Mortgage rates haven't been this high since 2000
The average interest rate on a typical mortgage is now 7.49%, worsening the nation's housing affordability crunch.
The average interest rate on a typical mortgage is now 7.49%, worsening the nation's housing affordability crunch.
Existing home sales fell almost 1% in August and were down about 15% over the past year, according to new data from the National Association of Realtors. Aarthi Swaminathan, personal finance reporter for MarketWatch, joined CBS News to discuss the numbers.
With mortgage rates hovering above 7% for five straight weeks, prospective buyers are facing a housing shortage as would-be sellers seek to keep their low, locked-in rates. Nancy Chen has details.
Although some Wall Street analysts think mortgage rates may have peaked, they don't expect a sharp drop in home loan costs.
For decades, one of the draws to moving to the suburbs included renting a place for less than what you'd find in the city. But that may not be the case for much longer as the gap between the two is steadily shrinking.
Interest rates for a home loan are continuing to soar, driving many aspiring property owners out of the market.
Fed signaled it might raise its benchmark rate before year's end, which may catapult mortgage rates even higher.
A couple of factors are at play in the rising rates which continue to remain steep despite fluctuations.
In its ongoing effort to tamp down inflation, the Federal Reserve on Wednesday raised its key interest rate a quarter-point to 5.5%, the highest level it has been in 22 years. Carter Evans examines the impact of the Fed's rate hikes.
More and more Americans are seeing their loan applications rejected. The Federal Reserve Bank of New York reported that rejection rates are up for many loans -- including mortgages, auto loans and credit cards. John Vivian, senior director of finance consulting firm Potomac Global Partners, joins CBS News to help make sense of the lending landscape.
Potential homebuyers need to consider the total cost of a home, including mortgage rates, property insurance, property taxes and maintenance.
Some real estate experts say that in the current financial climate, renting a home in the U.S. may be more financially responsible than buying one, due to a variety of factors, including mortgage rates and maintenance costs. Carter Evans has details.
Record-high mortgage rates have made buying a new home unaffordable for many people. But some real estate agents are trying to lock in lower rates with mortgage transfers. Daryl Fairweather, chief economist for Redfin real estate brokerage, joins CBS News discuss.
In Northern California, home prices jumped during the pandemic. Since then, the region has seen some of the steepest price declines in the country.
After 10 straight interest-rate hikes, borrowers face sharply higher costs for credit cards, mortgages and other loans.
Home buyers in many U.S. coastal areas are facing a competitive real estate market, in part thanks to a spiking interest rate. Buyers are being advised to prepare to settle, bring cash offers and close quickly. Carter Evans and Mark Strassman report.
Average interest rate on a typical home loan is edging toward 7%, the highest level in seven months.
According to Redfin, the median home sale price in April was down roughly 4% from last year. That's a decline of nearly $18,000. This follows record-high prices during the pandemic. James Rodriguez, a senior real estate reporter at Insider, joins CBS News to discuss.
Rising mortgage rates are leading to a reduction in homes on the market. Rachel Siegel, an economic policy reporter for The Washington Post, joins CBS News to discuss how this affects the economy.
Nearly one-third of the U.S. has seen a drop in the price of homes for sale since the start of 2023. CBS News' Errol Barnett and Lana Zak are joined by Alcynna Lloyd, economy reporter for Insider, to discuss the trend.
The Federal Reserve increased its key interest rate by a quarter of a point Wednesday, the 10th straight hike since last March. Anita Hamilton, assistant managing editor at Barron's, joined CBS News' Vladimir Duthiers and Anne-Marie Green to discuss the effects of the hikes.
A little-known surcharge set to change on May 1 could impact consumers in different ways.
Buying a home has traditionally been seen as the smarter financial move. But is that still the case?
New data released by the Federal Housing Finance Agency shows U.S. home prices spiked by half a percent in the month of February. Optimal Capital director of portfolio strategy, Frances Stacy, joined CBS News' Vladimir Duthiers and Anne-Marie Green to discuss the reasons behind the surge.
Mortgage rates continue to rise as housing inventory remains scarce. CBS News' Elaine Quijano and Meg Oliver are joined by Akin Oyedele, the deputy editor for investing at Insider.
An adviser to Israeli Prime Minister Benjamin Netanyahu told CBS News that "the end of the war will come with the end of Hamas in Gaza."
The U.S. Coast Guard said they had medevaced an hours-old baby from Cleveland, Texas, amid the floodwaters.
Protesters chanted anti-war messages and waved Palestinian flags and Israeli flags during the University of Michigan's commencement Saturday.
Police say multiple bomb threats were reported against synagogues across New York City on Saturday.
Australian brothers Jake and Callum Robinson and their American friend have not been seen since April 27.
The painter, sculptor and printmaker created work that was hailed as landmarks of the minimalist and post-painterly abstraction art movements.
Brian Fanion says he and his wife Amy Fanion had been arguing about his retirement plans when she picked up his service weapon and shot herself. Investigators did not believe his story.
Police in Wisconsin fatally shot a student who had pointed a pellet rifle in their direction outside a middle school, according to the state's Department of Justice.
Federal prosecutors said the men used fake badges, police lights and firearms to rob and kidnap Shamari Taylor for drug money.
Brian Fanion says he and his wife Amy Fanion had been arguing about his retirement plans when she picked up his service weapon and shot herself. Investigators did not believe his story.
The painter, sculptor and printmaker created work that was hailed as landmarks of the minimalist and post-painterly abstraction art movements.
It was just the 10th Kentucky Derby decided by a nose, and the first since Grindstone wore the garland of red roses in 1996.
Federal prosecutors said the men used fake badges, police lights and firearms to rob and kidnap Shamari Taylor for drug money.
Laborers, many of whom are migrants from Mexico, Guatemala, Venezuela or other Latin American countries, head to the tracks six days a week to help keep the $2.7 billion racing economy galloping.
Warren Buffett referred to close friend Charlie Munger as the "the architect of Berkshire Hathaway."
The retailer says the peelable treats have been "flying off the shelves" ever since TikTokers discovered the candy.
Audit firm BF Borgers allegedly failed to comply with accounting standards and fabricated audit documentation, regulators claim.
U.S. unemployment rate rose slightly to 3.9% in April, continuing a stretch of remaining under 4% for 27 months.
Job site Indeed identified the top 10 most sought-after job candidates by employers and recruiters. Here's what they found.
The decision prompted a wave of public backlash as women saw fertility treatments canceled or put in jeopardy after the ruling.
The hostage and cease-fire talks have taken on new urgency amid a looming Israeli ground invasion of Rafah, in southern Gaza.
Democratic Rep. Henry Cuellar of Texas was elected to the House in 2005 and represents the state's 28th Congressional District.
Ex-government employee Miguel Zapata is accused of sending fake FBI tips falsely accusing multiple coworkers of taking part in the Jan. 6, 2021, Capitol breach.
Roughly 100,000 immigrants who were brought to the U.S. as children are expected to enroll in the Affordable Care Act's health insurance next year under a new administration rule, the White House says.
The Texas dairy worker infected by H5N1 "did not disclose the name of their workplace," frustrating investigators.
Stress is hard to avoid, but experts say getting outdoors can have a positive impact on both our mental and physical health.
Actress Halle Berry joined with a group of bipartisan senators on Thursday to announce new legislation to promote menopause research, training and education.
New CDC data shows about 680 women in the U.S. died during pregnancy or shortly after childbirth in 2023, a decline from the previous year.
UnitedHealth Group CEO Andrew Witty disclosed that a cyberattack on one of its subsidiaries earlier this year might affect up to a third of all Americans.
Sadiq Khan, the Labour Party's mayor of London, has romped to victory, securing a record third straight term at City Hall, on another hugely disappointing day for the U.K.'s governing Conservatives ahead of a looming general election.
An adviser to Israeli Prime Minister Benjamin Netanyahu told CBS News that "the end of the war will come with the end of Hamas in Gaza."
Torrential rain pounding the area since Thursday triggered a landslide in Luwu district in South Sulawesi province, officials say.
In the past few weeks, flooding in Kenya and Tanzania killed hundreds after heavy rain during the region's monsoon season, officials said.
Three suspects were arrested and charged in the slaying of Hardeep Singh Nijjar by masked gunmen outside Vancouver.
Renowned artist Frank Stella, whose large-scale minimalist "Black Paintings" took the art world by storm in the 1950s, has died at the age of 87.
Oscar-winning actor Kevin Spacey fired back at fresh allegations of sexual harassment and assault from men who will feature as part of a documentary on British television.
We're counting down some of the most iconic Met Gala looks from the best dressed stars, like Rihanna, Bad Bunny, Zendaya and more.
In an effort to fully understand our nation's founding document, the New York Times bestselling author and humorist embarked on a year-long quest to be the original originalist. Muskets were involved.
Old 97's first started in Dallas as a popular bar band in the 90s, but since then, they've garnered a national fan base and critical acclaim. Now, three decades later, the alt-country pioneers are making a return visit to Saturday Sessions with their new studio album. From their new album "American Primitive," here are Old 97's with "Where The Road Goes."
Sidechat, an app launched in 2022 where students can post anonymously about their colleges, is becoming a tool for those choosing to protest at U.S. campuses. Amanda Silberling, a senior culture writer for TechCrunch, joins CBS News with more details on the app.
Microsoft users can now use biometric passkeys, like a thumbprint or Face ID, to sign into Microsoft 365, Copilot. Jon Fingas, senior editor at Techopedia, has more.
From labor shortages to environmental impacts, farmers are looking to AI to help revolutionize the agriculture industry. One California startup, Farm-ng, is tapping into the power of AI and robotics to perform a wide range of tasks, including seeding, weeding and harvesting.
Sidechat, an anonymous messaging app, has been used by students to share opinions and updates, but university administrators say it has also fueled hateful rhetoric.
Georgia is home to the nation's newest nuclear reactor. It's bringing clean energy to the state, but the project has run over budget and past its original completion date. Drew Kann, climate and environment reporter for The Atlanta Journal-Constitution, joins CBS News to explore the effort.
There's a newly-determined "major factor" in declining bumblebee populations – and it's attacking their nests.
On Monday, Boeing plans to launch astronauts on its new spacecraft that is called Starliner. The test flight to the International Space Station is years behind schedule.
Georgia is home to the nation's newest nuclear reactor. It's bringing clean energy to the state, but the project has run over budget and past its original completion date. Drew Kann, climate and environment reporter for The Atlanta Journal-Constitution, joins CBS News to explore the effort.
For the first time since 1803, two groups of periodical cicadas are emerging from the ground at the same time in parts of the Midwest and South. However, a small section of Central Illinois marks the only place where both the 13-year and 17-year cicadas are emerging in the same place. Dave Malkoff reports on the extraordinary event.
Much of Asia is sweltering under a heat wave that one expert calls "by far the most extreme event in world climatic history."
Brian Fanion says he and his wife Amy Fanion had been arguing about his retirement plans when she picked up his service weapon and shot herself. Investigators did not believe his story.
Federal prosecutors said the men used fake badges, police lights and firearms to rob and kidnap Shamari Taylor for drug money.
Police in Wisconsin fatally shot a student who had pointed a pellet rifle in their direction outside a middle school, according to the state's Department of Justice.
In one find, a K-9 officer helped police find over a dozen fish buried in the sand and hidden behind logs and brush piles.
Massachusetts investigators uncover a suspicious web history after Brian Fanion reports his wife Amy's death as a suicide.
Boeing is expected to launch its Starliner space capsule that will take two astronauts to the International Space Station. CBS News consultant Bill Harwood breaks down Boeing's mission.
It is the latest advance in China's increasingly sophisticated space exploration program, which is now competing with the U.S.
Boeing is set to launch its first-ever spaceflight with humans next week. The Starliner spacecraft will lift off from Florida on Monday night for a multi-day mission to the International Space Station. Commander Barry "Butch" Wilmore and pilot Sunny Williams, two seasoned NASA astronauts who are a part of the mission, join CBS News to go over the flight.
The Horsehead Nebula, which NASA has called "one of the most distinctive objects in our skies," is located in the constellation Orion.
Astronauts Barry Wilmore and Sunita Williams say they have complete confidence in the Starliner despite questions about Boeing's safety culture.
A look back at the esteemed personalities who've left us this year, who'd touched us with their innovation, creativity and humanity.
The Francis Scott Key Bridge in Baltimore collapsed early Tuesday, March 26 after a column was struck by a container ship that reportedly lost power, sending vehicles and people into the Patapsco River.
When Tiffiney Crawford was found dead inside her van, authorities believed she might have taken her own life. But could she shoot herself twice in the head with her non-dominant hand?
We look back at the life and career of the longtime host of "Sunday Morning," and "one of the most enduring and most endearing" people in broadcasting.
Cayley Mandadi's mother and stepfather go to extreme lengths to prove her death was no accident.
Police investigate one of their own when a detective becomes a suspect in the shooting death of his wife. "48 Hours" contributor Nikki Battiste reports.
This marks the 11th year in a row that that every member of the graduating class at Southland College Prep Charter High School in suburban Chicago has been admitted to college. Noel Brennan explains the school's streak of academic excellence.
The majestic ocean liner the Queen Mary, once the playground for the rich and famous, fell into disrepair and was in danger of sinking until officials in Long Beach, California, gave it another shot. Tom Wait has more.
Basketball star Caitlin Clark made her WNBA preseason debut Friday before a sold-out crowd in Arlington, Texas. Clark finished with a team-high 21 points, but her Indiana Fever fell to the Dallas Wings 79-76.
While CIA Director William Burns and Hamas representatives were in Cairo Saturday for cease-fire talks in the Israel-Hamas war, Israel said it is not sending a delegation until the militant group replies to Israel's latest proposal. Ramy Inocencio has the latest from Tel Aviv.