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Food, 10.1%. and gas up 48.7%. but gas prices, not necessarily deterring potential buyers at this southern california car dealership. demand is high. supply is still low, and we re still in shortage era. this paired with the high interest rates making it difficult for buyers. we don t see prices decreasing much, and even if they do, just keep in mind the interest rates are rising so the cost of borrowing money is going up, so that just means you re still going to be paying as much or nearly as much as you were even if those prices go down. car, home and student loans all higher. interest rates on a 30-year fixed mortgage have jumped from 2.93 to 5.78% in the last year. this is how it looks. reporter: he wishes his interests would have been lower but says it was his need and want that motivated his new car ....
The s&p 500 ended its first week since march of 2020. that is when the pandemic hit. for a second straight day, the dow closed between 30,000. americans are filling the worst inflation now since 1981. consumer prices shot up by 8.6% ending in may. record gas prices and skyrocketing airline tickets are battering summer travel plans. just a few days ago, the federal reserve raised the target rate for bank borrowing in hopes of controlling inflation. that has pushed mortgage rates to their highest since 2008. the average for a 30 year mortgage now sits at 5.78%. for reference, back in december, that was 3.1%. new data shows the cost of a backyard cookout is up more than 20% from one year ago. the political calculations compared data from the data bureau one year ago to this ....
Weak housing data. the data do suggest that the housing market is cooling. u.s. home building fell to a 13-month low in may. permits tumbled. and due to a combination of factors really. inflation. persistence of supply chain issues. and the uncertain economic outlook. meanwhile, on the rate side of things, we ve seen another step higher in mortgage rates. the popular 30-year fixed mortgage jumped by the biggest margin this week, since 1987, to 5.78%, and that is up from 5.23% the week before, and to the highest level since 2008. so rates are huizing. making it are rising, making it less affordable for first time home buyers to get into the market. yes, this data shows that the housing market is showing some signs of cooling. one more, rev lon filed yesterday for chapter 11 bankruptcy protection as it grapples with supply chain issues, how much help do you think the company needs to stay ....
Are now not going to be in favor anymore. they are probably not going to be in favor in the near term. i agree, you need to keep investing. this is when you build your retirement wealth when stocks are going down. keep investing. if you are close to retirement or 529 savings plans, eye kid going to college, then you have to think about pulling back and make it more liquid. again, nobody knows for sure. no one has a crystal ball that says there s going to be a recession. the psyche is very grim. sometimes ta that can feed into recession worries. we know the fed is taking considerable work here to try to jack up interest rates and cool off inflation. and you can see that in the housing market. anybody trying to buy a house right now, mortgage rates leapt 5.78%. they were below 3% late last year. that is remarkable. a lot of people, their biggest ....
Investors concerned that the fed s aggressive moves to tame inflation could flip the economy into a recession. but inflation trouble is everywhere. the red hot housing market that we thought would happen forever is showing signs of cooling. shortage rates hit 5.78%. biggest weekly jump since 1987. and new housing starts plunged 14% between april and may because of rising mortgage rates. the fed is trying to cool it off. and kroger says that shoppers are switching from name brands to store brands and switching from beef to pork. and gas prices seem to be holding steady at about 5 bucks a gallon. still up a few pennies from a week ago. coming up, cheap gas and cleaner planet, can joe biden have it both ways some. and next, a third american goes missing from the fight in ukraine. ....