Consumer News: Mortgage rates keep jumping, along with prices at the pump

Consumer News with ABC Columbia is brought to you by Grow Financial.

CNN– Buying a home just keeps getting pricier, as mortgage rates jumped for the third week in a row. According to Freddie Mac, the 30-year fixed-rate is about 3.6%. Because of higher rates, that means less purchasing demand. The market is staying competitive, however, thanks to low supply and high home prices. The median home sales price was nearly $347,000 in 2021, up almost 17% from the year prior.

CNN– The cost of filling up at the pumps is going to continue costing you more. Crude oil prices in the U.S. rose nearly 2% this week, finishing at over $85 per barrel. That’s a high not seen since October 2014. Gas prices, which lag behind oil prices, have been on the rise recently and analysts expect that trend to continue. The national average for a gallon is $3.31 according to AAA.

ABC NEWS– Get ready for more sticker shock at your supermarket and pharmacy. Even though many companies are reporting healthy profits, they’re about to raise prices again. That’s only because they say it seems most Americans are willing to spend more to get the products they want. ABC’s Faith Abubey has the details.

Categories: National News