May 20, 2026
United States:
US Mortgage Rates Rose Last Week to an Almost Two-Month High
US mortgage rates increased last week to an almost two-month high, weighing on home purchase activity.
The contract rate on a 30-year mortgage rose 10 basis points to 6.56% in the week ended May 15, according to Mortgage Bankers Association data released Wednesday, just shy of the 6.57% reading at the end of March. Since the start of the Iran war at the end of February, the rate was up nearly a half percentage point through the latest week.
Europe:
UK Inflation Drops Sharply in Respite from Iran Energy Shock
UK inflation fell to its lowest rate in more than a year, prompting traders to bet on fewer Bank of England interest-rate hikes even though economists expect price pressures to return.
The Office for National Statistics said its consumer prices index rose 2.8% in the year to April, down from 3.3% the previous month, reflecting more favorable annual comparisons and government support with bills.
Asia:
China Cuts Spending the Most in Six Months in Blow to Economy
China scaled back government spending at its fastest pace in six months in April, a move that contributed to an unexpected slowdown in the economy across the board.
A broad measure of public expenditure fell 7.3% from a year ago, accelerating from the 2.5% decrease in March to mark its sharpest decline since October, according to Bloomberg calculations based on Ministry of Finance data released Wednesday. By contrast, broad fiscal revenue rose 2%.
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