Morning Business Report: Mortgage rates climb, housing cools, small biz battles fraud
The average rate on a 30-year fixed mortgage has surged past 7%, reaching its highest level since April 11
(LILAMAX)- The average rate on a 30-year fixed mortgage has surged past 7%, reaching its highest level since April 11 — a jump that’s already rippling through the housing market. According to Realtor.com, the rate spike contributed to a 3.2% drop in pending home sales in April compared to the same time last year — a particularly sharp pullback during what is typically a busy spring season. Homebuilder sentiment has also taken a hit, now sitting at its lowest level since the end of 2023. President Trump’s administration is expected to unveil a new regulatory framework for COVID-19 vaccination today, in an event that may signal major changes to how vaccines are evaluated in the U.S.
The U.S. Food and Drug Administration will host a town hall at 1 p.m. ET via its YouTube channel titled “An Evidence-Based Approach to COVID Vaccination.” Featured speakers include FDA Commissioner Dr. Marty Makary and Dr. Vinay Prasad, a well-known critic of the pharmaceutical industry who now heads the agency’s vaccine division.
Despite early jitters sparked by Moody’s credit rating downgrade, Wall Street regained its footing. Stocks initially dipped amid rising interest rate concerns but rebounded to close solidly higher, signaling continued investor resilience. As May marks National Small Business Month, a new survey from Abrigo has revealed that 57% of small business owners have fallen victim to fraud — including wire scams, check theft, and AI-powered schemes.
Even more concerning: only 16% of owners say they feel fully prepared to defend against these threats, while a whopping 85% express concern over the rise of artificial intelligence being used in fraudulent activity. A new study shows that nearly a third of Americans have taken trips solely for culinary cravings. Commissioned by candy brand Hi-Chew and conducted by Talker Research, the survey found that 22% of Americans have crossed state lines for a specific snack, and 10% have even traveled to another country to satisfy their appetite.
