Mortgage rates soared to their highest level since the beginning of the pandemic in the first week of 2022, according to Freddie Mac.
The 30-year fixed-rate mortgage averaged 3.22% in the week ending on Jan. 6, up from a 3.11% average during the previous week and marking the highest level since May 2020, Freddie Mac announced Thursday. The 30-year rate dropped to 2.65% in early 2021, its lowest level on record.
“Mortage rates increased during the first week of 2022 to the highest level since May 2020 and are more than half a percentage higher than January 2021,” said Sam Khater, chief economist at Freddie Mac, according to a company release.
A former executive in North Carolina has won $10 million in a lawsuit after he was fired for being White, the New York Post reports.
David Duvall previously served as a senior vice president of marketing and communication at the health care system Novant Health. But in July of 2018, Duvall said that he was fired with no prior warning or justification, around the same time that the company decided that it needed more “diversity” in its executive ranks.
“We are pleased that the jury agreed that Duvall’s race and gender were unlawful factors in his termination — that he was fired to make room for more diverse leaders at Novant,” his attorney, S. Luke Largess, said in a statement after the verdict on Tuesday. “Duvall was a strong advocate of diversity at Novant. We believe the punitive damages award is a message that an employer cannot terminate and replace employees in order to achieve greater diversity in the workforce.”
When Jeff, a retired marketing consultant from Chicago, was closing on his home sale, he received a new set of instructions at the last minute on where to send several thousand dollars in closing expenses. At first blush, the email looked legit with an official-looking logo and professional language specifying the amount owed and itemized expenses. But one thing caught his eye: The email address looked strange. Just to be safe, he called his mortgage broker.
“Don’t do that!” his broker told him in an alarmed voice. It was a scam. If he hit “send,” his closing fees would go to a thief who had been monitoring his emails. “I was a keystroke away from losing thousands of dollars,” Jeff recalled.
As the housing market sizzles across the country – with nearly 6 million homes bought last year – scammers have been finding new ways to tap into this once-secure market. Real estate transactions still demand reams of paperwork and regulations involving lawyers, brokers, title insurance companies and banks, but the fact that much of this work now takes place online gives thieves countless opportunities to exploit vulnerable buyers. Last year, more than 11,000 homeowners were scammed out of more than $220 million in closing funds alone, according to the American Land and Title Association, a trade group that represents professionals who perform property transactions.
A conservative digital media company’s focus on the culture wars in America appears to be paying off, as it is the fastest-growing private advertising and marketing business in the U.S., according to the 2021 Inc. 5000 list released Tuesday.
“We focus on working with groups that are advocating for or otherwise advancing conservative causes or conservative beliefs,” Olympic Media Founder and CEO Ryan Coyne told the Daily Caller News Foundation on Thursday.
Olympic was founded in 2018 and has had many high-profile clients, such as Reps. Elise Stefanik, Jim Jordan, and Madison Cawthorn, Sen. Bill Hagerty and Turning Point USA.
A popular gripe about Californians moving into nearby states is they bring their politics with them. The newest complaint could be they’re bringing high home prices as well.
Property data provider CoreLogic released its monthly Home Price Index on Tuesday, reflecting May values. It showed home prices in every state increased from average listing prices in May 2020. In states with a disproportionate number of relocated California residents, home prices increased well above the national average of 15.4%.
Of the 165,355 California taxpayers that left in the tax year 2019, 29,050 taxpayers and their dependents moved to Arizona. CoreLogic’s report showed Arizona’s home prices grew 23.4% from May 2019 to May 2020.