Average Long-Term Mortgage Rates Climb, Ending 9-Week Slide
Video Credit: Wibbitz Top Stories - Duration: 01:31s - Published
Average Long-Term Mortgage Rates Climb, Ending 9-Week Slide
Average Long-Term , Mortgage Rates Climb, , Ending 9-Week Slide.
'The Independent' reports that
average long-term mortgage rates in
the United States edged higher this week.
.
On January 4, mortgage buyer Freddie Mac said that
average rates for a 30-year mortgage climbed to 6.62%,
ending a nine-week slide, offering buyers some relief.
.
Average rates for 15-year fixed-rate mortgages fell
slightly over the same time, bringing the average
rate down to 5.89% from 5.93% last week.
.
At the same time in 2023,
30-year mortgages were at 6.48%,
and 15-year fixed-rates were at 5.73%.
.
Mortgage rates hit 7.79% in late October,
a record high since late 2000.
'The Independent' reports that the Federal Reserve
has paused its rate-hiking campaign at its last
three meetings, offering financial markets a boost.
.
Given the expectation of rate cuts
this year from the Federal Reserve,
as well as receding inflationary
pressures, we expect mortgage
rates will continue to drift
downward as the year unfolds, Sam Khater, Freddie Mac’s chief economist, via 'The Independent'.
Economists have predicted average rates
for 30-year mortgages to decline in 2024, however
forecasts have not seen rates falling below 6%.
While lower mortgage rates
are welcome news, potential
homebuyers are still dealing
with the dual challenges of
low inventory and high home
prices that continue to rise, Sam Khater, Freddie Mac’s chief economist, via 'The Independent'.
Home prices have continued to climb due to a persistently
low supply of available properties, leading sales of
previously-owned U.S. homes to slump 19.3% in 2023.
Solar Power Breakthrough , Could Bring Clean Energy to, Heavy Manufacturing.
A new solar-powered device may have
reached a breakthrough, generating
temperatures over 1,000 degrees Celsius. .
The breakthrough was detailed in a study
published in the journal 'Device.'.
'The Independent' reports that the development
raises hopes that green energy could be used to
run some of the world's most fossil fuel-intensive
manufacturing processes. .
'The Independent' reports that the development
raises hopes that green energy could be used to
run some of the world's most fossil fuel-intensive
manufacturing processes. .
Using synthetic quartz crystals, the new
proof-of-concept device traps solar energies
at temperatures over 1,000 degrees Celsius. .
The breakthrough could bring clean energy
to carbon-intensive industries like cement,
chemical and metal manufacturing.
These manufacturing industries
alone account for almost a quarter of
the world's total energy consumption.
The new device reportedly relies upon a phenomenon
known as the thermal trap effect to harness the power
of the sun more efficiently than ever achieved before.
Previous research has only managed to
demonstrate the thermal trap effect up
to 170C. Our research showed that solar
thermal trapping works not just at low
temperatures, but well above 1,000C. , Emiliano Casati, Study co-author from ETH Zurich, via 'The Independent'.
This is crucial to show
its potential for real-world
industrial applications, Emiliano Casati, Study co-author from ETH Zurich, via 'The Independent'.
'The Independent' reports that researchers are looking
to optimize the thermal trap effect to find
new applications for the groundbreaking process.
Credit: Wibbitz Top Stories Duration: 01:31Published
Astronomers Witness , Merger of 2 Black Holes, From the 'Cosmic Dawn'.
'The Independent' reports that NASA's
Webb Space Telescope has made the most
distant detection of merging black holes. .
Two gigantic black holes and the galaxies that they stood
at the center of merged together just 740 million years
after the universe was formed in the Big Bang.
One of the black holes is a staggering 50 million
times larger than our Sun, and the other
is believed to be a similar gigantic size. .
Astronomers have long wondered how supermassive black holes are so big. .
Lead author Hannah Ubler of the University of Cambridge
says the findings suggest that mergers like this ancient
example show how black holes are able to grow so rapidly.
According to Ubler, the latest Webb
discovery also suggests that black holes
have been merging since the "cosmic dawn.".
Massive black holes
have been shaping
the evolution of galaxies
from the very beginning, Hannah Ubler, lead author from the University
of Cambridge, via 'The Independent'.
In 2021, NASA launched Webb, intended
to replace the Hubble Space Telescope.
Webb is the largest and most powerful
observatory ever launched into space. .
The joint U.S.-European project surveys
the universe from a vantage point located
about 1 million miles away from Earth.
Credit: Wibbitz Top Stories Duration: 01:31Published
Boeing Faces, Potential Criminal Charges , Following String of Incidents.
'The Independent' reports that federal officials have
issued a warning to Boeing regarding possible criminal charges due to the airliner's failure to improve safety. .
The government-issued warning comes after
a series of incidents, including two 737 Max
jet crashes within a five-month span. .
One crash occurred in Indonesia in
2018 and another took place in Ethiopia in 2019.
A total of 346 people were
killed in the two crashes.
Following those two crashes,
Boeing agreed to pay $2.5 billion and
make a number of safety improvements.
Feds now accuse Boeing of violating that deal and
claim the company could face further prosecution
following a series of incidents in recent months.
In January, an Alaska Airlines Boeing
737 MAX 9 had a door plug
blow off mid-flight. .
That incident resulted in the FAA
ordering all 171 MAX 9 jets be grounded
while the agency investigated the incident. .
For failing to fulfill completely the terms
of and obligations under the [deferred
prosecution agreement], Boeing is subject
to prosecution by the United States for
any federal criminal violation of which
the United States has knowledge, Department of Justice lawyers
letter to a federal judge, via 'The Independent'.
'The Independent' reports that a number of whistleblowers
have accused Boeing of cutting corners when it comes to
quality and expertise in exchange for short-term profit.
Credit: Wibbitz Top Stories Duration: 01:31Published
5 Tips, for Beginner Cyclists .
1. Safety first.
Look for a helmet that is
lightweight and comfortable.
Safety features like MIPS, multi-directional impact protection system, help protect you from different types of impact. .
2. Be aware of the
traffic environment
and road conditions.
Find a cycling guide to brush up on
road safety awareness, basic road
positioning, observation and anticipation.
3. Download a cycling app. .
A cycling app
can help you
optimize your trip.
'The Independent' recommends Bike Hub
Journey Planner which offers spoken
instructions, multiple routes and a
number of other handy features. .
4. Basic maintenance
is essential.
Most importantly, check
the tire pressure, brake lines,
brake pads and oil the chain. .
A local bike service center
can always help you. .
5. Find a cycling club. .
Finding other experienced cyclists
to ride with is a great way to become
a more competent rider. .
It's time to
hit the road.
Credit: Wibbitz Top Stories Duration: 01:31Published
McDonald's Posts , Disappointing Q1 Results , Amid Ongoing Boycotts.
'The Independent' reports that McDonald's posted weaker-
than-expected results in the first quarter of 2024, as a result
of a boycott over the company's perceived support for Israel. .
'The Independent' reports that McDonald's posted weaker-
than-expected results in the first quarter of 2024, as a result
of a boycott over the company's perceived support for Israel. .
According to McDonald's, higher sales in the
United States helped the fast-food giant overcome
weakness in markets where the brand is being boycotted.
According to McDonald's, higher sales in the
United States helped the fast-food giant overcome
weakness in markets where the brand is being boycotted.
The company saw same-store sales rise by
1.9% worldwide between January and March,
below the Wall Street forecast of 2.1%.
Increased menu pricing and delivery demand
saw same-store sales in the U.S. increase by 2.5%.
In international markets, sales fell
by 0.2% for the first time since 2020.
Despite this, McDonald's said the company's revenue
increased 5% to reach $6.17 billion, while net income went
up 7% to $1.93 billion, in-line with Wall Street estimates.
'The Independent' reports that Muslim-majority
markets like Indonesia, Malaysia and the Middle East
have been boycotting McDonald's for months.
The boycotts started after a McDonald's franchise in
Israel announced in October that it would provide free
meals for Israeli troops amid the ongoing war in Gaza.
In the months since then, the company has tried to limit
the fallout by taking over all 225 McDonald's in the country
with the purchase of Alyonal Limited, its Israeli franchise.
Our hearts remain with
the communities and families
impacted by the war in the Middle East.
We abhor violence of any kind and
firmly stand against hate speech,
and we will always proudly
open our doors to everyone, McDonald's statement, via 'The Indepndent'.
Our hearts remain with
the communities and families
impacted by the war in the Middle East.
We abhor violence of any kind and
firmly stand against hate speech,
and we will always proudly
open our doors to everyone, McDonald's statement, via 'The Indepndent'
Credit: Wibbitz Top Stories Duration: 01:30Published
Stock Markets Rally , Amid Investor Hopes for , Interest Rate Cuts in 2024.
On the morning of May 15, both the S&P and the
Nasdaq hit all-time highs after new data suggested
inflation may be easing in line with expectations.
Quartz reports that the Dow Jones Industrial Average
is also inching toward the record-breaking
40,000 mark, which it almost hit in March. .
According to the latest Bureau of Labor
Statistics data, April saw the Consumer Price
Index, a key gauge of inflation, rise by 3.4%.
At the same time, consumer prices
increased by 0.3%, slowing slightly
from March's 0.4% increase.
The latest data also shows that core prices,
which don't include food and energy, saw the lowest
increase since April of 2021, rising just 3.6%. .
As a result, investors have a sense of
renewed hope that the Federal Reserve will
begin to cut interest rates at some point in 2024.
The latest inflation data was released one day
after the Producer Price Index, which
measures wholesale inflation, increased 0.5%. .
Over the past year, the
index has increased 2.2%.
Shortly after markets opened, the Dow
jumped up 147 points, hitting 39,705, while the
S&P 500 and the Nasdaq saw 0.5% increases.
Shares in GameStop were down 30% after
experiencing a boost earlier this week by
the online return of investor "Roaring Kitten."
Credit: Wibbitz Top Stories Duration: 01:30Published
Consumer Outlook , Plunges Amid Fears of , More Price Hikes Ahead.
CNN reports that sentiment about the economy among
consumers in the United States has plummeted
to the lowest level in the past six months.
According to the latest consumer survey by the
University of Michigan, consumers are also bracing
for more price increases in the year ahead. .
The consumer expectations gauge,
which is closely monitored by the White House,
dropped 13%, representing the most significant
single month decline since mid-2021.
The latest news is still better than
last May when inflation was at 4%
compared to the current 3.5% reading.
However, CNN points out that despite inflation
being lower than the same time last year, the numbers
have been moving in the wrong direction.
The trajectory has shifted
economist expectations for
the Federal Reserve to cut rates. .
The latest Fed report saw expectations
for year-ahead inflation increase
to 3.5% from the 3.2% forecast in April. .
At the same time, long-run
expectations for inflation also
increased to 3.1% from April's 3.0%. .
According to Chicago Federal Reserve
President Austan Goolsbee, the latest data , "bodes awful for progress on inflation.".
There isn’t, at this time,
much evidence in my view that
inflation is stalling out at 3%, Austan Goolsbee, Chicago Federal Reserve President, via CNN
Credit: Wibbitz Top Stories Duration: 01:31Published
Key Federal Reserve Inflation Gauge , Rose 2.8% in March.
According to Commerce Department
data released on April 26.
the personal consumption expenditures
(PCE) price index, not including food or energy, rose 2.8% year-over-year in March. .
That exceeded Dow Jones
estimates of 2.7%, CNBC reports. .
When also accounting for food and energy, the all-items PCE measure rose 2.7%,
which was above the 2.6% estimate.
Inflation reports released this morning
were not as a hot as feared, , George Mateyo, chief investment officer at Key Wealth, via CNBC.
... but investors should not get
overly anchored to the idea that
inflation has been completely
cured and the Fed will be cutting
interest rates in the near-term, George Mateyo, chief investment officer at Key Wealth, via CNBC.
The prospects of rate cuts remain,
but they are not assured, and the
Fed will likely need weakness in
the labor market before they
have the confidence to cut, George Mateyo, chief investment officer at Key Wealth, via CNBC.
Consumers continue to spend despite
higher prices, CNBC reports.
Personal spending increased 0.8% in March, while personal income rose 0.5%.
The personal saving rate dropped to 3.2% as more people are having to dip into their savings to cover the cost of living.
The Fed continues to target 2% inflation, which the core PCE has exceeded for
the last three years, CNBC reports.
Credit: Wibbitz Top Stories Duration: 01:30Published
Fears of Potential Iranian Attack , Drive US Stocks Down , Nearly 500 Points.
CNN reports that United States stocks dropped on
April 12 amid rising tensions in the Middle East pushing
traders to seek safe havens like gold and bonds.
CNN reports that United States stocks dropped on
April 12 amid rising tensions in the Middle East pushing
traders to seek safe havens like gold and bonds.
By mid-afternoon, the Dow had fallen
1.4%, the S&P 500 went down 1.6%,
and the Nasdaq dropped 1.8%.
The dip came after the White House announced
that both the U.S. and Israel are on alert for
a potential attack by Iran or its allies.
The dip came after the White House announced
that both the U.S. and Israel are on alert for
a potential attack by Iran or its allies.
The warning comes after Iran
accused Israel of a deadly airstrike
on a consulate in Damascus, Syria. .
The news also sent oil prices up amid
fears of regional tensions escalating
as a result of the ongoing war in Gaza. .
The news also sent oil prices up amid
fears of regional tensions escalating
as a result of the ongoing war in Gaza. .
Brent crude futures jumped up to $90.42
a barrel, and West Texas Intermediate crude
futures increased to $86.65 a barrel.
Those geopolitical concerns and subsequent
rising oil prices sent investors to safe havens like
gold futures, which rose to $2,379 a troy ounce.
Those geopolitical concerns and subsequent
rising oil prices sent investors to safe havens like
gold futures, which rose to $2,379 a troy ounce.
CNN reports that Americans' opinions of
the economy have dipped in the past few
months amid persistently high inflation.
The geopolitical fears come as investors are already
contending with concerns that the Federal Reserve could
wait to bring interest rates down from a 23-year high.
Officials at the Fed have signaled that further rate
hikes could still be on the way if the central
bank's efforts to fight inflation stall.
Credit: Wibbitz Top Stories Duration: 01:31Published
Federal Reserve Posts Massive, $114 Billion , Loss in 2023.
On March 26, the Federal Reserve
announced a record-breaking net
negative income of $114.3 billion in 2023.
Reuters reports that the loss follows
$58.8 billion in net income in 2022. .
Since releasing the numbers,
the Fed has stressed that negative net
income does not impede its ability to operate.
Since releasing the numbers,
the Fed has stressed that negative net
income does not impede its ability to operate.
As a result of low rates and large
levels of bond holdings, the Fed has
earned significant profits in recent years.
Last year, the Fed's audited interest expenses for
banks' reserve balances reached $176.8 billion,
an increase of over $116 billion from 2022.
In 2023, the Fed's interest payouts from
its reverse repo facility were $104.33 billion,
increased from $41.9 billion the year before.
Reuters reports that the Fed creates funds when
dealing with operating losses, capturing its loss
in an accounting device known as a deferred asset.
Reuters reports that the Fed creates funds when
dealing with operating losses, capturing its loss
in an accounting device known as a deferred asset.
At the close of 2023, the deferred
asset stood at $133.3 billion.
As of March 20 of this year, that number
had risen to $157.8 billion with no
indication of how much larger it could get.
Last year, a St. Louis Fed report forecast that it
could take years before the Fed can return to
profitability and reduce the country's deferred asset.
Last year, a St. Louis Fed report forecast that it
could take years before the Fed can return to
profitability and reduce the country's deferred asset
Credit: Wibbitz Top Stories Duration: 01:30Published
In this week's episode of Yahoo Finance Future Focus, our host Brian McGleenon engages in a discussion with Zodia Markets CEO Usman Ahmad, focusing on the shifting market sentiment towards ethereum as..
Explore comprehensive insights on gutter installation costs, covering material choices, home size, labor rates, hidden costs, budgeting tips, and maximizing your investment for long-term home..
New Study Highlights , Global Acceleration of , Groundwater Depletion.
'The Independent' reports that groundwater
sources around the world are being depleted
faster than they have been in the past..
Credit: Wibbitz Top Stories Duration: 01:31Published
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