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.
Iranian President Ebrahim Raisi was traveling in Iran's East Azerbaijan province when the helicopter was forced to land due to weather. A rescue is underway.
Hip-hop mogul Sean "Diddy" Combs posted a video on social media apologizing for his "inexcusable" behavior and that he takes "full responsibility" for his actions.
GOP Rep. Elise Stefanik of New York excoriated Biden over a paused weapons shipment to Israel in her address to the Knesset.
Is the issue of abortion offsetting the drag on President Biden stemming from inflation nationally and immigration in a state like Arizona?
United States National Security Advisor Jake Sullivan met with Crown Prince Mohammad bin Salam on Saturday to discuss a potentially historic bilateral agreement between the two nations.
At least 27 people, mainly women and children, were killed in an Israeli airstrike in central Gaza.
The New York Times' five-letter word puzzle has become a daily ritual, and was played a staggering 4.8 billion times last year.
The Ohio Republican has previously praised Orbán's approach to state universities in Hungary, saying his way could be the model for eliminating what he views as a left-wing bias at American universities.
Simone Biles and Gabby Douglas are attempting to secure their ticket to the Summer Olympic Games in Paris.
"What has gone on, transpired between Israel and the Palestinians going back decades is very complex, very difficult," former Defense Secretary Robert Gates said on "Face the Nation."
Hip-hop mogul Sean "Diddy" Combs posted a video on social media apologizing for his "inexcusable" behavior and that he takes "full responsibility" for his actions.
At least 27 people, mainly women and children, were killed in an Israeli airstrike in central Gaza.
Simone Biles and Gabby Douglas are attempting to secure their ticket to the Summer Olympic Games in Paris.
Trump leads comfortably in Florida, as more say he'd improve their finances.
Samsung piles on with its on ad after Apple apologizes for a spot that it acknowledged "missed the mark."
Wall Street investors are increasingly confident of a soft landing for the U.S. economy, pushing financial markets to new highs.
Some owners of the electric vehicle will be eligible for compensation of up to $1,400 because of a battery problem that caused fires.
TikTok is allowing select users to upload longer-form videos as the social media app looks to compete with YouTube.
Employees of the German luxury car maker reject membership in the United Auto Workers after a contentious campaign.
"What has gone on, transpired between Israel and the Palestinians going back decades is very complex, very difficult," former Defense Secretary Robert Gates said on "Face the Nation."
The following is a transcript of an interview with Sen. J.D. Vance, Republican of Ohio, that aired on May 19, 2024.
The following is a transcript of an interview with Chris Krebs, the former director of CISA and a CBS News cybersecurity expert and analyst, that aired on May 19, 2024.
The following is a transcript of an interview with Oksana Markarova, Ukrainian ambassador to the U.S., that aired on May 19, 2024.
The following is a transcript of an interview with Sen. Gary Peters, Democrat of Michigan, that aired on May 19, 2024.
Health authorities are watching for signs the virus might be starting to accelerate again after a springtime lull in COVID rates.
North Carolina Republicans are pushing forward with their plan to repeal a pandemic-era law, citing crime and recent campus protests.
Hypochlorous acid is the latest skin care ingredient making waves on social media for acne prevention — but is it true? We asked dermatologists.
Private-label food supplier recalls 32-ounce pouches of Great Value Organic Black Chia Seeds because of potential contamination.
A new study finds hospitals with a higher share of women surgeons and and anesthetists shave better patient outcomes.
American and Nigerien defense officials say U.S. troops ordered out of Niger by its ruling junta will complete their withdrawal from the West African country by the middle of September.
At least 27 people, mainly women and children, were killed in an Israeli airstrike in central Gaza.
Iranian President Ebrahim Raisi was traveling in Iran's East Azerbaijan province when the helicopter was forced to land due to weather. A rescue is underway.
United States National Security Advisor Jake Sullivan met with Crown Prince Mohammad bin Salam on Saturday to discuss a potentially historic bilateral agreement between the two nations.
GOP Rep. Elise Stefanik of New York excoriated Biden over a paused weapons shipment to Israel in her address to the Knesset.
Hip-hop mogul Sean "Diddy" Combs posted a video on social media apologizing for his "inexcusable" behavior and that he takes "full responsibility" for his actions.
Monopoly is the top-selling modern board game of all time, available today in 114 countries and 47 languages, and a myriad of variations. Hasbro's senior VP of board games Brian Baker explains to correspondent Susan Spencer the most important design element to a game's success.
The lifestyle entrepreneur and host of "Martha Gardens" offers tips on preparing a delicious afternoon tea.
After studying design and architecture in college, Courteney Cox pursued modeling and acting, and is forever identifiable as "neat freak" Monica in the sitcom "Friends." Now she's an entrepreneur, creating a line of scented products for the home.
After studying design and architecture in college, Courteney Cox pursed modeling and acting, and is forever identifiable as "neat freak" Monica Geller in the classic sitcom "Friends." Now she's also an entrepreneur, creating a line of scented products for the home. She talks with correspondent Jonathan Vigliotti about why she was inspired to create Homecourt's cleaning and beauty products; her strong bonds with her "Friends" castmates; and about her early big break, appearing in a Bruce Springsteen music video.
The Hennessey Venom F5 is not just a sports car; its twin turbo V8 engine can muster more than 1,800 horsepower, almost twice that of a Formula 1 racing car. And yes, you can drive it on the street, for the cool price of $3 million. Correspondent Lee Cowan goes inside the design of a machine that shuns the mundane.
Eight TikTok influencers have filed a lawsuit against the U.S. government in an effort to block enactment of a law passed and signed last month that requires TikTok be sold by China-based owner Byte Dance by January, or face a possible nationwide ban. Scott MacFarlane 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.
Samsung piles on with its on ad after Apple apologizes for a spot that it acknowledged "missed the mark."
TikTok is allowing select users to upload longer-form videos as the social media app looks to compete with YouTube.
The 40-mile-long river branch, which ran by the Giza pyramid complex, was hidden under desert and farmland for millennia, scientists said.
A new study suggests that the first warm-blooded dinosaurs may have roamed Earth about 180 million years ago.
Extreme heat is known as a "silent killer," and in some areas across Asia, its intensity would have been impossible without one critical factor, a new study found.
Millions of Americans looked to the night sky and snapped magical photos and videos of the northern lights this past weekend during the momentous geomagnetic storm.
Scientists who study such things have found that cicadas urinate in a jet stream because they consume an incredible volume of fluid during their brief time above ground.
Susann Sills' body was found at the bottom of the staircase of her family's San Clemente, California home. What led up to her death?
Columbus Deputy Chief Gregory Bodker told reporters that officers arrived to find a "very chaotic scene."
Disturbing video obtained by CNN appears to show Sean "Diddy" Combs pushing, kicking and dragging his then-girlfriend Cassandra Ventura in a hotel hallway in 2016. Elise Preston reports.
David DePape, the man convicted of attacking former House Speaker Nancy Pelosi's husband with a hammer inside their San Francisco home in 2022, was sentenced to 30 years in prison on Friday. CBS News congressional correspondent Scott MacFarlane has the details.
Police said Gary Allen Srery might also be linked to other unsolved murders and sexual assaults in Western Canada.
Ed Dwight trained to become the first African American astronaut but was never asked to join NASA. He finally flew into space on Sunday.
Ongoing work to resolve a persistent helium leak has pushed the first piloted Starliner flight back at least four more days, to May 25.
The large explosion of energy and light from the sun comes just days after Earth was slammed with the biggest geomagnetic storm in more than 20 years.
WASP-193b is 50% larger than Jupiter — the largest planet in our solar system — but seven times less massive because of it's extraordinarily low density.
Millions of Americans looked to the night sky and snapped magical photos and videos of the northern lights this past weekend during the momentous geomagnetic storm.
A look back at the esteemed personalities who've left us this year, who'd touched us with their innovation, creativity and humanity.
A look back at the hallowed career of the indie "B-movie" filmmaker, known for exploitation films, monster flicks, and some bizarre movie posters.
Despite losing three quarters of the blood in her body, Donna Ongsiako was able to help police find the person who almost took her life.
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?
Republican Sen. J.D. Vance tells "Face the Nation," who has praised Hungary's authoritarian Prime Minister Viktor Orban's response to university dissident in the past, tells "Face the Nation" that while he is "not endorsing every single thing that Viktor Orban has ever done," the far-right leader has made "some smart decisions that we could learn from in the United States."
Sen. Gary Peters of Michigan, the chair of the Democratic Senate Campaign Committee, tells "Face the Nation" that he believes Democrats can be elected to the Senate from Arizona and Florida. "I take every poll with a grain of salt," Peters said.
Former Defense Secretary Robert Gates, who is currently the chancellor at William and Mary College, tells "Face the Nation" that "I'm not even going to begin to go there" about voting for former President Donald Trump in 2024, who he has written has "disdain for allies, fondness for authoritarian leaders, erratic behavior undermined his credibility."
Chris Krebs, the former director of CISA and a CBS News cybersecurity expert and analyst, tells "Face the Nation" that while there likely will not be a "one single catastrophic AI-enabled event" threatening the 2024 election, he foresees a "steady drumbeat where we, where the voters, the public are just going to lose confidence and trust in the overarching information ecosystem."
Oksana Markarova, the Ukrainian ambassador to the U.S., tells "Face the Nation" that while the U.S. is supplying weapons, "there is no such thing as fast enough when we are up against such a bad enemy and we have to catch up for such a long pause in weapons ordering."