Mortgage Rates Creep Lower While Home Prices Remain High
Video Credit: Wibbitz Top Stories - Duration: 01:30s - Published
Mortgage Rates Creep Lower While Home Prices Remain High
Mortgage Rates Creep Lower, While Home Prices Remain High.
NBC reports that mortgage rates have
finally started to come back down following
a dramatic rise in the housing market.
On November 16, Fannie Mae said
interest rates on 30-year fixed-rate
mortgages were down to 6.73%.
.
In October, rates peaked at over 8%.
.
The lower rates have caused demand
for mortgages to slowly creep higher.
.
Despite the positive change, the Mortgage Bankers
Association said demand was 12% lower in early
November than it was at the same time last year.
While borrowing costs on mortgages have
reached a two-decade high, shortages in the
housing market continue to drive prices higher.
The Federal Reserve has been raising rates
in an attempt to manage high inflation,
increasing its benchmark rate from near-zero
last year to as high as 5.5% in July of this year.
The hikes have driven up rates
for mortgages, auto loans,
credit cards and other financial products.
.
Signs of inflation starting to fade have fueled
predictions that the Fed may be satisfied
with its efforts to bring prices under control.
NBC reports that lower rates may not
make homes more affordable over the long term,
as prices tend to go up when rates fall
because of increased buyer borrowing power
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
Sean Combs Apologizes , for 'Inexcusable' 2016 , Hotel Security Video.
On May 19, Sean "Diddy" Combs issued
an apology after a 2016 video surfaced
of him abusing his ex-girlfriend Cassie. .
NBC reports that the video appears to match
the description of an incident that was detailed
in a lawsuit that has since been settled.
In a video statement released on Instagram, Combs said his , "behavior on that video is inexcusable.".
It’s so difficult to reflect
on the darkest times in
your life, but sometimes
you got to do that. I was
f---ed up — I mean, I hit rock
bottom — but I make no excuses, Sean Combs, via Instagram.
It’s so difficult to reflect
on the darkest times in
your life, but sometimes
you got to do that. I was
f---ed up — I mean, I hit rock
bottom — but I make no excuses, Sean Combs, via Instagram.
My behavior on that video
is inexcusable. I take full
responsibility for my actions
in that video. I'm disgusted.
I was disgusted then when
I did it. I’m disgusted now, Sean Combs, via Instagram.
My behavior on that video
is inexcusable. I take full
responsibility for my actions
in that video. I'm disgusted.
I was disgusted then when
I did it. I’m disgusted now, Sean Combs, via Instagram.
In November, Combs' ex-girlfriend
Casandra Ventura alleged in a federal lawsuit
that Combs raped and physically abused her. .
In November, Combs' ex-girlfriend
Casandra Ventura alleged in a federal lawsuit
that Combs raped and physically abused her. .
At the time, Combs denied the accusations
and stressed that the settlement was
in "no way" an admission of guilt.
The lawsuit included allegations that Combs
attacked her in a hotel, which would appear to
be supported by the 2016 video released by CNN. .
The video was reportedly captured
in a hotel hallway in March 2016 and
includes multiple angles of the incident. .
Combs is currently the subject of a federal investigation
and a number of civil lawsuits, which include accusations
of sexual assault, trafficking and other criminal activities
Credit: Wibbitz Top Stories Duration: 01:30Published
Red Lobster Says , Locations Will Stay Open , After Filing For Bankruptcy.
On May 19, Red Lobster confirmed in
a statement that the company has filed for
voluntary Chapter 11 bankruptcy in Florida. .
NBC reports that the largest seafood chain in
the United States said that filing for Chapter 11 will , "drive operational improvements, simplify the business
through a reduction in locations, and pursue a sale
of substantially all of its assets as a going concern.".
In a so-called stalking horse arrangement, Red Lobster
will sell the entire business to a new entity that is
completely owned and controlled by lenders. .
According to the company, lenders have
provided $100 million in financial commitments
to fund the chain's ongoing operations.
According to the company, lenders have
provided $100 million in financial commitments
to fund the chain's ongoing operations.
NBC reports that the company's bankruptcy
petition lists Red Lobster's assets at a value
between $1 billion and $10 billion.
The chain stressed that despite closing around
99 locations across the U.S., remaining locations
will remain open during the bankruptcy process.
The company added that it has been , "working with vendors to ensure
that operations are unaffected.".
This restructuring is the best path
forward for Red Lobster. It allows
us to address several financial and
operational challenges and emerge
stronger and re-focused on our growth, Jonathan Tibus, Red Lobster CEO, via NBC.
The 56-year-old chain was founded back in 1968.
By 2019, Red Lobster had expanded to include
nearly 700 locations across the country.
NBC reports that the company has struggled
under a growing debt load after failing to regain
a foothold following the COVID-19 pandemic.
Credit: Wibbitz Top Stories Duration: 01:31Published
New Analysis Suggests , Long-Term Effectiveness , for Wegovy Users .
NBC reports that patients taking
Novo Nordisk's obesity treatment maintain
an average of 10% weight loss over four years.
The news potentially boosts the
drugmaker's push for Wegovy to be
covered by insurers and governments. .
The company submitted long-term
findings at the European Congress
on Obesity in Venice, Italy. .
This is the longest study
we’ve conducted so far of
semaglutide for weight loss, Martin Holst Lange, Novo’s head of development, via NBC.
We see that once the majority
of the weight loss is accrued,
you don’t go back and start
to increase in weight
if you stay on the drug, Martin Holst Lange, Novo’s head of development, via NBC.
According to another analysis published by
the drugmaker, approximately 17% of trial participants stopped using the treatment
due to side effects like nausea. .
The costly treatment ranges from $200
to nearly $2,000 per month in the ten
countries where the drug is available.
NBC reports that Novo Nordisk was the
first drugmaker to market GLP-1 agonists,
originally developed as a diabetes treatment,
to address record high obesity rates.
NBC reports that Novo Nordisk was the
first drugmaker to market GLP-1 agonists,
originally developed as a diabetes treatment,
to address record high obesity rates.
Rival Eli Lilly launched its drug
Zepbound in the United States
in December of 2023. .
Neither drugmaker has managed
to produce enough of the
treatment to meet surging demand
Credit: Wibbitz Top Stories Duration: 01:31Published
Red Lobster Announces, Nearly 100 Locations , Will Be Shut Down.
NBC reports that approximately 99 Red Lobster locations
will be auctioned off as the seafood chain faces
questions regarding the company's long-term future.
Founder and CEO of the liquidation firm TAGeX Brands,
Neal Sherman, said he would lead the closure of over
50 locations in a May 13 LinkedIn post.
Sherman said equipment from the
locations will be auctioned off.
Locations will reportedly be closed across
the United States, including Denver,
Indianapolis, California and New York.
On May 14, Restaurant Business Magazine reported
a total of 99 locations would close, representing
about 15% of the company's 700 locations. .
NBC reports that the largest seafood
restaurant in the U.S. has struggled with debt,
unfavorable leases and executive turnover.
The chain's troubles also stem from ill-advised
strategies like an all-you-can-eat-shrimp promotion
in 2023 that resulted in a significant loss.
Earlier in 2024, the chain's largest investor,
Thai Union, announced that it would
seek to exit its position. .
The combination of Covid-19 pandemic,
sustained industry headwinds, higher
interest rates and rising material and
labor costs have impacted Red Lobster,
resulting in prolonged negative
financial contributions to
Thai Union and its shareholders, Thiraphong Chansiri, Thai Union Group’s CEO, via NBC.
After detailed analysis, we have
determined that Red Lobster’s
ongoing financial requirements
no longer align with our capital
allocation priorities and
therefore are pursuing an exit
of our minority investment, Thiraphong Chansiri, Thai Union Group’s CEO, via NBC
Credit: Wibbitz Top Stories Duration: 01:31Published
Snoop Dogg and Michael Bublé are the two newest superstars to join 'The Voice' as coaches. NBC announced during its upfront presentation that Snoop and Bublé will join the singing competition for its 26th season in the fall. Reba McEntire and Gwen Stefani will return to the show to fill the other two coaches' chairs.
Credit: The Hollywood Reporter Duration: 01:12Published
idenomics is an economic plan that has been implemented by the Biden administration. It has led to an increase in US inflation rate from 1.4% when Biden entered office to 3.2%, and a rise in mortgage..
US Job Market , Stays Strong as Applications for , Jobless Benefits Inch Lower.
ABC reports that slightly fewer people in the United States
applied for jobless claims last week, indicating that..
Credit: Wibbitz Top Stories Duration: 01:31Published
US Job Market , Stayed Strong In September , Despite Fed's Rate Hikes.
In September, employers posted 9.6 million
job openings, an indicator that America's
job market remains strong. .
ABC reports..
Credit: Wibbitz Top Stories Duration: 01:31Published
![Stock Markets Rally Amid Investor Hopes for Interest Rate Cuts in 2024 [Video]](https://video.newsserve.net/300/v/20240515/1375566508-Stock-Markets-Rally-Amid-Investor-Hopes-for-Interest.jpg)
![Consumer Outlook Plunges Amid Fears of More Price Hikes Ahead [Video]](https://video.newsserve.net/300/v/20240513/1375388796-Consumer-Outlook-Plunges-Amid-Fears-of-More-Price.jpg)
![Key Federal Reserve Inflation Gauge Rose 2.8% in March [Video]](https://video.newsserve.net/300/v/20240426/1373828506-Key-Federal-Reserve-Inflation-Gauge-Rose.jpg)
![Fears of Potential Iranian Attack Drive US Stocks Down Nearly 500 Points [Video]](https://video.newsserve.net/300/v/20240412/1372522960-Fears-of-Potential-Iranian-Attack-Drive-US-Stocks.jpg)
![Federal Reserve Posts Massive $114 Billion Loss in 2023 [Video]](https://video.newsserve.net/300/v/20240327/1371091068-Federal-Reserve-Posts-Massive-114-Billion-Loss-in.jpg)
![Sean Combs Apologizes for 'Inexcusable' 2016 Hotel Security Video [Video]](https://video.newsserve.net/300/v/20240520/1375982426-Sean-Combs-Apologizes-for-Inexcusable-2016-Hotel-Security.jpg)
![Red Lobster Says Locations Will Stay Open After Filing For Bankruptcy [Video]](https://video.newsserve.net/300/v/20240520/1375970432-Red-Lobster-Says-Locations-Will-Stay-Open-After.jpg)
![New Analysis Suggests Long-Term Effectiveness for Wegovy Users [Video]](https://video.newsserve.net/300/v/20240514/1375493648-New-Analysis-Suggests-Long-Term-Effectiveness-for-Wegovy.jpg)
![Red Lobster Announces Nearly 100 Locations Will Be Shut Down [Video]](https://video.newsserve.net/300/v/20240514/1375487824-Red-Lobster-Announces-Nearly-100-Locations-Will-Be.jpg)
!['The Voice' Season 26 Adds Michael Bublé & Snoop Dogg as Coaches | THR News Video [Video]](https://video.newsserve.net/300/v/20240513/1375414378-The-Voice-Season-26-Adds-Michael-Bublé.jpg)
![Bidenomics: Spare Some Change? Hope. [Video]](https://video.newsserve.net/300/v/20231125/1700875936-Bidenomics-Spare-Some-Change-Hope.jpg)
![US Job Market Stays Strong as Applications for Jobless Benefits Inch Lower [Video]](https://video.newsserve.net/300/v/20231109/1360366957-US-Job-Market-Stays-Strong-as-Applications-for.jpg)
![US Job Market Stayed Strong In September Despite Fed's Rate Hikes [Video]](https://video.newsserve.net/300/v/20231101/1359986416-US-Job-Market-Stayed-Strong-In-September-Despite.jpg)
