US Home Purchase Applications Fall After Prior Week's Surge
The Mortgage Bankers Association's index of home-purchase applications slumped 11.8% in the week ended July 11, data from the group showed Wednesday. While that marked the biggest drop since 2022, it followed a 9.4% jump in the previous week that included Independence Day. The figures are prone to wide swings around holidays even though the data are adjusted for seasonal effects.
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Yahoo
2 days ago
- Yahoo
Modi joins Maldives independence day celebrations, signals easing tensions amid China rivalry
Maldives India COLOMBO, Sri Lanka (AP) — Indian Prime Minister Narendra Modi Saturday participated Saturday in the 60th Independence Day celebrations of the Maldives, concluding a two-day visit to the island nation. During the trip, Modi also announced financial assistance and formally launched talks on a proposed free trade agreement. The two-day visit was seen as crucial to India's ambition to control the seas and shipping routes of the Indian Ocean in a race with its regional rival China. It signaled a thaw in diplomatic tensions that followed the election of pro-China Maldivian President Mohamed Muizzu in 2023. Modi joined a distinguished gathering at Republic Square in the capital, Malé, where a military parade and cultural performances marked the anniversary of the Maldives gaining independence from British rule in 1965. On Friday, following talks with Maldivian President Mohamed Muizzu, Modi announced a credit line of $565 million to support development projects in the Maldives. The visit coincided with the anniversary of the establishment of diplomatic ties between the two nations in 1965. It also saw the start of talks on a free trade agreement. The two leaders oversaw the exchange of signed agreements to cooperate in sectors such as fisheries, health, tourism and digital development. Modi also handed over dozens of heavy vehicles donated by India to strengthen the Maldives' defense forces. The Maldives — an archipelago nation strategically located in the Indian Ocean — is a focal point in the growing geopolitical rivalry between India and China. Tensions grew when Muizzu, who favored closer ties with China, was elected in 2023 after defeating the India-friendly incumbent Ibrahim Mohamed Solih. Leading up to the election, Muizzu had promised to expel Indian soldiers deployed in the Maldives to help with humanitarian assistance. Last year New Delhi replaced dozens of its soldiers in the Maldives with civilian experts. Measures by Modi to promote tourism in India's Lakshadweep archipelago, off the southwestern coast of the Indian mainland, also sparked anger from Maldivians, who saw it as a move to lure Indian tourists away from their country. Indian celebrities then called for a tourism boycott of the Maldives. Tensions escalated last year when President Muizzu visited China before India, a move widely interpreted in New Delhi as a diplomatic snub. On his return, Muizzu outlined plans to reduce the Maldives' reliance on India for medical services, pharmaceuticals, and essential imports such as food staples. Relations started to improve after Muizzu attended Modi's swearing-in ceremony for a third five-year term last year. Muizzu has since toned down his anti-Indian rhetoric, and official contacts with New Delhi have intensified amid growing concern about the Maldives' economy. During a visit by Muizzu to India last October, India pledged financial support to the Maldives, which has been struggling with debt. This included $100 million in short-term government loans and agreeing to a $400 million currency swap to help stabilize the Maldivian economy. India has long been a key development partner for the Maldives. However, the island nation has also deepened ties with China, joining its Belt and Road Initiative in 2013 to build infrastructure and expand trade — part of Beijing's broader effort to increase its global influence. Solve the daily Crossword
Washington Post
2 days ago
- Washington Post
Modi joins Maldives independence day celebrations, signals easing tensions amid China rivalry
COLOMBO, Sri Lanka — Indian Prime Minister Narendra Modi Saturday participated Saturday in the 60th Independence Day celebrations of the Maldives, concluding a two-day visit to the island nation. During the trip, Modi also announced financial assistance and formally launched talks on a proposed free trade agreement. The two-day visit was seen as crucial to India's ambition to control the seas and shipping routes of the Indian Ocean in a race with its regional rival China. It signaled a thaw in diplomatic tensions that followed the election of pro-China Maldivian President Mohamed Muizzu in 2023. Modi joined a distinguished gathering at Republic Square in the capital, Malé, where a military parade and cultural performances marked the anniversary of the Maldives gaining independence from British rule in 1965. On Friday, following talks with Maldivian President Mohamed Muizzu, Modi announced a credit line of $565 million to support development projects in the Maldives. The visit coincided with the anniversary of the establishment of diplomatic ties between the two nations in 1965. It also saw the start of talks on a free trade agreement. The two leaders oversaw the exchange of signed agreements to cooperate in sectors such as fisheries, health, tourism and digital development. Modi also handed over dozens of heavy vehicles donated by India to strengthen the Maldives' defense forces. The Maldives — an archipelago nation strategically located in the Indian Ocean — is a focal point in the growing geopolitical rivalry between India and China. Tensions grew when Muizzu, who favored closer ties with China, was elected in 2023 after defeating the India-friendly incumbent Ibrahim Mohamed Solih. Leading up to the election, Muizzu had promised to expel Indian soldiers deployed in the Maldives to help with humanitarian assistance. Last year New Delhi replaced dozens of its soldiers in the Maldives with civilian experts. Measures by Modi to promote tourism in India's Lakshadweep archipelago, off the southwestern coast of the Indian mainland, also sparked anger from Maldivians, who saw it as a move to lure Indian tourists away from their country. Indian celebrities then called for a tourism boycott of the Maldives. Tensions escalated last year when President Muizzu visited China before India, a move widely interpreted in New Delhi as a diplomatic snub. On his return, Muizzu outlined plans to reduce the Maldives' reliance on India for medical services, pharmaceuticals, and essential imports such as food staples. Relations started to improve after Muizzu attended Modi's swearing-in ceremony for a third five-year term last year. Muizzu has since toned down his anti-Indian rhetoric, and official contacts with New Delhi have intensified amid growing concern about the Maldives' economy. During a visit by Muizzu to India last October, India pledged financial support to the Maldives, which has been struggling with debt. This included $100 million in short-term government loans and agreeing to a $400 million currency swap to help stabilize the Maldivian economy. India has long been a key development partner for the Maldives. However, the island nation has also deepened ties with China, joining its Belt and Road Initiative in 2013 to build infrastructure and expand trade — part of Beijing's broader effort to increase its global influence.
Yahoo
4 days ago
- Yahoo
Mortgage rates hold steady at 6.74%
Mortgage rates remained basically flat this week, following two straight weeks of increases. According to data from Freddie Mac, the average rate on a 30-year fixed mortgage was 6.74% for the week ending Wednesday, down just a single basis point from 6.75% the week prior. The average 15-year fixed mortgage rate was 5.87%, down five basis points from 5.92% last week. Read more: Will mortgage rates ever be 3% again? 'Overall, the backdrop for the housing market is positive as the economy continues to perform well with solid employment and income growth,' said Sam Khater, Freddie Mac's chief economist. Applications to purchase a home were up 3% from a week ago, according to data from the Mortgage Bankers Association, while refinancings fell 3%. 'We expect overall demand to ebb and flow as long as mortgage rates remain volatile due to the ongoing economic uncertainty,' said Bob Broeksmit, MBA CEO and president. Sign up for the Mind Your Money weekly newsletter By subscribing, you are agreeing to Yahoo's Terms and Privacy Policy As mortgage rates remain elevated, home sales could hit an all-time low this year. According to research by sales volume for existing homes is expected to fall 1.5% annually, to just 4 million transactions. At the start of 2025, sales volume for homes had been expected to increase slightly from last year's level of 4.06 million — another all-time low. Sign up for the Mind Your Money newsletter Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
