Mortgage rates jumped this week to the highest level in nearly four months, mortgage buyer Freddie Mac said Thursday.

Freddie Mac’s latest Primary Mortgage Market Survey, released Thursday, showed the average rate on the benchmark 30-year fixed mortgage rose to 6.22% from last week’s reading of 6.11%. 

The average rate on a 30-year loan was 6.67% a year ago.

The average rate on the 30-year fixed mortgage rose to 6.22% this week, according to Freddie Mac. (Daniel Acker/Bloomberg via Getty Images)

“The 30-year fixed-rate mortgage edged up this week to 6.22% but remains nearly half a percentage point lower than the same time last year,” said Sam Khater, Freddie Mac’s chief economist. “Potential homebuyers are poised for a more affordable spring homebuying season than last with the market experiencing improvements in purchase applications and pending home sales.”

MIAMI OVERTAKES LOS ANGELES AND NEW YORK AS WORLD’S RISKIEST HOUSING MARKET FOR BUBBLE RISK

The average rate on a 15-year fixed mortgage rose to 5.54% from last week’s reading of 5.5%.

Mortgage rates are affected by several factors, including the Federal Reserve and geopolitics.

“Rising energy prices and renewed trade uncertainty have lifted inflation expectations, putting upward pressure on longer-term interest rates and, in turn, mortgage rates,” said Realtor.com senior economist Anthony Smith. “This comes despite softer recent economic data, including moderating inflation at 2.4% and weaker February job growth, which would typically support lower borrowing costs.”

Fed policymakers voted to leave the benchmark federal funds rate unchanged at its current range of 3.5% to 3.75% on Wednesday. The move follows the central bank’s decision to hold rates steady in January after three successive 25-basis-point rate cuts in September, October and December to close out last year.

The Federal Reserve left interest rates unchanged at its March meeting. (Chip Somodevilla/Getty Images)

HOMEBUYERS REFUSE TO BACK DOWN AS MORTGAGE RATES CONTINUE HOVERING STUBBORNLY NEAR 6% MARK

Economic data showing a slowdown in the labor market, inflation continuing to run hotter than the Fed’s 2% target and the unrest in Iran prompted policymakers to continue to pause rate cuts.

Fed Chairman Jerome Powell said the current 3.5% to 3.75% range for the benchmark federal funds rate is within a range of neutral. He added that it’s too soon to tell what the effect of the conflict in the Middle East will be on the economy, adding that policymakers will continue to monitor economic data as they consider adjusting monetary policy. 

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Though mortgage rates are not directly affected by the Fed’s interest rate decisions, they closely track the 10-year Treasury yield. The 10-year yield hovered around 4.27% as of Thursday afternoon.

The risk of a broader global conflict is rising as China’s indirect role in the Iran crisis comes into sharper focus, with new concerns emerging over weapons used against U.S. forces.

Gatestone Institute senior fellow Gordon Chang joined FOX Business’ Maria Bartiromo on “Mornings with Maria” to discuss how Beijing’s support for Iran could quickly escalate tensions with the United States.

CHINA COULD FACE ‘REAL PROBLEMS’ WITHIN TWO MONTHS IF STRAIT OF HORMUZ CRISIS DRAGS ON, EXPERT WARNS

Chang pointed to reports that advanced weapons used by Iran may already be tied to China, raising the stakes for any future confrontation in the region.

“Those supersonic missiles that Iran fired at the Abraham Lincoln, our aircraft carrier, those were Chinese… It’s clear that the Iranians have more of those Chinese missiles,” Chang said.

US Navy aircraft carrier USS Abraham Lincoln during Operation Epic Fury (U.S. Navy / Handout / Getty Images)

He warned that any direct hit on U.S. military assets could immediately alter the relationship between Washington and Beijing.

“God forbid, if one of those missiles hit an American ship… our relationship with China changes overnight,” Chang said.

The broader concern, he noted, is that China’s involvement is not limited to isolated support, but spans multiple layers of assistance that stop just short of direct military engagement.

EXPERT SAYS IRAN DRONE ATTACK ON CALIFORNIA COAST WOULD BE ‘VERY EASY’ TO STOP

“China’s support for Iran is across the board… It’s everything except for combat troops… We should consider China an enemy combatant,” Chang said.

As tensions persist in the Strait of Hormuz, Chang suggested the current dynamic leaves the U.S. facing a growing challenge from a rival power benefiting from the conflict while avoiding direct accountability.

CLICK HERE TO GET FOX BUSINESS ON THE GO

Companies including Home Group, Atom, TSG and Northumbrian Water have made the coveted list

Staff at 10 North East companies are celebrating after their workplaces were singled out for being among the best in the business. A total of 350 companies have made this year’s list of the UK’s Best Workplaces 2026.

This year’s list includes 50 super large places to work, 100 large places to work, 100 medium places to Work, and 200 small places to work. Great Place To Work, the global authority on workplace culture which has compiled the list, says the rankings are based on employee survey responses combined with culture audits submitted by participating organisations. Businesses reaching the highest scores are included in the final list.

Big name businesses to feature on the list include chocolatiers Lindt & Sprüngli, hospitality giant Hilton, insurance groups Aviva and Admiral, IT firm Adobe, beauty business Savers and sight specialist Specsavers. The North East had much to celebrate too, with a number of the firms singled out having relocated to new city centre offices in recent years.

Regional companies celebrating include housing association Home Group, based at One Strawberry Place in Newcastle city centre, ranked number 17 in the ‘super large’ category, with 80% of employees saying it is a great place to work, compared to 54% of employees at a typical UK based company.

Vicki Carruthers, director of people at Home Group, said: “This is the tenth year in a row we have been ranked so highly in the Great Place to Work Survey, and we are so pleased with that. One of the things that is so important to us is that we engage with colleagues on all aspects of our business, we value their insight, expertise, and feedback.

“We really do live our values at Home Group, one of which is caring. We care about our colleagues, what matters most to them, and what they think and feel would make Home Group a better place to work. We will continue to do that and hopefully make this organisation a great place to work for many years to come.”

Northumbrian Water also makes the list, coming in at number 28 on the super large list. Based in Durham, the firm has 3,879 UK-based employees, some of whom have spent more than 20 years spent in the business.

Elouise Leonard-Cross, Northumbrian Water’s group people director said: “We’re proud to be named one of the UK’s Best Workplaces for the sixth consecutive year. What matters most is that this recognition reflects the genuine experiences of our people, with 90% choosing to share their views.

“This achievement reflects the inclusive culture we are building through our Together for Inclusion, Diversity & Equity strategy, where everyone feels valued and able to thrive. Moving up eight places this year is a real credit to our colleagues and the passion, care and commitment they show every day.”

Sunderland housing association Gentoo also makes the super large list, ranking at number 32. It said the recognition reflects Gentoo’s continued focus on building a positive, inclusive culture where colleagues feel valued, supported and able to do their best work.

Susan Fulton, executive director of customer, people and engagement, said: “This is a fantastic achievement for Gentoo, and I’m incredibly proud of every colleague across the organisation. We’re committed to creating a culture where people feel supported, valued and genuinely enjoy coming to work.

“We know that when our colleagues thrive, they’re able to deliver the very best service for our customers. I’d like to thank everyone for their continued hard work and commitment, and we’re excited to keep building an even better place to work together. To help us become the best social housing provider in the country.”

In the large list, the UK’s first digital only bank Atom – which recently moved from Durham to Newcastle city centre – is featured at number 31. Atom, based in the Pattern Shop, now employs 570 people, 88% of whom say it is a great place to work.

Chief operations officer, Helen Wilson said: “Almost 12 years ago, we set out to build a bank that does things differently – not just for our customers, but for the people who work here, too. Seeing Atom named as a Top 100 Best Workplace on our very first entry is an incredibly proud moment. It’s proof that what we’ve built together is exactly what we hoped it would be back then.”

“We are committed to making Atom a workplace where everyone can thrive, and this validates the substantial steps we have taken over the last year. From investments in colleagues to opening our amazing new HQ in the heart of Newcastle, we are continually evolving to ensure Atom remains a truly great place to start and build a career right here in the North East.”

Gateshead based tech firm TSG, which features at number 50 in the large workplaces list, spoke of its pride in making the final list. Rory McKeand, CEO at the firm which has 250 staff on Tyneside and around the UK, said: “Being recognised means a huge amount to us. TSG is built on brilliant people, and this is their achievement as much as anyone’s. We work hard to create an environment where everyone feels valued, supported, and able to do the best work of their careers – so to see that reflected back is genuinely wonderful.”

Tyneside software development company Leighton, which has relocated its regional headquarters from The Core to the 14-storey Bank House, part of the Pilgrim Street redevelopment in Newcastle, features at number 9 in the medium list.

Holli Taylor, head of marketing at the 102-employee business said: “This recognition is a reflection of the culture we continue to build together at Leighton, grounded in collaboration, curiosity and a genuine commitment to our people. “Leighton was born in the North East and our roots have played a defining role in shaping the business. That sense of community and authenticity that we’ve taken from the region continues to influence our culture today, and as we grow, we’re committed to holding onto what makes Leighton unique.

“We work closely with our colleagues to shape an environment where everyone feels supported, empowered and able to do their best work. From prioritising wellbeing and flexibility to creating opportunities for growth and development, our focus is on fostering a culture that not only enables individuals to thrive but also drives high performance for our customers.

“Listings like this are important because they are based on real colleague feedback and provide an honest reflection of the experience we’re creating every day. They hold us accountable for our culture and reinforce our commitment to making Leighton a truly great place to work.”

Fellow tech firm Arctic Wolf, based in Newcastle’s Grey Street, is also celebrating inclusion, just over three years after opening its office in the region. Clare Loveridge, vice president and general manager EMEA at Arctic Wolf, said: “We’re thrilled to be recognised as a UK Great Place to Work for a second year running. Arctic Wolf has a unique and special culture which we strive to continually foster, and I believe this is what ultimately makes the company such a rewarding place to be.

We opened our UK offices in 2022, and ever since then, we have continued to champion industry best practices to create a positive working environment grounded in respecting, listening to, and empowering the people who that work here. As we look to grow and expand, we are also building a workplace that welcomes a diversity of backgrounds, cultures and ideas to help inform a holistic approach to cybersecurity.”

The North East list of entries is rounded off by NETPark based tech firm Ascarii, data specialists Simpson Associates and tech firm Eco Simplified.

The IRS released its “Dirty Dozen” tax scams for the 2026 filing season to warn taxpayers, businesses and tax professionals about the tactics used to commit identity theft and other forms of fraud.

IRS CEO Frank Bisignano said in a statement released earlier this month on “Slam the Scam Day” that the list and other efforts to raise awareness provide “a great opportunity to remind everyone to remain vigilant and watch out for scams because thieves continuously adjust the pitches they use to take advantage of honest taxpayers.”

“For more than two decades, the IRS has used the Dirty Dozen list to flag emerging scams that taxpayers should watch out for,” he added.

HOW TO AVOID TAX SCAMS THIS FILING SEASON

The IRS released its annual “Dirty Dozen” list of tax scams. (Kayla Bartkowski/Getty Images / Getty Images)

This year’s edition of the IRS’ Dirty Dozen list of tax scams includes one notable change and the agency advises all taxpayers to “remain cautious year-round, as criminals will always be on the lookout for new ways to obtain money, personal identifiable information, and data.

Here’s a look at the 12 key scams the IRS is warning taxpayers to be aware of.

1) IRS impersonation by email and text

Scammers and fraudsters will send emails, direct messages and text purporting to be from the IRS that often use alarming language and QR codes directing taxpayers to fake IRS websites to “verify” accounts, enter personal information or claim refunds.

The IRS urges taxpayers not to click links or open attachments from unexpected messages and to report suspicious IRS-related emails, DMs, and texts. The agency reported over 600 social media impersonators during its fiscal year 2025. Clicking on such links may install malicious software, including ransomware, on a taxpayer’s personal device and could prevent access to files and personal information.

2) AI-enabled IRS impersonation by phone

Phone scams are evolving with the use of artificial intelligence (AI), using computer-generated tactics and spoofed caller IDs to appear legitimate.

The IRS reminds taxpayers that it will generally contact them by mail first and the agency doesn’t leave urgent, threatening prerecorded messages, call to demand immediate payment, or threaten arrest.

IRS CEO Frank Bisignano said taxpayers should be vigilant of scams. (Mandel Ngan/AFP via Getty Images)

3) Fake charities

Fraudsters frequently exploit tragedies and disasters by creating fake charities to collect donations as well as personal information. Taxpayers who give money or goods to a charity may be able to claim a deduction on their federal tax return if they itemize deductions, but charitable donations only count if they go to a qualified tax-exempt organization recognized by the IRS.

4) Misleading tax advice on social media

Viral posts about “tax hacks” can push taxpayers to file returns with false information or claim credits they don’t qualify for, which can lead to refund delays, audits, penalties, or worse.

IRS UNVEILS PROPOSED REGULATIONS FOR NEW TRUMP ACCOUNTS SAVINGS PROGRAM

The IRS continues to warn that social media-driven misinformation and disinformation remain a major driver of tax scams. It also reminds taxpayers who knowingly file fraudulent tax returns that they could potentially face significant civil and criminal penalties.

5) Identity theft involving IRS Online Account access

Criminals may attempt to use stolen personal information to gain unauthorized access to a taxpayers’ IRS online account, or may pose as helpers to collect sensitive information to gain access while an account is being set up.

Taxpayers should create their own account directly through the IRS website and shouldn’t rely on unsolicited third parties. The IRS offers official guidance to help taxpayers establish and protect their accounts.

Several of the scams involve phishing and other tactics related to cybercrime. (Getty Images)

6) Abusive undistributed long-term capital gains claims

The IRS has identified an increase in the abuse of Form 2439, which allows shareholders of certain investment funds or real estate trusts to claim a refundable credit for taxes paid on undistributed capital gains. 

Some of these schemes have involved claims tied to organizations that aren’t legitimate investment funds or real estate trusts, while the IRS has also seen fake claims that are falsely linked to real, well-known organizations.

7) Bogus “Self-Employment Tax Credit” promotion

Scammers may use misleading claims about a broad “self-employment tax credit” to encourage inaccurate filings and generate improper refunds. Many taxpayers don’t qualify for these credits and the IRS is closely reviewing claims coming in under this provision, so taxpayers filing such claims do so at their own risk.

HERE’S WHEN TAXPAYERS WILL GET THEIR REFUNDS

8) Ghost preparers

A ghost preparer prepares a tax return but refuses to sign it and/or refuses to include a Preparer Tax Identification Number. Such a refusal is a major red flag as it leaves the taxpayer legally responsible for what is filed, and the IRS urges taxpayers to avoid preparers who won’t sign the return and to seek reputable help.

9) Non-cash charitable contribution schemes

Some schemes involve inflated appraisals of donated property using art or syndicated conservation easements, with promoters often promising to eliminate or substantially reduce tax liability. The IRS warns taxpayers not to file returns with made-up information, and it may hold refunds while verifying claims.

Taxpayers should be cautious about purported outreach from the IRS and be aware that the agency generally reaches out by mail first and doesn’t make threatening calls or texts. (Michael Bocchieri/Getty Images)

10) Overstated withholding schemes

Scammers are encouraging taxpayers to inflate their withholding amounts (sometimes known as “other withholding”) to manufacture a larger refund by reporting zero or little income on incorrect forms. 

There are multiple variations of the scheme using a range of different tax forms, and the IRS warns that it may delay processing returns while verifying wages and withholding, as inaccurate claims can lead to penalties and enforcement action.

AMERICANS SEE BIGGER TAX REFUNDS SO FAR THIS YEAR AS FILING SEASON BEGINS AT A SLOWER PACE

11) Spear-phishing and malware campaigns targeting tax professionals

Tax professionals and businesses are targets of “new client” and “document request” emails that deliver malicious links or attachments to gain access to systems and potentially steal client data. 

Businesses and individuals, including tax pros, should always be cautious and on the lookout for suspicious requests or unusual behavior before sharing sensitive information or responding to an email.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

12) Aggressive or misleading offer in compromise marketing

The IRS’ Offer in Compromise program can help eligible taxpayers resolve tax debt when they’re unable to pay in full, but so-called “OIC mills” often overpromise results and charge high fees to taxpayers who don’t qualify. 

The IRS tells taxpayers they should check their eligibility for the program using the agency’s free tools to avoid high-pressure sales tactics.

An 80-year-old family-owned furniture company — which says it is the largest furniture manufacturer in the world — is cutting hundreds of jobs while restructuring a Texas plant.

Earlier this month, Ashley Furniture filed a Worker Adjustment and Retraining Notification (WARN) with the Texas Workforce Commission, indicating that 266 employees will be laid off by May 7, as the company plans to “consolidate” its Mesquite facility.

“Ashley is consolidating manufacturing operations at its Mesquite, Texas facility with production at other Ashley manufacturing locations. Manufacturing operations at the Mesquite facility will conclude May 7, 2026,” Ashley told Fox News Digital in a statement.

TEXAS RARE-EARTH PROJECT AIMS TO CURB U.S. RELIANCE ON CHINA, STRENGTHEN NATIONAL SECURITY

“Affected employees are being offered opportunities for available positions at other Ashley facilities, including roles in the Mesquite Distribution Center,” the spokesperson continued.

American-based furniture factory workers upholster a couch on Nov. 12, 2021. (Logan Cyrus/Bloomberg via Getty Images / Getty Images)

The formal WARN notice, initially obtained by Texas news outlet Chron, indicated that 109 upholstery training workers, 31 machine operators, 24 packing employees and additional cuts to inspectors, quality supervisors and material handlers would take place.

The state of Texas requires companies with more than 100 employees to provide at least a 60-day notice of closures or layoffs to “offer protection to workers, their families and communities,” according to the WARN Act website.

“This decision reflects Ashley’s ongoing efforts to optimize its manufacturing footprint, vertically integrate its facilities and strengthen long-term operational efficiency,” the statement said. “It reinforces our commitment to delivering high-quality products and exceptional service to customers worldwide, while continuing to adapt, grow and operate more efficiently in a dynamic and ever-changing industry.”

In October, the U.S. implemented a 10% tariff on softwood lumber and a 25% duty on certain imported furniture, which remain in effect, according to a White House proclamation. While the Trump administration has said the measures are intended to protect domestic industries and national security, higher costs are pressuring furniture makers that rely on global supply chains. 

GET FOX BUSINESS ON THE GO BY CLICKING HERE

The home furnishing sector has also taken a hit as fewer Americans are moving, with mortgage rates hovering around 6% and pending home sales down 5.8% year over year, according to February data from the National Association of Realtors.

Ashley’s move follows broader industry changes, including store closures by companies such as IKEA and layoffs across the auto parts and logistics sectors, potentially signaling a wider recalibration of U.S. manufacturing in 2026.

READ MORE FROM FOX BUSINESS