Connect with us

Published

on

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.

Continue Reading

Sports

Sources: Red Sox deal Devers to Giants in stunner

Published

on

By

Sources: Red Sox deal Devers to Giants in stunner

The San Francisco Giants are acquiring All-Star slugger Rafael Devers from the Boston Red Sox, sources confirmed to ESPN’s Jeff Passan on Sunday evening.

The Giants are sending starter Jordan Hicks and 23-year-old lefty Kyle Harrison, among others, to Boston in exchange, sources said.

Devers, 28, is in just the second season of a 10-year, $313.5 million contract he signed to stay in Boston in January 2023, however his relationship with the team suffered a significant blow after the star third baseman was reportedly blindsided by a move to designated hitter in the spring.

Tensions flared again last month after Devers refused an offer from the team to move him to first base after starting first baseman Triston Casas was ruled out for the season with a knee injury.

It reached a point where Red Sox owner John Henry met with the disgruntled star, making a rare trip to meet the team on the road and smooth things over after Devers’ pointed comments about the request to switch positions again.

Hicks and Harrison give a pitching-starved Red Sox team more depth on their staff while Devers provides a huge boost to a middling Giants offense.

Devers has more than 200 career home runs to his name and has a .894 OPS for Boston this season.

The deal was first reported by Fansided.

Continue Reading

Sports

Ohtani’s pitching return might be coming soon

Published

on

By

Ohtani's pitching return might be coming soon

Shohei Ohtani‘s pitching debut for the Los Angeles Dodgers might be quickly approaching.

Manager Dave Roberts told reporters Sunday that Ohtani would throw another simulated game in the coming days that could “potentially” be his last one, and a source told ESPN’s Buster Olney that Ohtani should join the Dodgers’ rotation “sooner rather than later,” potentially within the week.

Ohtani took a big step forward during his most recent simulated game at Petco Park on Tuesday, throwing 44 pitches over the course of three innings against a couple of lower-level minor league players. Ohtani’s fastball reached the mid- to upper-90s, and he exhibited good command of his off-speed pitches in what amounted to his third time facing hitters. Afterward, Roberts said there was a “north of zero” chance Ohtani could join the rotation before the All-Star break.

Because of his two-way designation, the Dodgers can carry Ohtani as an extra pitcher, which means he can throw two to three innings and have someone pitch after him as a piggyback starter. At this point, it seems that is the Dodgers’ plan.

The Dodgers’ pitching staff has again been plagued by injury, with 14 pitchers on the injured list, including four starting pitchers the team was heavily counting on for 2025 — Blake Snell, Tony Gonsolin, Roki Sasaki and Tyler Glasnow.

If Ohtani returns in July — the likely outcome at this point — he will be 22 months removed from a second repair of his ulnar collateral ligament.

The update isn’t as optimistic for Sasaki. He paused his throwing program and is set for a lengthy layoff. Sasaki has not pitched in a game since May 9 and is not part of the team’s long-term pitching plans this season.

“I think that’s what the mindset should be,” Roberts said. “Being thrust into this environment certainly was a big undertaking for him, and now you layer in the health part and the fact he’s a starting pitcher, knowing what the build-up [required to return] entails … I think that’s the prudent way to go about it.”

Sasaki, 23, went 1-1 with a 4.72 ERA in eight starts after joining the Dodgers from the Pacific League’s Chuba Lotte Marines, averaging less than 4⅓ innings per start. He walked 22 and struck out 24 in 34⅓ innings, and his fastball averaged 95.7 mph, down 3-4 mph from his average in Japan.

Roberts said Sasaki was pain free when he resumed throwing in early June, but the pitcher was shut down after feeling discomfort this past week. Sasaki recently received a cortisone injection in the shoulder; Roberts said no further scans are planned.

“I don’t think it’s pain,” Roberts said. “I don’t know if it’s discomfort, if it’s tightness, if he’s just not feeling strong, whatever the adjective you want to use. That’s more of a question for Roki, as far as the sensation he’s feeling.

“He’s just not feeling like he can ramp it up, and we’re not going to push him to do something he doesn’t feel good about right now.”

The Associated Press contributed to this report.

Continue Reading

Sports

Judge 1-for-12 as NY swept: Got to swing at strikes

Published

on

By

Judge 1-for-12 as NY swept: Got to swing at strikes

BOSTON — Aaron Judge blamed himself for swinging at pitches outside the strike zone as the New York Yankees were swept in a three-game series against the Boston Red Sox.

“You got to swing at strikes,” Judge said after going 1-for-12 in the series, which Boston completed with a 2-0 victory on Sunday.

Judge struck out three or more times in three straight games for only the third time in his major league career.

“That usually helps any hitter when you swing at strikes,” Judge added. “Definitely some pitches off the edge or off the edge in, you know, taking some hacks just trying to make something happen.”

Judge had a tying solo homer in the opener Friday night but struck out nine times as the Yankees were swept in a series for the first time this season.

New York scored only four runs in the three games, matching its fewest in a three-game series at Fenway Park, on June 20-22, 1916 and on Sept. 28-30, 1922.

“It’s very hard,” Red Sox manager Alex Cora said of facing Judge. “He’s so good at what he does. We used our fastballs in the right spots, we got some swing and misses.”

“Throughout the years we’ve been aggressive with him,” Cora added. “Sometimes he gets us, sometimes we do a good job with that. It’s always fun to compete against the best, and, to me, he’s the best in the business right now.”

Judge’s major league-leading average dipped to .378.

“I don’t think much of it,” teammate Ben Rice said. “If I could have that guy hitting every single at-bat even if he’s not at his best, I would do it. I’m sure he’ll bounce back. He’ll be all right.”

Judge faced Garrett Whitlock with two on in the eighth Sunday and bounced into an inning-ending double play.

“He’s one of the greatest hitters in the world,” Whitlock said. “It’s special to watch him play and everything. We tried to execute and had some execution this weekend.”

Continue Reading

Trending