Australia Unexpectedly Holds Key Rate Steady, Currency Jumps
The Reserve Bank held its key rate at 3.85%, a decision that only five of 32 economists had predicted while traders were also wrong-footed. The RBA has cut twice in its current easing cycle and economists have been debating how much further easing is likely given the tightness of the labor market and poor productivity growth.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Fast Company
43 minutes ago
- Fast Company
With prices skyrocketing, investors are snapping up U.S. homes. That's bad news for the average buyer.
Real estate investors are snapping up a bigger share of U.S. homes on the market as rising prices and stubbornly high borrowing costs freeze out many other would-be homebuyers. Nearly 27% of all homes sold in the first three months of the year were bought by investors—the highest share in at least five years, according to a report by real estate data provider BatchData. Between 2020 and 2023, the share of homes bought by investors averaged 18.5%. All told, investors bought 265,000 homes in the January-March quarter, an increase of 1.2% from the same period a year earlier, the firm said. Despite the modest annual increase, the rise in the share of investor home purchases is more a reflection of how much the housing market has slowed as traditional buyers face growing affordability constraints, according to BatchData. The U.S. housing market has been in a sales slump since early 2022, when mortgage rates began to climb from pandemic-era lows. Home sales fell last year to their lowest level in nearly 30 years. They've remained sluggish so far this year, as many prospective homebuyers have been discouraged by elevated mortgage rates and home prices that have kept climbing, though more slowly. As home sales have slowed, properties are taking longer to sell. That's led to a sharply higher inventory of homes on the market, benefitting investors and other home shoppers who can afford to bypass current mortgage rates by paying in cash or tapping home equity gains. 'As traditional buyers struggle with affordability, investors with cash and financing advantages are stepping in to maintain transaction volume,' according to the report. BatchData analyzes U.S. home sales records to determine which properties were purchased by investors. These could include vacation homes or rentals, but not a homebuyer's primary residence. Investors bought 1.2 million homes in 2024, up from an average of 1.1 million homes a year going back to 2020, according to BatchData. Even so, investor-owned homes account for roughly 20% of the nation's 86 million single-family homes, the firm said. Of those, mom-and-pop investors, or those who own between 1 and 5 homes, account for 85% of all investor-owned residential properties, while those with between 6 and 10 properties account for another 5%. Institutional investors that own 1,000 or more homes account for only about 2.2% of all investor-owned homes, the firm said. And that number could get smaller, amid signs that large institutional investors are scaling back home purchases. Out of a group of eight of the biggest companies that own and lease single-family houses, including Invitation Homes and American Homes 4 Rent, six sold more homes in the second quarter than they bought, according to data from Parci Labs.
Forbes
an hour ago
- Forbes
High-Yield Savings Account Rates Today: July 8, 2025
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations. Savings account yields are much higher than a few years ago Top rates may fall if the Federal Reserve cuts interest rates Online banks tend to offer the best yields available Rates on savings accounts are the same compared to one week ago. You can now earn up to 5.84% on your savings. Searching for an account where you can park some cash? Here's a look at some of the best savings rates you can find today. Related: Find the Best High-Yield Savings Accounts Of 2025 Traditional savings accounts, called "statement savings accounts" in the banking world, have been notorious for paying paltry interest in past years, especially after the Great Recession. That's changed more recently, and you can find rates 10-times higher than those offered by traditional financial institutions if you opt for an online bank or a credit union. The highest yield on a standard savings account with a $2,500 minimum deposit amount within the last week has been 5.84%, according to data from Curinos. If you spot a basic savings account with a comparable rate, you've done well for yourself. Today's average APY for a traditional savings account is 0.22%, Curinos says. APY, or annual percentage yield, reflects the actual return your account will earn during one year. It accounts for compound interest, which is the interest that accrues on the interest in your account. High-yield savings accounts generally pay much more interest than conventional savings accounts. But the catch is you may have to jump through some hoops to earn that higher rate, such as becoming a member of a credit union or putting down a large deposit. On high-yield accounts requiring a minimum deposit of $10,000, today's best interest rate is 4.88%. That's about the same as last week. The average APY for those accounts is now 0.22% APY, unchanged from a week ago. On high-yield savings accounts with a minimum opening deposit of $25,000, the highest rate available today is 3.94%. You'll be in good shape if you can nail down an account offering a rate close to that. The current average is 0.24% APY for a high-yield account with a $25,000 minimum deposit. Whether you're looking for a traditional savings account, high-yield savings account or MMA, you'll want to keep a few things in mind. A high interest rate is important, but it's not the only factor when picking an account to hold your savings. Another major consideration is whether the account has a minimum deposit - and whether you can meet that requirement. You'll also want to watch out for fees. Savings accounts can come with monthly maintenance fees, excess transaction fees (if you make too many withdrawals) and other pesky charges that can eat into your interest earnings. And before you apply for an account, be sure you explore the reputation and safety of the bank or credit union. Check the reviews, see what people have to say about customer service and find out how the financial institution responds to consumer questions. Only consider accounts insured by the FDIC or, in the case of credit unions, the NCUA. Those federal agencies provide up to $250,000 in insurance per depositor and per bank for each account ownership category. Interest rates on savings accounts typically fluctuate in response to other rate changes throughout the economy. Savings rates are primarily influenced by the Federal Reserve's rate moves, and the central bank has finally begun reducing its benchmark federal funds rate as inflation has fallen closer to its 2% goal. Financial institutions usually adjust borrowing and savings rates soon after the Fed changes rates. The Fed votes to adjust rates eight times per year during meetings of the Federal Open Market Committee (FOMC). Curinos determines the average rates for savings accounts by focusing on those intended for personal use. Certain types of savings accounts —such as relationship-based accounts and accounts designed for youths, seniors and students—are not considered in the calculation. Frequently Asked Questions (FAQs) The best high-yield savings account pays 5.84% now, according to Curinos data, so you'll want to aim for an account that delivers a yield in that ballpark. But rates aren't everything. You want an account that charges few fees, offers great customer service and has a track record of being a stable institution. Savings yields are variable and can change depending on economic conditions or a bank's particular financial need. Usually rates are influenced by the federal funds rate, meaning that a bank tends to raise or lower its rates along with the Fed. Online banks and credit unions tend to offer the best yields because they can pass along savings from low overhead while also striving to attract new customers.
Yahoo
an hour ago
- Yahoo
Why Sofi Technologies Stock Is Moving Upwards
July 8 - Shares of SoFi Technologies (NASDAQ:SOFI) climbed more than 3% on Monday, closing at $19.2, as investors weighed President Trump's proposed cap on federal student loans and the run?up to its July 29 earnings report. Warning! GuruFocus has detected 8 Warning Signs with SOFI. Under the tax plan now before the House, graduate borrowers would face tighter federal loan limits, potentially steering more borrowers toward private lenders like SoFi. That shift has underpinned this week's rally. SoFi enters its second?quarter report buoyed by a 20% revenue increase and a 200% jump in earnings in Q1, reinforcing confidence in its core lending and refinancing operations. Wall Street forecasts SoFi will post EPS of $0.06 and revenue of $801.8 million, down about 7% from a year earlier. Any upside surprise could reignite further gains. Analysts note that reduced federal support may widen SoFi's addressable market and boost loan volume, making the stock likely to remain in focus as policy developments unfold. With student?loan dynamics shifting and Q2 results on the horizon, SoFi's performance will be a key barometer for private lending growth. This article first appeared on GuruFocus.
