Mortgage rates top 7 percent for first time in years
The average long term U S mortgage rate rose to 7.08 percent, the first time above 7 since 2002, as Fed rate hikes aimed at taming inflation push borrowing costs higher. Freddie Mac reports the 30 year rate up from 6.94. 3.14 percent a year ago.
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U.S
Federal Reserve
Freddie Mac
Mike
Fratantoni
Mortgage Bankers Association
U S economy grows 2.6 percent in third quarter
The Commerce Department reports the U S GDP rose 2.6 percent at an annual rate from July through September, ending two quarters of contraction. Strong exports and consumer spending supported growth amid high inflation and rising rates, with housing investment falling sharply due to higher mortgage costs.
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Jerome Powell
Rabeela Farooqi
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Mixed Stock Close as Meta Drops Amid Tech Lows
Wall Street finished mixed with the S&P 500 down 0.6 percent and the Nasdaq down 1.6 percent while the Dow rose 0.6 percent. Meta Platforms plunged 24.6 percent after a revenue decline and weak ad demand, Alphabet fell 2.9 percent, Microsoft down 2 percent, and Amazon slid 19 percent after hours on weak quarterly guidance. Construction equipment maker Caterpillar jumped 7.7 percent lifting the Dow. Treasury yields fell, boosting nonreporting stocks. The economy grew 2.6 percent last quarter.
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Megan Horneman
Verdence Capital Advisors
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Musk says Twitter buy aims to aid humanity not a free-for-all
Elon Musk seeks to soothe advertisers ahead of the $44 billion Twitter deal deadline. He says the purchase will create a common digital town square with open debate while avoiding a free-for-all hellscape. He stresses warmth for all users and acknowledges risks of failure.
MENTIONED IN THIS ARTICLE
Elon Musk
Twitter
Musk
Tesla
Pinar Yildirim
University of Pennsylva
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