News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Consumer Cos Down As Mortgage Rates Rise -- Consumer Roundup

01/13/2022 | 05:07pm EDT

Shares of retailers and other consumer companies fell amid concerns about rising mortgage rates.

The average rate for a 30-year fixed-rate loan was 3.45% for the week ended Thursday, mortgage finance giant Freddie Mac, up sharply from 3.22% a week ago, and at its highest level since the onset of the pandemic in March 2020.

Rising rates could cause the housing market to cool off, and Median home sale prices hit an all-time high in the first full week of 2022, surging 16% year over year, according to Redfin.

"So far, we do not see a meaningful deterioration in spending for households that received the child-tax credit in December relative to households that did not but this could change in coming weeks," said analysts at brokerage Bank of America Global Research, in a note to clients.

Monster Beverage agreed to buy craft-beer and hard-seltzer company CANarchy Craft Brewery Collective for $330 million.

Qantas Airways slashed its capacity estimates for its fiscal third quarter on the surge in Covid-19 cases while maintaining staff levels to cover for sick employees.

Write to Rob Curran at

(END) Dow Jones Newswires

01-13-22 1706ET

Stocks mentioned in the article
ChangeLast1st jan.
BANK OF AMERICA CORPORATION 0.53% 35.84 Delayed Quote.-19.87%
MONSTER BEVERAGE CORPORATION 0.27% 87.73 Delayed Quote.-9.36%
ON SEMICONDUCTOR CORPORATION 3.19% 56.24 Delayed Quote.-19.76%
QANTAS AIRWAYS LIMITED -0.56% 5.35 Delayed Quote.7.39%
REDFIN CORPORATION 6.18% 9.97 Delayed Quote.-75.54%
Latest news "Economy & Forex"
04:14pU.S. soybean, wheat futures fall but corn closes higher
04:13pBrazil's corn exports to China requires deal about GMO -producers association
04:12pA shocked Texas town struggles to make sense of school massacre
04:09pU.S. Senate struggles to unite on guns after Texas massacre
04:03pWorld Bank's Malpass says war in Ukraine may trigger global recession
04:02pCommodities in 'perfect storm' says ERG, as crisis starts super cycle
04:01pWall Street climbs after Fed minutes meet expectations
03:58pGlobal shares rise after Fed meeting notes hint at future rate hikes
03:56pGlobal shares rise after Fed meeting notes hint at future rate hikes
03:50pRussia offers fast-track citizenship to residents of occupied Ukraine
Latest news "Economy & Forex"