Articles written by Matt Ott
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Average long-term US mortgage rate climbs to 7.09% this week to highest level in more than 20 years
The average long-term U.S. mortgage rate climbed this week to its highest level in more than 20 years, grim news for would-be homebuyers already challenged by a housing market that remains competitive due to a dearth of homes for sale. Mortgage...
U.S. jobless claims rise to 235k, most in nearly six months
WASHINGTON (AP) — More Americans applied for unemployment benefits last week and while layoffs remain low, it was the fifth consecutive week that claims topped the 230,000 mark and the most in almost six months. Applications for jobless aid for...
US consumers still confident in April, but slightly less so
WASHINGTON (AP) — U.S. consumer confidence dampened slightly in April but remains high even as inflation continues to cloud their optimism about the rest of the year. The Conference Board said Tuesday that its consumer confidence index — which ta...
EXPLAINER: Why coffee could cost more at groceries, cafes
SILVER SPRING, Md. (AP) — As if a cup of coffee wasn't expensive enough, a confluence of factors is driving up farmers' costs to grow the beans and it could begin filtering down to your local cafe before the end of the year. After hovering for...
Cost of a single Bitcoin exceeds $50,000 for first time
SILVER SPRING, Md. (AP) — The seemingly unstoppable rise of Bitcoin continued Tuesday with the cost of a single unit of the digital currency rising above $50,000 for the first time. The price of Bitcoin has risen almost 200% in the last three month...
Tupperware profits soar as pandemic shut-ins store leftovers
SILVER SPRING, Md. (AP) — Tupperware relied on social gatherings for explosive growth in the mid 20th century. In the 21st century, it is social distancing that is fueling sales. Restaurant pain has turned into Tupperware's gain with millions of...
Low rates and heavy buyer demand send US home sales surging
SILVER SPRING, Md. (AP) — Spurred by ultra-low mortgage rates, home buyers rushed last month to snap up a limited supply of existing houses, causing the pace of purchases to jump by a record-high 24.7%. The July surge in sales reported Friday by...
Rising star in Detroit departs suddenly for Silicon Valley
SILVER SPRING, Md. (AP) — The chief financial officer at General Motors, Dhivya Suryadevara, is trading Detroit for Silicon Valley in a surprise departure to join the payments startup Stripe. A rising star in the auto sector, Suryadevara became...
Uber buys Postmates, ups delivery game in $2.65 billion deal
SILVER SPRING, Md. (AP) — Uber has widened its reach in the fiercely competitive delivery market by acquiring Postmates in a $2.65 billion all-stock deal, the company said Monday. The acquisition enables the ride-hailing giant to increase its deliv...
US firms return virus loans as Treasury threatens penalties
WASHINGTON (AP) — More than 40 public companies are pledging to return money to the government's small business coronavirus fund now that Treasury Secretary Steven Mnuchin is threatening criminal prosecutions for violating the rules of the...
US trade deficit falls 0.3% in June
WASHINGTON (AP) — The U.S. trade deficit shrunk slightly in June, as did the politically sensitive trade deficit with China, the principal target of President Donald Trump's tariffs. The gap between the goods and services the U.S. buys and what it...
