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š Homebuyer Blues
Mortgage rates are so high theyāre giving homebuyers altitude sicknessāand nobodyās lining up to climb that mountain. Meanwhile, the UKās betting on green jet fuel, and Disneyās making streaming moves bolder than your exās Netflix password. Letās get into it!
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The lowdown
Hereās what you missed while you were living your best life:
āļø UK pushes green aviation. A new sustainable aviation fuel mandate takes effect, aiming to slash emissions and propel the countryās green aviation efforts. As debates rage over the feasibility of green energy, this law puts pressure on airlines to adaptāor face turbulence ahead.
šŗ Disney buys Fubo. Disney is shaking up the streaming world by acquiring Fubo, a sports-heavy platform known for bundling live TV and on-demand content. The move strengthens Disneyās hand in the fight to dominate streaming bundles as cord-cutters look for all-in-one solutions.
š Bridgewater cuts jobs. Hedge fund giant Bridgewater Associates is trimming 7% of its workforce as it retools to stay competitive in a tighter market. The layoffs are a stark reminder that even financial powerhouses arenāt immune to shifting economic tides.
Featured story
Mortgage Rates Surge, Homebuyers Retreat
Ouch! Mortgage rates have soared to their highest levels since July, hitting 6.99% for a 30-year fixed loan and crushing fragile demand. Applications to buy a home dropped 7% last week while refinancing saw a slight bumpābut only because levels are so low, they skew the stats. With home prices still sky-high, buyers are sitting out, and the market is feeling the strain.
Higher rates and cautious consumers create a tough reality for the housing market, often serving as an economic bellwether. Even with more homes for sale than last year, affordability keeps the sidelines crowded. Analysts expect more rate-driven pressure as the Federal Reserveās next moves and employment data could nudge rates higher.
The outlook? Grim for now, but a potential rate reprieve could bring relief later in 2025. Until then, the housing market is in survival mode, and buyers will need deep pocketsāor nerves of steelāto jump back in.
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The bottom line
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