Business
Mortgage rates tick slightly higher this week with 30-year at 6.49%
Rep. Troy Downing, R-Mont., joins Mornings with Maria to discuss President Donald Trump’s decision to cancel a housing bill signing until the Senate advances the SAVE America Act.
Mortgage rates ticked slightly higher this week, but were little changed, mortgage buyer Freddie Mac said on Thursday.
Freddie Mac’s latest Primary Mortgage Market Survey, released Thursday, showed the average rate on the benchmark 30-year fixed mortgage rose to 6.49% from last week’s reading of 6.47% and 6.52% the week before last.
The average rate on a 30-year loan was 6.77% at this time a year ago.
HOUSING AFFORDABILITY UNLIKELY TO RETURN TO MORE FAVORABLE LEVELS OF THE PAST, ECONOMIST SAYS

Mortgage rates ticked slightly higher in the last week, according to Freddie Mac. (Daniel Acker/Bloomberg via Getty Images)
“The average 30-year fixed mortgage rate was little changed this week at 6.49%,” said Sam Khater, chief economist at Freddie Mac.
“Rates have remained relatively stable over the last six weeks. Meanwhile, purchase activity eased modestly and eased modestly and refinance activity has continued to pick up recently, reflecting borrowers’ responsiveness to current rate levels,” Khater added.
The average rate on a 15-year fixed mortgage also moved slightly higher, rising to 5.84% as of Thursday. That’s an increase from last week’s reading of 5.81%, though it remains below the average rate of 5.89% from a year ago.
INCOME NEEDED TO AFFORD A MEDIAN-PRICED HOME HAS NEARLY DOUBLED SINCE 2020, REPORT FINDS
Mortgage rates are affected by several factors, including the Federal Reserve and geopolitics. Although mortgage rates aren’t directly affected by the Fed’s interest rate decisions, they closely track the 10-year Treasury yield. The 10-year yield hovered around 4.4% as of Thursday afternoon.
The latest mortgage data comes a little over a week after the Federal Reserve voted to hold its benchmark interest rate steady at a range of 3.5% to 3.75% amid concerns about stubbornly high inflation that has trended higher due to the Iran war constraining oil supplies.
Fed policymakers voted unanimously to hold rates steady because of the elevated inflation following newly-minted Fed Chair Kevin Warsh’s first policy meeting as the central bank’s leader. Their economic projections on the so-called “dot plot” showed nine members of the 17-member Federal Open Market Committee projecting a rate hike before the end of this year.

Mortgage rates have held relatively steady over the last six weeks. (Brett Coomer/Houston Chronicle via Getty Images)
FEDERAL RESERVE LEAVES INTEREST RATES UNCHANGED AS WARSH ERA BEGINS
The Commerce Department on Thursday released the personal consumption expenditures (PCE) index – the Fed’s preferred inflation gauge – which showed that headline PCE inflation was up 4.1% from a year ago, while core PCE was 3.4% higher.
Both metrics are well above the Fed’s long-run target of 2% inflation, which has diminished the market’s expectations for the central bank to cut interest rates this year.
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The CME FedWatch as of Thursday shows that rates remaining at their current levels through the end of the year is the most likely outcome, while it also shows a greater probability of one or more rate hikes this year than a rate cut.
Business
ARKO Petroleum Stock: A Promise Of Double-Digit Yield From Fuel Distribution (NASDAQ:APC)
I focus on investment ideas about companies that pay a (healthy) dividend and have a clear potential for capital appreciation. I like to find good businesses which reward shareholders. The shares of the company should be for a temporary reason undervalued in relation to its fundamentals, peers and/or historical levels. Technically and fundamentally there needs to be high odds for capital appreciation preferably by foreseeable catalysts. These elements provide a simple filter to invest in companies that reward shareholders in two ways. I often cover HVAC related stocks. That’s the industry I was professionally involved in before turning into a full-time private investor.
Analyst’s Disclosure: I/we have a beneficial long position in the shares of APC either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
Business
Living with parents again? How to make it work while saving to move out
Caroline Bentham, 37, who has lived with her mother Mary in Yorkshire for nearly seven years, says the experience has been really positive – although she “never imagined this would be me in my 30s”.
She split from her partner in 2019 and was only supposed to live with her mum for six to 12 months while she started her PhD. But then the pandemic hit, along with various other life events, and she says it “kept making sense” to stay.
The transition to living together again was a “real challenge” at first, she says, as her mum struggled to give up control in areas like the kitchen. They also had “lots of arguments” as they worked out “how to be around each other”.
“It might sound cliché but we had to learn a new way of communicating,” she says.
One of the biggest benefits of living with her mother is the emotional support they give each other, Caroline says. But she admits the arrangement is sometimes not great for her self-esteem and there is “definitely a stigma about living with parents”.
Tips for adults who live with their parents
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Agree practical expectations around finances, chores, visitors, quiet times and shared spaces
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Recognise that living at home does not mean reverting to dependence and contribute where you can, financially and/or in terms of housework
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Don’t assume old family roles still apply: what worked when you were 16 is unlikely to work when you are 36
Source: Relate
Christodoulidi says one of the overlooked advantages of living as an adult with a parent is the chance to know each other differently.
“Parents often begin to see their child as another adult, while adult children gain a fuller understanding of their parents as people rather than simply as parents.”
She also says society needs to ditch the stereotype that adult children who still live at home have “failed to launch”.
Natasha says it helps to remind herself that living with her family is a “temporary” situation that will “lead to a better outcome in the future”.
The extra time she gets to spend with her parents is a “blessing”, she adds.
“One day I’ll move out, get married and have my own family, and I won’t have as much time with them,” she says.
Business
Wall St ends mixed as shares in tech companies slide
The Nasdaq has closed lower, dragged down by losses in big tech shares, while the S&P closed near flat and the Dow closed higher as investors digested new economic data.
Business
China auto demand remains weak but recovery window is approaching – Morgan Stanley

China auto demand remains weak but recovery window is approaching – Morgan Stanley
Business
Global Market Today: Asian stocks decline led by tech, oil holds steady
A gauge of Asian equities was down 1.1%, while South Korea’s tech-heavy Kospi dropped over 3%. US futures were little changed. The moves followed a choppy session on Wall Street, marked by heightened volatility in the tech sector. The S&P 500 ended flat, failing to sustain an early rally fueled by Micron Technology Inc., as Apple Inc.’s shares slid 6.1%. The iPhone maker led the Magnificent Seven lower after it raised prices on Macs, iPads and home devices.
Oil was in focus again after a projectile strike on a vessel in the Strait of Hormuz saw Brent crude climb on Thursday, snapping a three-day decline. Prices edged lower in early Asia trading. Meanwhile, bond traders priced in slightly lower expectations for a Federal Reserve interest-rate hike in the months ahead after the central bank’s favored inflation gauge rose less than estimated.
The equity market’s recent swings highlight investors’ growing unease over whether the tech giants that have powered the rally for much of the past two years can continue to justify the high expectations embedded in share prices. Concerns over AI spending have driven sharp moves in chip stocks this week, and while those worries eased after Micron’s results, volatility in the sector remains high.
“A few cracks have developed in the tech sector recently,” said Matt Maley at Miller Tabak. “Therefore, we believe it will be extremely important to watch how these hyperscalers trade going forward because if they continue to decline, it’s going to make it very tough for the rest of the market to advance.”
The Nasdaq 100 Index finished up 0.8% on Thursday, after having climbed as much as 2.1%. Besides Micron’s rally following its blockbuster results and outlook, Qualcomm Inc. shares also jumped after it forecast annual sales of more than $15 billion from artificial intelligence components in data centers by fiscal 2029.
That optimism was missing in early Asian trading, with shares of SK Hynix Inc., Samsung Electronics Co. and Kioxia Holdings Corp. among the biggest drags on the regional benchmark. Elsewhere, OpenAI is leaning toward holding off on an initial public offering until 2027, the New York Times reported, citing three people involved in the company’s deliberations.Meanwhile, the Fed’s preferred inflation gauge, the personal consumption expenditures price index, rose 0.4% in May, below economists’ median estimate for a 0.5% increase. The annual rate accelerated to 4.1%, well above the Fed’s 2% target. A separate report showed the US economy grew at an annualized 2.1% pace in the first quarter, faster than previously estimated.
Interest-rate swaps linked to future Fed rate decisions showed a drop in wagers on a hike this year, pricing in about 34 basis points of tightening by the December policy meeting versus some 36 basis points at Wednesday’s close. The chance of a rate increase next month dwindled to about one-in-three.
Federal Reserve Bank of New York President John Williams said interest rates are well positioned to bring inflation back toward the central bank’s target.
“The worst of inflation and consumer angst may be mostly behind us,” said Brian Jacobsen at Annex Wealth Management. “As long as gasoline prices trend lower, inflation expectations will likely follow suit.”
In commodities, gold was steady after rebounding above $4,000 an ounce in the previous session as traders tempered expectations for interest-rate hikes.
Business
Fortescue harassment lawsuit sparks demand for answers
Fresh allegations of sexual harassment at mining sites highlight the need to stamp out a “toxic culture of cover-up” in the industry, a state politician says.
Business
Vedanta Resources buyback offer gets $943 million bond bids
The early tender results represent about 45% of the $2.1 billion outstanding across four bond series maturing between 2030 and 2033. Debt capital market executives said it was a good response from investors because a large portion of them are comfortable holding the bonds due to their attractive yields and Vedanta’s improving refinancing profile.
Business
Short positions in G-Secs on cards to improve liquidity
It also laid down a detailed framework for trading in “when-issued” securities, which are bonds that have been announced by the government but have not yet been issued.
Market participants are required to send their inputs by July 17.
The Reserve Bank of India has unveiled draft rules allowing participants to take short positions in government securities, aiming to boost market liquidity and price discovery. A detailed framework for trading “when-issued” securities, bonds yet to be officially released, is also introduced. These measures, with specific limits for banks, primary dealers, and others, are open for public feedback until July 17.
Short positions of 2% of the outstanding stock or ₹500 crore, whichever is higher, will be allowed for liquid government securities.
Banks and standalone primary dealers (PD) will be allowed to take both long and short positions of up to 25% of the notified auction amount, while all other eligible participants will be subject to a 10% limit, the draft proposal said.
“This would establish a market-clearing price before the bond even enters circulation,” a bond trader at a PD said. “More active when-issued trading could also reduce uncertainty around auction outcomes and improve secondary market liquidity once the bonds begin trading.”
For other, illiquid government bonds, the limit for short positions has been set at 1% of the outstanding stock or ₹250 crore, whichever is higher, the draft said.Short selling allows traders to sell bonds they do not currently own, with the expectation of buying them back later at a lower price.
The RBI has stipulated that such positions must be covered within three months through outright purchases in the secondary market, primary auctions or the when-issued market.
Clearer limits on position and operational guidelines could improve liquidity and price discovery in government securities, by allowing traders and primary dealers to express views on interest rates more efficiently, market participants said.
The draft directions also lay down a detailed framework for trading in “when-issued” securities. RBI announces bonds on a Monday, while the auction is held on a Friday.
Business
Advance Auto Parts: Turnaround Is Improving, But Still Too Early To Buy
Advance Auto Parts: Turnaround Is Improving, But Still Too Early To Buy
Business
Qualcomm to Acquire AI Software Firm Modular in $3.9 Billion Stock Deal
Qualcomm QCOM 4.02%increase; up pointing triangle agreed to acquire the AI software company Modular for about $3.9 billion, in a bid to make artificial intelligence faster and cheaper for its customers.
The semiconductor company said Wednesday that, as consideration for the acquisition, Qualcomm expects to issue up to 19.2 million shares of its common stock to equity owners of Modular. That values the deal at around $3.92 billion, based on Qualcomm’s closing price of $204.13 on Tuesday.
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