2023 was brutal for homebuyers. Here's what to expect in 2024.
Mortgage rates recently hit their highest levels in more than two decades, pricing many out of the market. Here's what to expect in 2024.
Mortgage Rates
Here's how much you need to earn to afford a home in 97 U.S. cities
"Even places that historically have been affordable now need six figures," according to Redfin's chief economist.
Here's what to do if you get behind on your mortgage payment
Many homeowners are struggling to keep up with their mortgage payments amid rising costs and high inflation. Here's how to catch up.
Thinking of an adjustable-rate mortgage? Here are 3 questions to ask.
Deciding on an adjustable-rate mortgage boils down to how long you plan to own a property and if your income is stable.
What the Fed's rate decision this week could mean for mortgage rates
With mortgage rates topping 8%, some home buyers are hoping to see some relief with the Federal Reserve's next decision.
Home prices and rents have both soared. So is buying or renting the better deal?
Buying a home is now 52% more expensive than renting, a financial gap that is larger than during the 2006 housing bubble.
Mortgage rates touch 8% for the first time since 2000
The average rate for a 30-year home loan crossed the 8% threshold this week, deepening the affordability crisis for homebuyers.
Mortgages rates go up, prices remain high
The climbing interest rates may be keeping prospective home buyers from moving from places they may not necessarily want to live in. Felix Salmon, chief financial correspondent for Axios, joins CBS News with more.
Could a housing market recession be looming?
The lack of housing supply in the United States is related to the ongoing spikes in interest rates. Mark Hamrick, a senior economic analyst for Bankrate, joins CBS News to explain the mortgage "lock-in effect," which may be keeping homes off the market.
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.
Home sales down 15% from 2022, data shows
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.
High mortgage rates creating challenges for buyers
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.
Mortgage rates unlikely to dip this year, experts say
Although some Wall Street analysts think mortgage rates may have peaked, they don't expect a sharp drop in home loan costs.
Rents are falling more slowly in U.S. suburbs than in cities.
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.
Mortgage rates surge to highest level since 2000
Interest rates for a home loan are continuing to soar, driving many aspiring property owners out of the market.
Mortgage rates continue to climb — and could soon reach 8%
Fed signaled it might raise its benchmark rate before year's end, which may catapult mortgage rates even higher.
Mortgage rates are once again above 7%. Is relief in sight?
A couple of factors are at play in the rising rates which continue to remain steep despite fluctuations.
Fed raises benchmark interest rate to 22-year high
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.
New York Fed: Loan rejection rates rising
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.
Renting a home may be more financially prudent than buying one, experts say
Potential homebuyers need to consider the total cost of a home, including mortgage rates, property insurance, property taxes and maintenance.
Renting may be more fiscally prudent than buying
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.
What are mortgage rate transfers?
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.
Home prices drop in some parts of U.S., but home-buying struggles continue
In Northern California, home prices jumped during the pandemic. Since then, the region has seen some of the steepest price declines in the country.
Here's what the Fed's interest rate pause means for your money
After 10 straight interest-rate hikes, borrowers face sharply higher costs for credit cards, mortgages and other loans.
Coastal home buyers face low inventory
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.
Russia warns of world war after Biden's decision on missiles for Ukraine
A Russian lawmaker calls President Biden's decision to let Ukraine fire U.S. missiles deep into Russia a "very big step toward the beginning" of a third world war.
Spirit Airlines files for bankruptcy
The budget carrier is trying to recover from the pandemic-caused swoon in travel and failed mergers.
"Everything as it was": Explore the bedrooms of kids killed in school shootings
The families of eight school shooting victims opened their doors to Steve Hartman and photographer Lou Bopp, allowing them to document their children's bedrooms.
Scientists still identifying 9/11 victims' remains, giving answers to loved ones
The New York City Office of Chief Medical Examiner has pledged to continue efforts to identify 9/11 victims' remains for as long as there are families looking for answers.
Palestinians' hopes and fears as Trump heads back to the White House
Gazans say they'd welcome Trump making good on his vow to end the war, but not "at the expense of the Palestinian people."
Trump taps Musk-allied big tech critic Brendan Carr to head FCC
President-elect Donald Trump tapped Republican Brendan Carr, an Elon Musk-backed critic of big tech, to lead the FCC, calling Carr a "warrior for Free Speech."
Hegseth paid accuser but denies wrongdoing, attorney says
Trump has indicated that the revelations about the accuser and payment have not deterred him from Hegseth's selection as defense secretary.
Biden becomes first sitting U.S. president to visit Amazon rainforest
Mr. Biden has made addressing climate change a key part of his policy agenda.
Shootings along New Orleans parade route leave 2 dead, 10 wounded
Two people were killed and 10 wounded in two shootings along a New Orleans parade route and celebration attended by thousands, authorities said. There were no immediate arrests.
U.S.
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Shootings along New Orleans parade route leave 2 dead, 10 wounded
Two people were killed and 10 wounded in two shootings along a New Orleans parade route and celebration attended by thousands, authorities said. There were no immediate arrests.
Hegseth paid accuser but denies wrongdoing, attorney says
Trump has indicated that the revelations about the accuser and payment have not deterred him from Hegseth's selection as defense secretary.
San Diego, Tijuana Youth symphonies unite for historic cross-border performance
The performance was part of an effort to bridge communities through creativity and innovation during this year's "World Design Capital" designation.
Organic carrots recalled after E. coli outbreak. These are the brands impacted.
Grimmway Farms, which made and packaged the organic carrots, issued the recall on Saturday after nearly 40 cases were recorded in 18 states.
Trump's controversial Cabinet and senior staff picks face uncertain future
President-elect Donald Trump's Cabinet and senior staff picks are facing an uncertain future as his selections received mixed reviews in recent days — and a handful sent shockwaves through Washington.
MoneyWatch
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Spirit Airlines files for bankruptcy
The budget carrier Spirit Airlines is trying to recover from the pandemic drop in travel and failed mergers.
Organic carrots recalled after E. coli outbreak. These are the brands impacted.
Grimmway Farms, which made and packaged the organic carrots, issued the recall on Saturday after nearly 40 cases were recorded in 18 states.
Trump's win could sharply raise the cost of electric vehicles. Here's why.
Americans looking to purchase EVs may want to do so quickly, as the incoming administration is likely to axe a $7,500 tax credit.
Social Security bill to expand benefits is in the hands of the Senate
The Social Security Fairness Act, which would increase benefits for 2.8 million retirees, has bipartisan support but time running out.
How much money did Mike Tyson and Jake Paul make for their big fight?
Mike Tyson, a boxing legend, and Jake Paul, a social media legend, threw down Friday in Dallas. Financially, they both came out winners.
Politics
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Trump taps Musk-allied big tech critic Brendan Carr to head FCC
President-elect Donald Trump tapped Republican Brendan Carr, an Elon Musk-backed critic of big tech, to lead the FCC, calling Carr a "warrior for Free Speech."
Hegseth paid accuser but denies wrongdoing, attorney says
Trump has indicated that the revelations about the accuser and payment have not deterred him from Hegseth's selection as defense secretary.
Trump's controversial Cabinet and senior staff picks face uncertain future
President-elect Donald Trump's Cabinet and senior staff picks are facing an uncertain future as his selections received mixed reviews in recent days — and a handful sent shockwaves through Washington.
Birx says she is "excited" for data-driven discussions in RFK Jr.'s confirmation hearings
Dr. Deborah Birx, former White House Coronavirus response coordinator, said Sunday she is "excited" for the data on key health issues that will surface in Senate confirmation hearings for Robert F. Kennedy, Jr.
Full transcript of "Face the Nation with Margaret Brennan," Nov. 17, 2024
On this "Face the Nation with Margaret Brennan" broadcast, Sue Gordon and Dr. Deborah Birx join Margaret Brennan.
HealthWatch
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Combating Parkinson's with rock climbing
There is currently no cure for Parkinson's Disease. But some with Parkinson's are finding that an unusual therapy – rock climbing – is helping them improve their balance, mobility, strength and cognition.
Woman in Idaho abortion ban case shares her story
Kayla Smith, one of the plaintiffs in a lawsuit against Idaho's restrictive abortion ban, tells Nicole Valdez about "the most traumatic experience" of her life. She and five other women are suing the state to clarify and expand abortion exceptions.
U.S. health officials report 1st case of new form of mpox in a traveler
The person had traveled to eastern Africa and was treated in Northern California upon return, according to the California Department of Public Health.
This mom moved 9,000 miles seeking medical treatment for her son
A mother and son flew 9,000 miles to seek care for his spinal condition after they'd exhausted options in their home country.
What to know about RFK Jr.'s stances on key health issues
Robert F. Kennedy Jr., Trump's pick to lead the Department of Health and Human Services, has raised controversy on topics ranging from vaccines to fluoride to food.
World
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Russia warns of world war after Biden's decision on missiles for Ukraine
A Russian lawmaker calls President Biden's decision to let Ukraine fire U.S. missiles deep into Russia a "very big step toward the beginning" of a third world war.
Hologram used in bid to solve sex worker's cold case murder
Bernadett "Betty" Szabo, 19, was stabbed multiple times just months after giving birth to a baby boy.
Palestinians' hopes and fears as Trump heads back to the White House
Gazans say they'd welcome Trump making good on his vow to end the war, but not "at the expense of the Palestinian people."
14 suspects linked to powerful cartel arrested in Spain murder probe
The arrests came after a murder victim's family received a large ransom request and $32,000 was paid in cryptocurrency.
Biden OKs Ukraine's use of U.S.-provided weapons deep inside Russia
The easing of restrictions would allow Kyiv to use the Army Tactical Missile System, or ATACMS, to hit targets inside Russia.
Entertainment
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Victoria Kjær Theilvig of Denmark is crowned Miss Universe
Victoria Kjær Theilvig, an animal protection advocate who works in the diamond selling business, beat out Miss Nigeria at the end of the competition.
Cher opens up about life with Sonny
With the release of part one of her new memoir, Cher talks about her relationship - on stage and off - with Sonny Bono, and why their TV partnership survived beyond their marriage.
Extended interview: Cher
In this web exclusive, correspondent Anthony Mason sits down with the singer Cher to talk about her new book, "Cher: The Memoir – Part One," which explores the "crazy ride" of her childhood. She also discusses her relationship with Sonny Bono, and why their extraordinarily successful musical duo, Sonny & Cher, survived the breakup of their marriage.
Cher opens up about life with Sonny
It took forever for Cher to write her story, but this week, her memoir (that is, "Part One" of her memoir) is being released. She talks with correspondent Anthony Mason about her relationship, on stage and off, with Sonny Bono; the shocking truth she learned about "Cher Enterprises"; and why Sonny & Cher's TV partnership survived beyond their marriage.
"Gladiator II" star Paul Mescal on his relationship with fame
He's earned critical acclaim and award nominations for performances in "Aftersun" and "Normal People." Now, Irish actor Paul Mescal, who's become a Gen Z heartthrob, is front-and-center of Ridley Scott's epic "Gladiator II."
Technology
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Technology
How this new car runs without gas or electricity
As climate change intensifies, the race for a more eco-friendly car has revved up. Itay Hod reports on the newest twist on travel.
"Human … Please die": Chatbot responds with threatening message
In an online conversation about aging adults, Google's Gemini AI chatbot responded with a threatening message, telling the user to "please die."
How AI powered robots are helping small farms
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.
Meta facing courtroom battle
On Wednesday, a judge allowed a Federal Trade Commission lawsuit to move forward that accuses Meta of creating an illegal monopoly with Facebook, Instagram and WhatsApp. CBS News MoneyWatch correspondent Kelly O'Grady explains.
The Guardian to stop posting on X, calling it "a toxic media platform"
The Guardian says benefits of being on Elon Musk's social media platform X are outweighed by its "often disturbing content."
Science
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Science
How climate change impacts the economy
2024 is on pace to be the hottest year on record worldwide. CBS News Los Angeles meteorologist and climatologist Marina Jurica reports that extreme weather events cost the global economy over $2 trillion in the last 10 years.
Scientists say biggest coral in the world discovered in the Pacific
Scientists say they've discovered a "mega coral" three times bigger than the previous record holder - so huge they initially thought it was a shipwreck.
Surfboards with lights could deter shark attacks: "Invisibility cloak"
Seal-shaped boards decked with bright horizontal lights were less likely to be attacked by great white sharks, researchers found.
Trump officials likely to reverse drilling waste "methane fee" EPA is imposing
Oil and natural gas companies will have to pay a federal fee if they emit methane above certain levels under a rule being finalized by the Biden administration that incoming Trump officials are likely to reverse.
Site of ancient, key battle in Iraq found using spy satellite images
1970s-era U.S. spy satellite imagery has led archeologists to what they believe is the site of a seventh-century battle that was decisive in the spread of Islam in the region.
Crime
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Hologram used in bid to solve sex worker's cold case murder
Bernadett "Betty" Szabo, 19, was stabbed multiple times just months after giving birth to a baby boy.
2 killed, 10 hurt in New Orleans shootings
Two people were killed and ten others wounded in two separate shootings about 45 minutes apart along a parade route packed with thousands of people in New Orleans. There's no word if the incidents are related and police haven't announced any arrests.
14 suspects linked to powerful cartel arrested in Spain murder probe
The arrests came after a murder victim's family received a large ransom request and $32,000 was paid in cryptocurrency.
Shootings along New Orleans parade route leave 2 dead, 10 wounded
Two people were killed and 10 wounded in two shootings along a New Orleans parade route and celebration attended by thousands, authorities said. There were no immediate arrests.
Calvin Klein model charged with murder in NYC stabbing death
Dynus Saxon was arraigned in Bronx criminal court in connection with the Nov. 10 killing of Kadeem Grant, the DA said.
Space
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Far side of the moon once had erupting volcanoes, lunar soil shows
Researchers analyzed lunar soil brought back by China's Chang'e-6, the first spacecraft to return with a haul of rocks and dirt from the little-explored far side.
When you can see the Beaver Moon, 2024's final supermoon
November's full moon, known as the Beaver Moon, is the last supermoon of 2024. Here's when it peaks and why it's called the Beaver Moon.
Astronauts decline to answer questions about post-flight medical issue
Medical issues aside, the astronauts described a water leak in June that triggered a blizzard in the International Space Station's airlock.
Cargo ship brings science gear, holiday treats to space station crew
With an Election Day docking, the cargo ship delivered 3 tons of supplies and equipment, including an unusual wooden satellite.
The Taurid meteor showers will peak a week apart in November
Two sister meteor showers are already flashing across night skies — and will peak a week apart.
Latest Galleries
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Notable Deaths in 2024
A look back at the esteemed personalities who've left us this year, who'd touched us with their innovation, creativity and humanity.
Serial killer Rodney Alcala's secret photos
See some of convicted serial killer Rodney Alcala's photographs that were discovered by detectives in a Seattle storage locker.
The troubled marriage of Ashley and Doug Benefield
The seesaw marriage between the former ballerina and her much older husband only lasted four years, until she shot him on Sept. 27, 2020.
Evidence in "The Dexter Killer" case
A look at the evidence in "The Dexter Killer" case; plus, newly revealed letters from the man police say wanted to be like fictional serial killer Dexter Morgan.
Summer music heats up 2024
Live performances are in full swing this summer. Scroll through our concert gallery, featuring pictures by CBS News photojournalist Jake Barlow and photographers Ed Spinelli and Kirstine Walton.
Latest CBS News Videos
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Latest CBS News Videos
Hegseth paid accuser to save job, lawyer says
President-elect Trump's prospective nominee for defense secretary, Fox News host Pete Hegseth, paid a confidential financial settlement to a woman who accused him of sexual assault out of concern that the allegation would lead to his firing, Hegseth's lawyer told CBS News. CBS News political reporter Katrina Kaufman has more on that and the rest of the latest news about Trump's Cabinet choices.
Record-breaking Thanksgiving travel expected
AAA expects the Thanksgiving travel season to be another record-breaker, which means packed planes and potential traffic troubles. Nearly 80 million Americans are expected to travel 50 miles or more.
Biden lifts weapon restrictions for Ukraine
President Biden is authorizing Ukraine to use U.S.-supplied long-range weapons to strike deep inside Russian territory, a U.S. official confirmed to CBS News. The Kremlin says the move by the Biden administration will further escalate tensions. BBC News correspondent Paul Adams and CBS News White House reporter Willie James Inman have more.
Organic carrots recall amid E. coli outbreak
Multiple brands of bagged organic carrots have been linked to at least 40 E. coli cases and one death. The organic carrots grown by Grimmway Farms are no longer on grocery store shelves but they could still be in your fridge. The California-based producer supplies carrots to major brands like Trader Joe's, Wegman's, Good and Gather, which is available at Target, Nature's Promise and others.
Russia-Ukraine war analysis amid new weapons
Former U.S. Ambassador to Russia John Sullivan, who served under the Biden and Trump administrations, joins "CBS Mornings" to discuss the impact and timing of President Biden's approval of Ukraine using U.S.-made long-range weapons in Russia.