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☆ Home sales slumped to lowest August level since 2010. But they’re poised to soar after the Fed finally cut interest rates
▼ + stars: | 2024-09-19 | by ( Bryan Mena | ) edition.cnn.com time to read: +4 min

Washington CNN —Sales of previously owned homes in the United States fell sharply in August, despite mortgage rates plummeting that month. Lower borrowing costs will likely entice buyersMortgage rates could very well come down even more, but that would depend on economic data making it clear that the Fed would cut rates further. The Fed doesn’t control mortgage rates, but its action do influence them through movements in bond yields. Mortgage rates track the 10-year US Treasury yield, which moves in anticipation of the Fed’s decision on rates. Yun told reporters it could take three or four months for lower mortgage rates to boost demand for housing.

Persons: ” Yun, ”, Daniele Hale, “, we’re, Freddie Mac, Yun, ‘ I’m Organizations: Washington CNN —, Federal Reserve, National Association of Realtors, Fed, Treasury Locations: United States

Because the Fed is likely to cut rates further, mortgage rates should continue to drop this year. 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 Mortgage Rates TodayAverage 30-year mortgage rates are hovering around 5.60% today, according to Zillow data. 15-Year Mortgage Rates TodayAverage 15-year mortgage rates are right around 5%, according to Zillow data. 5-Year Mortgage Rate TrendsHere's how 30-year and 15-year mortgage rates have trended over the last five years, according to Freddie Mac data.

Persons: annonuncement, Jerome Powell, you'll, they've, Freddie Mac, it's, They'll Organizations: Zillow, Fed Locations: Chevron

☆ ‘SNL’ announces Jean Smart, Ariana Grande, Michael Keaton and more as Season 50 hosts
▼ + stars: | 2024-09-18 | by ( ) www.nbcnews.com time to read: +2 min

“Saturday Night Live” has set its first batch of hosts for Season 50, including Ariana Grande, John Mulaney, Michael Keaton and more. Grande will host “SNL” for the second time on Oct. 12 with musical guest Stevie Nicks. Coldplay will join him in the band’s eighth appearance as musical guest. Grande will lead “Saturday Night Live” ahead of “Wicked,” coming to theaters Nov. 22, as Fleetwood Mac icon Nicks returns after her first “SNL” performance in 1983. “Saturday Night Live” will celebrate its 50th season with a live primetime special on Feb. 16.

Persons: Ariana Grande, John Mulaney, Michael Keaton, Jean Smart, Nate Bargatze, Stevie Nicks, Keaton, Billie Eilish, Chappell Roan, Max, Roll, Bargatze, Chris Martin, ”, Fleetwood Mac, Nicks, Jenna Ortega, Winona Ryder, “ Goodrich ”, He’ll, Eilish, Mulaney, Roan, Babe ! ”, Lorne Michaels Organizations: Coldplay, 8H, SNL, Smart, NBC, NBCUniversal, NBC News, Broadway

☆ 3 couples who recently got mortgage interest rates under 3% share how they did it
▼ + stars: | 2024-09-18 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +10 min

Read previewOver the past few years, US mortgage rates have fluctuated wildly, leaving both homebuyers and sellers scrambling. AdvertisementThis can lead to significantly lower interest rates, making monthly mortgage payments more affordable and saving thousands over the life of the loan. The Federal Open Market Committee, which oversees US monetary policy, is expected to cut interest rates at its meeting this week. This could lead to further declines in mortgage rates in the coming months. Here are the stories of three homebuying couples who secured mortgage rates below 3% since March 2023 using assumable mortgages.

Persons: —, Louis, Freddie Mac, aren't, Grace Lucchese, Mickey Ricard, Boston —, Lucchese, Ricard, Riccard, Brian Sankey, Fort Knox, Sankey, Brian Sankey Sankey, wouldn't, Amy Yzaguirre, Yzaguirre, I've Organizations: Service, Federal, Fed, Federal Reserve Bank of St, Business, Federal Housing Administration, Department of Veterans Affairs, Market Committee, Boston, Lucchese, assumable Veterans Affairs, Veterans Affairs, Army, Toyota Tacoma Locations: Lucchese's, Sudbury , Massachusetts, Boston, couple's Massachusetts, Elizabethtown , Kentucky, Fort, Elizabethtown, Oregon, Idaho, Tigard, Portland, Sherwood

Mortgage rates have dropped substantially in recent weeks, with 30-year rates now almost 40 basis points down from where they started 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. Current 30-Year Mortgage RatesAverage 30-year mortgage rates have gone down this week and are now hovering below 5.60%, according to Zillow data. Mortgage rates are determined by a variety of different factors, including larger economic trends, Federal Reserve policy, your state's current mortgage rates, the type of loan you're getting, and your personal financial profile. Because markets are already anticipating that the Fed will lower rates, mortgage rates might not drop much in response to a Fed rate cut.

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

And yet an unusual air of uncertainty overhangs this week's meeting: It’s unclear just how large the Fed’s rate cut will be. Wall Street traders and some economists foresee a growing likelihood that the central bank will announce a larger-than-usual half-point cut. Many analysts foresee a more typical quarter-point rate cut. This week's move is expected to be only the first in a series of Fed rate cuts that will extend into 2025. Over time, Fed rate cuts should lower borrowing costs for mortgages, auto loans and credit cards, as well as for business loans.

Persons: Donald Trump's, Kamala Harris, Jerome Powell, —, Powell, Jackson, Freddie Mac Organizations: WASHINGTON, —, Federal Reserve, Wall Street, Companies, Associated Press Locations: Jackson Hole , Wyoming

☆ The Fed is poised for its first rate cut in years, but it may be too soon to refinance your mortgage
▼ + stars: | 2024-09-18 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +1 min

The Federal Reserve is poised to make its first interest rate cut in years on Wednesday. While mortgage rates are partly influenced by the Fed's policy, they are also tied to Treasury yields and the economy. Home loan rates have already started to come down in recent weeks, slightly induced in part by favorable economic data and indications the Fed could cut rates. As of Thursday, Sept. 12, the average 30-year fixed rate mortgage in the U.S. was 6.20%, according to Freddie Mac data via the Fed. "It's almost impossible to figure out what mortgage rates are going to do from week to week or month to month," Ostrowski said.

Persons: Chen Zhao, Freddie Mac, Jeff Ostrowski, Ostrowski Organizations: Federal, CNBC, Treasury, Finance Locations: Redfin, U.S

☆ I stayed in a $290-a-night glamping tent off the coast of Singapore to put the 'slow living' lifestyle to the test
▼ + stars: | 2024-09-18 | by ( Erin Liam | ) www.businessinsider.com time to read: +8 min

But on a three-day trip to Lazarus Island, a small island five miles from Singapore, I was forced to slow down. During the pandemic, they chanced upon a government initiative to promote sustainable tourism on Lazarus Island. Lee and Wong ended up winning a three-year tender to open Into the Woods on Lazarus Island in March 2023. With nowhere to eat on the island, guests can cook their own meals or pack food. Erin Liam/ Business InsiderWhen I returned from my trip, the cofounders told me they could not build en-suite toilets due to cost and time constraints.

Persons: —, Ray Lee, Sam Wong, Lee, Wong, they've, Erin Liam, Mike Harlow, Scott Dunn, we're, Glamping, Hilton, Lazarus Organizations: Service, Business, AutoCamp, Hyatt Locations: Lazarus, Singapore, Australia

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 Mortgage Rates TodayAverage 30-year mortgage rates are down and hovering near 5.60%, according to Zillow data. 15-Year Mortgage Rates TodayAverage 15-year mortgage rates have decreased and are hovering below 5%, according to Zillow data. Last month, 30-year refinance rates averaged 6.59%, while 15-year refinance rates were around 5.90%. 5-Year Mortgage Rate TrendsHere's how 30-year and 15-year mortgage rates have trended over the last five years, according to Freddie Mac data.

Persons: it's, you'll, Freddie Mac, they've, They'll, refinance Organizations: Fed, Federal Reserve, Zillow Locations: Chevron

☆ Elon Musk's X is a financial 'disaster,' co-authors of new book 'Character Limit' say
▼ + stars: | 2024-09-17 | 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 EmailElon Musk's X is a financial 'disaster,' co-authors of new book 'Character Limit' sayNew York Times technology reporters and co-authors of 'Character Limit' Kate Conger and Ryan Mac join CNBC's "Squawk on the Street" to discuss their new book examining Elon Musk's purchase of Twitter, how the controversial figure has changed his stance politically over the past several years, and more.

Persons: Kate Conger, Ryan Mac, Elon Organizations: Elon, New York Times, Twitter

The Federal Reserve is expected to start lowering rates this week, and mortgage rates are down as a result. But will mortgage rates drop further once the Fed cuts rates? 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. 5-Year Mortgage Rate TrendsHere's how 30-year and 15-year mortgage rates have trended over the last five years, according to Freddie Mac data. Mortgage rates are determined by a variety of different factors, including larger economic trends, Federal Reserve policy, your state's current mortgage rates, the type of loan you're getting, and your personal financial profile.

Persons: they've, Freddie Mac Organizations: Federal, Zillow, ARM, Federal Housing Administration, Department of Veterans Affairs Locations: Chevron

☆ Stouffer's takes on Kraft with new boxed mac and cheese
▼ + stars: | 2024-09-16 | by ( Amelia Lucas | ) www.cnbc.com time to read: +2 min

Stouffer's is exiting the freezer aisle and taking on Kraft Heinz with its new shelf-stable mac and cheese. The average American consumer eats mac and cheese 22 times a year, trailing only pizza in its frequency, according to Moe. Out of those 22 occasions, the mac and cheese comes from a box about 70% of the time. To start, under the name Stouffer's Supreme, the brand will offer two variations on boxed mac and cheese: a classic cheddar and a three-cheese version made with cheddar, gouda and parmesan. Moe said the cheddar is a "sibling, not identical twin" of its frozen mac and cheese, while the three-cheese option is a "cousin."

Persons: Kraft Heinz, Stouffer's, Tom Moe, Moe, Andre Maciel, Kraft's, Nestle, that's Organizations: Kraft, Nestle, Nestle Meals Division, Barclays Global Consumer Staples Locations: cheddar, gouda

☆ Apple iOS 18 update is live: These are the most important new iPhone security features to protect your private life
▼ + stars: | 2024-09-16 | by ( Cheryl Winokur Munk | ) www.cnbc.com time to read: +6 min

Apple released the latest version of its iPhone operating system, iOS 18, on Monday, including several new security and privacy features. The rollout comes a week after Apple unveiled new versions of the iPhone, AirPods and Apple Watch. Here's a rundown of some new security and privacy features and how to access them. A new Passwords app to improve on iCloud keychainApple has created a separate app for storing user passwords. AI privacy protectionsSeparately, Apple will soon be launching Apple Intelligence, an artificial intelligence platform developed by Apple.

Persons: Steve Jobs, Apple, Jodi Daniels, Thorin, Klosowski, Daniels Organizations: Apple, Steve, Apple Watch, Red Clover Advisors, Electronic Frontier Foundation, Apple Vision, Apple Intelligence Locations: Cupertino , California, U.S, Keychain

☆ The race in Big Tech to sell customers on AI products is heating up
▼ + stars: | 2024-09-16 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

Meanwhile, in today's newsletter, we're looking at how AWS is ramping up its sales team to pitch customers on AI . The big storySell, sell, sellAmazon; Getty Images; Alyssa Powell/BIWhen it comes to the AI revolution, building is only half the battle. AdvertisementAfter drawing scrutiny from investors about their massive investments in generative AI, tech companies are prioritizing getting returns on their big bets. Amazon; OpenAI; Microsoft; Getty Images; Chelsea Jia Feng/BIAWS' pressure to ramp up AI sales isn't just focused on ROI. And while these companies can't afford not to pitch their customers on AI tech, they also risk turning them off to the idea by selling them products that might not live up to expectations.

Persons: —, Donald Trump, Trump, Alyssa Powell, Insider's Eugene Kim, Eugene, Chelsea Jia Feng, it's, Anna Kim, Getty, Tyler Le, Martha Stewart, Al Capone, Morgan Stanley, Dre, Jeff Chiu, Larry Page's, Wayne Osborne, Elon, Grimes, Ryan Mac, Kate Conger unearths, Musk, Department's, We've, Kamala Harris, Biden, Booker, Dan DeFrancesco, Hallam Bullock, Milan Sehmbi, Amanda Yen Organizations: Service, FBI, Business, Amazon Web Services, that's, AWS, Microsoft, Getty, Google, Sunshine, Twitter, Huber & Starke, Hollywood, Teamsters Locations: West Palm Beach , Florida, today's, Florida, hustles, New York, London

☆ Here’s what you should know about buying a home ahead of a likely interest rate cut
▼ + stars: | 2024-09-16 | by ( Samantha Delouya | ) edition.cnn.com time to read: +5 min

While the Fed doesn’t directly set mortgage rates, its actions affect borrowing costs throughout the economy. The most apparent effect: An interest rate cut could help ease the upward pressure on mortgage rates, making one piece of the homebuying equation more affordable. Most investors are betting that the Fed will cut its benchmark interest rate by just a quarter-point on Wednesday. Some financial advisers counsel to wait until you can get a mortgage rate that is a full percentage point below the rate you’re already paying, said Fairweather. “If you got a 7.5% mortgage rate, you may already be in the money to refinance,” she said.

Persons: Freddie Mac, ”, Daryl Fairweather, Redfin’s, “, it’s, Fairweather, We’re, Greg McBride, “ It’s, Leo Pareja Organizations: CNN, Federal Reserve, homebuyers, National Association of Realtors, Bankrate, eXp Realty Locations: Wells, ”

As the Fed lowers its benchmark rate, mortgage rates are likely to go down. Mortgage rates often trend up or down ahead of expected Fed moves, but once a hike or cut is priced in, they tend to hold steady unless the Fed surprises everyone. Haymore also notes that mortgage rates could fluctuate depending on other information that comes out of this upcoming meeting. As it does, mortgage rates should trend down, too (as will the rates banks pay on high-yield savings accounts). If you got your mortgage more recently, you could save on your mortgage payment by refinancing.

Persons: —, Freddie Mac, Scott Haymore, Haymore, you've, Matt Baker, Baker Organizations: Service, Business, Fed, TD Bank, Mortgage Bankers Association, Navy Federal Credit Union

See more mortgage rates on Zillow Real Estate on ZillowWhat Are Today's Mortgage Refinance Rates? Current 30-Year Mortgage RatesAverage 30-year mortgage rates remain low after dropping last week and are hovering around 5.70%, according to Zillow data. Last month, 30-year refinance rates averaged 6.59%, while 15-year refinance rates were around 5.90%. Now, 30-year refinance rates are nearly 70 basis points lower, and 15-year refinance rates are around 50 basis points lower. Mortgage rates are determined by a variety of different factors, including larger economic trends, Federal Reserve policy, your state's current mortgage rates, the type of loan you're getting, and your personal financial profile.

Persons: they've, Freddie Mac, it's, Fannie Mae Organizations: Zillow, Fed, Mortgage, Association, ARM, . Government Locations: Chevron, Government

Mortgage rates probably won't drop much further if the Fed cuts rates, unless central bankers opt for a larger-than-expected cut. 30-Year Mortgage RatesAverage 30-year mortgage rates have been dropping this month and are now down near 5.70%, according to Zillow data. 5-Year Mortgage Rate TrendsHere's how 30-year and 15-year mortgage rates have trended over the last five years, according to Freddie Mac data. Mortgage rates are determined by a variety of different factors, including larger economic trends, Federal Reserve policy, your state's current mortgage rates, the type of loan you're getting, and your personal financial profile. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Persons: you'll, they've, Freddie Mac, it's, Fannie Mae Organizations: Federal Reserve, Zillow, ARM, Federal Housing Administration, Department of Veterans Affairs, Fed, Mortgage, Association Locations: Chevron

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 Mortgage Rates TodayAverage 30-year mortgage rates are around 5.70% today, according to Zillow data. 15-Year Mortgage Rates TodayAverage 15-year mortgage rates finally dipped below 5% this week, according to Zillow data. Average Refinance Mortgage Rates TodayRefinance rates have also been lower in September. 5-Year Mortgage Rate TrendsHere's how 30-year and 15-year mortgage rates have trended over the last five years, according to Freddie Mac data.

Persons: Jerome Powell's, you'll, they've, Freddie Mac, it's, They'll Organizations: Federal Reserve, Zillow, Fed Locations: Chevron

The Fed is expected to cut rates multiple times this year and in 2025, which means mortgage rates should continue decreasing. Will mortgage rates drop when the Fed cuts rates? If he or other Fed officials indicate that bigger rate cuts could be coming, mortgage rates may inch down. How Fed rate cuts affect mortgage ratesChanges to the federal funds rate don't directly impact mortgages, but mortgage rates tend to trend up when the Fed raises rates and go down when it lowers rates. The Fed could lower rates substantially by the time we reach the 2025 buying season, which means mortgage rates may be a lot lower, too.

Persons: Freddie Mac, Dan Burnett, Burnett, Jerome Powell, Powell, Fannie Mae, Scott Haymore Organizations: Fed, Federal Reserve, Housing Survey, TD Bank

☆ How Elon Musk fumbled his purchase of Twitter — and apparently gave Grimes's baby name to his other child
▼ + stars: | 2024-09-13 | by ( Katie Notopoulos | ) www.businessinsider.com time to read: +9 min

Kate Conger and Ryan Mac are the authors of "Character Limit: How Elon Musk Detroyed Twitter." AdvertisementKatie Notopoulos: You've both reported on Elon Musk and his companies for a long time. Notopoulos: Everyone's talking about "Founder Mode" lately, the idea of running a company like it's still in its early days instead of scaling to "manager mode." Musk comes in and wants to go "extremely hardcore," his version of Founder Mode, but it hasn't really worked out. [Business Insider first reported the news that Elon Musk had twins with Zilis, an executive at Neuralink.]

Persons: you've, Twitter —, Kate Conger, Ryan Mac, Elon, Elon Musk, Conger, Mac, Katie Notopoulos, You've, Musk, Jack Dorsey, hasn't, he's, JJ Geiger, …, It's, Grimes, Shivon, Alice Zilis, Valkyrie, Claire Boucher, Jesus Organizations: Service, Elon, Twitter, The New York Times, Business, SpaceX, Tesla, Penguin Press, Street, Neuralink Locations: Elon Musk's, Conger

☆ I took the same grocery list to Walmart and Target. Both chains had what I needed, but some of the price differences shocked me.
▼ + stars: | 2024-09-12 | by ( Amena Ahmed | ) www.businessinsider.com time to read: +1 min

I took my weekly shopping list to Walmart and Target to compare grocery prices between the chains. Target had a handful of cheaper products, but overall, my total at Walmart was almost $10 less. Go to newsletter preferences Thanks for signing up! AdvertisementLast month, I discovered I could be saving a lot of money by shopping at Walmart instead of Trader Joe's. I took identical shopping lists to Walmart and Target to see where I could get the best value for weekly essentials.

Persons: —, I'm Organizations: Walmart, Target, Service, Business

☆ Mortgage rates fall to lowest level since February 2023
▼ + stars: | 2024-09-12 | by ( Bryan Mena | ) edition.cnn.com time to read: +3 min

Washington CNN —Mortgage rates fell this week to the lowest point since February 2023, in a welcome sign for Americans grappling with a tough housing market. The standard, 30-year fixed-rate mortgage averaged 6.20% in the week ended September 12, mortgage financing giant Freddie Mac said Thursday. Mortgage rates started to drop early last month on news affirming lower interest rates in the future, specifically after a weaker-than-expected jobs report for July, and have gradually edged lower since. “Mortgage rates have fallen more than half a percent over the last six weeks and are at their lowest level since February 2023,” Sam Khater, Freddie Mac’s chief economist, said in a release. The Fed doesn’t directly set mortgage rates, but its action do influence them through movements in bond yields.

Persons: Freddie Mac, ” Sam Khater, Freddie Mac’s, that’s, Lawrence Yun Organizations: Washington CNN —, “, Federal Reserve, Treasury, Las, P Global, Apple, Fed, National Association of Realtors Locations: New York City, San Diego, Las Vegas, America, Los Angeles, Miami

☆ An influx of young people entering the housing market next year will lead to a homebuilding boom, analyst says
▼ + stars: | 2024-09-12 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Read previewA wave of younger buyers are about to enter the housing market in a trend that could spark a boom for homebuilders, according to one housing analyst. That's because young Americans are itching to buy a home, and they'll likely enter the housing market in droves once mortgage rates come down, he told CNBC in a recent interview. AdvertisementThe 30-year fixed mortgage rate hovered around 6.35% the last week, Freddie Mac data shows, close to their lowest level since early 2023. Yet, 89% of existing homeowners have a mortgage rate below 6%, Redfin found in a survey at the start of the year. Mortgage rates, though, could be slow to come down, housing experts say.

Persons: —, Phillip Ng, they'll, We've, Ng, Freddie Mac, Redfin, Pricing's Organizations: Service, Jefferies, CNBC, Business, Buyers, National Association of Realtors, Builders, Mortgage Locations: Redfin

Mortgage rates have dropped nearly 20 basis points this week, with 30-year rates now near 5.7%, according to Zillow data. 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. Current 30-Year Mortgage RatesAverage 30-year mortgage rates have inched down this week and are now hovering near 5.7%, according to Zillow data. Mortgage rates are determined by a variety of different factors, including larger economic trends, Federal Reserve policy, your state's current mortgage rates, the type of loan you're getting, and your personal financial profile. Because markets are already anticipating that the Fed will lower rates, mortgage rates might not drop much in response to a Fed rate cut.

Persons: you'll, Freddie Mac, it's Organizations: Reserve, of Labor Statistics, Fed, Zillow Locations: Chevron

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