Mortgage Applications Decline as US Interest Rates on Mortgages Rise to 4.9%

Fourth EstateMortgage and Finance Site and app on mobile device - Austin Distel

The average interest rate on U.S. mortgages continued rising to record highs last week as the Federal Reserve signals an upcoming tightening of monetary policy to tame inflation. The 30-year fixed mortgage rate increased for the fourth consecutive week to …

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Fitch Cuts Russia’s Rating to Junk, Says Default is ‘Imminent’

Fitch has downgraded Russia’s sovereign bonds by six notches to “C” from “B”, saying that a debt default is “imminent”. The rating agency had already slashed Russia’s rating to a “junk” status of “B” on March 2, but said that …

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Philippines Offers $500M in Green Bonds to European Investors

Philippine Finance Secretary Carlos Dominguez is seeking support from European investors through government green bonds worth at least $500 million to raise funds for the country’s clean energy projects. Dominguez said the sale of these debt securities, known as environmental, …

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Evergrande Braces for Debt Restructuring

China Evergrande Group had signaled that it is already planning to negotiate a debt restructuring with offshore creditors as it faces another potential default on Monday. Evergrande said in a filing on Friday that it plans to “actively engage with …

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Markets Stand at Tipping Point as House Passes Biden’s COVID-19 Stimulus Package

US legislators pass Biden’s $1.9 trillion COVID-19 relief package as tech markets and bond yields remain points of concerns for investors. The financial Markets have had a mixed response to the proposed stimulus, with fears rising that an increased inflation …

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Mexican Government Completes $6.6 Billion Debt Refinancing Agreement

Mexico’s Finance Ministry Gabriel Yorio said during a Tuesday morning press conference in Mexico City that the government of President Andres Manuel Lopez Obrador officially completed a debt refinancing operation worth $6.6 billion in international markets, including an over-subscribed bond offer.

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US Judge Rules that Venezuelan PDVSA’s 2020 Bonds Are Still Valid

A United States judge ruled on Friday morning that 2020 bonds of Venezuelan oil giant PDVSA are “valid and enforceable,” which analysts believe it represents a significant setback for Venezuela’s opposition leader and interim president Juan Guaido.

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