💰 Finance

Mortgage Rates Edge Up

For prospective homebuyers, the climb continues. The average rate for a 30-year fixed mortgage has risen slightly to 6.39%. Those looking to refinance can expect to see rates around 6.68% for a 30-year fixed refinance. The average 15-year fixed refinance interest rate is hovering around 6.00%. Experts recommend comparing offers to potentially find rates below the national average.

Fed Officials Weigh Rate Hike Possibility

Amidst concerns about persistent inflation and rising gas prices, some Federal Reserve officials are hinting at the possibility of future interest rate hikes. Beth Hammack, President of the Federal Reserve Bank of Cleveland, dissented against the Fed's decision to maintain an easing bias in its policy statement, citing economic uncertainty. Minneapolis Fed President Neel Kashkari also expressed concerns that a significant price shock could necessitate a series of rate hikes. The Federal Open Market Committee (FOMC) previously announced its decision to hold steady the federal funds rate at 3-1/2 to 3-3/4 percent.

Bitcoin Bounces Back

The cryptocurrency market is showing signs of recovery, with Bitcoin rising above $77,000 after dipping to a low of $74,937 on Wednesday. Other cryptocurrencies like Ethereum and Ripple are mirroring Bitcoin's recovery, though momentum remains weak.

Berkshire Hathaway Reports Profit Jump

Berkshire Hathaway reported an 18% increase in first-quarter operating earnings, marking the first results under new CEO Greg Abel, who succeeded Warren Buffett at the start of the year. Operating earnings reached $11.35 billion, up from $9.64 billion the previous year.

Stablecoin Clarity Act Advances

Coinbase announced a deal has been reached regarding stablecoin yield under the Clarity Act, potentially paving the way for Senate markup. BlackRock is also urging the Office of the Comptroller of the Currency (OCC) to eliminate the tokenized reserve cap idea and broaden eligible assets in a GENIUS Act comment letter.

Consult a licensed financial advisor for personal decisions.