Rise in interest rates expected to slow down home sales: "The housing market is in a downturn right now"
CBSN
With the Fed raising interest rates again, average long-term mortgage rates saw their biggest one week jump in 35 years. The average rate on the popular 30-year fixed mortgage rose to 6% — the highest it has been since the 2008 recession.
But the sudden rise in interest rates is cooling off the housing market. In St. Louis, for example, pending sales of homes were down nearly 10% in May, compared to the same month last year.
Those who can still afford to buy can expect to see a price increase, as the typical new mortgage payment has risen 52% over the last six months, according to information that Zonda, a real estate research company, provided to Fortune this week.
Jeff Bezos' Blue Origin launched six space tourists on a high-speed dash to the edge of space and back Friday, giving the passengers — including a husband and wife making their second flight — about three minutes of weightlessness and an out-of-this world view before the capsule made a parachute descent to touchdown at the company's west Texas flight facility.
The Emmy Award-winning "CBS News Sunday Morning" is broadcast on CBS Sundays beginning at 9:00 a.m. ET. "Sunday Morning" also streams on the CBS News app beginning at 11:00 a.m. ET. (Download it here.)
Organic carrots and celery sold at Whole Foods Market in five states are being recalled amid a deadly E. coli outbreak that has stricken 39 people in 18 states.
It's well-documented that women in the workplace often face biases when seeking leadership roles, but new research is uncovering just how pervasive and wide-ranging those prejudices can be.
President-elect Donald Trump's sentencing for his May criminal conviction has once again been delayed, a judge ruled Friday.
Washington — The Supreme Court on Friday dismissed Facebook's appeal of a lower court order reviving a shareholder lawsuit brought against the social media giant in light of consulting firm Cambridge Analytica's 2015 misuse of millions of Facebook users' data.
Sen. JD Vance's election as vice president has opened up one of Ohio's U.S. Senate seats for the third time in as many years, setting off a scramble for the appointment among the state's ruling Republicans.
An 84-year-old Texas man has been charged with first-degree murder after allegedly killing his roommate and her dog, authorities said.
A Georgia woman convicted of killing her 20-month-old son and dumping his body in a trash bin was sentenced Thursday to life in prison.
Authorities have seen a surge of guns and ammunition flowing from the United States to Latin America and the Caribbean, fueling conflict in regions already struggling with violence and unrest.
The U.S. Department of Justice's Los Angeles office filed charges in what could be the nation's first death-resulting criminal case involving a synthetic opioid that is possibly more dangerous than fentanyl.