Housing costs: Long-term U.S. mortgage rates are up for the fifth straight week, with the key 30-year rate reaching its highest level in more than seven years. Costs for would-be homebuyers continue to climb. Mortgage buyer Freddie Mac said Thursday that the average rate on 30-year, fixed-rate mortgages jumped to 4.72% from 4.65% last week. The average benchmark rate has risen from 3.83% a year ago. The average rate on 15-year, fixed-rate loans increased to 4.16% this week from 4.11% last week. Read the full story.
Blue light: Parents who possess the resolve to separate their children from their smartphones may be helping their kids’ brainpower, a new study suggests. The Washington Post reports that children who use smartphones and other devices in their free time for less than two hours a day performed better on cognitive tests assessing their thinking, language and memory, according to a study published Wednesday in the Lancet Child & Adolescent Health. Read the full story.
Bed Bath & low sales: Buoyed by a strong economy, consumers are happily spending money at brick-and-mortar retailers from Walmart to Nordstrom—just about anywhere it seems, except Bed Bath & Beyond, The Wall Street Journal reports. The stock fell nearly 50% in 2017 and a further 18% thus far in 2018. On Wednesday, after reporting second-quarter earnings that missed estimates, investors sent it down another 15% in after-hours trading. The company has given little reason to hope it will correct course any time soon. Read the full story.
