All posts tagged: Collections: Business

Average US Long-Term Mortgage Rate Rises to 6.22%, Highest Level in More Than 3 Months

Average US Long-Term Mortgage Rate Rises to 6.22%, Highest Level in More Than 3 Months

Published by Sam Flores

The average long-term U.S. mortgage rate climbed this week to its highest level in more than three months, a setback for prospective home shoppers this spring homebuying season. The benchmark 30-year fixed rate mortgage rate rose to 6.22% from 6.11% last week, mortgage buyer Freddie Mac said Thursday. One year ago, the rate averaged 6.67%. When mortgage rates rise, they can add hundreds of dollars a month in costs for home shoppers, limiting what they can afford to buy. Only three weeks ago, the average rate had dropped to just under 6% for the first time since late 2022, but it has risen every week since the war with Iran started, rattling financial markets and stoking worries about higher inflation due to a spike in energy prices. Meanwhile, borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also rose this week. That average rate inched up to 5.54% from 5.5% last week. A year ago, it was at 5.83%, Freddie Mac said. Mortgage rates are influenced by several factors, from the …

Trump’s Tariffs Are Hurting American Manufacturers Instead of Helping Them

Trump’s Tariffs Are Hurting American Manufacturers Instead of Helping Them

Published by Sam Flores

WASHINGTON (AP) — Jay Allen is a fan of President Donald Trump, and voted for him on the belief that the Republican would cut taxes and trim regulations, helping his manufacturing business in northeast Arkansas. But the tariffs at the core of Trump’s economic agenda have wreaked havoc on his company, Allen Engineering Corp., which makes industrial equipment used to install, finish and pave concrete. The import taxes have raised the costs of engines, steel, gearboxes and clutches made abroad that Allen needs to build power trowels that can sell for up to $100,000 each. Allen said he ran his company at a loss in 2025 because of tariffs. His payroll has fallen to 140 workers from a peak of 205. To get by this year, he has hiked prices by 8% to 10%, even though that might mean fewer sales. “What’s really sad is the unintended consequences of his tariffs are hurting manufacturing in our country,” said Allen. “Unfortunately, the working-class people are getting squeezed.” Manufacturing jobs have declined during Trump’s first year back …

A .5 Billion Deal Would Create a Self-Storage Giant in the U.S.

A $10.5 Billion Deal Would Create a Self-Storage Giant in the U.S.

Published by Sam Flores

A proposed megadeal in the self-storage business would create a $57 billion company overseeing square footage, if it were combined in a single location, of a small city such as Cupertino, California, or Chapel Hill, North Carolina. Public Storage said Monday that it will buy National Storage Affiliates in an all-stock deal worth about $10.5 billion, creating a company with 327 million square feet of storage at nearly 4,600 locations in the U.S. Public Storage said it wants to expand its presence in areas like the Sun Belt and other regions that are likely to grow in population. The deal, if approved, would combine the largest and the fourth-largest U.S. self-storage companies by market capitalization. Extra Space Storage and CubeSmart are the next two largest companies. Public Storage, which has been based in Glendale, California, said this year that it is relocating to Frisco, Texas, near Dallas. National Storage is based in Greenwood Village, Colorado, a suburb of Denver. Investors that hold National Storage common stock and operating partnership units will receive 0.14 of a …

US-China Trade Talks Open in Paris, Paving the Way for Trump-Xi Summit

US-China Trade Talks Open in Paris, Paving the Way for Trump-Xi Summit

Published by Sam Flores

BEIJING (AP) — Representatives from Beijing and Washington began their economic and trade talks in Paris on Sunday, paving the way for U.S. President Donald Trump’s state visit to Beijing to meet Chinese leader Xi Jinping in about two weeks. The delegations, led by U.S. Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng, convened in the French capital in the morning, China’s official news agency Xinhua reported. The White House has said that Trump will travel to China from March 31 to April 2, though Beijing has not officially confirmed it. Bessent said on Thursday that his team will continue to deliver results that put America’s farmers, workers and businesses first. The U.S. Treasury Department said Bessent will meet He on Sunday and Monday. China’s commerce ministry said Friday the two sides are set to discuss “trade and economic issues of mutual concern.” Still, trade remains a source of tensions. The commerce ministry hit back against the Trump administration’s new trade investigation into 16 trading partners, which included China. The investigation — which …

A Strong Chemical Smell Forces a 1-Hour Flight Halt at 4 Major DC-Area Airports

A Strong Chemical Smell Forces a 1-Hour Flight Halt at 4 Major DC-Area Airports

Published by Sam Flores

WASHINGTON (AP) — Four airports serving Washington, D.C., Baltimore and Richmond, Virginia, halted all flights on Friday evening for over an hour because of a strong chemical smell that was impeding air traffic controllers, according to the Federal Aviation Administration. The ground stop affected Ronald Reagan Washington National Airport, Washington Dulles International Airport, Baltimore-Washington International Airport and Richmond International Airport, FAA Secretary Sean Duffy announced on social media Friday. The declaration caused flight delays to soar to roughly two hours across some of the busiest airports in the country. Flights began to leave the airports after 7 p.m. ET on Friday, but the ground stop — which prevents planes from landing at an airport — remained in place. The smell was coming from Potomac TRACON, Duffy wrote, referring to a terminal radar approach control facility that manages air traffic for the Washington, D.C., Baltimore, Richmond, Virginia, and the Richmond-Charlottesville areas, according to the FAA website. A spokesperson for the federal agency didn’t respond to an emailed question clarifying how the smell was affecting traffic controllers …

US Job Openings Rise to a Better-Than-Expected 7 Million Despite Sluggish Labor Market

US Job Openings Rise to a Better-Than-Expected 7 Million Despite Sluggish Labor Market

Published by Sam Flores

WASHINGTON (AP) — U.S. job openings rose to nearly 7 million in January, better than expected at a time when the American labor market has looked sluggish. The 6.95 million job postings in January were up from 6.55 million in December, the Labor Department said Friday. That was higher than economists had forecast. Layoffs fell slightly and the number of Americans quitting their jobs — a sign of confidence in their prospects — slipped modestly. In the hiring boom that followed COVID-19 lockdowns, job openings peaked at a record 12.3 million in March 2022. The American job market is sputtering. Last month, employers cut 92,000 jobs. In 2025, they added fewer than 10,000 jobs a month, weakest hiring outside recession years since 2002. The lingering effects of high interest rates, uncertainty around President Donald Trump’s policies and possibly the increasing use of artificial intelligence appear to be weighing on the labor market. The U.S. economy has been resilient in the face of President Donald Trump’s import taxes and deportations. But the Commerce Department reported Friday …

Blast Rocks Tehran After Israel Threatened to Target Area of Government-Organized Rally

Blast Rocks Tehran After Israel Threatened to Target Area of Government-Organized Rally

Published by Sam Flores

DUBAI, United Arab Emirates (AP) — A large explosion rocked an area of Iran’s capital where thousands were gathered Friday for an annual state-organized rally to support the Palestinians and call for Israel’s demise. Israel had warned that it would target the area in central Tehran. There were no immediate reports of casualties. But the decision to proceed with the mass demonstration that was attended by some senior government officials, and Israel’s threat to target the area, underscored the fierce determination on both sides nearly two weeks into a war that has rattled the global economy and shows no sign of letting up. Iran has continued to launch widespread missile and drone attacks on Israel and neighboring Gulf states, and has effectively closed the Strait of Hormuz, through which a fifth of the world’s traded oil passes, even as U.S. and Israeli warplanes pummel military and other targets across Iran. The U.S. military confirmed on Friday that all six crew members of an American KC-135 refueling plane were killed when it crashed in Iraq. With …

Bessent Will Meet China’s Vice Premier in Paris Ahead of Trump’s Visit to Beijing

Bessent Will Meet China’s Vice Premier in Paris Ahead of Trump’s Visit to Beijing

Published by Sam Flores

WASHINGTON (AP) — U.S. Treasury Secretary Scott Bessent will meet with Chinese Vice Premier He Lifeng on Sunday and Monday in Paris for a new round of trade talks, the Treasury Department said, paving the way for President Donald Trump’s state visit to Beijing starting March 31. The talks between He and Bessent are seen as preparatory work for the state visit that Beijing has not confirmed. The White House has said Trump is traveling to meet Chinese President Xi Jinping, and it’s widely believed that the visit aims to keep relations stable between the world’s two largest economies. “Thanks to the bonds of mutual respect between President Trump and President Xi, the trade and economic dialogue between the United States and China is moving forward,” Bessent said in a statement Thursday. “Under the guidance of President Trump, our team will continue to deliver results that put America’s farmers, workers, and businesses first.” China’s commerce ministry confirmed He’s trip to France for talks with the U.S. and said Friday the two sides are set to …

Federal Judge Rules Trump Administration’s Actions to Dismantle Voice of America Are Illegal

Federal Judge Rules Trump Administration’s Actions to Dismantle Voice of America Are Illegal

Published by Sam Flores

A federal judge ruled Saturday that Kari Lake, President Donald Trump’s choice to lead the U.S. Agency for Global Media, did not have legal authority to take the actions she’s done to largely dismantle the Voice of America. The decision’s effect on VOA operations was not immediately clear. Lake called the decision by U.S. District Court Judge Royce C. Lamberth “bogus” and said it will be appealed. Voice of America, which has transmitted news coverage to countries around the world since its formation during World War II, is operating with a skeleton staff in only a handful of languages after Lake terminated contracts and laid off most of its employees. Lake had been chosen by Trump to effectively lead the agency that oversees Voice of America and other services like Radio Free Europe/Radio Liberty. But she has not received Senate confirmation for her role, and Lamberth said she did not have authority to act in that capacity due to laws that guard against unqualified government appointments. “Only the Appointments Clause or the Vacancies Act’s exclusive …

Average US Long-Term Mortgage Rate Rises to 6.22%, Highest Level in More Than 3 Months

Retirement Savings Plans Can Be Used to Fund a Home Down Payment. but Should You?

Published by Sam Flores

LOS ANGELES (AP) — Raiding retirement savings for a down payment on a home can be tempting, especially if you’ve struggled to scrape together enough money to buy. But should you? Most 401(k) and similar retirement savings plans like Individual Retirement Accounts (IRAs) allow homebuyers to withdraw or borrow a limited portion of their nest egg for making a cash payment toward the final purchase price, but there can be hefty tax penalties and other short- and long-term financial impacts to consider. “Planning is the name of the game here,” Stephen Kates, a financial analyst at personal finance website Bankrate, said. “Running the numbers, having a solid understanding of what you can financially cover and financially manage is going to be really important before you step into this.” Years of inflation, high mortgage rates and skyrocketing home prices have made buying a home a major hurdle for many Americans. At the same time, the S&P 500 stock market index has had only five down years between 2005 and 2025, which has helped juice the value …