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...In South African business circles, the news hit home sharply....
...Sales of existing homes fell to levels not seen since the depths of the financial crisis as rates on the standard 30-year mortgage nearly tripled to around 8 per cent last autumn New listings tumbled, as...
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...Americans are also extremely fond of their fixed-rate certainty. “It’s just so nice,” said one American, a fellow FT columnist, of his home loan....
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...For the less well off, who summer locally, do not own a home and tend to be younger, these conditions are less felicitous....
...“Getting a mortgage for 3 per cent, rather than the 7-8 per cent rates in the US, made it seem a good investment right now....
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...“We have seen demand for new homes start to dry up.”...
...In April 2021, SoftBank was so eager to back US mortgage lender Better Home & Finance that it wrote a $500mn cheque and was prepared to hand its newly acquired voting rights to Vishal Garg, the start-up’...
...That is because the flow of new home loans to back new MBS issuance has all but dried up as American homeowners blanch at mortgage rates approaching 8 per cent — the highest level in at least two decades...
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...Already, there has been an uptick in new mortgage applications and pending home sales....
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...“For the American and European supply chains to be built, you need a surety built by the government,” said Matthew Ashley, senior cobalt trader at Traxys, a Luxembourg-based trading house....
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