Morning Business Report: Mortgage rates top 7% as borrowing costs reach two-year high
Mortgage rates topped 7% this week, making a home loan the most expensive it has been in two years.
(LILAMAX)- Mortgage rates topped 7% this week, making a home loan the most expensive it has been in two years.
The roughly one percentage-point increase in mortgage rates since February translates to an additional $276 per month for a borrower financing a $400,000 home loan at the current average rate.
Meanwhile, Lowe’s is rolling out a pilot program for drone delivery in its home state of North Carolina.
Eligible customers can order select products through the DoorDash app for delivery by Alphabet-owned Wing drones in as little as 20 minutes.
Available products include hand tools, paint products, soap, tape, batteries and all-purpose cleaner.
On Wall Street, stocks closed flat to lower during a shaky trading session as interest rates moved higher.
McDonald’s is considering new protein-focused products as it looks to appeal to customers using GLP-1 medications.
The fast-food chain is exploring options including bowls, grilled chicken and egg bites to expand its protein-forward offerings across breakfast, lunch and dinner.
McDonald’s executives said customers taking GLP-1 medications are already finding menu items that fit within their diets.
And travelers are getting creative as they deal with tighter budgets and rising costs.
A survey from World of Hyatt and Talker Research found more than half of travelers surveyed have previously taken a trip that would not have been possible without travel rewards.
