The average long-term US mortgage rate has climbed for the fifth consecutive week, reaching its highest level in nearly seven months and adding to affordability challenges for homebuyers during the crucial spring housing season, according to AP.The benchmark 30-year fixed mortgage rate rose to 6.46% from 6.38% last week, mortgage buyer Freddie Mac said. A year ago, the average rate stood at 6.64%.The last time the average rate was higher was on September 4, when it was recorded at 6.5%.Rising mortgage rates can significantly increase monthly payments for buyers, often adding hundreds of dollars in costs and limiting purchasing power in an already strained housing market.Just five weeks ago, the average rate had dipped to just under 6% for the first time since late 2022, but it has since reversed course. The uptick comes as surging oil prices linked to the Iran war have heightened concerns around inflation.Meanwhile, borrowing costs on 15-year fixed-rate mortgages, commonly used for refinancing, also edged higher. The average rate rose to 5.77% from 5.75% last week, compared with 5.82% a year ago, Freddie Mac said.

Mumbai: A Congress delegation led by party state chief Harshvardhan Sapkal met state chief electoral officer S Chockalingam and demanded impartial implementation of the special intensive revision (SIR) of electoral rolls. The delegation said it was concerned since in several other states complaints had emerged alleging that votes of specific castes and communities were being deliberately excluded.The delegation stated that in some states serious irregularities were reported in SIR drives conducted just ahead of elections, and that it appeared the campaign was being implemented in a way that benefited the ruling party. Sapkal stated that the SIR process in Maharashtra was previously conducted between 2002–04 over a period of nearly 13 months without any haste. Now, after 25 years, with an increase of approximately 3.5 crore voters, he said the process should be planned accordingly. Since there were no elections in Maharashtra in the next 2–3 years, he said there was no objection if the process took one-and-a-half to two years, and that providing adequate time would ensure there was no suspicion among the public. Sapkal also emphasised that the census and SIR should not be conducted by the same officials or staff. He said political party representatives should be provided with SIR data in soft copy, OCR, and machine-readable formats, as well as hard copies. He said a minimum period of one month should be given to raise objections or respond to notices related to the SIR.

Mumbai: Days after Bombay high court sought to know the reason for the change in stand after BMC said it wants the entire 27,698sqm plot, instead of 17,756sqm it had earlier demanded, for expansion of the sewage treatment plant (STP) in Worli, civic officials said at a high-level meeting on Thursday that rapid development as well as redevelopment in Worli and adjoining areas have significantly increased sewage load, necessitating restoration of the full reservation.The civic body is set to file an affidavit before the court reflecting this position next week. The meeting was chaired by BMC commissioner Ashwini Bhide. A civic official said a fresh reassessment indicates that the requirement could rise to nearly 29,000sqm. However, with land constraints, BMC may be forced to opt for vertical construction for parts of the facility. “We had already conveyed to the court the requirement for the entire reserved plot but shall also be filing an affidavit with regard to it,” said an official, adding that there’s not just setting up of the STP that needs space but also area for operation, movement of vehicles and maintenance of the facility. “We had two rounds of discussion on this on Thursday and have decided that the civic body needs the entire reserved plot,” said the official. Officials said with two rounds of intense deliberations being held, the civic body is now preparing to formally press for restoration of the full plot to meet future infrastructure demands. In Feb, BMC issued a stop-work notice to a transit camp built by a private developer in Worli after finding that the structure had come up on BMC land earmarked for the STP’s expansion. Officials said two of the seven-storey structures at the site were constructed without mandatory permissions. That same month, HC halted further construction of transit buildings on the plot, tightening scrutiny over the use of reserved land. Civic officials said the construction was particularly alarming as two major municipal sewer lines pass through the site. They said preliminary findings indicated that construction activity by the implementing agency had already disturbed sewerage flow, raising concerns of flooding and infrastructure failure, especially with the monsoon approaching.

The Reserve Bank of India has allowed both residents and non-residents to exchange Indian rupee notes at foreign exchange counters located in departure halls of international airports beyond immigration or customs checkpoints, according to PTI. Earlier, such counters were permitted only to buy Indian rupees from non-residents and sell foreign currency to them. “On a review, it has been decided to allow residents (along with non-residents) to exchange Indian rupee notes at foreign exchange counters at the departure halls in the international airports established in the duty-free area or security hold area beyond the immigration or customs desk,” the RBI said in a circular. The central bank added that the Master Direction on Money Changing Activities is being amended to reflect this change.

Thane: A 75-year-old woman sustained injuries when the slab of a flat in a three-storey “dangerous” building collapsed in Thane city on Thursday, following which the civic authorities vacated the residential premises.The incident occurred around 4 pm in the Velankani building, a 30 to 35-year-old structure located near Fatima Church in Majiwada village, they said.Yasin Tadvi, chief of the Disaster Management Cell of the Thane Municipal Corporation, told PTI that the slab of Room No. 103 on the first floor, owned by one Vivek Kavilkar, came crashing down.“An elderly resident, identified as Kirti Kavilkar, sustained minor injuries,” Tadvi said.The building, which consists of 12 flats and housed 40 to 45 residents, had already been classified under the ‘C2A’ category. This classification indicates that a structure is dangerous, requires urgent major structural repairs, and is likely to require evacuation.Before the slab collapsed, Assistant Municipal Commissioner Sonal Kale said, the building was served a notice on Thursday.“Following the incident, it has been completely evacuated as the remaining portion is in a highly dangerous condition. While some residents made their own arrangements, 12 to 15 people have been shifted to the TMC School No. 47 in Majiwada for temporary shelter,” Tadvi added.

Thane: The Motor Accident Claims Tribunal in Thane has awarded a compensation of Rs 36.2 lakh to the parents of a 27-year-old man killed in a road accident in 2020.According to the petition, Jitendra Laxman Singh was riding a motorcycle with a friend near Thane on May 30, 2020, when a tipper truck coming from the wrong side hit the two-wheeler. Singh lost his balance and fell on the road, and the truck crushed him to death.

After multiple delays that triggered resentment among Navi Mumbai residents, a 290m long flyover connecting Palm Beach Road and Sion-Panvel highway was finally thrown open on Thursday by forest minister Ganesh Naik. The link is expected to benefit motorists merging onto the highway, saving up to 15 minutes and doing away with the long detour from Sanpada. Navi Mumbai Municipal Corporation spent Rs 18.3 crore on its construction. The project began in 2023, but was delayed owing to a change in design and pending permissions, including an environmental clearance. Residents said inefficiencies in the engineering department led to cost escalations from the original budget of Rs 11 crore and delayed completion. Officials called the flyover’s opening a big achievement for traffic planning in Navi Mumbai. —B B Nayak