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The average long-term US mortgage rate slips to 7.76% in first drop after climbing 7 weeks in a row

Published Wed, 26 Feb 2025 05:14:19 GMT

LOS ANGELES (AP) — The average rate on the benchmark 30-year home loan fell slightly this week, ending a seven-week climb — modest relief for prospective homebuyers grappling with an increasingly unaffordable housing market.The average rate on the benchmark 30-year home loan fell to 7.76% from 7.79% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.95%.“The 30-year fixed-rate mortgage paused its multi-week climb but continues to hover under 8%,” said Sam Khater, Freddie Mac’s chief economist. Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loan, held steady. The average rate was unchanged from last week at 7.03%. A year ago, it averaged 6.29%, Freddie Mac said.High rates can add hundreds of dollars a month in costs for borrowers, limiting how much they can afford in a market already out of reach for many Americans. They also discourage homeowners who locked in rock-bottom rates in recent years from se...

Investigators focus on railway inspection practices after fatal Colorado train derailment

Published Wed, 26 Feb 2025 05:14:19 GMT

An investigation into a Colorado coal train derailment and bridge collapse that killed a truck driver is focused on whether inspection and maintenance practices at BNSF Railway contributed to the accident, federal officials said Thursday.The steel bridge built in 1958 collapsed onto Interstate 25 Oct 15, when a broken rail caused 30 cars from a BNSF Railway train hauling coal to derail, the National Transportation Safety Board said based on preliminary findings.The accident just north of the city of Pueblo closed the main north-south highway through Colorado for four days while crews cleared hundreds of tons of coal and mangled railcars.Killed in the accident was Lafollette Henderson, 60, of Compton, California, who had been driving under the bridge.Broken rails and other track problems are a leading cause of derailments, according to federal accident data.The BNSF train was travelling about 32 mph (52 kph) — below the 45 mph (72 kph) limit for the area, the NTSB said.BNSF has said ...

Hold the olive oil! Prices of some basic European foodstuffs keep skyrocketing

Published Wed, 26 Feb 2025 05:14:19 GMT

BRUSSELS (AP) — These days, think twice before you lavishly ladle olive oil onto your pasta, salad or crusty bread. Olive oil, a daily staple of Mediterranean cuisine and the life of many a salad throughout Europe, is experiencing a staggering rise in price. It’s a prime example of how food still outruns overall inflation in the European Union.Olive oil has increased by about 75% since January 2021, dwarfing overall annual inflation that has already been considered unusually high over the past few years and even stood at 11.5% in October last year. And much of the food inflation has come over the past two years alone.In Spain, the world’s biggest olive oil producer, prices jumped 53% in August compared to the previous year and a massive 115% since August 2021.Apart from olive oil, “potato prices were also on a staggering rise,” according to EU statistical agency Eurostat. “Since January 2021, prices for potatoes increased by 53% in September 2023.And if high- and m...

Trial testimony reveals gambling giant Bally’s paid $60 million to take over Trump’s NYC golf course

Published Wed, 26 Feb 2025 05:14:19 GMT

NEW YORK (AP) — Gaming giant Bally’s paid $60 million to buy the right to operate a public golf course in New York City from Donald Trump’s company, the former president’s namesake son testified Thursday.The terms of the lease transfer on the former Trump Golf Links Ferry Point hadn’t been disclosed when the deal became public earlier this year. But the price emerged as Donald Trump Jr. was questioned on the witness stand Thursday at the civil fraud trial that’s delving into the ex-president’s finances and the family business’ dealings.Trump Jr. said the sales price was $60 million, but the Trump Organization had incurred “a lot of costs” over the years, so he wasn’t sure of the net profit.The Trump Organization managed the 18-hole course, which is visible from the Whitestone Bridge and boasts views of the Manhattan skyline, from 2015 until this year. It’s now called Bally’s Golf Links at Ferry Point.A phone message left with a B...

Japan’s prime minister announces $113 billion in stimulus spending

Published Wed, 26 Feb 2025 05:14:19 GMT

TOKYO (AP) — Japanese Prime Minister Fumio Kishida announced Thursday a stimulus package of more than 17 trillion yen ($113 billion) that includes tax breaks and benefits for low-income households, a plan criticized by some observers as populist spending that would worsen Japan’s national debt. Kishida said his priorities are to overcome deflation and to put the economy on a growth track. Tax revenues will increase only when the economy grows and lead to fiscal health, he told a news conference, explaining the package endorsed by his Cabinet earlier in the day.The government will fund the spending by compiling a supplementary budget of 13.1 trillion yen ($87 billion) for the current fiscal year.“Japan’s economy is now on the brink of exiting from deflation. It would be more difficult to do so if we miss out this chance, ” he said. “I’m determined to boost the disposable income, to lead to expanded growth and to create a virtuous cycle.”Pay hikes have yet to outpace inflation, Kishid...

Albania’s opposition tries to disrupt a parliament session in protest against ruling Socialists

Published Wed, 26 Feb 2025 05:14:19 GMT

TIRANA, Albania (AP) — Albanian opposition lawmakers on Thursday caused commotion in Parliament, trying to disrupt a session in protest against what they say is increasingly authoritarian rule by the governing Socialists. Democratic lawmakers blocked left-wing Socialists of Prime Minister Edi Rama from taking their seats and stacked chairs on top of each other in the central hall. The Democrats threw smoke firecrackers and even pushed and shoved some of the Socialists.However, the session in the 140-member chamber later went ahead and 73 Socialist lawmakers voted in favor of 21 draft laws. Sali Berisha, leader of one group in the heavily divided center-right Democratic Party, described the melee in parliament as a “temporary strike” and said the Democrats would continue with such actions as long as “the shameful parliament” keeps ploughing ahead.“They did not respect our strike,” he said of the Socialists.The parliament disturbances first started two weeks ago, two days before prose...

As more Palestinians with foreign citizenship leave Gaza, some families are left in the lurch

Published Wed, 26 Feb 2025 05:14:19 GMT

RAFAH, Gaza Strip (AP) — Dozens of Palestinians with foreign passports crossed through the war-torn Gaza Strip’s only exit for the second straight day Thursday, escaping Israel’s suffocating siege into the empty Egyptian desert. But the evacuation rush left families divided by citizenship status in painful limbo.Nizar, a 41-year-old aid worker from Gaza City, gently shook his children awake at dawn and drove to Gaza’s southern Rafah crossing with his wife, 8-month-old son and 6-year-old daughter, Zainab — a dangerous road trip even from where they’d sought refuge in central Gaza. The bombardment didn’t stop and they didn’t know what awaited them at the border. All they knew was that the quirk of history that led to Zainab’s birth in San Francisco gave her American citizenship and the family its only ticket out of a war that has ravaged Gaza, killed thousands of Palestinians and given his once bubbly daughter panic attacks and nightmares.Nizar, who...

At-risk Newfoundlanders and Labradorians can now get details on partner’s history

Published Wed, 26 Feb 2025 05:14:19 GMT

ST. JOHN’S, N.L. — A law is now in force in Newfoundland and Labrador allowing those at risk of domestic violence to get information from police about their partner’s history.Justice Minister John Hogan told reporters today that Newfoundland and Labrador is the third province to enact such a law, after Alberta and Saskatchewan.Known as Clare’s Law, the new rules allow people to seek the information from police, and they allow police to proactively disclose those details to anyone judged to be at risk.Those who feel they could be harmed can fill out a detailed online application that police will assess for risk factors.Police will then ask the person to meet with them, ideally in person, to discuss their risk level and, if warranted, to disclose information about their partner.Malin Enstrom, executive director of the Iris Kirby House women’s shelter, in St. John’s, says she knows of several cases that may have been helped by the new law, had it been in p...

See the Bulls City Edition uniforms for 2023-2024

Published Wed, 26 Feb 2025 05:14:19 GMT

CHICAGO — It's become a tradition for NBA teams over the past few years, and it's all about what they wear on the court. That's the City Edition jerseys, and this year the Bulls are drawing inspiration from their past as they continue to build toward a better future on the floor.Courtesy: Chicago BullsCourtesy: Chicago BullsCourtesy: Chicago BullsCourtesy: Chicago BullsCourtesy: Chicago BullsCourtesy: Chicago BullsThe team's uniforms, which were officially unveiled on Thursday morning, are a tribute to Chicago Stadium, which the Bulls called home from 1967 through 1994. They'll wear them for the first time for their opening in-season tournament game against the Nets on Friday at the United Center. It was in that building that Michael Jordan's rise to superstardom occurred as the team won three championships in the 1990s before it closed. The "Madhouse on Madison" was remembered for its deafening noise that made it difficult for opposing teams to face the Bulls, especially in the Jor...

Bears give a contract extension to a defensive player Thursday

Published Wed, 26 Feb 2025 05:14:19 GMT

LAKE FOREST, Ill. — The Bears have signed one of their defensive players to a contract extension on Thursday.But it's not cornerback Jaylon Johnson, as so many people are hoping will happen, but instead, a lineman who is in the midst of his first season with the Bears. The Bears have made official their signing of defensive tackle Andrew Billings to a two-year contract extension through 2025..@WGNNews pic.twitter.com/CABFA5hpFL— Larry Hawley (@HawleySports) November 2, 2023The Bears have signed defensive tackle Andrew Billings to a two-year contract extension that will keep him in Chicago through the 2025 season. He signed a one-year deal before the 2023 season and has been steady in the middle of the defensive line in the first eight games of the season. “We’re extremely excited to be able to keep Andrew in Chicago,” said general manager Ryan Poles in a statement from the team. “The professionalism, dependability, and toughness he brings to our defense exhibit the type of pla...