Mortgage rates rise to new yearly high
Long-term U.S. mortgage rates rose this week, marking new highs for the year. An increase in a key interest rate is expected by the Federal Reserve next week, propelled by signs of strength in the economy.
Mortgage buyer Freddie Mac said Thursday the rate on 30-year, fixed-rate loans climbed to 4.21 percent from 4.10 percent last week. The benchmark rate stood at 3.68 percent a year ago and averaged 3.65 percent through 2016, the lowest level in records dating to 1971.
The rate on 15-year mortgages increased to 3.42 percent from 3.32 percent last week.
Mortgage rates rose for nine straight weeks following President Donald Trump’s election in November. But they fell at the start of the year and then moved little in recent weeks.
Bottled water overtook U.S. soda sales last year
An industry tracker says bottled water overtook soda as the No. 1 drink in the U.S. by sales volume last year.
Bottled water has been enjoying growth for years, while sales of traditional sodas have declined. Research and consulting firm Beverage Marketing Corp. said Americans drank an average of 39.3 gallons of bottled water in 2016, and 38.5 gallons of carbonated soft drinks. In 2015, bottled water was at 36.5 gallons while soda was at 39 gallons.
Other industry trackers define categories differently, so may see the cross at different times. Beverage Marketing includes sparkling waters in bottled waters and excludes energy drinks in sodas. Another tracker, Beverage Digest, said by its metrics bottled water will surpass soda this year.
The estimates don’t include tap water.
House limits claims in company lawsuits
The House has approved a bill that would make it harder for individuals or groups to bring legal claims against companies in consumer disputes, employment discrimination cases and other areas.
Lawmakers approved the Republican-sponsored measure 220-201 Thursday night.
The legislation is the latest in a flurry of business-friendly moves by Congress and the Trump administration. Changes mandated in the bill could help reduce legal costs for businesses by putting up more hurdles to bringing class-action lawsuits in federal court.
Supporters said the bill is needed to curb abuses in class-action suits that often result in a huge payday for lawyers.
Consumer groups and civil rights advocates said the bill penalizes those who have been mistreated by corporations or government agencies.
IRS makes dent in identity theft
WASHINGTON – The IRS said the number of identity theft victims plummeted last year after agents struggled for years to combat what has become a multibillion-dollar industry.
The IRS said the number of victims dropped by 46 percent, to 376,000. The victims had their identities stolen by criminals who used their Social Security numbers and birthdates to obtain fraudulent tax refunds.