Consumer News: Ads coming to TikTok, Airbnb putting new rules in place to crack down on partying and more
Consumer News with ABC Columbia is brought to you by Grow Financial.
CNN– Mortgage rates hit their highest level since 2009 this week. Freddie Mac reports the 30-year fixed rate mortgage averaged 5.27% this week, up from 5.1% last week. It’s well above the 2.96% average from this time last year. The upward trend has pushed rates more than two percentage points higher this year. That’s the fastest pace in decades. Meanwhile, the Federal Reserve announced earlier this week it would raise the federal funds rate by half a percentage point to help curb inflation.
CNN– The owner of TurboTax has agreed to pay customers $141 million in restitution after allegedly steering them away from free tax filing services. Filers who used TurboTax’s free edition for tax years 2016-2018 will get about $30 for each year they were charged when they should have been able to use free services. New York Attorney General Letitia James announced the settlement Wednesday, saying about 4.4 million customers were unfairly charged.
CNN– Ads are coming to TikTok. It’s called TikTok Pulse, and the company says it will let marketers buy ad spots on the top 4% of videos and allow select creators to get a cut of the cash. The details haven’t really been shaken out yet, but the feature would be a first for TikTok. As it stands now, creators can get money from the app through the creator fund, but they haven’t gotten other chances to earn revenue from ads.
CNN– The party’s over! Airbnb says the company is putting strict new rules in place to crack down on unauthorized parties at rental properties during the summer. Airbnb says users without a history of positive reviews will not be allowed to book a home for only one night. Bookers will also have to confirm they understand the company can take legal action for breaking the rules. The restrictions come after two teens were killed at a large party held last month at a property in Pittsburgh rented through the app where many of the guests were minors.
CNN– Mother’s Day spending is expected to hit another record breaking high this year. According to the National Retail Federation, Mother’s Day spending is expected to reach a total of nearly $32 billion. That’s up $3.6 billion from last year, which was also a record. That’s despite rising inflation and soaring prices. The NRF says about 84% of surveyed adults are expected to celebrate Mother’s Day, and they’ll spend a record average of $245.76 a person.
