Puzzling: Economists are baffled by a wider-than-usual divergence between long-term mortgage rates and the yield on the benchmark U.S. government bond that is driving a sharp rise in borrowing costs. The gap, or spread, between the 10-year Treasury yield and the average rate on a 30-year mortgage widened this year as inflation hit the highest level in decades and the Fed began raising interest rates and taking other steps aimed at taming surging prices. Read the full story.
Universal website: Louisiana unclaimed property items are now part of an online search site that now features free and secure searches of 49 states’ unclaimed property departments, according to an announcement from Treasurer John Schroder. MissingMoney.com was recently revamped to grant those nationwide the ability to search multiple unclaimed property databases at one advertising-free site.
Rising again: The average long-term U.S. mortgage rate rose this week after falling for six straight weeks, adding to the challenges potential homebuyers face amid higher home prices and a limited supply of available houses. Mortgage buyer Freddie Mac reported this morning that the average on the benchmark 30-year rate increased to 6.42% from 6.27% last week. That is more than double the year-ago average rate of 3.11%. Read the full report.
