More named storms: With peak hurricane season now underway, another group of forecasters is now saying the Atlantic is in for more storms than first thought. Scientists with the National Oceanic and Atmospheric Administration announced today they anticipate above-normal storm activity this season. They had predicted in May that activity would be near-normal. Their new forecast for this season predicts between 14 to 21 named storms. Read the full story from Louisiana Illuminator.
Climbing: The average long-term U.S. mortgage rate rose this week to just under 7%, the latest setback for would-be homebuyers already facing a shortage of homes for sale. Mortgage buyer Freddie Mac said this morning that the average rate on the benchmark 30-year home loan rose to 6.96% from 6.90% last week. A year ago, the rate averaged 5.22%. Read more.
Cost of living increase: The forecast for next year’s Social Security cost of living adjustment stayed flat at 3% today even after the government reported that inflation ticked up in July for the first time since June 2022. The predicted adjustment is less than half of the four-decade high 8.7% COLA in 2023. Read the full story from USA Today.
Source: businessreport.com