U.S. Mortgage Rates Fall to a Record Low for 12th Time This Year
Mortgage rates in the U.S. fell to another record low.
The average for a 30-year, fixed loan dropped to 2.78%, the lowest in data going back to 1971, Freddie Mac said Thursday. It was the 12th record low this year. The previous one, 2.8%, held for two weeks.
The decline in borrowing costs that began in March, as the coronavirus roiled financial markets, shows no signs of stopping. Cheap loans have powered a housing rally that has bolstered the pandemic economy. Purchases have soared and millions of current homeowners have been able to save money by refinancing.
Read more: Homes Are Still Selling Like It’s Summer Across the U.S.
The Federal Reserve’s plan to hold its benchmark rate near zero for the time being should keep a lid on mortgage rates, which have been below 3% since July. But demand for homes is far outstripping supply, sparking bidding wars in some areas. The resultingprice gains are putting homeownership out of reach for many Americans.
Why Arizona’s Storied Conservative Stronghold Could Flip for Biden
Maricopa County spawned the careers of Republican hard-liners like Joe Arpaio. Now the children of immigrants targeted in the state’s nativist crackdown are challenging G.O.P. dominance.
By Simon Romero, Miriam Jordan and Michael Wines
Irish Home of Biden’s Great-Great-Great Grandfather Cheers His Victory
He may be five generations removed, but the president-elect is a hometown boy in Ballina, Ireland.
By Ed O’Loughlin
For a Trump Fan, a Week When Victory Ebbed Away
Nick Rocco, a passionate Trump follower in the Democratic bastion of Massachusetts, slowly realized it wasn’t going his way.
By Ellen Barry
Houston-Area Sheriff Fights Off Democratic Challenge in Longtime Republican Stronghold
Troy Nehls defeated Sri Preston Kulkarni, maintaining Republican control of a sprawling suburban district long represented by the former House majority leader, Tom DeLay.
By David Montgomery
Coronavirus: Singapore-HK airfares spike before travel bubble opens
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Parker Hannifin Boosts FY21 Outlook – Quick Facts
While reporting financial results for the first quarter of fiscal 2021 on Thursday, Parker Hannifin Corp. (PH) raised its earnings and adjusted earnings and organic sales growth guidance for the full-year 2021, based on its strong first quarter performance.
For fiscal 2021, the company now projects earnings in a range of $9.93 to $10.53 per share and adjusted earnings in a range of $11.70 to $12.30 per share, assuming organic sales decline in the range of 8 to 6 percent.
Previously, the company expected earnings in the range of $7.41 to $8.41 per share and adjusted earnings in the range of $9.80 to $10.80 per share, assuming organic sales decline in the range of 13 to 9 percent.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $10.98 per share on a sales decline of 6.2 percent to $12.85 billion for the year. Analysts’ estimates typically exclude special items.
“While there are indicators that the worst of the economic downturn is behind us, the COVID-19 pandemic is likely to continue to create headwinds in the global environment. We are confident in our ability to perform in FY21 and in the future, driven by the Win Strategy 3.0 as our business system,” said Tom Williams, Chairman and Chief Executive Officer.
Philips To Deliver Approx. 10% Adj. EPS Growth Annually – Quick Facts
Royal Philips (PHG) said the company plans to accelerate sales growth and improve the adjusted EBITA margin to high-teens by 2025. The company targets to deliver approximately 10% adjusted earnings per share growth annually.
Abhijit Bhattacharya, CFO of Royal Philips, said: “Our productivity initiatives will deliver additional cumulative net savings of 2 billion euros by 2025. A strong cash conversion of over 90%, combined with the efficiency of our balance sheet, will drive the planned free cash flow generation of above 2 billion euros by 2025.”
In Texas, an Emerging Problem for Democrats on the Border
In their long-running bid for Texas, Democrats ran into trouble. Trump antagonized immigrants, but he also won new voters who live along the border.
By James Dobbins and Manny Fernandez
Cheers Erupt on N.Y.C. Streets After Biden’s Victory Is Declared
People honked horns, danced and celebrated in the city, which is President Trump’s hometown but had turned its back on him.
By Edgar Sandoval