Ticker: Average mortgage rate at highest level in 3 years
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Mortgage rates marched higher for the seventh week in a row, driving the average long-term U.S. home loan rate to its highest level in nearly three years.
Mortgage buyer Freddie Mac said Thursday that the benchmark 30-year fixed-rate mortgage climbed to 7.40% from 7.28% last week. One year ago, the average rate was 6.30%. The average rate is now the highest it's been since Nov. 16, 2023, when it was at 7.44%.
WTO raises merchandise trade growth forecast
The World Trade Organization is sharply increasing its forecast for global merchandise trade growth this year to 3.9%. It more than doubles its previous prediction, thanks to booming AI investments offsetting disruptions from the Middle East conflict.
The WTO says supply chains have adapted, and AI-related spending has boosted goods trade.
Sharp reversals keep Wall Street unsettled
Some sharp reversals kept financial markets unsteady, as oil prices rose and U.S. stock indexes swung.
The S&P 500 fell 0.5% Thursday for its second straight loss after setting an all-time high. The Dow Jones Industrial Average edged up 0.1% after flipping between gains and losses through the day. The Nasdaq composite fell 1.3%. Drops for technology stocks overshadowed gains for the majority of the S&P 500.
Microsoft suspended from green card program
The Trump administration is suspending tech giant Microsoft from a program to apply for green cards for workers who come to the U.S. to live and work using H-1B visas, accusing the company of fraud.
Vice President JD Vance said Thursday, "If you do the math, for every worker that Microsoft laid off, they replaced that worker with one and a half foreign indentured servants." Vance spoke in a White House news conference announcing the decision.
Unemployment benefit claims dipped slightly
The number of people applying for U.S. unemployment benefits fell slightly last week as layoffs remain low and most American workers enjoy job security.
The Labor Department said Thursday that initial jobless claims ticked down to 197,000 from a revised 199,000 the week before.
Four astronauts return to Earth after eight months
Four astronauts are back on Earth after an eight-month stay at the International Space Station.
Their SpaceX capsule splashed into the Pacific on Thursday.
Media attorneys ask to prevent White House ban
An attorney for three news organizations told a federal judge that the Trump administration must be prevented from barring their reporters from the White House.
Theodore Boutrous Jr. said the ban is a classic example of "viewpoint discrimination" that is punishing people for what they say -- and violating the media outlets' First Amendment rights.
PepsiCo raising prices on Doritos and more
PepsiCo plans to raise prices on some snacks and drinks and slash corporate costs in the coming weeks after posting disappointing third quarter results in North America.
The price hikes, which will hit Doritos, Ruffles, SunChips and some sodas, will be in the single-digit percentage range, and prices will still be lower than they were at the start of this year. But PepsiCo said Thursday it needs to recoup its growing costs for fuel, aluminum and agricultural commodities.