Mortgage rates fall, renter debt climbs, and YouTube TV prices increase: The Morning Business Report for March 17th
Good morning, everyone.
Here’s the latest in business news for March 17th.
First up, mortgage rates have fallen for the first time in six weeks.
According to mortgage buyer Freddie Mac, the average U.S.
mortgage rate has slid back to 6.6 percent on the benchmark 30-year rate.
This comes after five consecutive weeks of rate increases.
However, it’s important to note that the average rate a year ago was 4.1 percent.
Next, renters in the United States continue to owe a staggering amount of debt.
As of February, renters owe nearly $11 billion in debt, with the average amount owed being over $2,000.
Despite support for rent control policies gaining some traction nationwide, economists are widely against the idea of rent control, arguing that it will deter developers from building more houses, and only worsen the housing supply crisis in the U.S.
Lastly, Google is raising the price of YouTube TV to $73 a month.
The company says the increase is needed as it is investing more into content.
On Wall Street, 11 big banks came to the rescue of First Republic Bank, giving a boost to the Dow, which added 371 points at the close, while the NASDAQ gained two and a half percent.
That’s it for the Morning Business Report on March 17th.
For more local news, you can visit WFSB’s website, and for more YouTube content, you can visit their platform.
Reporting live from the NASDAQ Market site, I’m Monica Malpass.