Home values have been rising in recent months, but mortgage rates have taken a rapid turn upward as well. Some investors are worried that the housing recovery may stall if mortgage rates jump too quickly.
Mortgage rates have seen a relatively sharp rise this month. The average 30-year fixed-rate loan hit 4 percent earlier in June — a big jump from the record lows of recent years. Some investors are now concerned that the housing recovery could be stifled if rates continue to rise quickly.
The Federal Reserve has two main missions: to maximize employment and minimize inflation. Right now, there are few, if any, signs that prices for goods are spiking, and the job market is still crawling out of its long, deep slump.
The White House will begin sending direct military aid to the Syrian opposition after concluding that the Syrian government has been using chemical weapons against rebel forces. For the past two years, President Obama has taken a cautious approach to the conflict and has been reluctant to intervene.
The violin and viola that Wolfgang Amadeus Mozart played himself are in the United States for the first time ever. The instruments come out of storage only about once a year at the Salzburg Mozarteum in Austria. The rest of the time, they're kept under serious lockup.
Miguelo Rada doesn't seem like the kind of guy who'd have extra cash. He just spent 32 years in prison, he lives in a halfway house in West Harlem, and his current income comes only from public assistance.
He uses food stamps for food, wears hand-me-down clothes and buys almost nothing. He is also an unofficial bank.
"If somebody asks me, 'Can I borrow $20?' If I have it I'll say, 'Here!' " he says.
This kind of borrowing is one way people do what economists call "consumption smoothing" – basically making spending more regular, even when income is not.
Originally published on Wed October 2, 2013 5:45 pm
In the spring of 2012, Scottish singer-songwriter KT Tunstall traveled to Tucson, Ariz., to work on her sixth album, Invisible Empire // Crescent Moon. But before she could return to finish the record, a lot happened in her personal life: The death of her father, as well as the dissolution of her marriage to drummer Luke Bullen, left Tunstall in a standstill.