Economy

Freddie Mac reported Thursday that the average interest rate for a 30-year fixed-rate home mortgage is now at 7.31%, the highest it has been in nearly 23 years.

A downtrend in consumer spending slowed economic growth in the second quarter compared to the previous one, but the economy is holding steady, according to the Bureau of Economic Analysis (BEA).

Pending home sales in the U.S. fell much more than expected in August as housing affordability continues to worsen. The current rate on the 30-year mortgage is 7.31%.

"Fortnite" maker Epic Games is laying off about 900 employees, or 16% of its staff, according to a new report. The job cuts were announced in a memo to staff, the report said.

Delta Air Lines said it is rethinking the overhaul of its loyalty program after receiving feedback from customers. It's now planning on making modifications.

The Biden administration announced consequences of a government shutdown. One of them is that the travel industry could face significant delays and longer wait times.

After accumulating record breaking excess savings in the COVID-19 recession, Americans could soon deplete these reserves, the San Francisco Fed reported.

Social Security's trust funds are projected to be depleted by 2033, at which point retirees would see a significant cut to their benefits if the program isn't reformed.

United Auto Workers strikes at more plants belonging to General Motors, Stellantis and Ford could reportedly come Friday, depending on the status of negotiations.

The price of oil is nearing $94 per barrel after the Energy Information Administration reported a larger-than-expected draw on inventories of over 2.1 million, jolting the crude market.