May 27, 2026
United States:
US Mortgage Rates Climb to Highest Level Since August
US mortgage rates increased last week to the highest since August, restraining home-purchase activity and prompting a sharp pullback in refinancing.
The contract rate on a 30-year mortgage rose 9 basis points to 6.65% in the week ended May 22, according to Mortgage Bankers Association data released Wednesday. Since the start of the Iran war at the end of February, the rate has climbed more than a half percentage point.
Europe:
Merz Advisers Slash German Outlook, See Faster Inflation
Economic advisers to German Chancellor Friedrich Merz almost halved their forecast for growth this year as the war in the Middle East and US trade policy weigh on activity.
Wednesday’s updated projections from the Council of Economic Experts predict gross domestic product will rise 0.5% in 2026. That’s down from November’s 0.9% prediction and matches the government’s latest view. Expansion in 2027 is seen at 0.8%.
Asia:
China’s K-Shape Divide Extends to Industrial Profits as AI Booms
China’s industry saw profit gains concentrated in a handful of sectors swept up in the global artificial intelligence boom or benefiting from higher oil prices, masking fragility in the economy as overall earnings soared at the fastest in more than two years.
Profits surged 24.7% in April from a year ago, accelerating from a 15.8% jump in the previous month, far more than expected by Bloomberg Economics. For the first four months, they increased more than 18%, according to data released on Wednesday by the National Bureau of Statistics.
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