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☆ Home Sellers' Tough Summer: Get Ready for Lower Prices, Fewer Offers
▼ + stars: | 2024-05-08 | by ( James Rodriguez | ) www.businessinsider.com time to read: +11 min

Rich baby boomers jumped in with all-cash offers, and sellers scored huge windfalls as weary buyers pushed prices to new heights. After all, people have to move for a wide variety of life reasons; mortgage rates be damned. "The further and further we get from the peak of the market," Peterson told me, "the harder it is to deny what's happened." Mortgage rates haven't fallen — in fact, they've gone up about 0.6 percentage points since the start of the year. "It can always be tricky telling somebody that they were just lucky because it makes you sound envious," Peterson told me.

Persons: Rich, Sellers, Eric Peterson, Peterson, Austin, Freddie, they've, Selma Hepp, Freddie Mac, Mike Simonsen, Redfin, towners, Libby Levinson, Katz, Price, Levinson, John Burns, they'll, Realtor.com, you'd Organizations: Freddie Mac, Reserve, Federal Housing Finance Agency, Altos Research, Sun, John, John Burns Research, Consulting Locations: Austin, Boise , Idaho, Denver

☆ I worked at SpaceX where Elon Musk was a cubicle away. At Elon's companies, it's add value or leave.
▼ + stars: | 2024-05-08 | by ( Jamie Killin | ) www.businessinsider.com time to read: +8 min

Vincent Peters worked in military compliance when he was poached to work at SpaceX. So I graduated on medical leave, couldn't be deployed, and continued on medical leave for another six months before being discharged. I was introduced to people on the SpaceX Mission team, and ultimately, they asked me to interview with them for a job at SpaceX. AdvertisementThat mentality is how I started working on Starlink. In 2020, I asked to help and was allowed to work on their projects in addition to my work at SpaceX.

Persons: Vincent Peters, —, couldn't, Freddie Mac, I'd, Gwynne Shotwell, I've, it's, It's, We're Organizations: SpaceX, Service, Federal Aviation Administration, US Government, SpaceX Mission, International, NASA, Department of Defense, SpaceX SpaceX, Elon Locations: West, cubicles, Elon

☆ Applebee's owner Dine Brands wants to steal fast-food customers with its deals
▼ + stars: | 2024-05-08 | by ( Amelia Lucas | ) www.cnbc.com time to read: +2 min

Applebee's and IHOP owner Dine Brands thinks its deals can lure away fast-food customers who have grown frustrated with menu prices. The company reported first-quarter earnings that fell short of Wall Street's estimates, and both Applebee's and IHOP's same-store sales shrank more than expected. As Applebee's leans into value with a slate of promotions that includes the return of Dollaritas, Dine Brands CEO John Peyton is confident that the chain can beat out the fast-food chains vying for its customers. Applebee's isn't the only casual-dining chain taking aim at McDonald's and the rest of the fast-food category. "It's top of mind for so many people, and it's because they've grown up with Applebee's," Peyton said.

Persons: Dine, Applebee's, John Peyton, Burger, Peyton, Chris Kempczinski, Peyton Manning, Tom Brady, Beyonce Organizations: Dine Brands, CNBC, Peyton, Brinker International

☆ I worked at SpaceX. It was the most ruthlessly efficient company I've ever worked for.
▼ + stars: | 2024-05-08 | by ( Jamie Killin | ) www.businessinsider.com time to read: +7 min

This is an as-told-to essay based on a transcribed conversation with Vincent Peters, founder of Inheritance AI and former SpaceX employee discussing his career path and experience at SpaceX. I was introduced to people on the SpaceX Mission team, and ultimately, they asked me to interview with them for a job at SpaceX. What it's like working at SpaceXSpaceX is the most efficient company I've ever worked for. AdvertisementThat mentality is how I started working on Starlink. In 2020, I asked to help and was allowed to work on their projects in addition to my work at SpaceX.

Persons: Vincent Peters, couldn't, Freddie Mac, I'd, Gwynne Shotwell, I've, it's, It's, We're Organizations: Service, SpaceX, Business, Federal Aviation Administration, US Government, SpaceX Mission, International, NASA, Department of Defense, SpaceX SpaceX, Elon Locations: West, cubicles, Elon

☆ Lance Bass shares 1 workout and 1 diet hack he uses to keep his body young — and offset the wear and tear of his NSYNC days
▼ + stars: | 2024-05-07 | by ( ) www.businessinsider.com time to read: +5 min

Former NSYNC member Lance Bass said his boyband years took a toll on his body. Bass said he has focused on stabilizing his blood sugar after a post-NSYNC diabetes diagnosis. He has also discovered the power of broccoli and some other nutrient-rich vegetables to stabilize his blood sugar, he told Business Insider in an interview. There are no plans right now, but I think the future is bright for NSYNC," Bass said. Eating broccoli and spinach helps balance his blood sugarBass has been paying more attention to his blood sugar, and eating balanced meals, after a recent diabetes diagnosis.

Persons: Lance Bass, Bass, —, he'd, I'm, NSYNC, Justin Timberlake, I've, Allegra, Michael Turchin, Violet, Alexander, we're Organizations: Service, Allegra Airways Locations: LA

See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. 30-Year Fixed Mortgage RatesThe average 30-year fixed mortgage rate was 7.22% last week, according to Freddie Mac. 15-Year Fixed Mortgage RatesAverage 15-year mortgage rates were 6.47% last week, according to Freddie Mac data, which is a three-basis-point increase from the previous week. Now that the Fed has paused hiking rates, mortgage rates have come down a bit. Once the Fed starts cutting rates, which is likely to happen this year, mortgage rates should fall even further.

Persons: Jerome Powell, Freddie Mac Organizations: of Labor Statistics, Reserve, Zillow, Federal Reserve, Fed Locations: Chevron

☆ Are iPhone sales growing or shrinking in China? That depends on which data points you look at, says an analyst.
▼ + stars: | 2024-05-06 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +3 min

Tim Cook said iPhone sales grew in China, despite external research showing a decline. China accounted for 18% of Apple's sales, making it a critical market for the tech giant. However, over the last quarter, independent analysts have reported a slump in overall iPhone sales in China. iPhone sales in China are a closely watched metric because greater China accounted for 18% of Apple's sales across products in the first quarter, according to the earnings results. Related storiesCook's limited remarks on China's iPhone sales raised questions on Friday's call from analysts who compared Apple's data with independent reports.

Persons: Tim Cook, —, Cook, Max, Wells, Aaron Rakers, Will Wong, Wong Organizations: Apple, Service, Counterpoint Research, International Data Corporation, IDC, Bloomberg Locations: China, Hong Kong, Taiwan

☆ Renters' hopes of being able to buy a home have fallen to a record low, New York Fed survey shows
▼ + stars: | 2024-05-06 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

The share of renters as of February who possess hopes of "residential mobility," or the belief from renters that they one day will be able to afford a home, fell to a record low 13.4% in the central bank's annual housing survey for 2024. Pessimism about future prospects comes amid a confluence of factors conspiring against the likelihood of renters being able to transition to home ownership. Moreover, mortgage rates have remained high by historical standards. Survey respondents expect housing prices to increase 5.1% over the next year, nearly double the 2.6% expected rate in February 2023 and above the pre-pandemic mean of 4.2%. Despite prospects for the Fed to cut interest rates before the end of 2024, respondents think mortgage rates are only going to go higher.

Persons: Freddie Mac, There's Organizations: New York Federal Reserve, New York Fed, National Association of Realtors, Fed, Federal, Market Locations: Manhattan, New York City, New

☆ Opinion | The Case for Letting Mortgages Move With Us
▼ + stars: | 2024-05-06 | by ( Peter Coy | ) www.nytimes.com time to read: +1 min

At the moment, the market for existing homes is partly frozen because people who have 3 percent mortgage loans don’t want to give them up for 7 percent loans on new homes. Making mortgages portable sounds unrealistic. After all, mortgages are tied by contract to particular pieces of property. “We’re getting this question a lot, even from our own members,” Mike Fratantoni, the group’s chief economist, told me. Nevertheless, he said he couldn’t imagine that owners of securitized loans would go along with the idea.

Persons: Fannie Mae, Freddie Mac, “ We’re, ” Mike Fratantoni, there’s Organizations: Federal Housing Finance Agency, Mortgage Bankers Association

☆ What exactly goes into closing costs?
▼ + stars: | 2024-05-04 | by ( Samantha Delouya | ) edition.cnn.com time to read: +6 min

But there is an often-overlooked expense when buying a home: closing costs. At the same time, the Biden administration plans to take aim at so-called “junk fees” hidden in closing costs. New York, Delaware and Washington, DC, have the highest average closing costs, according to Bankrate; while Missouri, Indiana and North Dakota have the lowest. Lowering closing costs on your ownThere is one relatively simple way to lower your overall closing costs: shop around. “When you compare those offers, examine not just the rate itself but also the closing costs.

Persons: homebuyers, —, Biden, ” Jeff Ostrowski, , ” Ostrowski, you’re, homebuyers haven’t, Brian Connolly, it’s, “ It’s, ” Connolly, Connolly, ”, Freddie Mac, ” Genaro Villa Organizations: CNN, Consumer Financial, National Association of Realtors, realtors, University of Michigan, NAR, homebuyers Locations: New York , Delaware, Washington, Missouri, Indiana, North Dakota, Bankrate, AnnualCreditReport.com

☆ Kendrick Lamar and Drake's beef explained, from its 2013 origins to their diss tracks "Push Ups" and "6:16 in LA" and latest responses
▼ + stars: | 2024-05-04 | by ( Ayomikun Adekaiyero | Eve Crosbie | ) www.businessinsider.com time to read: +26 min

Both rappers released diss tracks that took blistering personal shots on Friday night. "He doesn't have the heart for the lying, disrespect, and animosity it requires to make an effective diss track," Pierre wrote. Later in the track, Drake references Cole's diss track and apology. At the end of the track, Lamar samples a 1994 Tupac interview to simulate a conversation between the two rappers. "6:16 in LA" also parodies Drake's song titles, which often feature location names and timestamps.

Persons: Kendrick Lamar, Drake's, Drake, —, Lamar's fiancée Whitney Alford, Lamar, Aubrey Drake Graham —, Lamar dissed Drake, J, Cole, Rick Ross, Cole —, Taylor, Joseph Okpako, WireImage Lamar, Jermaine Cole, Big, Wale, Pusha, Meek Millz, Big Sean, Jay, Tyler, Mac Miller, Kunta, Lamar hasn't, Meek, Getty, Tim Mosenfelder, Aubrey, Muhammad Ali, Michael Jackson, Jackson, Prince, Mike Jack, Prince . Prince, “, rics, Organizations: Metro Boomin, Service, Future, Metro, HBO, Drake, Wireless, Lamar, Big, Rocky, Rap Locations: Drake's, Lamar, LA, Florida

☆ 4 ingredients to level up your pasta recipes
▼ + stars: | 2024-05-03 | by ( Karla Walsh | ) edition.cnn.com time to read: +12 min

With “Anything’s Pastable: 81 Inventive Pasta Recipes for Saucy People,” “I hope that people realize that there’s so much more than they can and should be putting on pasta,” Pashman said. Substitute 3 tablespoons prepackaged toasted rice powder for the 1 teaspoon oil and ¼ cup rice and skip step 1. In a large heatproof bowl, combine the shallots, ¼ cup cilantro, ¼ cup mint, scallions, chili flakes and sugar. Heat the remaining ¼ cup oil in the reserved skillet over high heat until just starting to smoke. Recipe adapted from “Anything’s Pastable: 81 Inventive Pasta Recipes for Saucy People” by Dan Pashman.

Persons: Dan Pashman, ”, Pashman, “, Harper Collins, ” Pashman, Alla, they’re, Pepe Chili Crisp, He’s, e pepe, Gan Ma, Jing, Dan Liberti, Caesar, Skip, James Park, Chili Crisp, Dan Liberti Dan Pashman’s Larb, browning, Karla Walsh, William Morrow Organizations: CNN, ”, Saucy, Ritz Crackers, Ritz, Sporkful, HarperCollins Publishers Locations: Italy, African, America, Thai, Des Moines , Iowa

☆ I tried Chili's new Big Smasher burger and thought it was far superior to a Big Mac
▼ + stars: | 2024-05-03 | by ( Erin Mcdowell | ) www.businessinsider.com time to read: +1 min

I tried Chili's Big Smasher burger, the chain's first new burger in three years. AdvertisementChili's just came out with its first new burger in three years in the hopes of competing with fast-food chains like McDonald's. The burger, which launched on April 29, has similar ingredients to a Big Mac but twice the meat. I tried the burger for the first time at Chili's headquarters in Dallas a few weeks before its official launch. Here's what I thought of Chili's new Big Smasher burger.

Persons: —, Chili's Organizations: Service Locations: Dallas

☆ The US could give homeowners a $980 billion stimulus at no additional cost, 'Oracle of Wall Street' says
▼ + stars: | 2024-05-03 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. That's if Freddie Mac secures approval from its regulator to operate in the market for secondary mortgages, also commonly known as home equity loans. If greenlighted, the scheme would be equivalent to a huge stimulus injection, but without a cent added to the national deficit, the "Oracle of Wall Street" explained. As Freddie Mac is a massive provider of mortgage market liquidity, the move could encourage more banks to extend this financing to customers. The proposal noted that options are limited for homeowners who want to tap their equity, meaning that few are benefiting from the housing market's appreciation.

Persons: —, Meredith Whitney, Whitney, Freddie Mac, Freddie Mac's, Freddie, Fannie Mae, Ginnie Mae Organizations: Service, Business

☆ Japanese yen: How the currency’s record slump is squeezing the Japanese
▼ + stars: | 2024-05-03 | by ( Juliana Liu | ) edition.cnn.com time to read: +7 min

Higher interest rates in the United States and other countries mean investors can make bigger returns on investments there than they can in Japan. This encourages carry trades, in which investors borrow money in yen to invest it in higher-yielding assets priced in other currencies. That weakens the Japanese currency. A Big Mac costs 50% more in the next cheapest G10 currency, the New Zealand dollar, than it does in yen, he added. … and lots of drawbacksBut the falling yen has caused much pain at home and not just for small businesses like Japan Fraise.

Persons: hasn’t, Hiroko Ishikawa, “ It’s, ” Ishikawa, “, we’re, We’re, Himari Semans, That’s, ” Nigel Green, Kit Juckes, Warren Buffett, ” Sean Callow, ”, Sato Hitomi, Semans, I’ve, —, Laura He, Chris Lau Organizations: Tokyo CNN, US, Reserve, CNN, Nikkei, Bank of Japan, deVere, greenback, Labor, Societe Generale, New Zealand, Japan’s National Tourism Organization, Tokyo’s Locations: Hong Kong, Tokyo, Japan, United States, Sydney, Hawaii

☆ Apple's China sales in focus ahead of earnings
▼ + stars: | 2024-05-02 | by ( Kif Leswing | ) www.cnbc.com time to read: +5 min

In February, Apple said it expected sales similar to last year's $94.84 billion during the same period and flat iPhone sales. In the December quarter, sales dropped 13% in Greater China, which includes Hong Kong and Taiwan. Analysts polled by FactSet expect $15.25 billion in China regional sales, which would be a 14% year-over-year decline. "In strong iPhone cycles, Apple's China revenues typically grow much faster than Apple overall, as Chinese consumers embrace the new phone," Sacconaghi wrote. Meanwhile, state statistics show iPhone sales falling 33% in February, the second consecutive month of declining shipments.

Persons: Tim Cook, Deirdre O'Brien, Apple, AAPL, Bernstein, Toni Sacconaghi, Sacconaghi, David Vogt, Aaron Rakers, There's, Morgan Stanley, Erik Woodring, Woodring Organizations: Apple, Analysts, FactSet, Huawei, Chinese Communist Party, Counterpoint Research, UBS Locations: China, Greater China, Hong Kong, Taiwan, repurchases

☆ We're raising our price target on Apple after its big earnings beat and raise
▼ + stars: | 2024-05-02 | by ( Zev Fima | ) www.cnbc.com time to read: +9 min

Earnings per share rose 1% to $1.53, a March quarter record, and exceeded the LSEG consensus estimate of $1.50. This resulted in stronger-than-expected free cash flow, which is more important than operating cash flow because it is cash Apple can ultimately return to shareholders via buybacks and dividends. During the reported quarter, Apple paid over $27 billion to shareholders, including $3.7 billion in dividends and equivalents and another $23.5 billion via the repurchase of 130 million shares. Quarterly results Apple's services sales notched another record, which offset a slight miss in product sales and led to beats on gross and operating income. iPad sales are expected to gain double digits year over year, much better than the 5.9% expected on Wall Street.

Persons: Tim Cook, Cook, we're, Apple, Luca Maestri, Maestri, Jim Cramer's, Jim Cramer, Jim Organizations: Apple, Management, MacBook, MacBook Air, Apple Watch, Fortune, Apple Vision, KLM Airlines, CNBC, Apple Inc, Visual China, Getty Locations: China, Greater China, America, East, Canada, India, Spain, Turkey, Indonesia, WWDC, U.S, Australia, France, Germany, Japan, Shanghai

☆ 35-year-old making $11,400 a week in passive income: The No. 1 thing that helps me build lucrative side hustles
▼ + stars: | 2024-05-02 | by ( Megan Sauer | ) www.cnbc.com time to read: +2 min

Life was otherwise good: It was 2016, and Hogue sat next to his best friend every day at his senior web development job. He was making $117,300 per year, but driving back and forth felt like a waste of time and money, he says. Last year, Hogue made over $1,600 a day, or roughly $11,400 per week, according to documents reviewed by CNBC Make It. Winning that game each day helped keep him from quitting before his business turned profitable, he says. "The dollars-per-day [mindset] helps you understand what your time is worth," Hogue now tells Make It.

Persons: Ryan Hogue, Hogue, he'd Organizations: George Madison University, CNBC Locations: Virginia, Fairfax , Virginia

☆ 'Tough near-term setup': Here's what Wall Street expects from Apple's 2nd-quarter earnings
▼ + stars: | 2024-05-01 | by ( Matthew Fox | ) www.businessinsider.com time to read: +6 min

Investors are focused on Apple's iPhone sales in China as competition ramps up. Here's what Wall Street expects from Apple's upcoming earnings report. Here are the quarterly figures Wall Street expects, according to data from Bloomberg. Here's what Wall Street analysts are saying about Apple's upcoming earnings report. The firm said Wall Street estimates on Apple are too high, with analysts underestimating the ongoing weakness in China.

Persons: —, Wells, Wells Fargo, shouldn't, Goldman Sachs, underwhelming Organizations: Apple, Investors, Service, Bloomberg, Revenue, Huawei, Barclays, Better, JPMorgan Locations: China, Wells Fargo, Wells, C1Q, Apple's

☆ The spring homebuying season isn’t what it used to be, thanks to the Fed
▼ + stars: | 2024-04-30 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

All that has caused the spring homebuying season to take a timeout — and could spell trouble for the remainder of the year. Since 1999, more than a third of home sales for the entire year occur between March and June on average, according to Freddie Mac data. Given the Fed is in no rush to cut interest rates, Khater expects mortgage rates to remain elevated for longer. Taken together, all these factors will likely put upward pressure on home prices, Khater and his team said in the report. “Our outlook does depend on mortgage rates, which are creating their own seasonality,” she added.

Persons: That’s, ” Zillow, Nicole Bachaud, “ Buyers, Bachaud, Sam Khater, Freddie Mac, Khater, ” Organizations: New, New York CNN, Federal Reserve, CNN, “, Fed Locations: New York, Texas, Florida

☆ US home prices rose in February at the fastest pace in more than a year
▼ + stars: | 2024-04-30 | by ( Bryan Mena | ) edition.cnn.com time to read: +2 min

Washington CNN —US home-price growth accelerated in February at the fastest annual pace since November 2022, a sign that America’s housing market remains tough amid elevated mortgage rates. Of the 20 cities, San Diego saw the biggest increase in home prices in February, a steep 11.4% rise, followed by Chicago and Detroit. America’s housing market began to recover in the beginning the year as home sales surged from decades-lows in the fall and homebuilders began to feel to more upbeat about the economy. Mortgage rates have followed suit, since they track the 10-year yield. Economists don’t expect mortgage rates to drop meaningfully this year, and they could continue to climb if inflation remains stuck.

Persons: homebuilders, Freddie Mac Organizations: Washington CNN, Federal Reserve, National Association of Realtors, Treasury Locations: San Diego, Chicago, Detroit, Portland , Oregon

☆ Chain restaurants like Chili's are coming for fast-food giants in the latest bout of the value wars
▼ + stars: | 2024-04-30 | by ( Erin Mcdowell | ) www.businessinsider.com time to read: +11 min

As fast-food prices increase, customers are finding more value in chain restaurants. Chains like Chili's are rolling out deals and portion sizes that could best fast-food chains. Chili's new Big Smasher burger is the latest offensive move in the value wars. The Big Smasher burger, Chili's newest menu item, was served in the company's test kitchen before its official launch on April 29. And if the sheer size and taste of the Chili's burger are anything to go by, it has a shot at beating fast-food chains in the value wars.

Persons: —, margarita, It's, Applebee's, John Peyton, Cate Gillon, Ian Borden, Scott Rodrick, Chris Kempczinski, Borden, McDonald's, Erin McDowell, We've, we've, Brian Paquette, Paquette, Big, Chili's, Richard Levine, Corbis, Felix Organizations: Service, Dallas, Mac, Business, Dine, Restaurant, UBS Global Consumer, Retail Conference, CNN, CBS News, Getty, Bloomberg Locations: New York, New York City, California, , New York

☆ As home sellers, buyers wait on a Fed cut, here's how mortgage rates have impacted the spring housing market
▼ + stars: | 2024-04-29 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +1 min

People looking to buy or sell a home this spring are paying close attention to mortgage rates. The average 30-year, fixed-rate mortgage rose to 7.17% for the week ending April 25, according to Freddie Mac data via the Federal Reserve. It remains unclear when the Federal Reserve might make its first rate cut. "I believe our first rate cut is penciled in for July," said Matthew Walsh, assistant director and economist at Moody's Analytics. "We might not see rates fall in any meaningful way until [the] later half of this year," he said.

Persons: Freddie Mac, Matthew Walsh, Walsh Organizations: Federal Reserve, Moody's Analytics, Finance

When you miss a mortgage payment, you incur late fees and hurt your credit score. But skipping mortgage payments comes with serious consequences that could include losing your house. Are you finding it hard to make your monthly mortgage payment? This allows you to pause your mortgage payments for a certain amount of time or, in some cases, make reduced payments instead. FAQsWhat should I do first if I realize I can't make my mortgage payment?

Persons: Craig Martin, Christian Mills, Freddie Mac, you've, you'll, it's, Aly J, Yale Aly J, Bob Organizations: Christian, US Department of Housing, Urban, Chevron, Yale, Forbes, Money Magazine, The Dallas Morning News, Bob Schieffer College of Communication, Twitter

Most major forecasts believe that mortgage rates will ultimately trend down this year. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's interest rates will affect your monthly payments. 30-Year Fixed Mortgage RatesThis week's average 30-year fixed mortgage rate was 7.17%, according to Freddie Mac. 15-Year Fixed Mortgage RatesAverage 15-year mortgage rates inched up to 6.44% this week, according to Freddie Mac data. Mortgage rates increased dramatically over the last two years, but they're expected to go down at some point this year.

Persons: Fannie Mae, you'll, Freddie Mac, it's Organizations: Reserve, US, of, Zillow, Federal Reserve Locations: Chevron

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