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☆ Here are 5 sectors of the market that are working and the stocks that stand out in each
▼ + stars: | 2024-04-28 | by ( Jim Cramer | ) www.cnbc.com time to read: +10 min

Federal Reserve Chairman Jerome Powell met with the press after the March Federal Open Market Committee (FOMC) meeting, which was pretty fraught. Data centers If there is the whiff of a data center or anything in one, the stock goes higher. It's why Meta stock is a buy a tad lower as stocks tend to revisit those kinds of declines. I worry about Club stock Stanley Black & Decker for this reason, but the dividend will keep it propped up for now. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

Persons: what's, Jerome Powell, Powell, Powell isn't, Voltaire, Vertiv, Eaton, Meta, It's, jetsam, Darius Adamczyk, Vimal, Stanley Black, Decker, Azek, Morgan Stanley, Wells, Charlie Scharf, Wells Fargo, Chipotle, that's, Johnson, Jensen Huang, Jim Cramer's, Jim Cramer, Jim, Scott Mlyn Organizations: Federal, Market, Broadcom, Google, Microsoft, Nvidia, Travel American Express, Raytheon, GE Aerospace, Royal, AAR, Honeywell, Southwest Airlines, Housing, Stanley, JPMorgan, Procter, Gamble, Colgate, Merck, Bristol, Myers, PepsiCo, Energy, Coterra Energy, Diamondback, drillers, CNBC Locations: California, Royal Caribbean, Delta, Devon

☆ U.S. Mortgage Rates Jump Above 7% for the First Time This Year
▼ + stars: | 2024-04-18 | by ( J. Edward Moreno | More About J. Edward Moreno | ) www.nytimes.com time to read: +1 min

Mortgage rates rose above 7 percent for the first time this year, crossing a symbolically concerning threshold that threatens to keep millions of potential home buyers and sellers on the sidelines of a U.S. housing market that is increasingly showing signs of slowing. Mortgage rates reached a recent high of nearly 8 percent late last year — a level not seen since 2000. As mortgage rates have risen in recent months, making homeownership costlier for buyers, potential sellers who may feel locked into lower rates on their existing loans have been keeping their houses off the market, in effect pushing prices higher, too. “Potential home buyers are deciding whether to buy before rates rise even more, or hold off in hopes of decreases later in the year,” Sam Khater, Freddie Mac’s chief economist, said in a statement. “It remains unclear how many home buyers can withstand increasing rates in the future.”

Persons: Freddie Mac, ” Sam Khater, Freddie Mac’s, ” Locations: U.S, United States

☆ Climate change and global warming come with increasing economic cost to individuals
▼ + stars: | 2024-04-17 | by ( Samantha Delouya | ) edition.cnn.com time to read: +5 min

However, they say immediate actions to reduce climate change could stem some losses in the longer term. Noah Diffenbaugh, a professor and environmental researcher at Stanford University, said the economic damage from climate change will take different shapes. Researchers estimated it would cost the global economy $6 trillion by 2050 to comply with the Paris Climate Agreement—the international agreement among nearly 200 nations to tackle climate change—compared to the study’s estimated $38 trillion economic damage due to climate change. “That’s what’s likely to happen from the global warming that’s already occurred and what’s likely to happen even for small increments of global warming.”The Nature study estimated the economic damage of different regions. The ICF paper said price hikes on essential elements of the cost of living in the US will add up due to climate change.

Persons: –, Maximilian Kotz, Leonie Wenz, Noah Diffenbaugh, It’s, Wenz, Bernardo Bastien, Bastien, ” Bastien, “, ”, “ That’s, what’s, won’t Organizations: CNN, United Nations, Potsdam, Climate, Stanford University, Scripps Institute of Oceanography, University of California Locations: Nature, Paris, University of California San Diego, California, North America, Europe, South Asia, Africa, United States

☆ Wall Street heads into the week ahead on edge as traders brace for a raft of earnings, economic data
▼ + stars: | 2024-04-12 | by ( Sarah Min | ) www.cnbc.com time to read: +7 min

How the corporate America is handling sticky inflation and the prospect of higher interest rates will be top of mind for investors in the week ahead, after this week's choppy moves. The first-quarter earnings season, which kicked off Friday, will give Wall Street insight into how businesses expect to weather an environment of elevated interest rates. More macro data, such as U.S. retail sales, will give insight into how the consumer is handling higher pricing pressures. First-quarter earnings season underway The corporate earnings season kicks into high gear in the week ahead. This week, the small cap Russell 2000 is on track for a losing week, down by more than 1%.

Persons: Bob Doll, CNBC's, Wolfe, Rob Ginsberg, Ginsberg, Goldman Sachs, Morgan Stanley, FactSet, Robert Haworth, Haworth, Charles Schwab, Johnson, D.R, KeyCorp Organizations: Dow Jones Industrial, Exxon Mobil, Costco, Apple, Crossmark, Investments, Investors, Bank of America, Consumer, U.S . Bank, Index, Retail, T Bank, Housing, Manufacturing, Hunt Transport Services, United Airlines, Johnson, Bank of New York Mellon, UnitedHealth Group, Northern Trust, CSX, Discover Financial Services, Prologis, U.S . Bancorp, Philadelphia Fed, American Express, Procter, Gamble, Fifth Third Bancorp, Schlumberger Locations: America, China, NAHB, Vegas Sands, U.S, Horton

Housing gloomThe higher-for-longer inflation predicament has hit the U.S. housing market like a thunderbolt. More economists are paring their bets that the Fed will cut rates after the latest Consumer Price Index report. They all argue that sticky inflation will force the Fed to keep borrowing costs higher for longer. The country is growing faster than many peers, but voters are zeroing in on inflation to explain their disapproval of President Biden’s handling of the economy. (Some DealBook readers in recent days have emailed to say that they’re strongly feeling the pain of housing inflation.)

Persons: Goldman Sachs, ” Lawrence Yun, Biden’s Organizations: Bank of America, Deutsche Bank, National Association of Realtors

☆ U.S. housing prices are likely to enter a long period of decline, advisory firm CEO says
▼ + stars: | 2024-04-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailU.S. housing prices are likely to enter a long period of decline, advisory firm CEO saysMeredith Whitney, founder and CEO of Meredith Whitney Advisory Group, says supply-demand dynamics will probably "invert," with supply set to exceed demand.

Persons: Meredith Whitney Organizations: Meredith Whitney Advisory

☆ Monthly Meeting Q&A with Jim Cramer: Everything from energy to Costco to embracing sell-offs
▼ + stars: | 2024-03-29 | by ( Paulina Likos | ) www.cnbc.com time to read: +10 min

Here are the responses from Jim Cramer and Director of Portfolio Analysis Jeff Marks. (Vincent, New York) Jeff Marks: Due to the elevated power needs data centers require, energy demands will be higher. (Steve, Michigan) Jim Cramer: I don't blame you for switching to CrowdStrike from Palo Alto, but I had Palo Alto CEO Nikesh Arora on last week. Jim Cramer: The numbers are no good here right now. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Persons: Jim Cramer, Jeff Marks, Vincent, Nikesh Arora, I'm, Gwen, haven't, Peter Lynch, Charlie Scharf, Wells, Nick, it's, Rich Galanti, they'll, Stanley Black, Decker, Morgan Stanley, there's, Danaher, Sam, We've, Laxman Narasimhan, Jim Cramer's, Jim Organizations: Investing Club, Coterra, Palo Alto Networks, Palo, Palo Alto, PepsiCo, Coca, Nvidia, AMD, Magellan Fund, Club, JPMorgan, Broadcom, VMWare, Apple, Developers, Jim Cramer's Charitable, CNBC Locations: Vincent , New York, Eaton, China, Steve , Michigan, Palo Alto, Palo, Wells Fargo, Jim , Arizona, Costco, Elizabeth , Pennsylvania, Linda , Ohio, iPhones, Steve , Mississippi, United States

☆ Stocks making the biggest moves midday: RH, Reddit, Estée Lauder, AMC and more
▼ + stars: | 2024-03-28 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

Check out the companies making the biggest moves midday. Estée Lauder — Shares jumped 6.28% after Bank of America upgraded them to buy from neutral. AMC Entertainment — Shares dropped 14.29% after the movie theater chain said in a filing it will sell $250 million worth of stock. Verint Systems — Shares added 6.63% after the customer engagement solutions provider surpassed fourth-quarter earnings per share and revenue expectations. Braze anticipates a loss of 10 cents to 11 cents per share for its first quarter, versus a 5 cents loss expected from analysts polled by FactSet.

Persons: Estée Lauder —, Steve Ladd Huffman, Jennifer Wong, Chemours, Sridhar Ramaswamy, FactSet, Synnex, TD Synnex, MillerKnoll, Braze, —, Alex Harring, Hakyung Kim, Pia Singh, Jason Kempin Organizations: Bank of America, New York Stock Exchange, AMC, Verint Systems, Apollo Global Management, FactSet, Allstate, HSBC, Getty

☆ These 5 portfolio stocks outran the market in Wall Street's strong week. Here's what fueled their gains
▼ + stars: | 2024-03-23 | by ( Morgan Chittum | ) www.cnbc.com time to read: +5 min

AVGO YTD mountain Broadcom (AVGO) year-to-date performance Shares of Broadcom jumped 9.55% this week, occupying the top spot among portfolio stocks. Broadcom stock jumped 3% Wednesday, as investors digested its event. FL YTD mountain Foot Locker (FL) year-to-date performance Foot Locker was the week's second-best performer, advancing 8.5% over the past five sessions. SWK YTD mountain Stanley Black & Decker (SWK) year-to-date performance Stanley Black & Decker stock advanced 7.41% this week, grabbing the No. F YTD mountain Ford Motor (F) year-to-date performance Shares of Ford Motor rose 7.05% this week, rounding out the list at No.

Persons: Cowen, Jim Cramer, Locker, Jim, Decker, Stanley Black, Jensen Huang, Jim Cramer's, Hock Tan, Broadcom Lucas Jackson Organizations: Wall, Broadcom, Wall Street, Google, JPMorgan, Citigroup, Nvidia, GTC, Ford, U.S, Management, CNBC

☆ February home sales spike 9.5%, the largest monthly gain in a year, as supply improves
▼ + stars: | 2024-03-21 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Sales of existing homes surged 9.5% in February from January to 4.38 million units, on a seasonally adjusted annualized basis, according to the National Association of Realtors. Sales were down 3.3% year over year, but it was the largest monthly gain since February 2023. Sales surged the most in the West, up 19.4%, and the South, up 16.4%. "Additional housing supply is helping to satisfy market demand," said Lawrence Yun, NAR's chief economist. Inventory rose 10.3% year over year to 1.07 million homes for sale at the end of February.

Persons: Lawrence Yun, Yun Organizations: National Association of Realtors . Housing, Mortgage News Daily Locations: West, California, Florida, Georgia

TOKYO (AP) — Japan’s central bank raised its benchmark interest rate Tuesday for the first time in 17 years, ending a longstanding policy of negative rates meant to boost the economy. The negative interest rate policy, combined with other measures to inject money into the economy and keep borrowing costs low, “have fulfilled their roles,” Bank of Japan Gov. But it had remained cautious about “normalizing” monetary policy, or ending negative borrowing rates, even after data showed inflation at about that rate in recent months. Ueda said there was “a positive cycle” of a gradual rise of wages and prices, while stressing that monetary policy will remain easy for some time. The Japanese central bank's policy is quite different from those of the U.S. Federal Reserve and the European Central Bank.

Persons: “, Kazuo Ueda, Ueda, Harumi Taguchi, Haruhiko Kuroda, ___ Yuri Kageyama Organizations: TOKYO, ” Bank of Japan Gov, Bank of, Analysts, P Global Market Intelligence, U.S . Federal Reserve, European Central Bank, Bank of Japan Locations: Japan, Bank of Japan, U.S, China

☆ Japan's central bank just raised interest rates for the first time in 17 years
▼ + stars: | 2024-03-19 | by ( Yuri Kageyama | Associated Press | ) www.businessinsider.com time to read: +4 min

Read previewTOKYO (AP) — Japan's central bank raised its benchmark interest rate Tuesday for the first time in 17 years, ending a longstanding policy of negative rates meant to boost the economy. The short-term rate was raised to a range of 0 to 0.1% from minus 0.1% at a policy meeting that confirmed expectations of a shift away from ultra-lax monetary policy. The negative interest rate policy, combined with other measures to inject money into the economy and keep borrowing costs low, "have fulfilled their roles," the bank said in a statement. The Japanese central bank's policy is quite different from those of the US Federal Reserve and the European Central Bank. Analysts expect the Bank of Japan to continue to move slowly on further raising interest rates.

Persons: —, Kazuo Ueda, Haruhiko Kuroda Organizations: Service, Business, Bank of, Bank of Japan, US Federal Reserve, European Central Bank Locations: Japan, Bank of Japan, U.S, China

☆ Modular homes were hailed as a solution to housing crises. But the sector is now struggling to scale
▼ + stars: | 2024-03-18 | by ( Vicky Mckeever | ) www.cnbc.com time to read: +7 min

Modern tech-enabled versions of modular housing promise a faster, more sustainable solution to housing crises, according to experts. The fact that modular housing is also made in a controlled factory environment means less waste is generated, while also resulting in more energy-efficient homes. A 2022 report from industry group Make UK Modular highlighted that 80% fewer vehicle movements were needed to development sites with modular building. In the U.K. last year, Ilke Homes collapsed, while Legal & General moved to wind down its modular housing factory. By comparison, a Make UK Modular report published last year said more than 3,000 modular homes were being built in the U.K. annually, though there was capacity to build five times that number.

Persons: Prefabrication, William the Conqueror, Andrew Shepherd, Shepherd, Modulous, Jonatan Pinkse, Pinkse, Suzanne Peters, Daniel Paterson, prefabrication, Richard Valentine, Valentine, Selsey Organizations: Bloomberg, Getty, Sears, CNBC, University of Cambridge, Edinburgh Napier University, Ilke, Legal, King's College, Alliance Manchester Business School, Savills Research, McKinsey, Company, Ikea, Vonovia Locations: Foston, Derby, housebuilding, England, U.S, King's College London, Wales, Selsey, Sweden, Japan, prefabrication, Berlin, Germany

From 1985 to 2002, he worked at Goldman Sachs, one of the most storied — and criticized — investment banks on Wall Street. He famously swooped in to turn around the struggling IndyMac bank after its failure in the financial crisis of 2008. Earlier this month, Mnuchin jumped back into the headlines when his PE firm led a roughly $1 billion investment in embattled New York Community Bancorp. In 2009, OneWest Bank Group, where Mnuchin was chairman and CEO, bought the troubled IndyMac after federal regulators took over the bank. Mnuchin was Treasury secretary in 2020, when the Trump administration brokered a deal where Oracle and Walmart would take a large stake in TikTok.

Persons: Steven Mnuchin, Donald Trump’s, Goldman Sachs, Mnuchin, Max, Mnuchin's dealmaking, Robert Weissman, ” Weissman, Robert Rubin, Clinton, Weissman, couldn’t, NYCB, George Soros, John Paulson, OneWest, Kevin Kaiser, “, ” Kaiser, Maxine Waters, ”, Trump, doesn't, Chris Caulfield, ” Caulfield, ” ___ Rugaber Organizations: Trump, Public Citizen, Treasury, Treasury Department, Liberty Strategic Capital, Citizens, New York Community Bancorp, OneWest Bank Group, Federal, of Insurance Corp, FDIC, Wharton School, Oracle, Walmart, CNBC Locations: Wall, TikTok, Saudi Arabia, East, Washington, Congress, U.S, China, West Monroe, “

☆ 4 Ways a Settlement Could Change the Housing Industry
▼ + stars: | 2024-03-15 | by ( Debra Kamin | ) www.nytimes.com time to read: +1 min

In the early hours of Friday morning, the National Association of Realtors agreed to a global settlement deal that would resolve several lawsuits against the trade group. rule requiring home sellers to pay commissions to their agents and the agents of their buyers led to inflated fees and price fixing. The lawsuit also called into a question another rule requiring agents to list homes on N.A.R.-affiliated databases in order to sell them. With the settlement agreement, N.A.R. will pay $418 million in damages, but more important, it has agreed to rewrite a number of rules that have long been central to the U.S. housing industry.

Persons: N.A.R Organizations: National Association of Realtors, N.A.R Locations: Missouri, N.A.R

☆ All eyes will be on the Federal Reserve's interest rate outlook next week, Nvidia conference on deck
▼ + stars: | 2024-03-15 | by ( Sarah Min | ) www.cnbc.com time to read: +5 min

How the Federal Reserve plans to proceed with interest rates will be in focus next week after some recent signs of hotter inflation muddied the outlook. In December, policymakers had penciled in at least three quarter percentage point rate cuts in 2024. On Friday, stocks were headed for a losing week even after the S & P 500, for example, notched a fresh closing record just this week. The chipmaker will be under increased scrutiny next week as CEO Jensen Huang takes the stage for the company's annual AI conference. TD Wealth's Vaidya anticipates four rate cuts coming in the third and fourth quarters, though he said that outlook will remain data dependent.

Persons: Sid Vaidya, Jensen Huang, Lorie Logan, Molly McGown, McGown, Brian Nick, Wealth's Vaidya, Nick, Mills, —, Samantha Subin Organizations: Federal Reserve, Fed, Nvidia, Dallas, TD Securities, Securities, McGown, Bank of America, Housing, Micron Technology, Philadelphia Fed, PMI, PMI Manufacturing, PMI Services SA, Nike, FedEx, Darden Locations: U.S, NAHB

☆ Powerful Realtor Group Agrees to Slash Commissions to Settle Lawsuits
▼ + stars: | 2024-03-15 | by ( Debra Kamin | ) www.nytimes.com time to read: +1 min

American homeowners could see a significant drop in the cost of selling their homes after a real estate trade group agreed to a landmark deal that will eliminate a bedrock of the industry, the 6 percent sales commission. The National Association of Realtors, a powerful organization that has set the guidelines for home sales for decades, has agreed to settle a series of lawsuits by paying $418 million in damages and by eliminating its rules on commissions. Legal counsel for N.A.R. approved the agreement early Friday morning, and The New York Times obtained a copy of the signed document. “This will blow up the market and would force a new business model,” said Norm Miller, a professor emeritus of real estate at the University of San Diego.

Persons: ”, Norm Miller Organizations: National Association of Realtors, The New York Times, N.A.R, University of San Locations: U.S, University of San Diego

☆ Interest rates definitely have an impact on affordability, says Lennar Co-CEO on the housing market
▼ + stars: | 2024-03-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInterest rates definitely have an impact on affordability, says Lennar Co-CEO on the housing marketCNBC's Diana Olick sits down with Stuart Miller, Lennar Co-CEO and executive chairman, to discuss Q1 quarterly results, the state of the U.S. housing market, and what's ahead for the company.

Persons: Lennar, Diana Olick, Stuart Miller

☆ U.S. is 'desperate' for new housing supply: Zillow Chief Economist ahead of State of the Union
▼ + stars: | 2024-03-07 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailU.S. is 'desperate' for new housing supply: Zillow Chief Economist ahead of State of the UnionSkylar Olsen, Zillow Chief Economist, joins 'Fast Money' to talk Pres. Biden's proposes solution fo the U.S. housing crisis.

Persons: Union Skylar Olsen, Biden's Organizations: Union Locations: State

☆ I bought my first house in rural Scotland at 22. Housing is affordable in the countryside and I love it here.
▼ + stars: | 2024-03-06 | by ( Gouri Sharma | ) www.businessinsider.com time to read: +6 min

She bought a house in the Scottish countryside after graduating from university in Glasgow. AdvertisementThis as-told-to essay is based on a conversation with Simran Kaur, a 22 year-old tax associate living in Kilmarnock, Scotland. Four years later, I've graduated, landed a good job at an internationally renowned firm and bought my first house here. So, I started looking into both my home and job options. AdvertisementI chose Kilmarnock because house prices are affordable, and it is easy to commute to work and reach my relatives.

Persons: Simran Kaur, Kaur, —, I've, Ernst, Young, PWC, I'd Organizations: PwC, Service, Glasgow University, Motherwell, Kilmarnock Locations: India, Scotland, Scottish, Glasgow, Kilmarnock, Punjab, North India, Prestwick, Loch Lomond

☆ This Couple Won Their Dream Apartment Through the N.Y.C. Housing Lottery
▼ + stars: | 2024-03-04 | by ( D.W. Gibson | ) www.nytimes.com time to read: +1 min

When the pandemic began, Susannah Dalton and José Ignacio Vivero were living in a basement apartment in Sunnyside, Queens. “It wasn’t bad during Covid,” Ms. Dalton said, “because it had a strong bunker feel and that was the vibe back then. They began by completing an application for NYC Housing Connect, the online portal that matches renters with open housing lotteries. “We thought, well, let’s just start putting our hat in the ring,” recalled Ms. Dalton. “We’re lucky because, as artists, we get a lot of grant funding, and the Queens Art Fund has been so supportive,” Ms. Dalton said.

Persons: Susannah Dalton, José Ignacio Vivero, Ms, Dalton, ”, it’s, —, “, ” Ms Organizations: Housing Connect, Queens Art Fund Locations: Sunnyside , Queens, Queens

☆ Rents Are Falling. So Why Isn’t That Showing Up in Inflation Data?
▼ + stars: | 2024-02-26 | by ( Ben Casselman | ) www.nytimes.com time to read: +1 min

The Federal Reserve may have a housing problem. The persistence of housing inflation poses a problem for Fed officials as they consider when to roll back interest rates. Housing is by far the biggest monthly expense for most families, which means it weighs heavily on inflation calculations. “If you want to know where inflation is going, you need to know where housing inflation is going,” said Mark Franceski, managing director at Zelman & Associates, a housing research firm. Housing inflation, he added, “is not slowing at the rate that we expected or anyone expected.”Those expectations were based on private-sector data from real estate websites like Zillow and Apartment List and other private companies showing that rents have barely been rising recently and have been falling outright in some markets.

Persons: ”, Mark Franceski Organizations: Labor Department, Zelman, Associates

☆ The Great Compression
▼ + stars: | 2024-02-17 | by ( Conor Dougherty | ) www.nytimes.com time to read: +1 min

Robert Lanter lives in a 600-square-foot house that can be traversed in five seconds and vacuumed from a single outlet. When relatives come to visit, Mr. Lanter says jokingly, but only partly, they have to tour one at time. Each of these details amounts to something bigger, for Mr. Lanter’s life and the U.S. housing market: a house under $300,000, something increasingly hard to find. Mr. Lanter’s house could easily fit on a flatbed truck, and is dwarfed by the two-story suburban homes that prevail on the blocks around him. For Mr. Lanter and his neighbors, it’s a chance to hold on to ownership.

Persons: Robert Lanter, Lanter, Lanter’s, Hayden, it’s Locations: Redmond , Ore, Cinder

☆ A big win for Wells Fargo — plus what's dragging down Google parent Alphabet
▼ + stars: | 2024-02-15 | by ( Jeff Marks | ) www.cnbc.com time to read: +4 min

One more down: Shares of Wells Fargo hit a new 52-week high after the Office of the Comptroller of the Currency terminated a 2016 consent order linked to its sales practices. This is the sixth consent order that regulators have terminated since 2019. Every consent order that is resolved brings the bank closer to having the Federal Reserve lift the asset cap that's been holding it back since February 2018. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER .

Persons: Jim Cramer, Linde, Wells Fargo, Charlie Scharf, there's, GOOGL, It's, Jim Cramer's, Jim, Krisztian Bocsi Organizations: CNBC, Air Products, Chemicals, Bank of America, Energy, Cisco Systems, Wells, Currency, Federal Reserve, Microsoft, Google, Materials, University of Michigan, PPI, Jim Cramer's Charitable, Shell Plc, BASF, Linde AG, Bloomberg, Getty Locations: We're, Bank, Wells, Coinbase, Leuna, Germany

LOS ANGELES (AP) — The average long-term U.S. mortgage rate rose this week to its highest level in 10 weeks, a setback for prospective homebuyers ahead of the spring homebuying season. The average rate on a 30-year mortgage rose to 6.77% from 6.64% last week, mortgage buyer Freddie Mac said Thursday. Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also rose this week, pushing the average rate to 6.12% from 5.90% last week. The average rate on a 30-year mortgage remains sharply higher than just two years ago, when it was 3.92%. The cost of financing a home has come down from its most recent peak in late October, when the average rate on a 30-year mortgage hit 7.79%, the highest level since late 2000.

Persons: Freddie Mac, ”, Sam Khater, Freddie Mac’s Organizations: ANGELES, Treasury, Federal Reserve, U.S Locations: U.S

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