U.S. Mortgages Rates Rise Above 7%
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Why have U.S. mortgage rates risen above 7% and what does it mean for homebuyers?
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Here's your midday brief for Thursday, September 24th. I'm Alex Osele for The Wall Street Journal. U.S.
How are rising mortgage rates expected to affect the housing market’s sales momentum?
mortgage rates have topped 7% this week, the first time they rose above 7% since the beginning of last year. That's according to Freddie Mac. It's a psychologically important level for buyers, and economists say that more potential buyers are now likely to stick to the sidelines. That threatens to drag down a housing market that's in its fourth year of stagnant sales. Starbucks is closing about 250 underperforming cafes across North America this week.
Why is Starbucks closing 250 underperforming cafés and what are the cost‑saving implications?
The company said it plans to transfer baristas where possible. This is the second round of closures since Brian Nickel became Starbucks' CEO two years ago. The company is trying to cut costs and streamline operations. The coffee giant says the closures will trigger $300 million in restructuring charges. And a federal judge has ordered President Trump to temporarily restore White House access for journalists from CNN, MSNOW, and Politico.
What did the federal judge order regarding White House press access for CNN, MS NOW, and Politico?
Judge Timothy Kelly ruled that revoking press passes likely violated constitutional due process. Meanwhile, the news organizations say some of their reporters were turned away this morning despite the ruling. Attorneys for the outlets told the judge that the administration was violating the overnight order and have asked for an emergency hearing. The White House didn't respond to a request for comment. Heads up, an artificial intelligence tool helped us make this episode by creating summaries that were based on WSJ reporting and then reviewed and adapted by an editor. And we have a lot more coverage on the WSJ's What's News. Listen and subscribe wherever you get your podcasts.
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Chapters
5 chapters
1
Why have U.S. mortgage rates risen above 7% and what does it mean for homebuyers?
0:00–0:40
2
How are rising mortgage rates expected to affect the housing market’s sales momentum?
0:40–1:06
3
Why is Starbucks closing 250 underperforming cafés and what are the cost‑saving implications?
1:06–1:31
4
What did the federal judge order regarding White House press access for CNN, MS NOW, and Politico?
1:31–2:18
5
Who is Medline and why is it highlighted as a leading medical‑surgical supply company?
2:18–2:22