Mortgage rates rise to nearly 6.3%, the highest level since 2008

Mortgage rates jumped higher for the fifth week in a row, further pushing past 6% in the face of yet another aggressive interest rate hike by the Federal Reserve. The 30-year fixed-rate mortgage averaged 6.29% in the week ending September 22, up from 6.02% the week before, according to Freddie Mac. That is significantly higher … Read more

Why Jamie Dimon apologized to Elizabeth Warren

new York CNN Business — JPMorgan Chase CEO Jamie Dimon testified on Capitol Hill Thursday for the second straight day. This time, he faced his longtime critic Sen. Elizabeth Warren. Warren began her line of questioning by asking how many instances of fraud had been reported to his bank from customers using Zelle, a popular … Read more

Stocks sink as investors wait for the Fed’s rate hike

new York CNN Business — So much for Wall Street sitting back and taking it easy while awaiting the Federal Reserve’s latest interest rate decision on Wednesday. Stocks slid Tuesday as investors grew anxious about the impact of another big rate hike. The Dow fell more than 450 points, or 1.5%, in midday trading. The … Read more

British pound hits a 37-year low as UK economy skids

London CNN Business — The British pound slumped to a 37-year low on Friday after new data showed that shoppers are pulling back spending as inflation squeezes household budgets, underscoring fears that the economy may already be shrinking. The currency fell below $1.14, it lowest since 1985, after the Office for National Statistics said that … Read more

Premarket stocks: Ukraine’s victories are exciting Wall Street. The boost could soon fade

A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. You can listen to an audio version of the newsletter by clicking the same link. London CNN Business — In the past week, Ukrainian troops have dealt a huge blow to Russia’s … Read more

‘We need to act right now’: Fed Chairman Powell vows to continue aggressive inflation fight

CNN — At a think tank conference Thursday, Federal Reserve Chairman Jerome Powell reiterated his pledge to stay the course on the central bank’s aggressive inflation-busting policy. “The Fed has, and accepts, responsibility for price stability,” he said at the Cato Institute’s 40th Annual Monetary Conference. “We need to act right now — forthrightly, strongly.” … Read more

Premarket stocks: Don’t expect home prices to come crashing down soon

A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. You can listen to an audio version of the newsletter by clicking the same link. new York CNN Business — Rising mortgage rates are taking a toll on the US housing market. … Read more

Premarket stocks: Central banks are desperate to make up for past sins

A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. You can listen to an audio version of the newsletter by clicking the same link. new York CNN Business — Central banks are racing to stay on top of rapidly changing economic … Read more