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Mortgage interest rates have increased since early 2026, with the average 30-year rate at 6.37% and the 15-year rate at 5.75% as of May 8, 2026. Rates for refinancing are also higher but may still benefit some homeowners looking to lower payments or shorten loan terms.
Key Facts
The average 30-year mortgage rate is 6.37% as of May 8, 2026.
The average 15-year mortgage rate is 5.75% as of the same date.
These rates are about half a percentage point higher than in early March 2026.
The average 30-year mortgage refinance rate is 6.60%.
The median refinance rate for a 15-year term is 5.67%.
Rates briefly dropped below 6% in April before rising again after a Federal Reserve meeting.
Potential changes in inflation data may affect mortgage rates later in May.
Refinancing can be beneficial for some borrowers, especially if their current rates are above these averages, but closing costs and how long they plan to stay in the home matter.
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A study found that, on average, Americans need to earn about $120,000 per year to afford a home, which is much higher than the current median household income of $81,604. The research looked at 200 large metro areas and found large differences in affordability depending on location.
Key Facts
The average monthly cost of owning a home in the U.S. is around $2,819.
To afford this, an annual income of $120,796 is needed, assuming a 10% downpayment.
The national median household income is $81,604, which is almost 50% less than what is needed.
Affordability is measured by the 28/36 rule, meaning spending no more than 28% of gross income on housing.
Median incomes last fully matched homeownership costs nationwide in 2015.
The most affordable metro is Huntington, West Virginia, where $53,650 yearly income is needed.
The least affordable metros are mostly in California, with San Jose requiring over $500,000 annual income.
Other expensive metros include San Francisco, Los Angeles, and Honolulu, where incomes required far exceed the median household earnings.
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Kim Kardashian wore a unique orange fibreglass breastplate to the Met Gala, created by a small London design team called Whitaker Malem in partnership with artist Allen Jones and visual artist Nadia Lee Cohen. The breastplate was made using a mould from Jones’s 1969 sculpture and finished by a car bodyshop in Kent.
Key Facts
Kim Kardashian chose to wear a breastplate for the Met Gala, interpreting the event’s “fashion is art” theme.
The breastplate was made by Whitaker Malem, a small East London design duo, with help from artist Allen Jones and Nadia Lee Cohen.
The design was based on a 1969 sculpture by Allen Jones called Hatstand, which was not originally meant to be wearable.
Kardashian directly contacted Whitaker Malem to make the breastplate and participated in video calls and fitting sessions.
The breastplate fit Kardashian well, which was unusual since the sculpture wasn’t designed for wearing.
The final orange finish was sprayed by Martyn Smith at MPS Body and Paint, a car bodyshop in Kent.
The project took place over a few weeks leading up to the Met Gala event.
Kardashian attended the event with Allen Jones, who is known for his controversial fetishistic art.
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Several snack mixes sold in stores like Target have been recalled because they may contain salmonella, a type of bacteria that can cause food poisoning. People who bought these snack mixes are advised not to eat them and should return them to the store for a refund.
Key Facts
Snack mixes sold at stores including Target are being recalled.
The recall is due to concerns about salmonella contamination.
Salmonella can cause food poisoning with symptoms like stomach pain, fever, and diarrhea.
Consumers who bought these products should avoid eating them.
Customers can return the recalled snack mixes to the store for a refund.
The recall is a safety measure to prevent illness.
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The average price of gasoline in the United States has risen to $4.55 per gallon. This price increase is partly linked to the conflict involving Iran and is affecting how people spend their money.
Key Facts
Gasoline in the U.S. now costs about $4.55 per gallon on average.
Gas prices have increased by over 50% since the conflict with Iran started.
Higher gas prices lead consumers to change their spending habits.
The information comes from CBS News and business analyst Jill Schlesinger.
The rise in gas costs can impact overall household budgets and the economy.
The war with Iran is a key factor mentioned as causing the gas price increase.
CBS News provides updates and explanations about this issue through its app and online.
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Top U.S. CEOs warn that the war involving Iran is hurting the American economy and could lead to a recession. Companies like Whirlpool and big banks report falling sales and higher inflation linked to energy market disruptions caused by the conflict.
Key Facts
Whirlpool's sales dropped nearly 10% compared to last year, with North American sales down over 7%, described as a "recession-level" decline.
Whirlpool's CEO compared the current decline to the global financial crisis and other recessions.
CEOs from JPMorgan Chase and Chevron highlighted risks of rising inflation, higher interest rates, and oil supply shortages related to the war.
The closure of the Strait of Hormuz, a key oil passage, is disrupting oil supplies and forcing economies to slow down.
Some industries suffer more than others; luxury goods sales have slowed due to the conflict.
Some leaders, like BlackRock’s CEO, suggest the war's end could bring economic growth if Iran re-engages with the global community.
Despite challenges, JPMorgan’s CEO notes the U.S. economy shows signs of resilience with steady consumer spending and business activity.
The Trump administration believes economic effects from the war will be short-lived once the conflict ends.
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Toyota reported a loss of £3 billion due to higher costs and lower sales linked to the war in Iran. The company said profits dropped in the financial year ending March 2027, mainly because of rising material costs and disruptions caused by the conflict in the Middle East.
Key Facts
Toyota’s profits fell to 3.8 trillion yen for the year to March 2027.
The war in Iran caused a 400 billion yen (£1.9bn) rise in material costs and a 270 billion yen loss from lower sales.
The company expects profits to decrease again in the next year, forecasting operating income of 3 trillion yen (£14bn).
Toyota faces extra costs for fuel, transportation, and parts like paint due to the conflict.
The closure of the strait of Hormuz has disrupted exports of raw materials used by Toyota and other manufacturers.
Toyota sells many hybrid cars, which combine petrol engines with batteries, but still sells fewer fully electric cars.
U.S. tariffs under President Donald Trump also cost Toyota 1.38 trillion yen.
Toyota’s global car sales rose by 2% last year, helped by growth in North America.
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The 2025 Tax Relief Bill is helping millions of Americans keep more of their money through larger tax refunds and new deductions. The bill is also encouraging big companies to invest more in the U.S., creating tens of thousands of new jobs and supporting innovation.
Key Facts
Over 95 million Americans have received tax refunds totaling more than $312 billion this year, up 17.8% from last year.
More than 90% of tax filers used at least one new tax cut from the bill.
A study found companies plan to create over 37,000 new jobs due to the bill.
Seventeen companies announced 23 investments totaling over $2.1 billion after the bill passed.
Honeywell is seeing increased business jet sales partly because of a tax rule allowing immediate deduction of new equipment costs.
Procter & Gamble is bringing 100 jobs to Iowa City by moving manufacturing back to the U.S.
Johnson & Johnson plans to invest $55 billion in U.S. manufacturing and research over four years, citing the tax bill as a key reason.
The bill removed a tax rule that discouraged U.S. research, leading companies like General Mills and IBM to invest in new research centers focused on advanced technology.
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Kelly Kershaw, a cashier at Nationwide Building Society in Caernarfon, was sentenced to 16 months in prison for stealing money from vulnerable customers. She forged signatures and withdrew cash without permission, funding expensive holidays shown on her Facebook posts.
Key Facts
Kelly Kershaw stole at least £8,605 from customers over 12 months.
Her victims included elderly people and a man with learning disabilities.
She worked at Nationwide in Caernarfon, Gwynedd.
Colleagues noticed her holiday photos on Facebook, which led to an internal investigation.
Kershaw admitted five counts of fraud.
She took money by logging larger withdrawals than requested and pocketing the difference.
Nationwide has reimbursed the victims.
A future court hearing will decide how much money Kershaw must pay back.
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European airlines may start using US-made jet fuel to help with jet fuel shortages and high prices caused by the war between the US, Israel, and Iran. Aviation groups say US jet fuel is similar enough to European fuel, but special safety rules would need to be followed.
Key Facts
The war involving the US, Israel, and Iran has caused jet fuel prices in Europe to rise sharply.
Europe usually imports a type of jet fuel called Jet A-1 from the Gulf region, but these supplies have dropped.
The US mainly produces Jet A fuel, which is slightly different but still a form of kerosene.
Using US Jet A fuel in Europe could help reduce fuel shortages if managed carefully.
The European Aviation Safety Agency gave guidelines to ensure safety when using US jet fuel in Europe.
Jet A fuel has a higher freezing point than Jet A-1, but North American airlines use additives and planning to operate safely in cold regions.
British Airways' parent company said current fuel supplies are fine but could be limited if the Middle East conflict continues.
Increased US shipments have helped fill some of the supply gap in Europe, but US refineries can only produce limited amounts of Jet A-1 fuel.
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Pending home sales in the U.S. rose to their highest level since September 2022, showing signs of increased market activity in early May 2026. This increase happened alongside a small drop in the typical monthly mortgage payment, which has encouraged some buyers to return despite higher home prices.
Key Facts
Pending home sales increased by 7.7% compared to the same period in 2025, reaching 340,101 sales in early May 2026.
The median home sale price rose by 1.9% from 2025 to $394,803.
The median monthly mortgage payment dropped by 2.2% to $2,606 at a 6.3% mortgage interest rate.
Mortgage rates had recently peaked at 6.46% before declining slightly.
The biggest sales increases were in Chicago (19.2%), Pittsburgh (16.5%), San Francisco (15.2%), Miami (15%), and Austin (14.6%).
Sales decreased in Houston, Detroit, Seattle, and Warren, Michigan, mainly due to affordability and local price trends.
The typical U.S. home took 43 days to go under contract, three days longer than a year ago, showing slower market competition.
Only 26.4% of homes sold above asking price, the lowest rate for this spring season in at least five years.
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US farmers in the central and southern Great Plains, especially in Kansas and Oklahoma, are facing severe losses in their wheat crops due to extreme heat, drought, and erratic temperatures during the 2025-2026 growing season. The unusual weather, linked to climate change, has caused crop yields to drop dramatically, with some farmers deciding not to harvest damaged fields.
Key Facts
Merrill Nielsen, a Kansas wheat farmer, expects only about 2 bushels per acre this year, compared to the usual 40-50 bushels.
Kansas, Oklahoma, Texas, Colorado, and Nebraska grow most of the US hard red winter wheat.
Kansas and Oklahoma experienced their second-warmest year from March 2025 to March 2026, with March temperatures 10-11°F above normal.
About 44% of Kansas’s and 49% of Oklahoma’s wheat crops are rated in very poor to poor condition.
Climate experts say the March heat would have been nearly impossible without the influence of climate change.
Some farmers in north-central and northwest Kansas have already decided to abandon their crops.
Rainfall has been minimal in the spring, and forecasts predict below-average rain through July.
Wheat can recover somewhat with rain, but the ongoing drought may continue to limit yields.
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The chief executive of South East Water, David Hinton, has announced he will step down this summer after major water supply failures affected customers in Kent and Sussex. His resignation follows the recent departure of the company’s chairman and a critical report by UK MPs blaming leadership problems for the outages.
Key Facts
David Hinton joined South East Water’s board in 2013 and will stay for a smooth leadership change.
The company faced serious water supply outages from November to January, affecting thousands of customers.
The chairman, Chris Train, resigned last week after MPs expressed no confidence in the company’s leadership.
MPs on the Environment, Food and Rural Affairs (Efra) committee criticized the company’s poor response and leadership.
The outages were caused by neglected infrastructure, poor risk management, and lack of investment.
South East Water was slow to restore water, communicated poorly with customers, and did not provide enough emergency water supplies.
Community groups and MPs had called for the CEO’s resignation to improve leadership and protect customers.
The interim chair of South East Water thanked Hinton for his service while emphasizing the need for new leadership.
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The parent company of British Airways, International Airlines Group (IAG), warned that higher jet fuel costs due to the Iran war will reduce its profits this year. Fuel expenses are expected to rise by about €2 billion, and while IAG plans to manage some of these costs through increased revenue and cost controls, the situation may lead to fewer flights and potential fuel shortages.
Key Facts
IAG expects to spend about €9 billion on fuel this year, up from earlier estimates of €7.1 billion.
The company has hedged 70% of its fuel needs to protect against price changes.
Higher fuel prices, rising from $72 to over $100 per barrel, are linked to the Iran war.
IAG forecasts lower profits this year due to increased fuel costs.
Around 2 million airline seats worldwide have been cut because of soaring jet fuel prices.
London Heathrow saw only a small net reduction of 111 flights despite global cuts.
The UK is highly vulnerable to jet fuel shortages due to high import needs and low reserves.
IAG reported a 77% increase in pre-tax profits to €422 million for the first quarter of the year.
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David Hinton, the chief executive of South East Water, has resigned after the company faced serious water supply problems affecting tens of thousands of people. He will stay in his role for a short time to help with a smooth transition, following previous resignations and criticism over the supply failures.
Key Facts
David Hinton, CEO of South East Water, decided to step down but will remain during a transition period over the summer.
South East Water experienced severe water supply failures in Kent and Sussex, impacting around 24,000 homes in late 2023 and up to 30,000 homes shortly after.
The supply issues caused disruptions such as loss of water and low water pressure for customers.
Several Members of Parliament called for Hinton’s resignation due to these failures.
Chris Train, the chair of South East Water, resigned one week before Hinton after a critical report by a select committee.
Interim chair Lisa Clement thanked Hinton for his many years of service to the company.
The company emphasized its priority is to restore a reliable water supply for its customers.
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UK house prices fell for the second month in a row in April, causing Halifax to cut its annual growth forecast by half due to effects from the Middle East conflict. Rising energy costs and higher mortgage rates have made borrowing more expensive, leading to fewer homebuyers and slower market activity.
Key Facts
UK house prices dropped 0.1% in April, following a 0.5% fall in March.
Halifax lowered its forecast for yearly house price growth to 0.4% from 0.8%.
Higher energy prices linked to the Middle East conflict have increased inflation expectations.
Average two-year fixed mortgage rates rose to 5.77% in April from 4.83% in March.
The market faces a gap between seller price expectations and buyer willingness to pay.
Nationwide showed house prices rose 0.4% in April and 3% year-over-year, differing from Halifax’s data.
The conflict has created uncertainty, causing mixed signals in the housing market’s direction.
Mortgage affordability in the UK is at its hardest level since 2008 due to these factors.
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A home baker in Nottinghamshire closed her cake shed because the local council requires a street trading licence costing over £1,000. The council says the licence is needed to ensure safety and fairness, but some bakers say the fee is too high for small, local businesses.
Key Facts
Natalie Brook sold cakes from a shed in her garden since January.
Bassetlaw District Council says cake sheds need a street trading licence costing £1,007.
Without the licence, cake sellers could face fines of £1,000.
The council’s rule applies to cake sheds to cover food safety and neighborhood concerns.
Natalie believes the fee is too expensive for a small weekend business and has closed her shed.
She plans to try selling cakes by pre-order directly from her house instead.
Another baker, Sally Bruce, was told to stop trading without a licence and may apply despite the cost.
The council consulted on the policy for two years and offers cheaper six-month licences as alternatives.
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The war involving Iran has caused energy prices to rise sharply, benefiting some companies with big profits. Oil companies, banks, and defense firms have all earned more money because of the conflict and the resulting market changes.
Key Facts
The war disrupted oil and gas shipments through the Strait of Hormuz, pushing up energy prices.
European oil companies like BP, Shell, and TotalEnergies reported large profit increases in early 2026.
US oil companies ExxonMobil and Chevron had lower earnings than last year but still beat profit forecasts.
Major banks including JP Morgan, Bank of America, and Goldman Sachs saw profits rise due to increased trading.
JP Morgan’s trading division earned a record $11.6 billion in the first quarter of 2026.
Investors increased trading activity because of market uncertainty caused by the war.
Defense companies experienced higher demand as governments invested in missile defense and military equipment.
BAE Systems expects strong sales and profits due to the growth in security threats worldwide.
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Richard Lewer won the 2026 Archibald prize, a $100,000 award, for his portrait of Iluwanti Ken, a Pitjantjatjara elder and artist. The prize is given each year to the best portrait of a notable Australian, selected from over 1,000 entries and judged by the Art Gallery of New South Wales’ trustees.
Key Facts
Richard Lewer is a New Zealand-born artist based in Melbourne.
His winning portrait features Iluwanti Ken, a traditional healer and senior artist from South Australia.
The Archibald prize has been awarded annually since 1921 for portraits of important Australians in art, letters, science, or politics.
The 2026 prize had 1,034 entries, with 59 finalists shortlisted.
Other finalists included portraits of musicians, actors, and journalists like Daniel Johns and Virginia Trioli.
The Wynne prize for landscape and figurative sculpture, worth $50,000, was awarded to Gaypalani Waṉambi for The Waṉambi tree.
The Sulman prize, of $40,000 for genre and subject painting, went to Lucy Culliton for her painting of a greyhound named Toolah.
The prizes were presented at the Art Gallery of New South Wales.
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