State Street

Mortgage rates in the United States have reached 7%, reigniting debate over the direction of the housing market. The Wall Street Journal examines what higher borrowing costs mean for buyers, sellers and home prices. Commentators are weighing whether affordability pressures will cool demand further or whether rates have peaked, with homeowners locked into cheaper loans still reluctant to sell.

The United States military has completed its withdrawal from Iraq, ending a years-long presence in the country. The Wall Street Journal reports that the departure leaves Iraq facing serious security and political risks, with questions over whether Iraqi forces can contain remaining militant threats without American support. Commentators are weighing what the withdrawal means for regional stability, Iran's influence in Baghdad, and the future of US involvement in the Middle East.

Santa Barbara real estate figure Jim Knell is leading an effort to bring vehicle traffic back to State Street, the downtown corridor that was closed to cars in recent years. The initiative puts a prominent local property investor at the center of the ongoing debate over the street's future design and its effect on businesses and visitors.

China has announced subsidies on certain residential mortgages, a move reported by the Wall Street Journal. The policy would lower borrowing costs for some homebuyers and forms part of Beijing's wider effort to support the struggling property market. The scope of the subsidies and which borrowers qualify were not detailed in initial reports.

A Wall Street Journal opinion piece argues the United States should take steps to shore up its diesel supply, touching on energy, economic and policy considerations. Diesel is a critical fuel for freight, agriculture and industry, so ideas about securing its availability are drawing attention amid ongoing concerns over fuel supply and prices.