Daily Scoop 22-3-23

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Today's Scoop:Stumble

Big Picture

1. Mortgage rates are rising quickly.

2. Gas prices are high.

3. The SEC will require companies to report on their climate impacts.

The Market: 

⬇️

-1.2%

S&P 500: 4,456.24

1Mo: +4

%

| 1Yr:

+15%

| 5Yr:

+90%

Markets trended lower today without much major news. The war in Ukraine appears to be approaching a stalemate.

Mortgage rates are rising quickly, leading to fewer home buyers.

The Mortgage Bankers Association reported an 8% decline in applications last week. Average mortgage rates rose to 4.50% from 4.27%.

AAA reported

US average gas prices hit $4.24.

The Securities and Exchange Commission proposed new regulations this week that would

require corporations to start reporting their direct and indirect emissions,

including how much they offset and any climate-related risks to their business. There will undoubtedly be legal challenges, so it may take years before implementation.

Company Scoops ❤🌎💰

(Click to dig in & vote your reaction, see how others feel)

Pfizer

partners with UNICEF on covid

-

Starbucks'

union keeps growing

-

Disney

changes course on Don't Say Gay

-

Match

focuses on single parents

-

Robinhood

launches a debt card

(These links only work for 24 hours while the story is live)

🤓 Inside Scoop...

Mortgage rates

can be fixed or floating. A

fixed rate

means you've locked in that percentage of the loan you need to pay back in interest each month, and it won't increase. A

floating rate

is usually tied to the movement of a benchmark interest rate. So

as broader interest rates rise, your rate increases

, and you pay more each month. Whether fixed or floating, mortgage interest rates are based on a baseline low-risk lending rate like

US Treasury bonds

, then marked up based on how risky you are as a borrower. So banks say, "OK, we can lend to the US Government (considered no default risk) for ten years at 2% interest. You're more likely to default than the US Government, so you will need to pay us higher interest to make it worth the risk, maybe 5%." As baseline rates rise, your rates will rise.

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