Powell about inflation

After being prodded higher by inflation fears, mortgage rates were dragged down this week by recession concerns. According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average dropped to 5.7% with an average 0.9 point. (A point is a fee paid to a lender equal to 1% of the loan amount. It is in addition to the interest rate.) It was 5.81% a week ago and 2.98% a year ago. Freddie Mac, the federally chartered mortgage investor, aggregates rates from around 80 lenders across the country to come up with weekly national averages. The survey is based on home purchase mortgages. Rates for refinances may be different. It uses rates for high-quality borrowers with strong credit scores and large down payments. Because of the criteria, these rates are not available to every borrower. The 15-year fixed-rate average also moved lower, falling to 4.83% with an average 0.9 point. It was 4.92% a week ago and 2.26% a year ago. The five-year adjustable rate average … [Read more...] about Mortgage rates held in check as recession fears mount

This is a carousel. Use Next and Previous buttons to navigate 6 WASHINGTON (AP) — President Joe Biden said Thursday that he would support an exception to the Senate filibuster to protect abortion access, a shift that comes as Democrats coalesce around an election-year message intended to rally voters who are outraged or deflated by the Supreme Court decision overturning Roe v. Wade. Although Democrats already control the Senate by the narrowest of margins, there isn’t enough support within their caucus to change the filibuster rule, which allows any member to block legislation unless it receives 60 votes. But Biden’s statement was the latest indication that, if the party picks up a few more seats in the midterm elections in November, Democrats could seize the opportunity to pass legislation creating a nationwide right to abortion. “If the filibuster gets in the way, it’s like voting rights,” Biden said, referencing the rare … [Read more...] about Biden backs filibuster exception to protect abortion access

WASHINGTON (AP) — Average long-term U.S. mortgage rates eased back this week after shooting up nearly three-quarters of a point in recent weeks. Mortgage buyer Freddie Mac reported Thursday that the 30-year rate fell to 5.70% this week from 5.81% last week. One year ago, however, the average 30-year rate was 2.98%. The average rate on 15-year, fixed-rate mortgages, popular among those refinancing their homes, fell to 4.83% from 4.92% last week. A year ago, the rate was 2.26%. The Federal Reserve raised its benchmark rate this month by three-quarters of a point, the biggest single hike since 1994. The Fed’s unusually large rate hike came after government data showed U.S. inflation rose in May to a four-decade high of 8.6%. The Fed’s benchmark short-term rate, which affects many consumer and business loans, will now be pegged to a range of 1.5% to 1.75% — and Fed policymakers forecast a doubling of that range by year’s end. Higher borrowing rates have pumped the brakes on … [Read more...] about Average long-term U.S. mortgage rates ease to 5.7%

Mortgage rates took a break from their steady upward climb this week. The 30-year fixed-rate mortgage is averaging 5.70% for the week ending June 30, according to Freddie Mac’s benchmark rate survey. “The rapid rise in mortgage rates has finally paused,” Sam Khater, Freddie Mac’s chief economist, said in a statement. Looking forward, Khater said, this “… should help the housing market rebalance from the breakneck growth of a seller’s market to a more normal pace of home price appreciation.” Today’s lower rate is welcome news for potential buyers who are contending with higher mortgage payments and a still-competitive market. This is the first week in the past month that the 30-year rate has decreased. Since January 6, rates have increased by more than half a percentage point, rising to a 14-year high of 5.81% last week. Freddie Mac’s average rates for both the 15-year fixed-rate mortgage and the 5/1 adjustable-rate loan are mixed this week. The 15-year rate moved down to … [Read more...] about Freddie Mac: Mortgage Rate Climb Has ‘Finally Paused’

close Video Democrats' failed 'tax and spend' policies are to blame for nation's inflation: Rep. Stefanik This Democrat-led Congress has spent more tax-payer dollars than any other Congress in our nation's history, New York Rep. Elise Stefanik told 'Sunday Night in America with Trey Gowdy.' NEW You can now listen to Fox News articles! EXCLUSIVE: House Republicans led by Rep. Elise Stefanik are turning attention to the power that enemies of the U.S. have to exploit vulnerabilities in the agriculture industry by introducing new legislation to prevent adversaries' acquisition of American companies amid a global supply chain food shortage . Stefanik, who serves as the House Republican Conference chair, was joined by Rep. Rick Crawford, R-Ark., in introducing the bill Thursday. " Food security is national security , and I am proud to stand up against our foreign adversaries as they attempt to exploit any potential vulnerability and … [Read more...] about Stefanik bill prevents foreign adversaries from targeting US agriculture industry amid global food shortage

Populist firebrand Marine Le Pen has alleged that discussions on abortion in France, seemingly prompted by the recent Supreme Court decision in the United States, are being used to distract from the more domestically relevant issue of mass immigration. Heated mainstream discussion in France surrounding the right to an abortion is being used to distract from the issue of widespread immigration into the country, populist leader Marine Le Pen has alleged. With the overruling of Roe v. Wade in the United States, politicians from French President Emmanual Macron’s La République En Marche have expressed a desire to enshrine abortion in the French constitution seemingly in the hopes of preventing future pro-life legislatures from easily clamping down on the practice. However, according to a report by Le Figaro , Rassemblement National’s new parliamentary leader and long-time populist firebrand Marine Le Pen has lambasted such a move as a mere distraction from the real issues of … [Read more...] about Establishment Using Abortion to Distract from ‘Out of Control’ Immigration