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After rising rapidly for most of July, mortgage rates are now back down to their lowest levels in three weeks. "As inflation slows, mortgage rates decreased this week," Sam Khater, Freddie Mac's chief economist, said in a press release. 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 is 6.78%, according to Freddie Mac. 15-Year Fixed Mortgage RatesThe average 15-year fixed mortgage rate is 6.06% this week, according to Freddie Mac data.

Persons: Freddie Mac, Sam Khater, Freddie Mac's, they'll, you'll Organizations: Zillow, Federal Reserve Locations: today's, Chevron

☆ The number of people doing gig work on apps like Uber and DoorDash more than doubled during the pandemic
▼ + stars: | 2023-07-20 | by ( Juliana Kaplan | Madison Hoff | ) www.businessinsider.com time to read: +4 min

The number of people doing platform gig work like deliveries on apps in the US grew by over 150% during the pandemic. The researchers used tax data from 90 gig economy platforms and apps for their analysis. "COVID was a watershed moment for a particular type of platform gig work, which is delivery work," Koustas said. Gig workers became younger and more female; 44% of transportation and delivery platform workers were female by 2021, per the working paper. While platform gig work climbed during the pandemic, a research brief about the working paper results states that other contract and freelance work fell during COVID.

Persons: Dmitri Koustas, COVID, Koustas Organizations: Service, The University of Chicago Harris School of Public, McKinsey, Workers, Economic Policy Institute Locations: Wall, Silicon, United States

☆ Ad giant IPG's data arm Kinesso has gone through an executive exodus, and the unit faces an uncertain future
▼ + stars: | 2023-07-19 | by ( Lauren Johnson | ) www.businessinsider.com time to read: +3 min

Ad giant IPG is shaking up its data and tech arm Kinesso, and many of the unit's top execs have left. The move comes as IPG looks to cut costs from specialty services like data, a source said. Several top executives at ad agency holding group Interpublic Group's data and technology arm Kinesso have left, and now the unit faces an uncertain future, Insider has learned. IPG launched Kinesso in 2019 as a big bet on pitching marketers additional services that go beyond making and buying ads. Acxiom will remain a standalone unit that will provide data products and services to all of IPG's agencies, the source added.

Persons: IPG, Kinesso, Acxiom, Arun Kumar, Ian Johnson, Kimber Robbins, Nancy Hall, Hall, Philippe Krakowsky, Krakowsky, IPG's, they've, Dentsu, Merkle Organizations: Global, WPP, Mindshare, Reprise, UM, Agency, Epsilon Locations: Mediabrands

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 is currently 6.96%, according to Freddie Mac. 15-Year Fixed Mortgage RatesThe average 15-year fixed mortgage rate is 6.3% right now, according to Freddie Mac data. Mortgage rates started ticking up from historic lows in the second half of 2021 and increased significantly in 2022. This is a dramatic slowdown compared to recent months, and a sign that mortgage rates will likely start falling soon.

Persons: Freddie Mac, it's Organizations: Federal Reserve, Fed, Zillow Locations: Chevron

☆ Harlan Crow's jaunts on his yacht with Justice Clarence Thomas were a 'textbook billionaire tax scam,' Sen. Ron Wyden tells ProPublica
▼ + stars: | 2023-07-18 | by ( Azmi Haroun | ) www.businessinsider.com time to read: +3 min

Justice Clarence Thomas and GOP megadonor Harlan Crow's yacht trips have come under scrutiny again. Per ProPublica, Crow registered his yacht as a charter vessel but only took close friends on trips. As a result, he could pay his own company, report losses, and save on his tax bill, per ProPublica. Some of those were trips aboard Crow's yacht, the Michaela Rose, and were organized through Rochelle Charter, a company registered to charter the yacht. In April, Crow and Thomas first faced scrutiny related to the 20 years worth of undisclosed trips Crow is accused of gifting to Thomas, per ProPublica.

Persons: Clarence Thomas, Harlan, Per, Crow, Thomas, Michaela Rose, Ron Wyden, ProPublica, gifting, Thomas —, — Organizations: Service, Privacy, ProPublica, Dallas Morning News, Democrats Locations: Wall, Silicon, Rochelle

See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. Mortgage Rates for Buying a Home30-year Fixed Mortgage Rates Drop (-0.49%)The current average 30-year fixed mortgage rate is 6.43%, down 49 basis points since this time last week. 20-year Fixed Mortgage Rates Plummet (-0.79%)The average 20-year fixed mortgage rate is dramatically down from last week and sits at 6.01%. 15-year Fixed Mortgage Rates Fall (-0.49%)The average 15-year fixed mortgage rate is 5.68%, a decrease from last week. Mortgage Refinance Rates30-year Fixed Refinance Rates Drop (-0.52%)The average 30-year refinance rate is 6.80%, which is 52 basis points lower compared to last week.

Persons: they've, you'll, refinance Organizations: Zillow Locations: Chevron

After rising steadily for several weeks, mortgage rates ended the week at their lowest level since mid-June. Average 30-year mortgage rates have dropped around 40 basis points from where they were at the start of this week. 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 is 6.96%, according to Freddie Mac. 15-Year Fixed Mortgage RatesThe average 15-year fixed mortgage rate is 6.30% this week, according to Freddie Mac data.

Persons: you'll, Freddie Mac Organizations: Federal Reserve, Zillow Locations: Chevron

☆ From inflation to mortgages: What last week’s data says about the economy
▼ + stars: | 2023-07-15 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

The Fed’s preferred gauge of inflation, the Personal Consumption Expenditures index, showed that inflation was double the target in May (more on inflation shortly). Wednesday’s Consumer Price Index showed that annual inflation slowed from 4% to 3% in June, the lowest level since March 2021. Then on Thursday came Producer Price Index data, which measures the average change in prices that businesses pay to suppliers. That data showed annual wholesale inflation cooled last month to the lowest level in nearly three years. And June of last year was monumental: Annual inflation soared to 9.1%, the highest in more than 40 years largely because of record-high energy costs,” she wrote.

Persons: Michael Scott, Price, ”, Mary Daly, “ It’s, Alicia Wallace, Freddie Mac, Jamie Dimon, JPMorgan Chase, can’t, Dimon, “, — CNN’s Bryan Mena, Matt Egan Organizations: New, New York CNN, Reserve, ” San Francisco Federal Reserve Bank, University of Michigan, JPMorgan, CNN Locations: New York, ” San Francisco

Mortgage rates spent the first half of July climbing, though there's reason to believe they may ease in the coming weeks. Average 30-year mortgage rates reached 6.96% this week. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. 30-year Fixed Mortgage RatesThe current average 30-year fixed mortgage rate is 6.96%, according to Freddie Mac. 15-year Fixed Mortgage RatesThe average 15-year fixed mortgage rate is 6.30%, up a bit from the prior week, according to Freddie Mac data.

Persons: Freddie Mac, Sam Khater, Freddie Mac's, you'll Organizations: Zillow, Federal Reserve Locations: Chevron

☆ This map shows how much you need to make to be in the top 1% in every state
▼ + stars: | 2023-07-14 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +3 min

You need to make over $650,000 to be considered in the top 1%, according to new data. Most states had a higher income floor this year than last year, though New York stayed stagnant. New data released Thursday from financial information company SmartAsset broke down how much money people need to make to be among the top 1% of highest earners in each state. This map shows how much you need to make in each state to break into this elite demographic. A news release from the Bureau of Labor Statistics on Wednesday further revealed real average hourly earnings rose by 0.2% month over month in June.

Persons: SmartAsset, Jaclyn DeJohn, SmartAsset's, Charles Schwab Organizations: Service, IRS, of Labor Statistics, Congressional, Office, Bloomberg, Bureau of Labor Statistics, Logica Research Locations: Connecticut , Massachusetts, California, New York, Wall, Silicon, Connecticut, West Virginia, Massachusetts, Northeast

☆ San Francisco Fed president: ‘It’s really too early to declare victory on inflation’
▼ + stars: | 2023-07-13 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +2 min

New York CNN —Despite promising signs that inflation is abating, San Francisco Federal Reserve Bank President Mary Daly said the fight against price increases isn’t over. But she cautioned, “It’s really too early to declare victory on inflation.”The latest Consumer Price Index report published on Wednesday showed that annual inflation slowed from 4% to 3% in June, the lowest level since March 2021. However, the Fed’s preferred gauge of inflation, the Personal Consumption Expenditures index, showed that inflation was double its 2% target in May. Daly acknowledged there’s a risk the Fed will raise rates higher than what’s ultimately needed to get inflation down to 2%. Daly, who will be voting on interest rates at the Fed’s meetings next year, said she wouldn’t necessarily consider cutting rates once inflation hits 2%.

Persons: Mary Daly, ” Daly, “ It’s, Daly, there’s, “ can’t, ”, Daly’s, James Bullard Organizations: New, New York CNN, San Francisco Federal Reserve Bank, CNBC, Louis Federal Reserve Bank Locations: New York, San, St

Average 30-year mortgage rates have increased significantly this month, and are around 26 basis points higher compared to June's average rates. See more mortgage rates on Zillow Real Estate on ZillowMortgage Refinance Rates TodayMortgage type Average rate today This information has been provided by Zillow. 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. Mortgage rates started ticking up from historic lows in the second half of 2021 and increased significantly in 2022. This is a dramatic slowdown compared to recent months, and a sign that mortgage rates will likely start falling soon.

Persons: Lawrence Yun, Freddie Mac, it's Organizations: of Labor Statistics, National Association of Realtors, Zillow Locations: Chevron

☆ Paul Krugman says a soft landing now looks 'amazingly within reach' after inflation report
▼ + stars: | 2023-07-13 | by ( Filip De Mott | ) www.businessinsider.com time to read: +4 min

Consumer inflation data strongly indicates the US is on its way to a soft landing, Paul Krugman said. That means the economy could see normal levels of inflation without a spike in unemployment. "We haven't touched down on the runway yet, and a soft landing isn't guaranteed," Krugman said. The CPI report "strongly suggested" a soft landing is ahead and now looks more likely than not, he added. And digging deeper into the numbers, the cooling trend in inflation actually looks more upbeat.

Persons: Paul Krugman, Krugman Organizations: Service, New York Times, CPI Locations: Wall, Silicon

☆ Stock futures are little changed ahead of big bank earnings: Live updates
▼ + stars: | 2023-07-13 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

Stock futures were little changed Thursday evening as investors awaited earnings reports from a slate of big banks. Futures tied to the S&P 500 were down by 0.04%. Dow Jones Industrial Average futures inched lower by 27 points, or 0.08%, and Nasdaq 100 futures were flat. In regular trading, the S&P 500 climbed 0.85%. The S&P 500 is up 2.5% on the week, while the Dow is up 1.9%.

Persons: Bill Merz, we'd, Baird's Ross Mayfield, Dow, Wells, UnitedHealth Organizations: Futures, Dow Jones Industrial, Nasdaq, Nvidia, Dow, Investors, U.S, Bank Wealth Management, Federal Reserve, JPMorgan, Citi, BlackRock, University of Michigan Locations: Wells Fargo

☆ Inflation just fell when rate hikes were paused. So why should the Fed keep hiking?
▼ + stars: | 2023-07-12 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +3 min

But last month’s inflation report was an outlier — for the first time, the declines weren’t immediately preceded by a rate hike from the Federal Reserve. One month doesn’t dictate a trendFed Chair Jerome Powell has said it time and time again: One month’s data is not indicative of a trend. Powell repeatedly stresses that the Fed takes a data-dependent approach to interest rate decisions. In Schoenholtz’s view, the Fed should continue to hike interest rates even though inflation slowed down sharply in June despite the central bank holding rates steady. If the Fed waits too long to raise interest rates, it could risk its credibility, leading to a persistently higher price level that’s harder for the Fed to crack down on.

Persons: weren’t, Jerome Powell, ”, Kermit Schoenholtz, Powell, “, Wendy Edelberg, they’ve Organizations: New, New York CNN, Labor Department, Federal, CPI, Kermit Schoenholtz , New York University, Citigroup, Fed, Hamilton Project, Brookings Institution, CNN Locations: New York, Kermit Schoenholtz , New

☆ As inflation cools, Social Security beneficiaries may see a much lower cost-of-living adjustment in 2024
▼ + stars: | 2023-07-12 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

As the rate of inflation continues to fall, Social Security beneficiaries may expect to see a much lower cost-of-living adjustment for 2024. The Social Security COLA may be 3%, according to a new estimate from The Senior Citizens League, a nonpartisan senior group, based on new consumer price index data for June released on Wednesday. A lower 2.6% rise would happen if there is no net inflation for the rest of the year, according to the forecast. The projected increases to benefits for next year would fall short of the 8.7% rise beneficiaries saw in 2023 — the highest boost in four decades. In 2022, beneficiaries saw a 5.9% increase, which was also a record increase at the time.

Persons: Mary Johnson Organizations: Social, Social Security, Senior Citizens League, Finance, Federal Budget

☆ US inflation saw another dramatic slowdown in June
▼ + stars: | 2023-07-12 | by ( Madison Hoff | ) www.businessinsider.com time to read: +4 min

That's based on new Consumer Price Index data from the Bureau of Labor Statistics on Wednesday, which is one measure of inflation. That suggests another month of cooling inflation, after the unadjusted year-over-year change in May was 4.0%. However, the year-over-year CPI has tumbled every month since then, and the new data means 12 months of falling inflation. The month-over-month percent change was expected to be more than the percent change in May, from a month-over-month increase of 0.1% in May to a month-over-month increase of 0.3% in June. While inflation is still falling in the US, it's still more than the Fed's 2% target, at least by the overall year-over-year CPI measure.

Persons: That's, it's, Jerome Powell Organizations: Fed, Service, Bureau of Labor Statistics, Core CPI, CPI, BLS, Federal, Federal Reserve Locations: Wall, Silicon

Rising inventories and price-cutting could represent only a short-term pause in EV market growth. If production of EVs continues to outpace demand, automakers will have to choose between slashing prices and profit margins, or slowing assembly lines. More than 90 new EV models are expected to hit the U.S. market through 2026, according to AutoForecast Solutions. In a statement, Volkswagen's U.S. sales arm said "we have seen some softening in EV sales in the U.S. recently" as supply chain bottlenecks have eased, allowing for increased production. Wakefield said it is too soon to declare that U.S. EV demand has hit a plateau.

Persons: Tesla, EVs, Cox, Ford, Vitaly Golomb, Biden, Price, Mark Wakefield, Wakefield, Joe White, Nick Zieminski Organizations: DETROIT, EV, North, AutoForecast Solutions, Dealers, General Motors, Ford, Hyundai, Toyota, Cox Automotive, U.S, Cox, GM, Cadillac, GMC, Volkswagen, U.S ., VW, Industry, EVs, Thomson Locations: U.S, North America, United States, Texas, Washington, Tennessee

Summary Supply cuts by Saudi Arabia, Russia lift benchmark pricesDollar falls to 2-month low, adding support to marketTightening cycle coming to an end, U.S. Fed officials sayJuly 11 (Reuters) - Oil prices edged higher on Tuesday, recouping some of the losses from the previous session, as traders focused on supply cuts by the world's biggest oil exporters Saudi Arabia and Russia and a weaker dollar. Supply cuts by the world's biggest oil exporters Saudi Arabia and Russia set for August helped to lift the benchmark prices, which were also supported as the U.S. dollar fell to a two-month low. A weaker dollar makes crude cheaper for holders of other currencies and often boosts oil demand. Any weak economic forecasts by U.S. banks kicking off their earnings season, however, could weigh on prices, he said. Saudi Arabia last week said it would extend its 1 million barrels-per-day (bpd) cut at least to August, and Russia said it would cut its oil exports next month by 500,000 bpd.

Persons: recouping, Edward Moya, Moya, Arathy Somasekhar, Tom Hogue Organizations: Fed, Brent, U.S . West Texas, U.S ., U.S . Federal Reserve, Energy, Traders, American Petroleum Institute, Analysts, Consumer, Thomson Locations: Saudi Arabia, Russia, U.S, China

☆ Oil ticks up on OPEC+ cuts, traders eye economic data
▼ + stars: | 2023-07-11 | by ( ) www.cnbc.com time to read: +1 min

An oil pump jack is seen in the Loco Hills region, New Mexico, U.S., April 6, 2023. Oil prices edged higher on Tuesday, recouping some of the losses from the previous session, as traders focused on supply cuts by the world's biggest oil exporters Saudi Arabia and Russia and awaited data that could help ascertain demand. Supply cuts by the world's biggest oil exporters Saudi Arabia and Russia set for August helped to lift the benchmark prices, which were also supported as the U.S. dollar fell to a two-month low. A weaker dollar makes crude cheaper for holders of other currencies and often boosts oil demand. Traders were also looking ahead to U.S. crude inventory data due later on Tuesday from industry group American Petroleum Institute.

Persons: recouping Organizations: Brent, U.S . West Texas, U.S . Federal Reserve, U.S ., Traders, American Petroleum Institute, Analysts, Consumer Locations: New Mexico, U.S, Saudi Arabia, Russia, China

☆ Why the Fed wants a good inflation report — but not a good jobs report
▼ + stars: | 2023-07-11 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +5 min

On the job market, indications like the latest jobs report — which showed that fewer Americans are getting hired — can be interpreted as bad news. As of the latest Job Openings and Labor Turnover Survey, or JOLTS, there were 1.6 jobs available for every job seeker — or more than 3 million job openings than people searching for jobs. What’s good news for investorsInvestors are searching for signs that the Federal Reserve will stop hiking interest rates, or better yet, cut them. When the Fed raises interest rates it raises the cost of doing business for companies who rely on outside funding. That’s because interest rates on loans tend to rise in tandem with increases in the Fed’s benchmark interest rate.

Persons: —, It’s, that’s, ”, Sean Snaith, Snaith, Jerome Powell, Kermit Schoenholtz, Powell Organizations: New, New York CNN, Federal, Fed, Institute for Economic, University of Central, Labor, Survey, Kermit Schoenholtz , New York University, Citigroup, CNN, Investors, Federal Reserve Locations: New York, University of Central Florida, Kermit Schoenholtz , New

☆ Monday, July 10, 2023: Cramer discusses this pharmaceutical name in the portfolio
▼ + stars: | 2023-07-10 | by ( Christina Falso | ) www.cnbc.com time to read: 1 min

Monday, July 10, 2023: Cramer discusses this pharmaceutical name in the portfolioJim Cramer and Jeff Marks discuss the market ahead of June's Consumer Price Index data set to come out this Wednesday. Jim talks about a pharmaceutical Club holding as it awaits a looming court decision on one of its products and how that could impact the stock. Finally, Jim and Jeff break down one tech giant after its new social media platform hits 100 million users.

Persons: Cramer, Jim Cramer, Jeff Marks, Jim, Jeff Organizations: June's

Average 30-year mortgage rates were around 6.49% last month, but they've so far been higher in July, hovering closer to 7%. Depending on how the upcoming Consumer Price Index data shakes out, mortgage rates could start to recede somewhat later in the month. 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 is 6.81%, according to Freddie Mac. 15-Year Fixed Mortgage RatesThe average 15-year fixed mortgage rate is 6.24% this week, according to Freddie Mac data.

Persons: We'll, you'll, Freddie Mac Organizations: Bureau of Labor Statistics, Mortgage Bankers Association, Zillow, Federal Reserve Locations: Chevron

☆ Several missing after fire at Pemex offshore platform, Mexico's president says
▼ + stars: | 2023-07-07 | by ( Ana Isabel Martinez | ) www.reuters.com time to read: +1 min

MEXICO CITY, July 7 (Reuters) - Several workers at an offshore platform run by Mexican state oil company Pemex in the Gulf of Mexico are missing after a fire broke out early Friday morning, President Andres Manuel Lopez Obrador told reporters. The president said Pemex firefighters were at the scene at the Cantarell complex, in the Bay of Campeche, to put out the fire after an explosion at a gas production platform and that employees were evacuated. One Pemex employee and three others were injured, the oil workers union said in a statement. A source at the company told Reuters the fire was at Pemex's Nohoch-A offshore gas compression platform, but that oil production remained unaffected. Cantarell produces from one of Mexico's largest oil fields which for decades was one of Pemex's crown jewels.

Persons: Andres Manuel Lopez Obrador, Lopez Obrador, Ana Isabel Martinez, Stefanie Eschenbacher, Manuel Carrillo, Kylie Madry, Isabel Woodford, David Holmes Organizations: MEXICO CITY, Reuters, Cantarell, Thomson Locations: MEXICO, Gulf, Mexico, Bay, Campeche

☆ New Car Sales Jumped in the Second Quarter
▼ + stars: | 2023-07-05 | by ( Neal E. Boudette | More About Neal E. Boudette | ) www.nytimes.com time to read: +1 min

At the end of June, dealers had about 1.8 million vehicles in stock, nearly 800,000 more than at the same point in 2022, according to Cox data. At the same time, however, higher interest rates and higher car prices have put new-car purchases out of reach of many consumers. Cox estimated that total sales of new cars and trucks rose 11.6 percent in the first half of the year, to 7.65 million. The firm now expects full-year sales to top 15 million, which would be a rise of 8 percent. Toyota said its U.S. sales rose 7 percent, to 568,962 cars and light trucks.

Persons: Smoke, Cox Organizations: Cox, Toyota, Chrysler

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