Rising mortgage rates and inflation in the wider economy caused housing demand to drop sharply in June, forcing home prices to cool down.
Second quarter profits at big U.S. banks are expected to fall sharply from a year earlier on increased loan loss reserves, as the pandemic recovery gives way to a possible recession.
WSJ reports that millions of Americans with subpar low credit scores are falling behind on paying their credit cards and automobile and personal loans. This is an ominous sign the ‘strong consumer’ narrative is cracking.
ARMs — which carry variable interest rates that reset based on the market at predetermined times — accounted for 10.8% of total home-loan applications …