Average rate on a 30-year mortgage climbs for the first time since late May to just under 7%

LOS ANGELES (AP) — The average rate on a 30-year mortgage rose this week, pushing up borrowing costs on a home loan for the first time since late May. The rate rose to 6.95% from 6.86% last week, mortgage buyer Freddie Mac said Wednesday. A year ago, the rate averaged 6.81%. ...

Federal Reserve minutes: Inflation is cooling, but more evidence is needed for rate cuts

WASHINGTON (AP) — Federal Reserve officials at their most recent meeting welcomed signs that inflation is slowing and highlighted data suggesting that the job market and the broader economy could be cooling. Both trends, if they continued, will likely lead the Fed to cut its...

Stock market today: Wall Street hits records as a slowing economy boosts hopes for lower rates

NEW YORK (AP) — Wall Street’s record-breaking rally kept going Wednesday after weak reports on the U.S. economy kept the door open for possible cuts to interest rates. The S&P 500 rose 0.5% to set an all-time high for a second straight day and for the 33rd time this year....

Federal Reserve minutes: Inflation is cooling, but more evidence is needed for rate cuts

How major US stock indexes fared Wednesday, 7/3/2024

Wall Street’s record-breaking rally kept going after weak reports on the economy kept the door open for possible cuts to interest rates. The S&P 500 rose 0.5% Wednesday to set an all-time high for the 33rd time this year. The Dow Jones Industrial Average slipped 0.1%, and the...

US filings for jobless claims inch up modestly, but continuing claims rise for ninth straight week

WASHINGTON (AP) — The number of Americans filing for unemployment benefits inched up last week and remain historically low, however the total number of people collecting jobless benefits continues to grow. The Labor Department reported Wednesday that jobless claims for the week...

How major US stock indexes fared Tuesday, 7/2/2024

A big gain for Tesla helped drive Wall Street to more records. The S&P 500 rose 0.6% to top its all-time high set two weeks ago. The Dow Jones Industrial Average added 0.4%, and the Nasdaq composite climbed 0.8% from its own record set a day earlier. Tesla led the way after the...

Fed Chair Jerome Powell: US inflation is cooling again, though it isn't yet time to cut rates

WASHINGTON (AP) — Inflation in the United States is slowing again after higher readings earlier this year, Federal Reserve Chair Jerome Powell said Tuesday, while adding that more such evidence would be needed before the Fed would cut interest rates. After some persistently high...

US job openings rise to 8.1 million despite higher interest rates

WASHINGTON (AP) — U.S. job openings rose slightly to 8.1 million in May despite the impact of higher interest rates intended to cool the labor market. Vacancies rose from a revised 7.9 million in April, the first reading below 8 million since February 2021, the Labor Department...

Federal Reserve Chair Powell: US inflation is slowing again after higher readings earlier this year