By Diana Olick, CNBC The average rate on the popular 30-year fixed mortgage hit 4.72% on Tuesday, moving 26 basis points higher since just Friday, according to Mortgage News Daily. As a result of the recent spike in rates, economists are now lowering their home sales forecasts for this year.
By Thomas Franck, CNBC There may be plenty of reasons to confirm President Joe Biden’s nominees to the Federal Reserve, but economists say concern that the central bank won’t act to rein in inflation shouldn’t be among them. It is virtually guaranteed that the Fed will hike interest rates next
By Jeff Cox, CNBC Consumers ended 2021 with record levels of debt, leading into a year in which interest rates are expected to rise substantially. Total U.S. consumer debt at the end of the year came to $15.6 trillion, a year-over-year jump of $333 billion during the fourth quarter and
By Jeff Cox, CNBC Companies cut jobs in January for the first time in more than a year as the spread of the Covid omicron variant appeared to hit hiring, payroll processing firm ADP reported Wednesday. Private payrolls fell by 301,000 for the month, well below the Dow Jones estimate
The number of people filing for unemployment benefits jumped last week to the highest level since October, the Labor Department said Thursday. That may signal a troubling rebound, after claims hit recent lows unseen in over 50 years. But the one-week bump may not portend an ugly trend for the
Governor Kathy Hochul on January 5 announced a $10 billion multi-year investment in healthcare, the largest in State history, to rebuild and grow the healthcare workforce and strengthen the healthcare system as part of the 2022 State of the State. The plan will invest $10 billion in New York State’s
By Jeff Cox, CNBC The U.S. economy created far fewer jobs than expected in November, in a sign that hiring started to slow even ahead of the new Covid threat, the Labor Department reported Friday. Nonfarm payrolls increased by just 210,000 for the month, though the unemployment rate fell sharply
By Cristina Miranda, Consumer FTC There’s a fake IRS email that keeps popping into people’s inboxes. It says that you can get a third Economic Impact Payment (EIP) if you click a link that lets you “access the form for your additional information” and “get help” with the application. But
By Christopher Rugaber, AP News WASHINGTON (AP) — With inflation at its highest point in three decades, the Federal Reserve is set this week to begin winding down the extraordinary stimulus it has given the economy since the pandemic recession struck early last year, a process that could prove to
By Jeff Cox, CNBC Initial jobless claims fell below 300,000 for the first time since the early days of the Covid-19 pandemic, the Labor Department said Thursday. In another sign the jobs market is getting closer to its old self, first-time claims for unemployment insurance totaled 293,000, the best level
