RBA Urged to Defy Expectations And Keep Rates on Hold
Good morning, it's Amy here in Melbourne with your Friday newsletter.
Today's must-reads:
• Ex-RBA board member urges rate pause
• Our latest podcast on banks
• Rio Tinto's aluminum plans
Former Reserve Bank of Australia board member Warwick McKibbin thinks the central bank should keep interest rates unchanged next week. He spoke with my colleague Swati Pandey, citing fiscal stimulus and global uncertainty. Most economists and traders expect the RBA to cut its key rate to a two-year low of 3.85% on Tuesday.
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Forbes
an hour ago
- Forbes
Mortgage Refinance Rates Today: June 23, 2025 - No Movement On Rates
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations. 30-year fixed refinance mortgage rates stayed flat at 6.85% today, according to the Mortgage Research Center. The average rate on a 15-year mortgage refinance is 5.77%. On a 20-year mortgage refinance, the average rate is 6.67%. Related: Compare Current Refinance Rates The average rate for a 30-year fixed-rate mortgage refinance is 6.85%, up 0.62% from last week. The APR , or annual percentage rate, on a 30-year fixed is 6.88%. This time last week, it was 6.84%. The APR is the all-in cost of your loan. According to the Forbes Advisor mortgage calculator , borrowers with a 30-year fixed-rate mortgage refi of $100,000 will pay $655 per month in principal and interest (not accounting for taxes and fees) at today's interest rate of 6.85%. In total interest, you'd pay $136,567 over the life of the 20-year fixed mortgage refinance average rate stands at 6.65%, versus 6.74% last week. For a 20-year fixed refinance mortgage, the average interest rate is currently 6.67%, compared to 6.6% last week. The APR, or annual percentage rate, on a 20-year fixed mortgage is 6.71%. It was 6.64% last week. At today's interest rate, a 20-year, fixed-rate mortgage refinance of $100,000 would cost $756 per month in principal and interest – not including taxes and fees. That would equal about $81,889 in total interest over the life of the loan. The average interest rate on the 15-year fixed refinance mortgage is 5.77%. Last week, the 15-year fixed-rate mortgage was at 5.75%. On a 15-year fixed refinance, the annual percentage rate is 5.81%. Last week, it was 5.79%. A 15-year fixed-rate mortgage refinance of $100,000 at today's interest rate would cost $831 per month in principal and interest. Over the life of the loan, you would pay $50,091 in total interest. The average interest rate on the 30-year fixed-rate jumbo mortgage refinance (a loan above the federal conforming loan limit of $806,500 in most places) rose week-over-week to 7.08%. A week ago, the average rate was 7.06%. Borrowers with a 30-year fixed-rate jumbo mortgage refinance with today's interest rate will pay $671 per month in principal and interest per $100,000 borrowed. A 15-year, fixed-rate jumbo mortgage refinance is 6.44% on average, up 0.78% from last week. At today's interest rate, a borrower with a 15-year, fixed-rate jumbo refinance would pay $868 per month in principal and interest per $100,000 borrowed. Over the life of the loan, that borrower would pay around $56,463 in total interest. No, mortgage refinance rates are typically higher than purchase loan rates due to additional risk for the lender. Cash-out refinance rates are also higher than a standard rate-and-term refinance as you are increasing your loan balance by tapping your equity. The application process for refinancing a mortgage is similar to getting a home purchase loan regarding the required paperwork and home appraisal. Additionally, similar closing costs from 2% to 6% of the loan amount apply, which is an extra expense. When you refinance, your new rate is based on current refinance rates and your loan term. This rate replaces your existing mortgage repayment terms. When considering a mortgage refinance, compare your current interest rate, mortgage balance and loan term with the new interest rate and term. This comparison helps you estimate your new monthly payment and savings, making it easier to determine if refinancing is the right choice. Refinancing your mortgage can be a wise move for many reasons, most notably lowering your interest rate or your monthly payments. It can also help you pay down your mortgage sooner, access your home's equity or get rid of private mortgage insurance (PMI). But there are closing costs associated with refinancing, so it probably makes more sense to refinance if you know you'll be keeping your home for some time. You can determine the 'break-even point' for a potential refinance, or how long it will take for savings from a new mortgage to surpass any closing costs. Find out what those costs will be and divide them by the monthly savings you'll realize with the new mortgage. The Forbes Advisor mortgage refinance calculator can help you run the numbers to see if it's a good time for you to refinance. Refinancing a mortgage isn't that different than taking out a mortgage in the first place, and it's always smart to have a strategy for finding the lowest rate possible. Here are some suggested approaches to get the best rate: Polish up your credit score Lower your debt-to-income ratio Keep an eye on mortgage rates Consider a shorter loan Having a strong credit score is one of the best things you can do to get approved and get a lower rate. You're also likely to look better to mortgage refinance lenders if you don't have too much debt relative to your income. You should keep a regular watch on mortgage rates , which fluctuate often. Also see if you can manage a mortgage payment for a shorter loan term since they usually have lower interest rates. Since the final quarter of 2024, national average mortgage rates have remained in the middle-to-high 6% range, and experts expect this trend to continue through the first half of 2025. If inflation slows and unemployment levels hold steady or rise, the Federal Reserve may reduce the federal funds rate, potentially leading to lower mortgage rates in the second half of the year. However, if inflation stays high and unemployment decreases, rates are likely to remain stable. Since mortgage rates are expected to change little in the first half of the year, those looking to refinance at a lower rate should consider waiting until later in the year. In the meantime, improving your credit score and paying down your loan balance will help you secure the lowest possible rate when you're ready to explore refinancing options. Frequently Asked Questions (FAQs) You should always shop around when you're trying to get a new mortgage or refinance an existing one. Take a look at the best mortgage refinance lenders as a starting point and try applying online. Always find out the closing costs each lender will charge, and make sure you're able to communicate well with the lender you want to choose. In a bumpy housing market, you'll probably be in touch with the lender more often than you realize. Closing costs for a refinance can be anywhere from 2% to 6% of the cost of the loan. It's always a good idea to ask the lender what kind of closing costs they'll charge before you decide to borrow from them. Many lenders refinance your mortgage in about 45 to 60 days, but it depends on the type of mortgage you choose and other factors. Ask your lender what their time frame is before you borrow to make sure it's right for you.
Associated Press
an hour ago
- Associated Press
Arkay Beverages Announces Strategic Alliance with Mexico's Largest Spirits Operator
MELBOURNE, Fla., June 23, 2025 /PRNewswire/ -- Arkay Beverages, the global pioneer in alcohol-free spirits, proudly announces that Licor Zone Mexico, the largest spirits producer and operator in Mexico, has signed a Memorandum of Understanding (MOU) to acquire a 10% equity stake in Arkay Beverages. This strategic partnership underscores Arkay's unwavering commitment to transparency, integrity, and sustainable growth—principles that several major global spirits conglomerates have failed to uphold. In response, Arkay has made the deliberate decision to distance itself from these entities and instead align with forward-thinking partners who share its values and long-term vision. With Arkay's primary production facility located in Mexico, this alliance with Licor Zone Mexico is a natural and strategic fit. It strengthens Arkay's operational foundation in the region while also providing the capital infusion needed to fuel global expansion. The terms of the agreement remain unchanged: 10% equity for $150 million, based on a $1.5 billion valuation. 'This is more than a financial transaction,' said Reynald Vito Grattagliano, founder of Arkay Beverages. 'It's a partnership built on mutual trust, strategic alignment, and a shared mission to redefine the future of zero-proof spirits. Why look halfway across the world for a Japanese partner, when the right one is already under our feet?' About Licor Zone Mexico Licor Zone is Mexico's largest spirits manufacturer, best known for its flagship brand Williamson 18, available in more than 18,267 liquor stores across the country. The company is a proud member of the Mexican Whisky Association and is based in Arandas, Jalisco—the heart of Mexico's tequila-producing region. [email protected] About Arkay Beverages Founded in 2011, Arkay Beverages is the world leader in alcohol-free spirits and zero-proof alternatives. With millions of bottles sold across five continents, Arkay continues to reshape the beverage industry by offering sophisticated, alcohol-free experiences for health-conscious and mindful consumers. Media Contact [email protected] View original content to download multimedia: SOURCE Arkay Beverages
Forbes
2 hours ago
- Forbes
Mortgage Rates Today: June 23, 2025
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations. Today, the mortgage interest rate on a 30-year fixed mortgage is 6.77%, according to the Mortgage Research Center, while the average rate on a 15-year mortgage is 5.77%. On a 30-year jumbo mortgage, the average rate is 7.01%. Borrowers will pay more in interest this week as the average rate on a 30-year mortgage is 6.77% compared to a rate of 6.75% a week ago. The APR , which includes the interest and all of the lender fees, on a 30-year, fixed-rate mortgage is 6.8%. The APR was 6.78% last week. To borrow a $100,000 in a 30-year, fixed-rate mortgage with the current rate of 6.77%, you will pay about $650 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. You'd pay around $134,717 in total interest over the life of the loan. The average interest rate on a 15-year mortgage (fixed-rate) jumped up to 5.77%. This same time last week, the 15-year fixed-rate mortgage was at 5.74%. The APR on a 15-year fixed is 5.82%. It was 5.79% this time last week. At today's interest rate of 5.77%, a 15-year fixed-rate mortgage would cost approximately $832 per month in principal and interest per $100,000. You would pay around $50,149 in total interest over the life of the loan. On a 30-year jumbo mortgage (a mortgage above 2025's conforming loan limit of $806,500 in most areas), the average interest rate fell to 7.01%, lower than it was at this time last week. The average rate was 7.03% at this time last week. Borrowers with a 30-year fixed-rate jumbo mortgage with today's interest rate of 7.01% will pay $666 per month in principal and interest per $100,000. That means you'd pay approximately $140,162 in total interest over the life of the loan. Although mortgage rates mainly fell after reaching a high in spring 2024, they surged again in October 2024. This is despite the Federal Reserve's cuts to the federal funds rate (its benchmark interest rate) in September, November and December 2024. While rates have fallen somewhat since mid-January 2025, experts don't expect them to drop significantly anytime soon. Mortgage rates are influenced by various economic factors, making it difficult to predict when they will drop . Mortgage rates follow U.S. Treasury bond yields. When bond yields decrease, mortgage rates generally follow suit. The Federal Reserve's decisions and global events also play a key role in shaping mortgage rates. If inflation rises or the economy slows, the Fed may lower its federal funds rate. For example, during the Covid-19 pandemic, the Fed reduced rates, which drove interest rates to record lows. A significant drop in mortgage rates seems unlikely in the near future. However, they may decline if inflation eases or the economy weakens. To get an estimate of your mortgage costs, using a mortgage calculator can help. Simply input the following information: Home price Down payment amount Interest rate Loan term Taxes, insurance and any HOA fees Home loan borrowers can qualify for better mortgage rates by having good or excellent credit, maintaining a low debt-to-income (DTI) ratio and pursuing loan programs that don't charge mortgage insurance premiums or similar ongoing charges that increase the loan's APR . Comparing rates from different mortgage lenders is an excellent starting point. You may also compare conventional, first-time homebuyer and government-backed programs like FHA and VA loans, which have different rates and fees. Several economic factors influence the trajectory of rates for new home loans. For example, Federal Reserve rate hikes indirectly cause the interest rates for many long-term loans to increase. Rates are more likely to decrease when the Fed pauses or decreases its benchmark Federal Funds Rate. The inflation rate and the general state of the economy also impact interest rates. High inflation and a strong economy typically signal higher rates. Cooling consumer demand or inflation may lead to rate decreases. Conventional home loans are issued by private lenders and typically require good or excellent credit and a minimum 20% down payment to get the best rates. Some lenders offer first-time home buyer loans and grants with relaxed down payment requirements as low as 3%. For buyers with limited credit or finances, a government-backed loan is usually the better option as the minimum loan requirements are easier to satisfy. For example, FHA loans can require 3.5% down with a minimum credit score of 580 or at least 10% down with a credit score between 500 and 579. However, upfront and annual mortgage insurance premiums can apply for the life of the loan. Buyers in eligible rural areas with a moderate income or lower may also consider USDA loans. This program doesn't require a down payment, but you pay an upfront and annual guarantee fee for the life of the loan. If you come from a qualifying military background, VA loans can be your best option. First, you don't need to make a down payment in most situations. Second, borrowers pay a one-time funding fee but don't pay an annual fee as the FHA and USDA loan programs require. Frequently Asked Questions (FAQs) Comparing lenders and loan programs is an excellent start. Borrowers should also strive for a good or excellent credit score between 670 and 850 and a debt-to-income ratio of 43% or less. Further, making a minimum down payment of 20% on conventional mortgages can help you automatically waive private mortgage insurance premiums, which increases your borrowing costs. Buying discount points or lender credits can also reduce your interest rate. Lenders adjust mortgage rates daily based on economic conditions, inflation, bond market movements and Federal Reserve actions. If you're shopping around for a mortgage, remember that you might be able to lock in a rate for 30 up to 120 days, depending on the lender. Note that some lenders charge a fee to lock your rate while others offer the service for free. Choosing between a fixed- or adjustable-rate mortgage (ARM) depends on your financial situation. A fixed-rate mortgage suits those who want consistent monthly payments throughout the loan term without worrying about fluctuations in their rate or payments in response to market changes. If mortgage rates are low, securing a fixed rate can save you money in the long run. An ARM , on the other hand, may appeal to those who want a lower initial rate and monthly payment. However, you also run the risk of ending up with higher payments if your rate fluctuates. If you expect your income to rise, you may feel confident handling these potential payment increases. These mortgages can also work well for those who plan to live in a home for only a few years, as you might sell or move before the rate adjusts.
