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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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US joins Russia, North Korea and Belarus to vote against UN resolution on Ukraine war

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US joins Russia, North Korea and Belarus to vote against UN resolution on Ukraine war

The US joined Russia to vote against a UN resolution on the Ukraine war – and abstained from voting on one it drafted after amendments proposed by European countries were added.

The 193-member assembly approved a US-drafted resolution, marking the third anniversary of Russia’s invasion of Ukraine, which had originally called for an end to the conflict but did not mention Moscow’s aggression.

It also made no mention of Ukraine’s territorial integrity.

However, it was amended after European nations said that it should include references to Russia’s full-scale invasion of Ukraine and the need for a lasting peace in line with the UN Charter.

It was also amended to include references to Ukraine’s sovereignty.

Follow latest: Ukraine war live updates

The amended US-drafted resolution won 93 votes in favour, while 73 states abstained – including the US – and eight – including Russia – voted no.

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On the same day, the UN General Assembly approved a European-backed resolution from Ukraine which demanded Russia immediately withdraw from the country.

There were also 93 votes in favour of this resolution, while 65 abstained and 18 voted against it.

The UK, France and Germany were among the countries that voted in favour of the Ukraine-backed resolution, which called for a “comprehensive, just and lasting peace in Ukraine”.

The US, Russia, Belarus and North Korea were among those that opposed it.

The US voted against Ukraine's resolution. Pic: AP
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The US voted against Ukraine’s resolution. Pic: AP

The duelling proposals reflect the tensions that have emerged between the US and Ukraine after Donald Trump suddenly opened negotiations with Russia in a bid to quickly resolve the conflict.

It also underscores the strain in the US’ relationship with Europe over the Trump administration’s decision to engage with Moscow.

The outcome marks a setback for the Trump administration in the UN General Assembly, whose resolutions are not legally binding but are seen as a barometer of world opinion.

However, later in the day, the UN Security Council approved the US resolution calling for an end to war in Ukraine – but without mentioning Russia’s aggression. The resolution received 10 votes in favour, while the remaining five members – including France and the UK – abstained.

Dame Barbara Woodward, the UK’s ambassador to the United Nations, said after the UN Security Council approved the motion: “What, how and on what terms this war ends can only be decided by negotiations with Ukraine.

“No peace will be sustainable without Ukraine’s consent.

“We regret that our proposals making these points clear were not taken on board, and as such we could not support this resolution.

“But we share the ambition to find a lasting end to this war, supported by robust security arrangements that ensure Ukraine never again has to face Russia’s attack.”

It came after the results in the General Assembly had showed some diminished support for Ukraine – as more than 140 nations had voted to condemn Russia’s aggression in previous votes.

The United States had tried to pressure the Ukrainians to withdraw their resolution in favour of its proposal, according to a US official and a European diplomat.

US deputy ambassador Dorothy Shea, meanwhile, said multiple previous UN resolutions condemning Russia and demanding the withdrawal of Russian troops “have failed to stop the war,” which “has now dragged on for far too long and at far too terrible a cost to the people in Ukraine and Russia and beyond”.

“What we need is a resolution marking the commitment from all UN member states to bring a durable end to the war,” Ms Shea said.

Read more:
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Grieving Russian mother writes to Putin after teenage son is killed

Dorothy Shea said the war has 'dragged on too long'. Pic: Reuters
Image:
Dorothy Shea said the war has ‘dragged on too long’. Pic: Reuters

The world is marking the third anniversary of Russia’s war in Ukraine as America’s allies try to navigate a new reality as Washington’s stance appears to favour Moscow.

European leaders were dismayed last week when they and Ukraine were left out of preliminary talks on ending the conflict.

Mr Trump has called Ukrainian President Volodymyr Zelenskyy a “dictator,” falsely accused Kyiv of starting the war and warned that he “better move fast or he is not going to have a country left”.

Mr Zelenskyy responded by saying the US president was living in a Russian-made “disinformation space”.

Meanwhile, French President Emmanuel Macron is at the White House holding talks with Mr Trump to discuss a peace plan for Ukraine.

At the start of the meeting, Mr Trump told reporters Russian President Vladimir Putin will accept European peacekeepers in Ukraine as part of a potential deal to end the war in the country.

Mr Trump and Mr Macron have been meeting after the pair had earlier joined a call between G7 leaders.

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Trump on Ukraine’s territory: ‘We’ll see’

UK Prime Minister Sir Keir Starmer, who will meet with Mr Trump at the White House on Thursday, appeared virtually and said G7 nations should be ready to “take on more risk”.

Canadian Prime Minister Justin Trudeau, who was in Kyiv, called Russia’s aggression a war on “our way of life”.

European Commission president Ursula von der Leyen said Europe’s “first priority” is to strengthen Ukraine’s resistance.

She said this includes speeding up the delivery of weapons and increasing investment, announcing a further €3.5bn (about £3bn) in aid for Ukraine.

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Zevtron, ParkMobile to support discontinued Shell Recharge EV chargers

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Zevtron, ParkMobile to support discontinued Shell Recharge EV chargers

Zevtron, ParkMobile, and Athena Partners Strategy Group are together supporting charging site owners and EV drivers affected by Shell Recharge’s shutdown of its EV charger software.

Shell Recharge is discontinuing its Shell Sky software in third-party commercial EV chargers in the US and Canada. It will service third-party commercial fleet EV chargers until April 30; after that, it’s lights out, leaving hundreds of EV charging stations across the US inoperable.

Zevtron, ParkMobile, and Athena Partners Strategy Group is deploying Zevtron’s white-label EV charging software across the former Shell Recharge network to restore full operational capacity to these chargers.

“Shell’s exit has left hundreds of chargers effectively stranded,” said Chris Mckenty, SVP of sales & marketing at Zevtron. “Our goal is to rapidly restore these stations to full functionality while enhancing their capabilities with flexible branding, seamless payment options, and improved management tools.”

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ParkMobile will extend its capabilities to process EV charging sessions so users can both park and charge. “Integrating EV charging parking sessions into ParkMobile simplifies access for millions of drivers who already rely on our platform,” said Andy Harman, vice president of sales at ParkMobile.

Athena Partners Strategy Group will work closely with cities, businesses, and property owners to deploy the new solution efficiently. “We see this as a major opportunity to not only restore EV charging infrastructure but also improve it for the long term,” said Nick Stanton, managing partner of Athena Partners Strategy Group.

The partnership says it’s a “turnkey solution to ensure uninterrupted service, enhanced user experience, and improved revenue potential.”

For more information on transitioning Shell Recharge EV chargers to the Zevtron-powered network,
contact Chris Mckenty at cmckenty@zevtron.com

Read more: Shell Recharge exits the US EV charger software market


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Volkswagen ID.4 breaks into the top 5 best-selling EVs in the US after sales surged in January

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Volkswagen ID.4 breaks into the top 5 best-selling EVs in the US after sales surged in January

The Volkswagen ID.4 was the third best-selling EV in the US last month, trailing only the Tesla Model Y and Model 3. Volkswagen’s electric SUV made a comeback after sales surged over 650% in January.

Volkswagen ID.4 was the third best-selling EV in January

Although ID.4 sales fell by 55% last year after Volkswagen halted production and deliveries in September due to a recall over faulty door handles, the EV made a triumphant return in 2025.

Volkswagen sold 4,979 ID.4’s in the US last month, up 653% from January 2024. To put it in perspective, VW only sold 646 ID.4 models in the fourth quarter and just over 17,000 in 2024. At this rate, ID.4 sales are on pace to reach nearly 60,000 by the end of 2025.

According to Cox Automotive’s latest EV Market Monitor report, the ID.4 was the third best-selling EV in the US last month, behind the Tesla Model Y and Model 3.

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The Honda Prologue and Tesla Cybertruck rounded out the top five. Combined, the top five selling EV models accounted for 54% of total sales in the US last month.

Rank Model
1. Tesla Model Y
2. Tesla Model 3
3. Volkswagen ID.4
4. Tesla Cybertruck
5. Honda Prologue
Top-selling EVs in the US in January 2025 (Cox Automotive)

Over 102,200 electric vehicles were sold in the US in January, up nearly 30% from January 2024. Although sales were down from the record 132,392 sold in December 2024, a drop was expected over typical seasonal trends.

Tesla doesn’t provide a breakdown of US sales, so we will not know exact sales numbers until registration data is released.

Honda-Prologue-best-selling-EV
2024 Honda Prologue Elite (Source: Honda)

Honda’s electric SUV continues to take the market by storm, with 3,744 Prologues sold in January. After delivering the first models last March, the Honda Prologue became the seventh best-selling EV in the US last year, with over 33,000 models sold.

Volkswagen announced the ID.4 was back on sale last month, with the “aim of re-instating the ID.4 to its prior position as one of the best-selling electric vehicles in the US and Canada.” It looks like it’s happening quicker than expected.

Volkswagen-ID.4-best-selling
Volkswagen ID.4 (Source: Volkswagen)

The new entry-level 2025 Volkswagen ID.4 RWD Pro model starts at $45,095, while the AWD Pro costs $48,995. Both are powered by an 82 kWh battery. Volkswagen said the 62 kWh battery will be available later this year. The larger battery provides an EPA-estimated range of up to 291 miles.

VW’s base models feature a gloss black grille, black roof rails, and a 12.9″ infotainment system with Android Auto and Apple CarPlay support. The AWD version has 20″ wheels, a heated windshield, and a tow hitch.

Volkswagen-ID.4-best-selling
Volkswagen ID.4 interior (Source: Volkswagen)

The ID.4 Pro S RWD starts at $50,195, and the AWD model has a sticker price of $54,095. It gets an added illuminated VW logo at the front and rear, premium LED projector headlights, a panoramic fixed glass roof, power tailgate, and more.

Volkswagen’s range-topping 2025 ID.4 Pro S Plus is only available in AWD and starts at $57,295. The Plus trim features 21-inch wheels, added exterior design elements, heated rear seats, a premium Harman Kardon audio system, and an Area View (an overhead view camera).

Both electric SUVs feature some of the biggest discounts on the market right now. To make room for 2025 models, VW is offering close-out prices on the 2024 ID.4, with leases starting as low as $189 per month. However, the Honda Prologue is hard to pass up, starting at just $209 per month. Ready to check them out for yourself? You can use our links below to find deals on the Volkswagen ID.4 and Honda Prologue in your area today.

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