Mortgage rates dropped this week to the lowest level since September 2022, 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 fell to 6.01% from last week’s reading of 6.09%. 

The average rate on a 30-year loan was 6.85% a year ago.

RENT BECOMING MORE AFFORDABLE FOR MANY AMERICANS AS MARKET STABILIZES

The average rate on the 30-year fixed mortgage fell to 6.01% this week, Freddie Mac said. (Ty Wright/Bloomberg via Getty Images)

“This lower rate environment is not only improving affordability for prospective homebuyers, it’s also strengthening the financial position of homeowners,” said Sam Khater, Freddie Mac’s chief economist. “Over the past year, refinance application activity has more than doubled, enabling many recent buyers to reduce their annual mortgage payments by thousands of dollars.”

The average rate on a 15-year fixed mortgage fell to 5.35% from last week’s reading of 5.44%.

TEXAS CAPITAL’S HOUSEHOLD GROWTH SURGES, FAR OUTPACING NATIONAL RATE

US HOME PRICES ARE RISING – BUT THESE FAST-GROWING MARKETS REMAIN AFFORDABLE

Mortgage rates are affected by several factors, including the Federal Reserve and geopolitics. 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 4.08% as of Thursday afternoon.

“This dip from 6.09% last week follows a notable slide in the 10-year Treasury yield, which hit its lowest point since late November 2025 after last week’s softer-than-expected CPI reading and a relatively optimistic jobs report,” said Realtor.com senior economist Jake Krimmel.

The average rate on a 15-year fixed mortgage fell to 5.35% from last week’s reading of 5.44%. (Mike Blake/Reuters)

Krimmel also said that the lower rates are setting the stage for the spring homebuying season.

“There is a chance to be nearly a full percentage point lower than that this spring, which would meaningfully boost purchasing power,” he said. “However, the supply side remains mixed: new construction in 2025 finished behind 2024, and inventory growth has clearly lost steam.”

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Krimmel noted, however, that if the mortgage “lock-in effect” doesn’t ease, lower rates could reignite competition in the market and lead to a spike in prices.

“Shark Tank” investor Kevin O’Leary tore into California Democrats as “terrible managers” over a proposed billionaire wealth tax Thursday, urging state residents to fire their leaders and “hire somebody else.”

“Why don’t the people of California say, ‘We have terrible managers?’” O’Leary asked on “Varney & Co.”

“They never talk about why expenses are going up, why they should cut government. Their services aren’t any better than what I’m getting here in Miami, and we control these things. We have better managers, so get the whacking stick out and do the right thing. Hire somebody else.”

The criticism comes as California lawmakers weigh a one-time 5% tax on residents worth more than $1 billion, a proposal that would apply to individuals who lived in the state as of Jan. 1 and could come due next year, FOX Business’ Connor Hansen reported.

WASHINGTON POST CITES U-HAUL DATA IN CALIFORNIA EXODUS TO ‘PRO-GROWTH’ STATES, SAYS ‘DECLINE IS A CHOICE’

Kevin O’Leary, chairman of O’Leary Ventures, arrives to speak before the Senate Committee on Aging and the House Select Committee on the Chinese Communist Party joint hearing April 9, 2025, in Washington, D.C.  (Andrew Harnik/Getty Images / Getty Images)

Supporters of the measure argue it would generate tens of millions of dollars for public programs such as healthcare and education, but opponents warn the levy could force billionaires to liquidate assets or unwind companies to cover the bill, accelerating an exodus of high-net-worth residents and entrepreneurs.

O’Leary said the outcome is already visible.

“When you basically start taxing people for success, it’s un-American,” he said.

CALIFORNIA’S HATRED FOR CAPITALISM IS KILLING THE GOOSE THAT LAID ITS GOLDEN EGG

California Gov. Gavin Newsom speaks during a rally Nov. 8, 2025, in Houston, Texas. Newsom has warned about the negative implications the wealth tax course pose. (Brandon Bell/Getty Images / Getty Images)

“And, as the Constitution provides, competition of states, they move to places like where I am — Miami.”

The proposed measure even raised the eyebrows of California Democratic Gov. Gavin Newsom, who acknowledged the wealth tax is bad economics.

“The evidence is in. The impacts are very real — not just substantive economic impacts in terms of the revenue, but start-ups, the indirect impacts of … people questioning long-term commitments, medium-term commitments,” Newsom said.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

“That’s not what we need right now at a time of so much uncertainty. Quite the contrary.”

He predicted the measure “will be defeated.”

House Republicans have moved to block the proposal at the federal level, introducing legislation that would prevent states from retroactively taxing residents even after they relocate to lower-tax jurisdictions.

FOX Business’ Kristen Altus contributed to this report.

Lionel Messi and Son Heung-min are set to face off for the first time in Major League Soccer when reigning champions Inter Miami CF visit Los Angeles FC in the 2026 season opener Saturday at the historic Los Angeles Memorial Coliseum, a matchup billed as the league’s biggest star clash since Messi’s arrival and a perfect curtain-raiser for MLS’s World Cup year.

The game, kicking off at 9:30 p.m. ET (6:30 p.m. PT) as the inaugural Walmart Saturday Showdown on Apple TV, pits the Argentine legend against the South Korean superstar in what could be a preview of high-profile battles throughout the campaign. Messi, who led Inter Miami to the 2025 MLS Cup and back-to-back Landon Donovan MVP awards, returns from a minor hamstring strain that sidelined him briefly but saw him back in full training Feb. 18. Son, in his first full MLS season after joining LAFC mid-2025 from Tottenham Hotspur in a record transfer, dazzled with 12 goals and four assists in 13 appearances (including playoffs), earning MLS Goal of the Year honors.

The venue shift from BMO Stadium to the 77,000-plus capacity Coliseum — the first time LAFC has moved a home match — reflects massive anticipated demand for the generational showdown. Tickets sold briskly, with expectations of a near-sellout crowd drawn by the two global icons and supporting talent like Denis Bouanga (LAFC’s 2025 Golden Boot contender) and Inter Miami’s Rodrigo De Paul.

Messi enters 2026 as MLS’s undisputed face, having tallied 29 goals and 19 assists in the 2025 regular season before adding a postseason record 15 goal contributions en route to the title. At 38, he uses league play to stay sharp for what may be his final World Cup this summer in the U.S., Mexico and Canada. Son, 33, brings explosive pace, elite finishing and leadership — he captained South Korea — to LAFC, where he formed a lethal partnership with Bouanga (combined 25 goals, eight assists post-arrival in 2025). His free-kick wizardry and versatility make him a preseason MVP favorite alongside Messi.

Head-to-head history is limited: the pair met twice internationally (Argentina vs. South Korea friendlies or qualifiers), with Messi edging the record 1-0-1 in those encounters, scoring twice while Son contributed one assist. No prior club clashes exist, making Saturday’s meeting a fresh chapter. Comparisons highlight Messi’s unmatched vision and playmaking (career assists leader) against Son’s directness and work rate, though Messi’s trophy haul (World Cup, multiple Ballon d’Or) dwarfs Son’s Premier League and Asian records.

Both teams boast strong squads: Inter Miami features World Cup winners and a younger, faster core after offseason tweaks, while LAFC adds depth around Son and goalkeeper Hugo Lloris (another World Cup captain). The match tests Miami’s title defense against LAFC’s ambition to dethrone them.

MLS Commissioner Don Garber called it “the perfect way to launch a season in a World Cup host nation,” emphasizing the league’s star power. Broadcast on Apple TV globally (with local options), the game draws eyes from Argentina, South Korea and beyond, where fan bases for both players are massive.

As Messi and Son prepare — Messi rested selectively, Son skipping some preseason to peak — the clash promises fireworks. LAFC seeks revenge after Miami’s 2025 dominance, while Inter Miami aims to start strong in their back-to-back bid.

With kickoff approaching, anticipation builds for what could be MLS’s defining moment of 2026.

A Seoul court sentenced former President Yoon Suk Yeol to life imprisonment with hard labor on Thursday after finding him guilty of leading an insurrection through his short-lived declaration of martial law in December 2024, marking the most severe punishment ever imposed on a South Korean head of state in the democratic era.

The Seoul Central District Court ruled that Yoon, 65, masterminded a grave attack on constitutional order by mobilizing troops to surround the National Assembly, attempting to arrest political opponents and seizing control of the national election commission during the six-hour crisis on Dec. 3, 2024. Prosecutors had sought the death penalty, arguing the actions threatened decades of democracy, but the court opted for life imprisonment, noting the plot’s failure to cause casualties or widespread violence.

Yoon, who served as president from May 2022 until his removal in April 2025, was impeached by the National Assembly on Dec. 14, 2024, just 11 days after the martial law order. The Constitutional Court upheld the impeachment unanimously on April 4, 2025, ousting him from office. He became the first sitting president in South Korean history to face arrest in January 2025 and has been in custody since July 2025 while facing multiple trials.
The insurrection charge carried the heaviest penalty among several related indictments.

Yoon claimed the martial law was necessary to combat “anti-state forces” and alleged election fraud, but provided no evidence. The court described the episode as an “insurrection from the top,” involving senior officials including former Prime Minister Han Duck-soo (sentenced to 23 years last month), ex-Defense Minister Kim Yong-hyun (30 years) and others jailed for their roles.

Yoon is already serving a five-year term from a January 2026 ruling for abuse of power, obstructing arrest and related offenses tied to the martial law declaration. He faces at least three more trials on additional charges. His legal team is expected to appeal the life sentence within a week, though analysts anticipate prolonged proceedings.

The verdict caps a tumultuous period that plunged South Korea into its worst political crisis in decades, testing democratic institutions and exposing deep polarization. Yoon’s supporters rallied outside the courthouse, while critics celebrated the ruling as accountability for an unprecedented power grab.

The martial law attempt — Yoon’s declaration on live television to root out alleged threats — triggered immediate backlash, with lawmakers reconvening to vote it down within hours. The episode led to Yoon’s impeachment, removal and a snap presidential election in June 2025, won by opposition leader Lee Jae-myung of the Democratic Party.

Yoon’s presidency, marked by conservative policies, tensions with North Korea and domestic scandals, ended amid the fallout. His conviction makes him the first elected South Korean leader to receive a life sentence, though the country has not executed anyone since 1997 despite retaining capital punishment.

Reactions poured in Thursday: President Lee Jae-myung remained silent, while opposition figures hailed the decision as upholding democracy. Supporters decried it as politically motivated. The ruling could influence South Korea’s political landscape ahead of future elections, with Yoon disqualified from public office for five years under separate penalties.
As Yoon begins serving the life term, the case underscores the resilience of South Korea’s democracy amid a grave constitutional challenge.

An awkward on-stage moment stole attention from discussions on artificial intelligence’s future at the India AI Impact Summit on Thursday, as OpenAI CEO Sam Altman and Anthropic CEO Dario Amodei conspicuously avoided holding hands during a group photograph with Indian Prime Minister Narendra Modi and other tech leaders.

The incident, captured on video and quickly going viral across social media, highlighted the long-simmering rivalry between the two former colleagues now leading competing AI companies. While most executives linked arms and raised them in a show of unity for the ceremonial photo at Bharat Mandapam, Altman and Amodei — positioned next to each other — raised their arms separately, opting for fists instead of clasped hands, and appeared to avoid eye contact.

The summit, running February 16-20 under India’s IndiaAI Mission, has drawn global attention as a platform for debating AI’s opportunities and risks, with India’s “MANAV” vision emphasizing human-centric development. Thursday’s events included keynotes from industry heavyweights, but the brief photo op became the day’s most talked-about clip.

Prime Minister Modi initiated the gesture, holding hands with Google CEO Sundar Pichai on one side and Altman on the other before raising arms. The chain extended across the stage to include leaders like DeepMind CEO Demis Hassabis, Microsoft Vice Chair Brad Smith and others. Altman and Amodei, standing adjacent, broke the link by not connecting.

Altman later addressed the moment lightly, telling reporters he “was sort of confused and didn’t know what I was supposed to be doing” during the orchestrated pose. No formal comment came from Amodei or Anthropic on the incident, but the optics fueled speculation about deeper tensions.

The two men share a complicated history. Amodei, along with his sister Daniela Amodei and other researchers, left OpenAI in 2020-2021 citing concerns over the company’s shift toward commercialization and away from its original nonprofit mission focused on safe AGI development. They founded Anthropic in 2021 as a direct counterpoint, prioritizing AI safety through approaches like constitutional AI in models such as Claude.

Tensions escalated publicly in recent months. Anthropic reportedly ran attack-style advertisements during the Super Bowl earlier in 2026, subtly critiquing competitors’ approaches to AI risks without naming OpenAI directly. Altman has defended OpenAI’s path, emphasizing rapid innovation balanced with safeguards, while Amodei has positioned Anthropic as more cautious on existential threats.

Both companies compete fiercely for talent, compute resources and market share in the generative AI space. OpenAI’s ChatGPT remains a household name, but Anthropic’s Claude series has gained traction among enterprises valuing interpretability and safety features. The rivalry reflects broader debates in the AI community over speed versus caution in pursuing advanced systems.

The India AI Impact Summit provided a rare in-person convergence of these leaders. Altman arrived emphasizing India’s potential as a “full-stack AI leader” — not just an adopter but a builder of the technology. He highlighted collaborations, including partnerships with Indian firms for AI infrastructure. Amodei, in his keynote, praised India’s role in balancing AI opportunities with risk mitigation, aligning with the summit’s themes.

Other attendees included Meta’s Chief AI Officer (noted in some reports as Alexandr Wang, though typically associated with Scale AI; clarifications pointed to Meta representatives), Infosys CEO Salil Parekh, HCLTech Chairperson Roshni Nadar Malhotra and Adani Group executives. The event aimed to showcase India’s ambitions in AI under the government-backed mission, including compute access, talent development and ethical frameworks.

Social media erupted with memes and commentary. Users on platforms like X (formerly Twitter) and Reddit noted the “AI cold war” playing out visibly, with some joking about the need for “better prompt engineering” in group photos. Others saw it as symbolic of fractured unity in an industry facing regulatory scrutiny worldwide.

The moment underscores how personal and philosophical divides persist even amid global cooperation calls. AI leaders often stress collaboration on safety standards, yet competitive pressures — from funding rounds to model releases — keep rivalries sharp.

No escalation followed the photo. Sessions continued with panels on AI’s economic impact, workforce transformation and governance. Altman is scheduled for a student interaction at IIT Delhi on Friday, while the summit wraps up with more policy-focused discussions.
For India, hosting such figures signals its growing clout in global tech. The government’s push for sovereign AI capabilities, data centers and skill-building programs drew praise from attendees, even as the viral awkwardness reminded observers that tech’s brightest minds don’t always align seamlessly.

As AI advances rapidly, moments like Thursday’s hand-holding snub serve as a reminder: behind the algorithms and valuations lie human egos, differing visions and unresolved questions about who shapes the technology’s trajectory.

The Trump administration is stepping up its push to reinvigorate the U.S. coal industry as it pursues its goal of boosting energy security.

Last week, the Department of Energy announced that it would provide $175 million in funding for projects to modernize, retrofit and extend the useful life of six coal-fired power plants that serve rural and remote communities. 

The agency said the move is intended to keep dependable sources of energy online, while also strengthening the reliability of the electric grid and keeping electricity costs low for American households and businesses.

The funding came from a previously announced $525 million plan to extend the life of coal plants and increase efficiency, as the administration views modernizing existing plants as a fast and cost-effective way to provide reliable power while preserving high-wage energy jobs.

COAL PLANTS STEP UP AS HISTORIC WINTER STORM PUSHES US POWER GRID TO THE BRINK

The Trump administration is providing funds to support coal power plants as part of the nation’s energy mix. (Jeff Swensen/Getty Images)

“For years, previous administrations targeted America’s coal industry and the workers who power our country, forcing the premature closure of reliable power plants, and driving up electricity costs,” said Energy Secretary Chris Wright. 

“President Trump has ended the war on American coal and is restoring common-sense energy policy. These investments will keep America’s coal plants operating, keep costs low for Americans, and ensure we have the reliable power needed to keep the lights on and power our future,” Wright added.

TRUMP ADMIN CANCELS $30B IN BIDEN-ERA LOANS

The administration’s will fund projects to extend the life of coal-fired power plants. (Jim Urquhart/Reuters)

The coal-fired power plants that were selected as part of the $175 million project include:

• Appalachian Power Company’s facilities in Letart and Winfield, West Virginia
• Buckeye Power’s plant in Brilliant, Ohio
• Duke Energy Carolinas’ plants in Sauaratown Township, North Carolina
• Kentucky Utilities Corporation’s facility in Ghent, Kentucky
• Monongahela Power Company’s power plant in Maidsville, West Virginia
• Ohio Valley Electric Corporation’s plant in Cheshire, Ohio

Electricity demand is surging amid the artificial intelligence (AI) race, as data centers that consume vast amounts of energy become a bigger drain on the grid.

TRUMP ENERGY CHIEF OUTLINES COAL’S ‘CRUCIAL’ ROLE IN AFFORDABILITY AS ADMIN PUSHES TO KEEP PLANTS RUNNING

Coal’s share of electricity generation has declined rapidly in recent decades. (Justin Merriman/Bloomberg via Getty Images)

The Trump administration’s push to boost coal as a part of the nation’s energy mix comes after years of decline as coal power plants closed. Coal’s decline came amid the rise of natural gas and renewable energy sources as energy sources.

Data from the Energy Information Administration (EIA) shows that coal’s total output for electricity generation peaked in 2007, when it was the source of 2,016 billion kilowatt-hours of electricity. 

That figure declined to 675 billion kilowatt-hours as of 2023, when coal’s share of electricity generation was 16.2%. Coal last generated over half of the nation’s electricity in the early 2000s and peaked as a proportion of the energy mix in the 1980s.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Natural gas surpassed coal as the country’s largest source of electricity in 2016, and EIA data showed natural gas generated 43.1% of the nation’s electricity in 2023.

Business Improvement Districts say ‘this is too complex an issue to be rushed’

Hospitality bodies in Liverpool and Manchester have joined forces to urge the Government to take its time over plans for a national “tourist tax” to avoid another u-turn.

Last week hotels and holiday companies around the country – including many in the North – signed an open letter calling for the Government to scrap plans for a visitor levy. The policy, which a number of Northern mayors have indicated they want to take up, allows areas to levy a small charge on overnight stays to raise money for infrastructure improvements and projects that benefit the tourism sector.

Industry body UK Hospitality says it has “serious concerns about the timing and impact of the plans”, warning that the industry is also struggling with rising costs from other Government measures.

Now the Accommodation Business Improvement Districts (ABIDs) in Liverpool and Manchester have issued a joint statement that calls for the introduction of the levy to be at least slowed down.

The statement says: “This is too complex an issue to be rushed and we would urge the Government to slow down and think this through. There has been limited opportunity to speak to the business sector it directly impacts; hotels and hospitality.

“The reason the ABID model and visitor levy works so well in Manchester and Liverpool is because it is private sector led, it puts the hotel industry at the heart of the strategy and it gives them a voice. It took years of work, consultation, talking and planning to get this right. This is a ground-up approach that is generating real economic results for both cities because it has empowered the industry to have a say in the visitor economy.

“Over the next 2-years, the two ABIDs are forecast to invest upwards of £17 million in Manchester and Liverpool, making the cities more appealing to visitors and improving local prospects with more investment, more jobs, greater opportunity and increased pride.

“Instead, as we have said to the government as part of this consultation exercise, the plans for a so-called national “tourist tax” have not given the industry a voice and are too vague, currently. Instead it burdens them with another layer of bureaucracy and taxation. This is a sector that is at the forefront of business rates increases. There is a real risk that a proposal that is not planned out, that disregards the complexity of the situation ends up hitting a city driven regeneration policy and undermines two years of good work.

“We cannot afford another u-turn, we need solid and sound plans to be put in place before any decisions are made.

“We are working with our stakeholders across the UK but we would say slow down, let’s do this right the first time, not have to pick up the pieces further down the road.”

Bill Addy, chief executive of Liverpool BID Company, and Vaughan Allen, chief executive of CityCo in Manchester, have jointly written to the Ministry of Housing, Communities and Local Government to respond to the Government’s consultation.