News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Consumer Cos Down As Mortgage Rates Rise -- Consumer Roundup

01/13/2022 | 05:07pm EDT

Shares of retailers and other consumer companies fell amid concerns about rising mortgage rates.

The average rate for a 30-year fixed-rate loan was 3.45% for the week ended Thursday, mortgage finance giant Freddie Mac, up sharply from 3.22% a week ago, and at its highest level since the onset of the pandemic in March 2020.

Rising rates could cause the housing market to cool off, and Median home sale prices hit an all-time high in the first full week of 2022, surging 16% year over year, according to Redfin.

"So far, we do not see a meaningful deterioration in spending for households that received the child-tax credit in December relative to households that did not but this could change in coming weeks," said analysts at brokerage Bank of America Global Research, in a note to clients.

Monster Beverage agreed to buy craft-beer and hard-seltzer company CANarchy Craft Brewery Collective for $330 million.

Qantas Airways slashed its capacity estimates for its fiscal third quarter on the surge in Covid-19 cases while maintaining staff levels to cover for sick employees.


Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

01-13-22 1706ET

Stocks mentioned in the article
ChangeLast1st jan.
BANK OF AMERICA CORPORATION 2.27% 36.67 Delayed Quote.-19.44%
MONSTER BEVERAGE CORPORATION 1.16% 88.77 Delayed Quote.-8.90%
ON SEMICONDUCTOR CORPORATION 4.66% 58.875 Delayed Quote.-17.20%
QANTAS AIRWAYS LIMITED 1.12% 5.41 Delayed Quote.6.79%
REDFIN CORPORATION 3.21% 10.29 Delayed Quote.-74.03%
Latest news "Economy & Forex"
12:43pUK tax plan incentivizes oil, gas producers to pump more fossil fuels
RE
12:41pFactbox-How Canada, Australia, UK changed laws after mass shootings
RE
12:38pCanada proposes guidelines to manage financial risks from climate change
RE
12:37p'Goodfellas' actor Ray Liotta, 67, is dead - media reports
RE
12:36pTrump must testify in New York probe, appeals court rules
RE
12:33pMastercard focuses on Southeast Asia, LatAm after India ban, Russia exit
RE
12:31pWALL STREET STOCK EXCHANGE : U.S. labor market hot, but declining profits cast shadow over economy
RE
12:30pMastercard focuses on Southeast Asia, LatAm after India ban, Russia exit
RE
12:30pAmber Heard details death threats as testimony ends in Johnny Depp defamation case
RE
12:22pWall Street surges on upbeat forecasts from retailers, Fed relief
RE
Latest news "Economy & Forex"