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Mortgage demand plummeted to a 28-year low as the average long-term rate creeped up toward 8%.

According to leading real industry group Mortgage Bankers Association, the average rate on the benchmark 30-year home loan climbed to 7.53% this week — the highest rate since 2000.

A separate report on Bankrate showed that Thursday’s average on a 30-year fixed mortgage rate was even higher, 7.88%.

The rate was 6.75% at this time last year and mortgages below 3% were offered at the start of 2021. The mortgage rate hasn’t hit 8% since 1995.

Mortgage applications and applications to refinance a home have stalled dramatically, falling 6% and 7% for the week, respectively, according to MBA.

“The purchase market slowed to the lowest level of activity since 1995, as the rapid rise in rates pushed an increasing number of potential homebuyers out of the market,” MBA’s deputy chief economist Joel Kan told The Post.

The higher rates add hundreds of dollars a month in costs for borrowers, limiting how much they can afford in a market already unaffordable to many Americans.

They also discourage homeowners who locked in low rates two years ago from selling.

The lack of housing supply also weighs on sales of previously occupied US homes, which are down 22.3% through the first seven months of the year versus the same stretch in 2022.

In response, Kan noted that applications for adjustable-rate mortgages increased, making up 8% of purchase applications — up from 6.7% a month ago when interest rates sat around 7%.

ARMs typically offer lower interest rates, though they’re fixed for shorter periods of time.

Mortgage rates have been rising along with the 10-year Treasury yield, which has historically been considered a key benchmark for mortgage rates.

Thus, as mortgage rates near 8%, the 10- and 30-year Treasury yields have also reached new heights, hitting 4.8% and 4.925%, respectively, on Tuesday — both the highest since 2007.

The advances could keep upward pressure on inflation, giving the Federal Reserve reason to keep interest rates higher for longer.

In August, US inflation rose 3.7% from 2022. Though it’s still above the Fed’s 2% goal, it’s a stark difference from June 2022’s four-decade peak at 9.1%.

Inflation’s substantial cooldown in recent months has forced many home sellers to slash their asking prices to lure in potential buyers.

Those who don’t slash their asking price risk selling at a loss. Last month, a report by real estate brokerage Redfin revealed that home sellers in America’s major cities are already doing this.

San Francisco sellers had it the worst, Redfin’s report showed, as they are a whopping four times more likely than the average US home seller to take a loss.

Detroit is home to the second-highest share of homeowners who take a loss in their home-selling transactions, at 6.9%, followed by Chicago and New York, where 6.5% and 5.9% of homeowners take a loss in selling their homes, respectively.

Though the share of New York homeowners who reported a loss was half that in San Francisco, the cities were tied for the largest median loss in dollars, at $100,000, Redfin found in a separate analysis.

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Nigel Farage has a new ‘leave’ campaign – here’s how it could work and how it might impact you

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Nigel Farage has a new 'leave' campaign - here's how it could work and how it might impact you

Nigel Farage has said he would take the UK out of the European Convention on Human Rights (ECHR) if Reform win the next election.

The party’s leader also reaffirmed his pledge to repeal the Human Rights Act and disapply three other international treaties acting as “roadblocks” to deporting anyone entering the UK illegally.

In a speech about tackling illegal migration, he said a Reform government would detain and deport any migrants arriving illegally, including women and children, and they would “never, ever be allowed to stay”.

Sky News looks at what the ECHR is, how the UK could leave, and what could happen to human rights protections if it does.

What is the ECHR?

On 4 November 1950, the 12 member states of the newly formed Council of Europe (different to the EU) signed the Convention for the Protection of Human Rights and Fundamental Freedoms – otherwise known as the ECHR.

It came into force on 3 September 1953 and has since been signed by an additional 34 Council of Europe members who have joined, bringing the total to 46 signatories.

The treaty was drafted in the aftermath of the Second World War and the Holocaust to protect people from the most serious human rights violations. It was also in response to the growth of Stalinism in central and Eastern Europe to protect members from communist subversion.

The treaty was the first time fundamental human rights were guaranteed in law.

Sir Winston Churchill helped establish the Council of Europe and was a driving force behind the ECHR, which came from the Charter of Human Rights that he championed and was drafted by British lawyers.

Sir Winston Churchill was a driving force behind the ECHR
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Sir Winston Churchill was a driving force behind the ECHR

To be a signatory of the ECHR, a state has to be a member of the Council of Europe – and they must “respect pluralist democracy, the rule of law and human rights”.

There are 18 sections, including the most well-known: Article 1 (the right to life), Article 3 (prohibition of torture), Article 6 (right to a fair trial), Article 8 (right to private and family life) and Article 10 (right to freedom of expression).

The ECHR has been used to halt the deportation of migrants in 13 out of 29 UK cases since 1980.

ECHR protections are enforced in the UK through the Human Rights Act 1998, which incorporates most ECHR rights into domestic law. This means individuals can bring cases to UK courts to argue their ECHR rights have been violated, instead of having to take their case to the European Court of Human Rights.

Article 8 is the main section that has been used to stop illegal migrant deportations, but Article 3 has also been successfully used.

Read more:
Why Farage’s small boats plan is not actually about policy
Legal expert explains if Farage deportation plan would work

The ECHR is interpreted by judges at this court in Strasbourg, France. File pic: AP
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The ECHR is interpreted by judges at this court in Strasbourg, France. File pic: AP

How is it actually used?

The ECHR is interpreted by the European Court of Human Rights (ECtHR) – you’ll have to bear with us on the confusingly similar acronyms.

The convention is interpreted under the “living instrument doctrine”, meaning it must be considered in the light of present-day conditions.

The number of full-time judges corresponds to the number of ECHR signatories, so there are currently 46 – each nominated by their state for a non-renewable nine-year term. But they are prohibited from having any institutional ties with the state they come from.

An individual, group of individuals, or one or more of the signatory states can lodge an application alleging one of the signatory states has breached their human rights. Anyone who have exhausted their human rights case in UK courts can apply to the ECtHR to have their case heard in Strasbourg.

All ECtHR hearings must be heard in public, unless there are exceptional circumstances to be heard in private, which happens most of the time following written pleadings.

The court may award damages, typically no more than £1,000 plus legal costs, but it lacks enforcement powers, so some states have ignored verdicts and continued practices judged to be human rights violations.

Read more: Asylum seekers in charts and numbers

Inside the European Court of Human Rights. File pic: AP
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Inside the European Court of Human Rights. File pic: AP

How could the UK leave?

A country can leave the convention by formally denouncing it, but it would likely have to also leave the Council of Europe as the two are dependent on each other.

At the international level, a state must formally notify the Council of Europe of its intention to withdraw with six months’ notice, when the UK would still have to implement any ECtHR rulings and abide by ECHR laws.

The UK government would have to seek parliament’s approval before notifying the ECtHR, and would have to repeal the Human Rights Act 1998 – which would also require parliamentary approval.

Would the UK leaving breach any other agreements?

Leaving the ECHR would breach the 1998 Good Friday Agreement, a deal between the British and Irish governments on how Northern Ireland should be governed, which could threaten the peace settlement.

It would also put the UK’s relationship with the EU under pressure as the Brexit deal commits both to the ECHR.

The EU has said if the UK leaves the ECHR it would terminate part of the agreement, halting the extradition of criminal suspects from the EU to face trial in the UK.

Keir Starmer has previously ruled out taking Britain out of the ECHR
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Keir Starmer has previously ruled out taking Britain out of the ECHR

How would the UK’s human rights protections change?

Certain rights under the ECHR are also recognised in British common law, but the ECHR has a more extensive protection of human rights.

For example, it was the ECHR that offered redress to victims of the Hillsborough disaster and the victims of “black cab rapist” John Worboys after state investigations failed.

Before cases were taken to the ECtHR and the Human Rights Act came into force, the common law did not prevent teachers from hitting children or protect gay people from being banned from serving in the armed forces.

Repealing the ECHR would also mean people in the UK would no longer be able to take their case to the ECtHR if the UK courts do not remedy a violation of their rights.

The UK’s human rights record would then not be subject to the same scrutiny as it is under the ECHR, where states review each other’s actions.

Two victims of John Worboys sued the Met Police for failing to effectively investigate his crimes using Article 3 of the ECHR. Pic: PA
Image:
Two victims of John Worboys sued the Met Police for failing to effectively investigate his crimes using Article 3 of the ECHR. Pic: PA

How human rights in the UK would be impacted depends partly on what would replace the Human Rights Act.

Mr Farage has said he would introduce a British Bill of Rights, which would apply only to UK citizens and lawful British citizens.

He has said it would not mention “human rights” but would include “the freedom to do everything, unless there’s a law that says you can’t” – which is how common law works.

Legal commentator Joshua Rozenberg said this would simply confirm the rights to which people are already entitled, but would also remove rights enjoyed by people visiting the UK.

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1 in 4 UK adults open to investing in crypto for retirement: Survey

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1 in 4 UK adults open to investing in crypto for retirement: Survey

1 in 4 UK adults open to investing in crypto for retirement: Survey

Over a quarter of Brits said they’d add crypto to their retirement portfolios, while 23% would even withdraw existing pension funds to invest in the space.

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CFTC’s Johnson confirms she will depart regulator next week

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CFTC’s Johnson confirms she will depart regulator next week

CFTC’s Johnson confirms she will depart regulator next week

Kristin Johnson, the CFTC’s last remaining Democratic commissioner, confirmed she will leave the regulator on Sept. 3.

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