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- Mortgage rates top 7% for first time since early 2025
Mortgage rates rose to more than 7% for the first time since January 2025, mortgage buyer Freddie Mac said Thursday.Freddie Mac's latest Primary Mortgage Market Survey, released Thursday, showed the average rate on the benchmark 30-year fixed mortgage rose to 7.03% from last week's reading of 6.95%.The average rate on a 30-year loan was 6.3% a year ago.AMERICA'S BEST AND WORST CITIES FOR HOUSING AFFORDABILITY RANKEDThe average rate on a 15-year fixed mortgage climbed to 6.42% from last week's reading of 6.26%.THE US CITIES WHERE HOME PRICES ARE FALLING THE FASTESTMortgage rates are affected by several factors, including the Federal Reserve and geopolitics. Though mortgage rates are not directly affected by the Fed's interest rate decisions, they closely track the 10-year Treasury yield. The 10-year yield hovered around 5.1% as of Thursday afternoon.GET FOX BUSINESS ON THE GO BY CLICKING HERE [TheTopNews] Read More.13 hours ago - Cat owners are spending more and boosting pet retailers
Spending on cats remains strong despite softening dog sector and tightening consumer discretionary spending. [TheTopNews] Read More.13 hours ago - Peter Schiff predicts economic ‘downturn,’ higher oil prices: ‘...Oil prices will rise even higher regardless of whether the Iran war ends, U.S. economic and political commentator Peter Schiff predicted during an interview with Fox News Digital on Wednesday, noting that he expects an economic "downturn."Schiff, chief economist and global strategist of Euro Pacific Asset Management and host of "The Peter Schiff Show" podcast, described the elevated prices as "a tax on the economy," opining, "I don't think it's over.""I think oil prices are headed significantly higher from here — not just oil, but everything related to, to energy," he explained, "especially … diesel, which is gonna have a particularly harmful impact because that is the fuel ... that is used in, in agriculture, it's used in transportation, all the trucks are diesel," he noted, adding that this will "affect the price of pretty much everything."The AAA national average price for diesel recently hit the highest recorded average price of $6.5276 as of Tuesday, but has inched down to $6.5141 as of Thursday.While Americans have been facing elevated fuel prices amid the Iran war, Schiff also pointed to the Federal Reserve as part of the reason for the energy prices.SENATORS PRESS PRESIDENT TRUMP TO RELEASE HOME HEATING OIL RESERVES AMID SOARING PRICES"But the Fed's monetary policy has been much too loose for much too long," he said. "The quarter-point rate hike ... last week is too little too late to really derail the inflation train. And I think you're gonna see a lot of upward pressure on all prices" due to "Fed policy," Schiff explained. He also pointed out that the U.S. will eventually "have to stop selling" oil from its Strategic Petroleum Reserve (SPR)."And I think the same thing is gonna happen with other countries that have been liquidating reserves in order to … artificially suppress prices," he said, noting, "imagine what happens if we have to start replenishing those depleted reserves. That would put even more upward pressure on prices."The supply of crude oil in the U.S. SPR has fallen significantly this year from over 400 million barrels down to more than 284 million as of the most recent data posted by the U.S. Energy Information Administration."Look, I think the prices will be lower if we manage to get ourselves outta this war. How much lower it's hard to say. Because I think even if we have some kinda deal to end the war, I don't know that… [TheTopNews] Read More.13 hours ago
- Hyundai expected to outsell Ford in third quarter as Detroit automakers lack hyb...Cox analysts said Ford and General Motors are seeing sales lag because they don't have many hybrid vehicles. [TheTopNews] Read More.14 hours ago
- MGM Resorts shares sink 9% after Barry Diller’s People Inc. rescinds takeo...Barry Diller's People Inc. has rescinded its offer to buy the remaining public shares of MGM Resorts. [TheTopNews] Read More.14 hours ago
- Reported assaults on Britain’s rail services rise substantially
Recorded incidents of violence and harassment against passengers and rail workers increased by 36% in the year to March. [TheTopNews] Read More.16 hours ago
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