Mortgage rates edged a bit higher this week and are at their highest level since late June, though from an historic perspective, they remain at the low end of the spectrum. Freddie Mac reports that the 30-year fixed-rate mortgage rose two basis points to 4.54% with an average 0.5 in points and fees. Freddie Mac says, "Home affordability pressures are increasingly a concern in many markets, as the combination of continuous price gains and higher mortgage rates appear to be giving more prospective buyers a pause."
A recent survey by Bankrate shows Americans shifting attitudes when it comes to their investments. The survey revealed that 32% of Americans prefer to invest in Stocks, followed by 24% who say cash investments are best and 22% in real estate. Real estate was the No. 1 choice in 2016. In addition, 9% of Americans also like to invest in gold and precious metals, 8% prefer Bonds while only 2% would invest in bitcoin and cryptocurrency.
Shares of social media giant Facebook are plunging today making it Facebook's largest decline ever, 19% in one day. Facebook reported that profit margins would plunge for several years due to the costs of improving safeguards and slowing usage in its biggest advertising markets, reports Reuters. In addition, today's losses would be the largest Stock market loss for a U.S. company ever with a $120 billion loss in market capitalization. CEO Mark Zuckerberg personally lost nearly $17 billion today. But with a net worth of $77 billion, he will probably be able to pay his bills going forward.
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