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Why are mortgage rates so high?

Published Tue, 05 Nov 2024 07:54:17 GMT

Andrew Dehan | Bankrate.com (TNS)The average 30-year fixed mortgage rate touched 8% on Thursday, according to Bankrate data, a level not seen since the year 2000.Over the past several weeks, the 30-year rate has been on the cusp of 8%, backed off, then picked up steam again — a confounding pattern somewhat atypical of this time of year, when home sales and mortgage activity begin to slow.Why mortgage rates are so highThere are several variables that have prompted the 30-year rate’s march toward 8%:—The 10-year Treasury yield: The rates on fixed-rate mortgages are tied to the yield on 10-year Treasury notes. When this bond yield goes up, so do mortgage rates, with a margin. In general, higher yields signal confidence in the economy. If investors foresee trouble, they’ll buy lower-risk Treasurys, which drives down yields and, in turn, fixed mortgage rates. Against that grain, the yield has risen rapidly as of late, inching toward 5% as of Oct. 19, due partly to economic uncertainty an...

Mike Pence faces a cash shortage and questions about how much longer his 2024 campaign can survive

Published Tue, 05 Nov 2024 07:54:17 GMT

By JILL COLVIN (Associated Press)NEW YORK (AP) — With three months to go before the Iowa caucuses that he has staked his campaign on, former Vice President Mike Pence faces mounting debt and lagging poll numbers that are forcing questions about not only whether he will qualify for the next debate, but whether it makes sense for him to remain in the race until then.Pence ended September with just $1.18 million left in his campaign account, a strikingly low number for a presidential contest and far less than his rivals, new filings show. His campaign also has $621,000 in debt — more than half the cash he had remaining — and is scrambling to meet donor thresholds for the Nov. 8 debate. While he would likely meet the debate’s polling requirements, Pence has struggled to gain traction and is polling in the low single digits nationally, with no sign of momentum. Former President Donald Trump, meanwhile, is leading every one of his rivals by at least 40 points in na...

Hunter Biden prosecutor to appear for closed-door congressional testimony, AP sources say

Published Tue, 05 Nov 2024 07:54:17 GMT

By LINDSAY WHITEHURST and FARNOUSH AMIRI (Associated Press)WASHINGTON (AP) — The special counsel overseeing the Hunter Biden investigation is expected to testify before a Congressional committee behind closed doors as a GOP probe into the Justice Department’s handling of the case continues to unfold. In a rare step, David Weiss is set to appear for a transcribed interview before members of the House Judiciary Committee on Nov. 7, two people familiar with the matter told The Associated Press Friday. The people spoke on the condition of anonymity to discuss details of the closed-door appearance. It comes months after an Internal Revenue Service agent testified as part of a GOP probe that the investigation into the president’s son was “slow-walked” and mishandled. Weiss has denied one of the more explosive allegations by saying in writing that he had final say over the case.Questions about Hunter Biden’s business dealings have been central to a GOP-l...

House Republicans drop Jim Jordan as their nominee for speaker, stumbling back to square one

Published Tue, 05 Nov 2024 07:54:17 GMT

By LISA MASCARO, FARNOUSH AMIRI, STEPHEN GROVES and KEVING FREKING (Associated Press)WASHINGTON (AP) — Republicans dropped Rep. Jim Jordan on Friday as their nominee for House speaker, making the decision during a closed-door session after the hard-edged ally of Donald Trump failed badly on a third ballot for the gavel.Afterward, Jordan said simply of his colleagues, “We put the question to them, they made a different decision.”The hard-charging Judiciary Committee chairman said House Republicans now need to come together and “figure out who our speaker is going to be.”The House impasse deepening into a full-blown crisis, Republicans have no realistic or workable plan to unite the fractured GOP majority, elect a new speaker and return to the work of Congress that has been languishing since hard-liners ousted Kevin McCarthy at the start of the month.Majority Leader Steve Scalise said they’re going “come back and start over” on Monday.Angry, frustrated Republicans wh...

Hamas says it is releasing two US hostages from Illinois

Published Tue, 05 Nov 2024 07:54:17 GMT

JERUSALEM (WGN)— A mother and daughter from Evanston, Illinois, who were being held hostage have been released by Hamas, the family’s rabbi told Nexstar's WGN Friday. Hamas said Friday it was releasing two American citizens they were holding captive in Gaza since their Oct. 7 raid on Israel.The Palestinian militant group said in a statement that in an agreement with the Qatari government it was freeing a mother and daughter for humanitarian reasons.In this undated photo provided by Rabbi Meir Hecht on behalf of the Raanan family is Judith Raanan, left, and her daughter Natalie, 18, after Natalie's recent high school graduation. Judith and Natalie are missing while visiting relatives in Nahal Oz for Simchat Torah, a festive Jewish holiday that marks the conclusion of the annual reading of the Torah. (Raanan Family via AP)The family’s rabbi confirmed that Judith Tai Raanan and her 17-year-old daughter Natali have been released. They were visiting family in Israel were reportedly taken...

US judge unseals plea agreement of key defendant in a federal terrorism and kidnapping case

Published Tue, 05 Nov 2024 07:54:17 GMT

ALBUQUERQUE, N.M. (AP) — A U.S. district judge has unsealed a plea agreement for one of the key defendants in a terrorism and kidnapping case that stemmed from a cross-country search for a missing toddler that ended with a 2018 raid on a squalid compound in northern New Mexico. The documents were made public Thursday, just days after a jury convicted four other family members in what prosecutors had called a “sick end-of-times scheme.” Authorities said it was under Jany Leveille’s instruction that the family fled Georgia with the boy, ending up in a remote stretch of the high desert where they conducted firearms and tactical training to prepare for attacks against the government. It was all tied to a belief that the boy would be resurrected as Jesus Christ, and he would then explain which corrupt government and private institutions needed be eliminated.Leveille pleaded guilty to conspiracy to provide material support to terrorists and being in possession of a firearm while unl...

Pink postpones two Vancouver concert dates due to respiratory illness

Published Tue, 05 Nov 2024 07:54:17 GMT

TORONTO — Pop superstar Pink is postponing two Vancouver concerts this weekend as she deals with a respiratory infection.The “Trustfall” singer says she won’t take the stage Friday and Saturday at Rogers Arena under her doctor’s orders.She added that concert promoter Live Nation is working on rescheduled dates for both shows.The Thursday announcement, made on her social media platforms, came after Pink postponed two dates in Tacoma, Wash., this week for what she described as “family medical issues” that required “immediate attention.”Her “Summer Carnival” tour, which is set to wrap up in Australia early next year, has attracted its share of attention in recent months.At one show, a fan threw a bag purported to be filled with their dead mother’s ashes onto the stage.This report by The Canadian Press was first published Oct. 20, 2023.David Friend, The Canadian Press

Canadian military preparing for possible evacuation from Lebanon

Published Tue, 05 Nov 2024 07:54:17 GMT

OTTAWA — The Canadian Armed Forces says it is getting ready for the possibility that it will need to help bring Canadians out of Lebanon, with Global Affairs Canada advising against all travel to that country.Lebanese militant organization Hezbollah and allied Palestinian groups have launched daily missile strikes on northern Israel since the latest Israel-Hamas war began on Oct. 7, with Israel shelling border areas in south Lebanon in return.Maj.-Gen. Darcy Molstad, deputy commander of the Canadian Joint Operations Command, says military officials are in Lebanon, Israel, Cyprus and Greece to prepare for a civilian evacuation if need be.The assistant deputy minister in charges of consular cases at Global Affairs Canada says about 1,450 Canadians are registered as being in LebanonBut Julie Sunday is urging those Canadians to get on commercial flights out of Beirut while they still can.She says she understands these are “really difficult decisions to make,” but the best ad...

Spirit Airlines cancels dozens of flights to inspect some of its planes. Disruptions will last days

Published Tue, 05 Nov 2024 07:54:17 GMT

Spirit Airlines canceled about 100 flights on Friday after pulling some planes out of service for inspections, and the airline expects the disruptions to last several days.Spirit did not describe the nature of the inspections and did not respond when asked for further information.By Friday afternoon, Spirit had canceled 11% of its schedule for the day, easily the highest percentage of scrubbed flights among leading U.S. carriers, according to tracking service FlightAware.“We’ve cancelled a portion of our scheduled flights to perform a necessary inspection of a small section of 25 of our aircraft,” Spirit said in a statement. “The impact to our network is expected to last several days as we complete the inspections and work to return to normal operations.”The Federal Aviation Administration said it was aware of Spirit’s decision to pull the planes from service for a “mandatory maintenance inspection.” The FAA did not describe the inspections either, but said it “wil...

Judge in Missouri transgender care lawsuit agrees to step aside but decries ‘gamesmanship’

Published Tue, 05 Nov 2024 07:54:17 GMT

ST. LOUIS (AP) — A judge agreed Friday to step aside in a lawsuit challenging a new Missouri law restricting gender-affirming health care for minors, despite what he called “gamesmanship” from the plaintiffs’ lawyers for requesting a new judge.St. Louis Circuit Judge Steven Ohmer was appointed by the Missouri Supreme Court to preside over the lawsuit that seeks to overturn the Missouri law. The lawsuit was filed in July by the ACLU of Missouri, Lambda Legal and the law firm Bryan Cave Leighton Paisner on behalf of families of three transgender minors, a St. Louis health care center and LGBTQ+ organizations.Ohmer said at a hearing that assigning a new judge will delay resolution of the case, possibly into next year. It’s unclear when the state Supreme Court will make the appointment.“And the wheels of justice keep spinning in the mud,” Ohmer said.Ohmer in August denied the plaintiffs’ request for a preliminary injunction to block the new law, days before it went int...