfaces of many essential roads including the ketan to Nkroful Junction, kansaworodo, vodafone, Paa provide and thew Apollo dual carriageway.The scenario as located through Ghana news organisation saw many college kids and commuters stranded by using this nature’s act.
The rains also submerged the Apowa and a few quantities of the Nkenya-agric environment and regions consisting of Apowa- Saint Mary’s at the same time as some cars had been trapped in the ravaging water.A few inhabitants had attributed the upward thrust in floods these days to bad engineering practices, reducing of hills and filling of swampy lands to build systems.“The the rainwater, which have been displaced through human activities become vent on school kids and a few folks who had to fight for passage to their diverse locations mainly round Apowa and Apollo place.”Others, who also had a busy time crossing the gushing water, had been helped by means of volunteers to ferry them to the opposite give up of the road.
The Marine Police, led by the nearby Police Commander, DCOP Victor Adusah-Poku, but, rushed to the scene to salvage the ‘looming danger.’The security corporation furnished lifestyles jackets to help the human beings to cross the flood line.
Western nearby Minister, Kwabena Okyere Darko-Mensah, early the day before today morning, led the regional protection Council (REGSEC), to evaluate the flood situation in a few elements of the area.In the meantime, the rains continued as weather reviews show more downpour in the coming days alongside the coast.
Ukrainian President Volodymyr Zelensky signed a sanctions law Monday enabling officials in the country to seize and sell Russian assets related to Russia’s military invasion in order to support Ukraine’s war efforts.
The law is designed to rapidly resolve cases and targets Russian oligarchs, covering offenses including donating to the Kremlin and setting up puppet governments or elections in Russian-controlled parts of Ukraine, per an NPR translation.
It’ll remain in effect while Ukraine remains under martial law.
The Middle East’s biggest plane-leasing firm wrote off half-a-billion dollars for aircraft stranded in Russia, after the Kremlin issued a law preventing foreign-owned jets from leaving the country without state permission.
Dubai Aerospace Enterprise booked a $538 million write-off for planes with airlines in Russia, it said in a statement on Friday. The company also filed insurance claims of $1 billion and said this figure may rise.