Mortgage affordability is at a four-year high after rates fell in January, with the White House touting President Donald Trump’s economic policies and maintaining his promise to “unlock” the opportunity of homeownership for American families.

ICE Mortgage Technology’s February Mortgage Monitor Report showed that the mortgage rate declined in January and opened the door to refinancing opportunities for millions of borrowers. The report said the change brought housing affordability to a four-year-high, according to HousingWire. 

MORTGAGE RATES TICK HIGHER BUT REMAIN NEAR 6%

“Joe Biden’s inflation crisis crushed the dream of homeownership for millions of Americans — but President Trump is bringing it back,” White House press secretary Karoline Leavitt told Fox News Digital. “Thanks to the President’s successful economic policies, unnecessary red tape is being cut at a historic pace, borrowing costs are easing, and income growth is outpacing home price gains — finally making housing more affordable again.”

Leavitt added: “President Trump knows America is strongest when it’s a nation of owners, not renters, and he is determined to unlock that opportunity for as many American families as possible.” 

Freddie Mac’s latest Primary Mortgage Market Survey in early February showed that the average rate on the benchmark 30-year fixed mortgage was 6.11%. The average rate on a 30-year loan was at 6.89% a year ago.

“For the last several weeks, the 30-year fixed-rate mortgage has remained at its lowest level in years,” Sam Khater, Freddie Mac’s chief economist, said in a statement. “The combination of improving affordability and availability of homes to purchase is a positive sign for buyers and sellers heading into the spring home sales season.”

HOME DELISTINGS SURGE AS SELLERS STRUGGLE TO GET THEIR PRICE

But Realtor.com Senior Economist Anthony Smith said that while the Federal Reserve held rates steady at its January meeting, shifting the focus to Trump’s nomination of Kevin Warsh as the next Federal Reserve chair could cause uncertainty.

Smith said that the nomination “has re-centered attention on the importance of policy credibility and investor expectations.”

“Mortgage rates are not directly set by the Fed but instead reflect long-term yields, which respond to shifting economic signals, market sentiment and perceived risks. If investors grow uncertain about the Fed’s intentions or begin to question its independence, long-term yields can rise even during a rate-cutting cycle,” Smith said. “That paradox underscores the risk of mixing political objectives with monetary policy.

“For housing, that means aggressive calls for rate cuts may not lower mortgage rates unless market confidence in the Fed’s inflation-fighting credibility remains intact.”

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Smith also said home affordability benefits from low inflation and a stable labor market, coupled with wage growth to boost household purchasing power.

“Whether buying a first home, relocating or moving up, American families need both stable prices and steady income growth,” he said. “A Fed that is seen as credibly delivering on its dual mandate of price stability and maximum employment is the most durable path to better housing affordability over time.” 

BSE Managing Director and CEO Sundararaman Ramamurthy said the exchange remains firmly focused on long-term market development rather than short-term gains in derivatives market share, even as recent regulatory changes and tax hikes reshape India’s trading landscape.

Speaking to ET Now, Ramamurthy said BSE’s strategy has always centred on deepening and strengthening the market ecosystem, rather than chasing headline market share numbers in derivatives. He emphasized that the exchange is still in an early phase of its growth journey.

“BSE has never been going behind the market share as far as derivatives are concerned. Our thought process has always been that we should deepen and strengthen the market, which means in terms of products, in terms of expiries, in terms of participants, FPIs, everybody. That is what we have been working upon. So, we will continue to work. Therefore, it is still a growth path for us,” Ramamurthy said.

He noted that the exchange currently has around 470 foreign portfolio investors (FPIs) on its platform, indicating significant headroom for further participation.

“We just still have only 470 FPIs with us. There are many more FPIs who are yet to come in. We have to build more because there is a good amount of demand. There is a long way for us to go. Sustainability comes when you reach the peak. I do not think we have yet reached the peak. We have just started our journey 30-plus months before and we have a long way ahead. Delhi bahut door hai,” he added.

On the impact of the recent Securities Transaction Tax (STT) hike, Ramamurthy said historical trends suggest limited impact on options trading volumes, though market structure could evolve as a result.
“As far as options are concerned, if you look at all the previous increases, the previous increases had not had any adverse impact on the volume. So, if we go by history, we have safe reasons to presume that the STT increase on options may not impact volumes. It may shape the market micro structure, that is a different issue,” he said.For futures, Ramamurthy said the government’s broader intent appears to be encouraging longer-term investment behaviour and greater market stability.

“The thought process of the government could have been probably to align the investors more towards long-term equity investment and as far as mutual funds and others who participate in futures market for arbitrage, to move them slowly towards a longer dated futures so that the impact of increased GST is lesser on a longer-term contract compared to a shorter-term contract,” he explained.

He added that this shift could lead arbitrage funds to consider second- and third-month futures, which may help reduce transaction cost impact while enhancing market stability.

“Maybe if an arbitrage fund were to think in terms of second month and third month, it will reduce the impact at the same time bring great stability and it will be more a type of a longer-term product in the market. This is the thought process with which this change is coming,” Ramamurthy said.

He also clarified that BSE’s exposure to futures is relatively limited compared to options, reducing the direct impact of higher taxes on the exchange’s overall volumes.

“Since BSE’s volumes are more in options, the impact of the increased STT should be far less, if not anything, nothing for BSE is concerned,” he said.

Elaborating on how market microstructure could change, Ramamurthy said higher trading costs may push retail investors to consider longer-term investing routes.

“If a retail investor today thinks of trading in options or futures, it may be less costlier for him to think in terms of a broad-based mutual fund or equities and take delivery and hold it for a longer time. So, I feel the move is to making investors think in terms of longer-term equity investment,” he said.

He added that this aligns with the broader objective of capital formation for economic growth.

“The idea of a market is that it should support capital formation for the growth of the economy. Capital formation is supported from a retail perspective by contributing more towards, say, a mutual fund or towards equities,” he said.

On margins, Ramamurthy acknowledged a sequential dip, attributing it to BSE’s ongoing investment phase and one-time regulatory-related costs.

“Neither the revenue nor the margins nor the expenditures at this point of time are fully crystallized for BSE because BSE is in a growth phase. In the growth phase, the last two years we have been investing significantly into technology. Naturally, the depreciation impact of it will start coming,” he said.

He also pointed to changes in labour law-related provisions, which impacted the quarter’s financials.

“There has been a change in the government’s position on this payment for gratuity and other labour laws which has impacted BSE to the extent of around Rs 24 crore in this quarter. It is more a current type of an adjustment and it will also settle,” he noted.

In addition, rising volumes naturally push up operating costs, particularly regulatory and clearing-related charges.

“When we start making more volumes, our operating expenditure will go up because a significant portion, around 50% of our operating expenditure, is towards SEBI turnover fee and clearing and settling fee. That is unavoidable,” Ramamurthy said.

He said the exchange is currently in a transition phase where both revenues and expenses are growing, but expects margins to stabilize as growth matures.

“When the top line is growing in a very big way, opex will grow to a particular level and then probably it will stand still. It will come to a sort of a state of equilibrium when our growth phase reaches a sort of a maturity level,” he said.

The McMurtry Spéirling PURE was envisioned by the late billionaire inventor and Renishaw founder Sir David McMurtry

An electric racing car that broke the track record on Top Gear last year is to be manufactured at a new factory in Gloucestershire. The McMurtry Spéirling PURE was envisioned by the late billionaire inventor and Renishaw founder Sir David McMurtry, who died in 2024.

Spéirling is an electric single-seater fan car, known for smashing the Goodwood Hill Climb record and becoming the first car to drive upside down. The company behind the car – McMurtry Automotive – was founded a decade ago by Sir David and is now run by his sons, Richard and Ben, who both sit on the board.

Having already accumulated over 5,000km of test mileage, McMurtry is now preparing for Spéirling PURE production. The company has invested in a new 2,700 metre sq facility in Wotton-under-Edge, near its existing HQ, which the business says will allow it to expand its model range in future years.

The first cars are expected to be ready by the summer and will be on sale for nearly £100,000.

In a ground-breaking performance last year, the McMurtry Spéirling PURE VP1 obliterated Top Gear’s previous record, setting a blistering lap time of 55.9 seconds. The previous lap record was held by Fernando Alonso’s 2004 Renault F1 Car at 59.0 seconds.

Richard McMurtry, joint owner at McMurtry Automotive, said: “Our father’s philosophy was to seek solutions beyond the known limits, to engineer creatively and freely. That remains our guiding principle today.”

The business has also established a new arm – McMurtry Technology – which will be located in the original Swinhay House estate. It is understood the division will be focused on commercialising the intellectual property, technology and processes.

“With Spéirling entering production and McMurtry Technology established to commercialise our innovations, this is an exciting new phase of strategic growth,” added Mr McMurtry.

“We have an exceptional team that is dedicated to building a future worthy of his legacy, focused on unparalleled vehicles and technologies that conclusively demonstrate the pinnacle of British engineering.

Thomas Yates, managing director and co-founder of McMurtry Automotive said the company’s tenth anniversary was “a pivotal milestone” for the business.

“Every day since our inception in 2016, has been exciting and challenging, but mainly exciting. We are carving out a new category for extremely engaging electric track vehicles.

“This has required inventing new technology, plus building a team and facility to realise the dreams of our customers from around the world.

“We are really proud we are contributing to the advancement of the industry in a small way and are attracting work from other OEMs to be able to widen the impact of our work via our technology division too. We cannot wait for the customer cars to be spotted at race tracks around the world.”

The developer said intervention is needed if the Government is to meet its housing targets

Housebuilder Bellway says the Government must introduce help for first time buyers amid a subdued market.

The North East firm says there are signs of improving demand in the early spring selling season having pointed to a tough autumn in which sales slowed down thanks to uncertainty in the run up to the Budget. In a trading update for the six months to the end of January, Bellway said its private reservation rate including bulk sales had fallen to 0.47 from 0.51, but it saw an increase where bulk sales were excluded.

There was growth in total completions from 4,577 to 4,702 as the average selling also crept up to £322,000 from £310,581. The FTSE250 builder is now on track to deliver more homes this year, at an estimated 9,200, up from 8,749 previously.

Bellway talked of “clear signs” that demand was improving but said it was mindful of customers’ sensitivity to mortgage affordability and the changing economic backdrop. It had been encouraged by a pick-up in reservation rates.

Underlying operating margin was about 11%, up slightly from 10.9% at the end of July, 2025. And housing revenue increased by more than 6% to £1.51bn. The firm’s forward order book was down, with 4,442 homes at the end of January compared with 4,726 in 2025.

Jason Honeyman, chief executive, said: “Bellway has delivered a robust first half performance in a challenging market. Notwithstanding the current industry headwinds, our forward order book and strong outlet opening programme leave us well-placed to meet our targeted growth in volume output for the full year, and I remain confident that we can drive increased cash generation and shareholder returns in FY26 and beyond.

“We welcome the Government’s reforms to the planning system, however, to make meaningful headway against its ambitious housing targets, the Government must also make an early commitment to ease demand-side pressures by introducing essential financial support for first-time buyers.”

Bellway also pointed to land bank activity where it had contracted to buy 4,721 owned and controlled plots in the first half of the year across 15 sites, up from 5,246 last year across 32 sites. Total contract value was £227m, compared with £378.2m, and included a large 1,900 plots site in the Dunfermline Strategic Development Area – which is intended to spur growth in Bellway’s Scotland West and Scotland East divisions

During the six months the group also made agreements to buy 11 sites with its strategic land team submitting planning applications for 29 sites representing 3,900 plots. A further 30 sites comprising 6,500 plots are expected to go to planning by the end of July.

High schools around the country are experimenting with new ways to teach students about personal finance, as educators look to boost students’ knowledge about finance and investing.

Financial literacy is a growing focus of policymakers as nearly 30 states have implemented laws or regulations that mandate high school students complete a personal finance course during their studies. 

An analysis by the Center for Financial Literacy at Champlain College found that by 2031, 29 states and the District of Columbia will have a requirement for a personal finance course as part of a graduation requirement by 2031.

At that time, 73% of public high school students, or about 11.3 million students, would be subject to a “grade A” personal financial education requirement, which the group defines as a one-semester, half-year course with at least 60 hours of personal finance instruction per academic year.

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That figure is up from 11% in 2023, when just 1.7 million public high school students were subject to such a requirement. In 2025, more than 2.3 million students are covered by a financial literacy requirement, or about 15% of the nation’s public school students.

As these requirements take effect, educators are testing ways to give students real experience with finances to learn how saving and investing works.

A report by The Wall Street Journal detailed how at the all-girls Ethel Walker School in Connecticut, students take a personal finance class their sophomore year in which they tell the school how to invest about $1,000 of the school’s roughly $44 million endowment.

MIDDLE-INCOME AMERICANS STRUGGLING TO KEEP UP AS LIVING COSTS WEIGH ON PAYCHECKS, SURVEY SAYS

The students then track the stock, bond, mutual fund or exchange-traded fund (ETF) that they chose until graduation – although they’re allowed to switch investments if they lose money after a year, the Journal reported.

According to the report, the school has netted positive returns since the project began and the investments by 2025 graduates tied the overall market’s 28.3% growth from October 2023 to May 2025. Gains are returned to the school’s endowment, while students whose investments perform the best receive a modest prize.

The Journal reported that the school’s personal finance curriculum also deals with taxes and requires students to pass the IRS’ basic tax-preparer exam by their junior year, a designation that allows them to assist low- and moderate-income families through the IRS’ Volunteer Income Tax Assistance program.

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Another school profiled in the Journal’s report, the Da Vinci Communications public charter school in El Segundo, California, requires students to take personal finance courses through their senior year covering topics such as saving tactics, health insurance coverage and risks with auto loans.

The course also teaches students about the power of long-term savings, with students encouraged to open a Roth IRA once they turn 18 to save income earned from jobs in high school rather than waiting until their careers begin in earnest, the Journal reported.

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Eddie Bauer LLC, the retail operator of the brand’s stores in the U.S. and Canada, filed for Chapter 11 bankruptcy protection in New Jersey on Monday.

The operator cited declining sales and supply chain challenges, and more recently, ongoing inflation, tariff uncertainty and other headwinds as reasons for the filing.

It will begin liquidation sales at its 180 Eddie Bauer stores in the U.S. and Canada, and will look for a buyer for its brick-and-mortar store operation.

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Founded in Seattle, the brand has sold outdoor sportswear for 106 years. It patented the first quilted down jacket, known as the “Skyliner” in 1940.

Eddie Bauer LLC is a division under Catalyst Brands, which emerged as a new retail holding company in 2025 through a merger between JCPenney and SPARC Group.

“This is not an easy decision,” said Marc Rosen, the CEO of Catalyst Brands, which owns the license to operate Eddie Bauer stores across the U.S. and Canada. “However, this restructuring is the best way to optimize value for the Retail Company’s stakeholders and also ensure Catalyst Brands remains profitable and with strong liquidity and cashflow.”

The bankrupt Eddie Bauer retail company has $1.7 billion in debt, according to its court filings.

MAJOR FIREARMS DISTRIBUTOR SERVING THOUSANDS OF RETAILERS ACROSS MULTIPLE COUNTRIES FILES FOR BANKRUPTCY

Eddie Bauer retail stores outside the U.S. and Canada are operated by other licensees and are not included in the Chapter 11 filings, according to a press release. The locations will remain open.

None of the other brands under Catalyst will be affected by the filing. The bankruptcy will not impact Eddie Bauer’s manufacturing, wholesale, e-commerce operations or retail operations outside the U.S. and Canada.

Authentic Brands Group owns the Eddie Bauer brand and IP worldwide.

“We have a clear distribution strategy centered on strengthening digital and wholesale channels while maintaining a balanced physical retail presence through strategic partners,” said Authentic Brands Executive Vice President David Brooks. “This approach gives the brand greater flexibility, broader consumer access and a more capital-efficient path to growth. By aligning Eddie Bauer’s channel mix with how customers are choosing to shop today, we’re positioning the brand for long-term, sustainable expansion while protecting the integrity of the brand.”

RESTAURANT GIANT FILES FOR BANKRUPTCY UNDER MASSIVE DEBT SHORTLY AFTER TOUTING MAJOR EXPANSION

The company’s lenders have agreed to support the liquidation plan, with the option to pivot to a sale of the company if a buyer can be quickly found in bankruptcy. Eddie Bauer’s retail and outlet stores will remain open during the bankruptcy sales.

Eddie Bauer aims to get court approval for a potential sale by March 12, according to court filings. Eddie Bauer previously went bankrupt in 2009.

Similar challenges have also pushed several other apparel retailers into bankruptcy in recent months, including high-end department store conglomerate Saks Global, fast-fashion company Forever 21 and women’s apparel and accessory retailer Francesca’s.

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Reuters contributed to this report.

The recent surge in gold and silver prices is expected to continue, according to renowned investor Peter Schiff from Euro Pacific Asset Management, who predicts further gains for both metals amid a weakening U.S. dollar and shifting global monetary trends. When asked about the current gold rally, Schiff responded that gold’s upward trajectory is likely to continue.

“Well, gold is going to continue to move higher especially now that the US dollar is moving lower against its fiat counterparts. In fact, I expect pronounced US dollar weakness throughout the rest of this year and for many years to come. So, all of that is going to drive more money out of US dollars and US financial assets like treasuries into gold and other non-US dollar denominated investments.”

When asked what factors would push the dollar lower, Schiff cited a loss of confidence in U.S. fiscal policy and central bank independence. “Well, it is going to be the continued loss of confidence in the fiscal responsibility of the US government and the independence of the Fed. You are going to see ever increasing US federal deficits monetised by the central bank. So, the supply of dollars is going to increase substantially. In the meantime, the world wants to move away from the dollar. The US has weaponised the dollar. First with Biden and now with Trump, the world is not looking kindly at the rhetoric and the tariffs which are making it more difficult to trade with the United States. The world would be better off trading a lot less with the United States and countries that are major exporters should consume more of what they produce rather than subsidise American consumers so that that we could buy it. So, you are going to see a major shift out of dollars. Foreign central banks will continue to move reserves to gold and out of dollars. Global investors will keep pulling money out of US financial markets. And as the dollar goes down, that is going to create an economic boom outside the United States. A lot of dollar denominated debt is going to be basically wiped out and consumers outside the United States are going to find that they have a lot more purchasing power. So, you are going to see, higher living standards abroad and lower living standards in the US.”

Schiff also explained the ongoing diversification of central bank reserves. “Yes, well, in the past, foreign central banks have accumulated dollars, I think that was a mistake. It benefited the United States, but it perpetuated these massive deficits in the United States where the US became dependent on the rest of the world. The US needs the world to produce the goods that it cannot and to loan it the money that it does not save and this was a big subsidy that the US enjoyed, but it was a burden on the global economy and the world is tired of shouldering that burden especially since the world is being lectured by Donald Trump. And so, it is going to be a healthy development to move away from the US dollar as the reserve currency. It is going to be very disruptive initially, but it is going to be a positive development for the world. In the long-long run, it will be positive for the US, but in the short run it is a huge negative.”

When questioned about whether another currency could replace the dollar, Schiff was clear: “No, no, there is not going to be a new currency to replace the dollar. The dollar is going to be replaced by gold. So, gold is going to serve the role that the dollar had been serving as both a reserve asset for central banks and as settlement for bilateral trade. Gold is going to play an increasingly important role in the global monetary system the way it was prior to the US dollar supplanting it.”

Silver, which has also seen substantial gains, is expected to continue rising. Schiff noted, “Yes, silver prices obviously were too low for too long. Gold rose really from 2000 to 4000 without much of an increase in the silver price at all. Then, silver finally caught up and probably got ahead of itself when it shot up to 121. It then pulled back below 70 and right now it is about $80 an ounce. I expect silver prices to trend higher from here, but it may take several months before we get back above the 120 level, but we are going to go above that level and ultimately much higher.”
Looking ahead to 2026, Schiff predicts record highs for both metals. “Yes, but gold got almost to 5600 before pulling back. I think that it will end the year above 6000. We will see how much higher, but I am very confident that the high that we set earlier in January will be taken out probably before the end of the second quarter.” On silver, he added, “Yes, I mean, silver is going to make a new high, but obviously it is further away from its high. It is 50%. It would need a 50% move to get back to its high. Gold only needs a 10% move, so much easier for gold but silver is very volatile, so hard to say, but I do believe that silver will make a new record high maybe by the end of the Q2 or sometime in the third quarter of this year.” Schiff also weighed in on U.S. monetary and fiscal policy, cautioning that it is unsustainable. “We have horrible fiscal policy in the United States and horrible monetary policy which is going to get worse. So, that is why gold is trading above 5,000. That is why the dollar recently hit an all-time record low against the Swiss Franc and why it is continuing to fall now against a basket of other fiat currencies is because of the monetary and fiscal policy that we have been pursuing in the past and that we continue to recklessly pursue in the present.”

Finally, on the sustainability of U.S. debt, Schiff warned, “No, it is not sustainable. It has not been sustainable for a while. It is completely unsustainable, that is why people should be selling US treasuries, that is why China just advised banks to sell treasuries. Japan is going to be a major seller of treasuries. The whole world is going to be selling treasuries because the debt is unsustainable. It cannot be repaid. It cannot even be serviced. So, it is going to be either default or inflation and obviously politically expedient choice is inflation and that is the direction that we are headed and it is pretty obvious. So, our creditors want to get out. They do not want to watch the value of their US dollar holdings inflated away. It is better to just sell now and move the money into something else.”

With both gold and silver poised for further gains, investors and central banks alike are closely monitoring the U.S. dollar, while Schiff’s forecasts highlight a potential shift in the global monetary system back toward precious metals.