Paraguay’s president resigns following a crisis over a bank collapse, leaving millions of customers unable to access their money https://t.co/hL9K0DPP8f https://t.co/n2eBFv0cci
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Paraguay’s president resigns following a crisis over a bank collapse, leaving millions of customers unable to access their money https://t.co/hL9K0DPP8f https://t.co/n2eBFv0cci — FanGraphs Baseball — — Pinstripe Alley — By MATT OTT, AP Business Writer WASHINGTON (AP) — The average long-term U.S. mortgage rate fell for the third straight week, offering some relief to prospective homebuyers facing higher home prices. The average 30-year fixed-rate mortgage in the U.S. declined to 7.18% from 7.24% last week, mortgage buyer Freddie Mac said Thursday. One year ago, the average rate was 6.22%. Borrowing costs on 15-year fixed-rate mortgages, often sought by borrowers refinancing a home loan, also fell again this week. That average rate dipped to 6.57% from 6.60% last week. A year ago, it was at 5.50%. Lower mortgage rates relieve some of the pressure on prospective homebuyers facing higher borrowing costs on home loans. Rates on home loans are influenced by inflation, Federal Reserve policy and bond-market investors’ expectations for the economy, among other factors. They generally follow the trajectory of the 10-year Treasury yield, which lenders use as a guide to pricing home loans. Until the past few weeks, mortgage rates had been on the rise since late February, when the U.S. war with Iran began, pushing up the price of oil and driving inflation higher. The run-up in rates also reflected heightened bond market volatility, which led to rising yields on U.S. Treasurys. However, the 10-year Treasury yield has been mostly easing for the past month after climbing to its highest level since 2002. That’s caused the average rate on a 30-year mortgage to come back down after reaching 7.4% early last month, its highest level in nearly three years. The yield was at 4.84% at midday on the bond market Thursday, its lowest level since early September. It had surged to more than 5.30% in early October and remains well above its 3.97% level from before the war with Iran. U.S. home sales remain stalled this year mostly due to elevated mortgage rates, which can add hundreds of dollars a month in costs for borrowers, limiting homebuyers’ purchasing power and prompting many to put off buying a home. In late February, the average rate on a 30-year mortgage briefly dipped to 5.98%, its lowest level going back to late 2022. The rise in rates since then has added roughly $300 to $350 to the monthly cost for a borrower financing a $400,000 home loan. Depending on a borrower’s income, credit and other factors, they may qualify for a rate on a 30-year mortgage that is below or above the current average. The U.S. housing market has been in a slump since 2022, when mortgage rates began to climb from pandemic-era lows. Sales of previously occupied U.S. homes were essentially flat last year, stuck at a 30-year low. After nine months without a permanent City Manager, Anaheim could have a new top administrative executive in a familiar face. The Anaheim City Council is expected to consider a proposed employment agreement with a city manager candidate, Jonathan Borrego, during its next City Council meeting on Nov. 10, the city announced Thursday. “The selection of Borrego as finalist follows a national recruitment, interview and evaluation process that took place from June through September with interest from more than 100 applicants,” the announcement said. Borrego, Oceanside’s current city manager, got his beginnings in public service in 1988 as an entry-level planner in Anaheim City Hall before being promoted to Planning Division manager, which oversees the city’s municipal planning. He joined Oceanside as the city’s director of development services in 2017, and in 2022, Borrego became the city’s first Latino city manager. “Returning to Anaheim would be an honor,” Borrego said. “I owe so much to this city. The ‘Anaheim Way’ philosophy of going above and beyond for those we serve was instilled in me during my nearly three decades there. It is a spirit of service I carry forward to this day.” “Should my appointment move forward, Anaheim can expect a steady transition, continuity of city services, sound budget management and responsible, effective city leadership for residents, businesses and visitors,” he said. If councilmembers agree Tuesday night, Borrego could begin the role on Dec. 28, the announcement said, and fill a vacancy left by Jim Vanderpool, who served as Anaheim’s city manager for six years. Vanderpool announced he was retiring in February, just days following his closed-door questioning by city leaders for having attended an Anaheim Chamber of Commerce-funded retreat to Lake Havasu early in his tenure without disclosing the trip as a gift in his 2020 statement of economic interests. Vanderpool is cooperating with an investigation by the state’s Fair Political Practices Commission for potential violations of a state law requiring elected officials to report economic gifts and interests, according to reports by TimesOC. Vanderpool is currently serving as Palm Springs’ interim City manager; he was appointed in October. Anaheim Assistant City Manager Greg Garcia has been serving as the interim city manager following Vanderpool’s resignation. Borrego could be paid an annual salary of $409,000, plus other benefits provided to all executive managers, which is in line with the salary range for Anaheim’s city manager position, the city statement said. Vanderpool was paid $386,000 annually. Borrego is a Santa Paula native with a bachelor’s degree in political science and a master’s degree in public administration from Cal State Long Beach. He holds certification from the American Institute of Certified Planners. “While at Anaheim, Borrego played a leading role in modernizing zoning and planning for Beach Boulevard, the Platinum Triangle and The Anaheim Canyon. He also led a 2007 update of Anaheim’s general plan, a long-term overview of how land is used in the city,” the city announcement said. If appointed, Borrego would oversee 2,000 city staffers and the day-to-day operations of Orange County’s most populous city, with more than 350,000 residents, and an annual budget of $2.6 billion. He would likely be leading the city through a busy period and weigh in on several critical next steps: there’s how to spend a multi-million-dollar windfall that will be hitting Anaheim coffers in 2027 when the city pays off resort bonds; ensuring fluidity in several multi-billion-dollar developments rising around the city, including the DisneylandForward theme park expansion and OCVibe entertainment district; and next moves for Angel Stadium, including becoming acquainted with a likely new Angels’ owner. Beams from big rig load smash through pickup truck on 405 Freeway in Westminster Unbelievable photos show beams that crashed all the way through a truck in on the 405 Freeway in Westminster on Wednesday morning. |
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