The average interest rate for a 30-year fixed mortgage has risen to 7.03 percent this week, up from 6.95 percent last week. This increase shows a continuing rise in the cost of home loans for buyers.
Key Facts
The benchmark mortgage rate is now 7.03 percent for a 30-year fixed loan.
Last week, the rate was 6.95 percent.
The data comes from Freddie Mac, a company that tracks mortgage rates.
The increase means homebuyers will pay more in interest over the life of their loan.
Mortgage rates rising often affect the housing market and sales.
A 7 percent rate is higher than rates seen in recent years.
Higher mortgage costs can make it harder for people to afford new homes.
This change reflects broader trends in the economy and interest rates.
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Flights between Iran and the United Arab Emirates have stopped because of new U.S. sanctions on Iran’s aviation industry. This has cut off air travel to Dubai and caused heavy delays for trucks and shipments near Iran’s border with Turkey.
Key Facts
The U.S. tightened sanctions on Iran’s aviation sector.
Flights between Iran and the UAE, especially Dubai, are suspended.
Dubai is a major commercial and trading center in the region.
Overland shipping routes near the Iran-Turkey border face long delays.
The sanctions are disrupting both air travel and land transport in Iran.
These problems hurt trade and travel connections for Iran internationally.
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New York Attorney General Letitia James filed a lawsuit against the prediction market Polymarket, accusing it of operating illegally without a gambling license in New York. The suit asks the court to force Polymarket to pay fines, return money, and stop unlawful operations because the platform lets people bet on events without proper permission.
Key Facts
Polymarket is a prediction market that lets users place bets on outcomes like sports, current events, and weather.
It launched in the U.S. in December 2025 and is the largest prediction market platform in the world.
Polymarket’s global site is based in Panama and banned in the U.S., but some Americans access it using tools like VPNs.
New York law requires gambling operators to have licenses and restricts sports betting for people under 21.
Attorney General James says Polymarket breaks these laws by operating without a license and allowing underage users to gamble.
Polymarket claims its contracts are federally regulated derivatives, not subject to state gaming laws.
The lawsuit argues Polymarket’s activities fit the legal definition of gambling because users bet on uncertain outcomes influenced by chance.
Polymarket’s chief legal officer said they will fight the lawsuit and continue operating in New York.
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New York State has sued the prediction market company Polymarket for operating illegal gambling without a state license. The lawsuit claims Polymarket allowed underage betting and violated state gambling laws designed to protect residents.
Key Facts
New York Attorney General Letitia James filed the lawsuit against Polymarket.
Polymarket is accused of running gambling operations without a license from the State Gaming Commission.
The suit says Polymarket encouraged gambling among people as young as 18, but New York law requires users to be at least 21 for sports betting.
Polymarket is valued at more than $20 billion.
The company advertised sports betting on its mobile app starting in July 2025.
Similar lawsuits have been filed against companies Kalshi, Coinbase, and Gemini for illegal gambling activities.
Polymarket’s chief legal officer said the company wants to work with regulators but was met with public legal action instead.
Other states like Arizona, Massachusetts, and Nevada are also suing prediction market platforms, while federal agencies claim responsibility for regulating them.
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Bond yields on long-term U.S. Treasury notes have risen to their highest levels in over 20 years due to concerns about inflation, strong economic data, and potential further interest-rate hikes by the Federal Reserve. Rising bond yields signal higher borrowing costs and reflect worries about ongoing inflation driven by factors like higher oil prices and global conflicts.
Key Facts
The yield on the 30-year U.S. Treasury note reached 5.44%, the highest since 2004.
The 10-year Treasury yield briefly neared 5.15%, a level last seen in 2001.
Strong economic data led investors to expect the Federal Reserve will raise interest rates more to fight inflation.
Conflict in the Middle East and U.S.-Iran tensions are raising oil prices, which may increase inflation.
Weak demand at a recent 5-year Treasury auction forced the U.S. government to offer higher yields.
Diesel prices hit a record $6.53 per gallon, raising concerns about inflation spreading to goods and food.
The Federal Reserve raised interest rates recently to try to reduce inflation toward its 2% target.
Economists predict inflation might not return to 2% until 2029 and expect more rate hikes by the Fed in coming months.
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The Hotel Bossert in Brooklyn, built in 1909, will be turned into luxury condos called the Ritz-Carlton Residences, Brooklyn Heights. The project, led by SomeraRoad and Marriott, will start construction this year and finish by 2029, restoring the historic building’s architectural features.
Key Facts
Hotel Bossert is located at 98 Montague Street in Brooklyn Heights, a historic neighborhood in New York City.
The building was originally constructed in the Italian Renaissance Revival style in 1909.
The renovation will transform the hotel into luxury condos under the Ritz-Carlton brand.
Construction is expected to begin late this year and be completed in 2029.
The project will carefully restore the building’s original brick façade, limestone base, terra-cotta cornice, arched windows, and other historic details.
The ground floor will include a public restaurant run by Union Square Hospitality Group.
This adaptive reuse project is part of a trend to reuse older buildings to reduce carbon emissions from new construction.
Brooklyn has seen increased luxury development recently with brands like Chanel and Hermes opening stores nearby.
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A new documentary about Elon Musk called "Musk," made by filmmaker Alex Gibney, will be released in U.S. theaters on October 9 and internationally in early 2027. The film has caused controversy, with Musk calling it a "hit piece," but the documentary has received good reviews and includes interviews and an AI-generated version of Musk speaking public quotes.
Key Facts
The documentary "Musk" was directed by Alex Gibney, a well-known Oscar-winning filmmaker.
Elon Musk refused to be interviewed for the film, so an AI version was created using his public quotes.
The film covers topics such as Tesla’s driver-assist system crashes, SpaceX, Musk’s Twitter purchase, and his personal life.
Interviews in the film include Musk’s ex-wife Justine Musk, tech journalists, engineers, and a former political influencer connected to Musk.
The film premiered at the Venice International Film Festival and will release in the U.S. on October 9.
Universal Pictures plans to release it internationally and start streaming it on HBO in early 2027.
The documentary runs for 3 hours and 45 minutes and has generally received positive critical reviews despite its length.
David Byrne contributed an original song to the film, using Musk’s own words.
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A new study estimates that building AI infrastructure will cost $10.3 trillion by 2032, which is a large part of the economy. This huge investment will need money from outside sources like banks and investors, which could affect borrowing costs for others.
Key Facts
AI infrastructure investment is expected to reach $10.3 trillion by 2032, about 3.6% of the yearly GDP.
This investment is larger than past infrastructure booms like railroads and highways.
Tech companies cannot pay for this alone, so they need loans and investments from banks, bond markets, and private credit.
Higher borrowing costs have not slowed down the AI infrastructure buildout.
For example, Meta borrowed from outside investors for a data center project, paying higher interest rates.
The AI buildout might cause borrowing costs to rise for governments, businesses, and individuals.
Outside investors include pension funds and sovereign wealth funds, spreading financial risks widely but making them harder to track.
Experts warn there might be too much AI infrastructure built, which could cause prices to fall in the future.
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U.S. and Mexican trade officials will meet soon in Washington to discuss Mexico's possible breaking of trade rules in the USMCA agreement. The issue involves Mexico's energy policies, which the U.S. says unfairly discriminate against American energy companies.
Key Facts
The meeting will happen this month in Washington, D.C.
The discussion focuses on Mexico's energy policies under the USMCA trade deal.
The U.S. claims Mexico is treating American energy companies unfairly.
USMCA stands for United States-Mexico-Canada Agreement, a trade deal between the three countries.
The U.S. wants to ensure Mexico follows the trade rules to protect American energy interests.
Trade officials from both countries will seek to resolve any disagreements.
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A journalist who covered cryptocurrency for years wrote a play about the industry's early figures and scandals, including the FTX collapse. After President Donald Trump’s 2024 election and his supportive actions toward crypto, the industry's story shifted from being outsiders facing jail to becoming more integrated with political power and mainstream influence.
Key Facts
The author spent a decade reporting on cryptocurrency, including the FTX collapse and its founder Sam Bankman-Fried’s 25-year sentence.
The play "Happenstance" opened in New York in October 2024 and features characters inspired by real crypto figures like Charlie Shrem and Sam Bankman-Fried’s family.
Early crypto stories focused on founders facing legal troubles, such as Ross Ulbricht and Arthur Hayes.
Two weeks after the play closed, President Donald Trump was elected in 2024.
President Trump pardoned several crypto figures and reduced some prosecutions against crypto industry players.
The Trump family launched a “Trump memecoin” that reportedly made $625 million in 2025.
President Trump gave a keynote speech at the 2024 Bitcoin Conference, promoting America as a crypto leader.
Under the Biden administration, crypto faced regulatory challenges, including SEC lawsuits and bank account shutdowns.
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Mortgage rates have risen above 7%, reaching their highest point in nearly two years, making it more expensive to buy a home. Experts say rates could keep rising soon due to inflation, economic growth, and the war in Iran, though there is some hope rates might fall later.
Key Facts
The average 30-year fixed mortgage rate is now about 7.03%, the highest since January 2025.
Rates have gone up over one percentage point since late February, when they were below 5%.
Inflation, tighter monetary policies, stronger economic growth, and growing federal debt are pushing rates higher.
The 30-year mortgage rate often moves along with the 10-year Treasury yield, which recently hit 5.1%, the highest in about 20 years.
The war in Iran has increased inflation and caused more uncertainty in bond markets.
Federal Reserve interest rate hikes may continue, adding pressure on mortgage rates.
Some experts predict mortgage rates might fall below 7% by the end of the year or into 2027 if inflation eases.
Home prices may soften after summer, giving buyers more choices and bargaining power despite higher rates.
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The average interest rate for a 30-year fixed mortgage has risen above 7 percent for the first time in two years. This week, the rate is 7.03 percent, continuing a trend of weekly increases.
Key Facts
The 30-year fixed mortgage rate is now 7.03 percent.
This is the first time the rate has gone above 7 percent since January 2025.
The rate increased from 6.95 percent last week.
Mortgage rates have risen for five weeks in a row.
The data comes from Freddie Mac, a company that tracks mortgage rates.
Higher mortgage rates mean it costs more to borrow money to buy a home.
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New York has filed a lawsuit against Polymarket, claiming the platform runs an illegal gambling business. This case is part of a series of legal actions New York has taken recently against similar companies like Kalshi, Coinbase, and Gemini for related reasons.
Key Facts
New York has sued Polymarket for operating what it calls an illegal gambling operation.
Polymarket is a prediction market platform where users can bet on outcomes of events.
This lawsuit is similar to recent cases New York has brought against Kalshi, Coinbase, and Gemini.
The state accuses these companies of violating gambling laws.
New York is actively working to protect its residents from companies it considers harmful to consumers.
The legal actions show a pattern of state scrutiny towards platforms involved in market predictions or trading.
Polymarket and the other companies have not been barred from operating yet but face ongoing legal challenges.
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Law firms are adopting artificial intelligence (AI) tools, but there are no uniform rules for how lawyers should use them. Courts have punished lawyers for submitting AI-generated false information, showing the need for careful review and clear policies.
Key Facts
A study found lawyers across 21 areas work without unified AI use rules, creating a patchwork of guidelines.
In 2026, 69% of legal professionals used general AI tools, but only 9% of firms had official AI policies.
Judges sanctioned lawyers in Mississippi and Wyoming for submitting legal papers with fake case references created by AI.
The American Bar Association says lawyers must keep their existing duties when using AI, such as honesty and protecting client information.
Legal experts warn that the main problem is lawyers not verifying AI-generated information for accuracy.
AI helps with routine tasks like summarizing documents and organizing data but cannot replace human judgment.
One law firm follows the rule that any important information produced by AI must be checked by a human.
Lawyers face challenges balancing AI benefits with ethical responsibilities, especially confidentiality and correct legal analysis.
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US mortgage rates have risen above 7% for the first time since early 2025. This rise follows recent interest rate increases by the Federal Reserve to combat high inflation, which is making it harder for people to buy homes.
Key Facts
Mortgage rates passed 7% for the first time since January 2025, as reported by Freddie Mac.
The Federal Reserve raised interest rates recently and may increase them again this year.
The 30-year mortgage rate had been falling but climbed again after February due to conflicts impacting inflation and energy prices.
Oil prices rose over $105 a barrel, contributing to higher inflation.
The 10-year US Treasury yield hit its highest point since 2007, increasing borrowing costs.
The US housing market is slow, with home sales at a low point in August 2026.
Wages have not kept up with inflation, making home buying harder for many Americans.
Economic concerns related to high mortgage rates may affect voter attitudes in upcoming elections.
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Mortgage rates for 30-year fixed loans rose above 7 percent, the highest since January 2025 when President Trump took office. This increase is linked to the Federal Reserve raising its key interest rate and higher yields on U.S. Treasury bonds. The rise in rates is slowing the U.S. housing market with fewer home sales and some sellers lowering prices.
Key Facts
The 30-year fixed mortgage rate surpassed 7 percent, the highest since January 2025.
President Donald Trump promised to lower borrowing costs upon his return to office.
The Federal Reserve raised its key interest rate for the first time in three years to combat inflation.
Inflation in the U.S. was 3.4 percent in August, above the Fed’s target of 2 percent.
Mortgage rates often follow the yield on the 10-year U.S. Treasury note, which recently hit a 19-year high at 5.11 percent.
Rising mortgage rates have contributed to a slowdown in the housing market, with August seeing the lowest existing home sales of 2026.
Many homeowners are staying put due to high rates, while some sellers are dropping prices to attract buyers.
Buyers are advised to budget for mortgage rates fluctuating between 6.5 and 7.5 percent, which can affect purchasing power by about $30,000 on a $2,000 monthly payment.
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More than 200 original puppets and items from Aardman studio’s famous animations, such as Wallace and Gromit and Shaun the Sheep, were auctioned in London to mark the studio’s 50th anniversary. The auction raised significant money, with some pieces selling for thousands of pounds, and the profits will fund training for new animators.
Key Facts
Over 200 original puppets and related items from Aardman’s productions were sold at auction.
Puppets included characters like Wallace, Gromit, Shaun the Sheep, Feathers McGraw, Morph, and Chas.
Each puppet is a detailed art piece made with materials like clay, silicone, metal skeletons, and resin, not meant as toys.
Starting bids were £100, but some items sold for thousands, such as Morph and Chas puppets at £3,780 and a lunch with co-founder Peter Lord for over £11,000.
Signed storyboards and other memorabilia also attracted high bids.
The auction was held by Propstore in London and marked Aardman’s 50th year.
Money raised will support Aardman’s training programs at the Aardman Academy to help develop future animators.
The collection was chosen to represent the studio’s full 50 years of work.
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The Food and Drug Administration (FDA) has warned Empower Pharmacy for making large amounts of copies of popular weight-loss drugs without following federal rules. This is the first time the FDA has stepped into the debate about when a pharmacy’s custom drug-making becomes illegal mass production of patented medicines.
Key Facts
Empower Pharmacy makes copies of weight-loss drugs that are FDA-approved by companies like Eli Lilly and Novo Nordisk.
Compounding pharmacies usually customize drugs for individual patients, but they are not reviewed by the FDA like regular drugs.
The FDA allowed compounding pharmacies to make copies during a drug shortage in 2022 when big companies couldn’t keep up.
The FDA declared the drug shortage over in 2025, leading many pharmacies to stop making these copies.
Smaller pharmacies continued making versions by tweaking the drugs slightly, claiming it helps individual patients.
Eli Lilly has sued Empower Pharmacy, calling their copies fake personalized drugs and mass-produced knockoffs.
The FDA’s warning letter claims Empower did not get proper doctor instructions and made large quantities, violating federal law.
This FDA action marks the first direct federal enforcement against what it sees as mass-copying of patented drugs by compounding pharmacies.
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The yield on the 30-year U.S. Treasury bond reached its highest level in over 20 years on Thursday, hitting 5.45 percent before falling slightly. This is the highest yield seen since 2004.
Key Facts
The 30-year U.S. Treasury bond yield peaked at 5.45 percent on Thursday.
This level is the highest intraday yield since the year 2004.
Earlier Thursday, the bond yield briefly rose to 5.446 percent before dropping by about 0.02 percent (2 basis points).
Treasury bond yields change based on demand and are closely watched as indicators of economic conditions.
Higher bond yields usually mean the government must pay more to borrow money for a long time.
The rise suggests changes in investor expectations about the economy or inflation.
Bond yields often move throughout the day depending on market trading activity.
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Macklemore announced a new concert tour called the "Free Palestine" Tour with three European shows planned for October. He said some ticket sales will help charities that support Palestinian people, and more U.S. dates will be shared later.
Key Facts
Macklemore is launching the "Free Palestine" Tour.
The tour will start with three arena concerts in Europe in October.
More U.S. concerts will be announced in the future.
Proceeds from the tour will aid humanitarian and advocacy groups supporting Palestinians.
The tour follows Macklemore's removal from Ed Sheeran's U.S. tour after he said "Free Palestine" on stage.
Macklemore made the announcement on Instagram.
Fans, venues, and advocacy groups are watching for more artist involvement and tour dates.
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