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High interest rates on 30-year mortgages are making it difficult for individuals to purchase homes.

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High interest rates on 30-year mortgages are making it difficult for individuals to purchase homes.


The US 30-year mortgage rate approaches 7%, deterring potential homebuyers.,

According to recent data released by the Mortgage Bankers Association, US mortgage rates climbed up to nearly 7% last week, leading to a decrease in applications for home purchases. The contract rate for a 30-year fixed mortgage rose by 13 basis points to 6.97% in the week ending March 15.

Despite a decrease in mortgage applications for home purchases by 1.2%, there has been an overall rise in mortgage rates since October, when they reached nearly 8%. This surge in rates can be attributed to the Federal Reserve’s efforts to combat inflation through aggressive hiking campaigns. However, it is expected that once the Fed starts lowering rates, potentially in the middle of the year, there will be a surge in demand across the housing market.

The Mortgage Bankers Association’s index for mortgage applications, which includes both home purchases and refinancing, saw a 1.6% decrease last week, with the refinancing measure dropping by 2.5%.

The MBA survey gathers data from mortgage bankers, commercial banks, and thrifts and has been a weekly tradition since 1990. This data encompasses more than 75% of all retail residential mortgage applications in the US.

In conclusion, the volatile nature of mortgage rates and the influence of the Federal Reserve’s policies continue to impact the housing market. As always, it is recommended to stay informed and seek advice from financial experts when navigating these fluctuations.

FAQ:

Q: How does the Federal Reserve’s interest rate policy affect mortgage rates?
A: The Federal Reserve’s interest rate policy directly influences mortgage rates, as they adjust their rates in response to changes in the economy to control inflation. When the Fed raises rates, mortgage rates tend to increase, and vice versa.

Q: What should potential home buyers do in a rising interest rate environment?
A: In a rising interest rate environment, potential home buyers should consider locking in a fixed-rate mortgage to secure a stable monthly payment, or consult with a financial advisor to explore other financing options.

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Flags of Valor employs military veterans to create patriotic products

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Flags of Valor employs military veterans to create patriotic products


For Flags of Valor – a veteran-owned and operated business that has shipped more than 96,000 flags to doorsteps nationwide – the phrase “made in America” lies at the foundation of everything it stands for.

“For over 10 years, we’ve been saying the same thing – we build American products, on American wood, with American tools, made by American hands,” Flags of Valor founder and military veteran Brian Steorts told FOX Business. “And we do it while giving back to the causes that matter – supporting veterans, educating youth, and honoring service and sacrifice at every step.”

VETERANS SHARE PATRIOTISM, PRIDE AND PRODUCTIVITY WHILE ALSO PROMOTING ‘MILITARY WORK ETHIC’

Founded in Virginia in 2015, Flags of Valor is known for its handcrafted, wooden U.S. flags, as well as military and first responder flags. The business currently has 10 employees, the majority of whom are veterans and military spouses.

Flags of Valor currently has 10 employees, the majority of whom are veterans and military spouses.

Flags of Valor currently has 10 employees, the majority of whom are veterans and military spouses. (Flags of Valor)

Each material used by the Flags of Valor team – from the woodworking tools to the tape for the shipping boxes – is sourced from American companies, according to Steorts.

FROM BOMB SQUAD TO BAKER AND COFFEE MAKER: FORMER DEPUTY CRUSHES A NEW BUSINESS

“We believe that’s the only way it should be done,” Steorts said.

Steorts, a combat veteran who was deployed nine times, served in the U.S. Army as a paratrooper and later as an Air Force special operations pilot. 

In 2013, he got into woodworking after returning from one of his deployments injured and “mentally and physically” broken, he said. During that same time period, Steorts also lost four friends in combat and his sister to mental health struggles.

Founded in Winchester, Virginia in 2015, Flags of Valor is known for its handcrafted, wooden U.S. flags, as well as military and first responder flags.

Founded in Winchester, Virginia, in 2015, Flags of Valor is known for its handcrafted, wooden U.S. flags, as well as military and first responder flags. (Flags of Valor)

“I wanted something patriotic on the wall of my house – something that meant something,” Steorts said. “I found therapy in [woodworking], and I found philanthropy in it by donating my first couple of flags to the widows of my buddies that passed, and I just knew I wanted to do more.”

While Flags of Valor’s best-selling products today are its wooden U.S. flags, the business also sells patriotic home and office decor, awards, memorial displays, corporate gifts, employee recognition pieces, Christmas ornaments, clothing and accessories, and more, Steorts said. 

VETERAN-OWNED BREWING COMPANY PAYS TRIBUTE TO FALLEN HEROES: ‘GREAT AMERICAN BEER’ TO HONOR SACRIFICE

“One of the most important things we’re doing right now is building memorial flag cases – because our heroes deserve a final resting place for their flag that’s made by a veteran-owned American company, not mass-produced overseas,” he said.

Flags of Valor Founder Brian Steorts is pictured with Donald Trump

Flags of Valor Founder Brian Steorts is pictured with U.S. President Donald Trump at the White House in 2017. (Flags of Valor)

In addition to employing veterans, Flags of Valor has also given back by donating $1.7 million to veteran-operated nonprofits. 

During the COVID-19 pandemic, the company also launched a Kids Flag Building Kit, a hands-on activity to help educate children about the history and values the American flag represents. Each year, during the weeks of Veterans Day and Memorial Day, thousands of students across the nation use the kits to create their own American flags.  

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“We believe in educating our youth and passing freedom on to the next generation,” Steorts said. “It’s more than a project – it’s about patriotism, education and preserving what matters most.”



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Consumers may face higher beef prices from businesses

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Consumers may face higher beef prices from businesses


High beef prices have been weighing on U.S. businesses and consumers.

They have forced some businesses to make tough decisions about how to handle the increased costs, and some are passing the costs on to customers. 

Rob Passio, the owner of Lombardi’s Prime Meats in Philadelphia, told FOX Business correspondent Jeff Flock on “Varney & Co” that “there’s only so much you can absorb as far as the hit to your bottom line before you say to yourself you have to raise these prices.” 

The butcher shop, Passio said, hasn’t seen its customers balk at higher prices “because they see it.” 

EGGS ARE NOT THE ONLY EXPENSIVE FOOD: BEEF PRICES ARE ALSO ON THE RISE

ground beef

Organic ground beef Oct. 30, 2020, in Bavaria, Nuremberg (Daniel Karmann/picture alliance via Getty Images / Getty Images)

“They see the inflation. They see the pricing. You know, everything is up,” he told Flock.

Bureau of Labor Statistics inflation data measured by the consumer price index (CPI) showed prices for beef and veal were up 2.4% month-over-month and 7.6% year-over-year in February. 

The overall CPI posted a 0.2% increase month-over-month and a 2.8% jump year-over-year.

Courtney Schmidt, sector manager at Wells Fargo Agri-Food Institute, told FOX Business last month that high beef prices were driven by tighter U.S. beef production with consistent consumer demand.

The U.S. cattle herd is experiencing a down cycle, with cattle inventories at historically low levels in 2025, according to Schmidt.

Beef is more expensive

Demand for beef has remained strong since the pandemic, according to the American Farm Bureau Federation. (Kennedy Hayes/Fox News  / Fox News)

The U.S. Department of Agriculture (USDA) reported in late January that U.S. farms had 86.7 million head of cattle and calves. The count for beef cows specifically was 27.9 million, a decline of 1% compared to the same time last year, according to the USDA.

“I know they’re killing smaller cattle, so they’re trying, I guess, to kill them faster to create the supply that demand is needing,” Passio said. 

Some big companies source beef from Canada and Mexico, Flock reported on “Varney & Co.”

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President Donald Trump imposed 25% import tariffs on goods entering the U.S. from those two countries March 4 and, more recently, introduced exemptions for Mexico and Canada on goods under the United States-Mexico-Canada Agreement until early April.

Such a levy on imported beef would “increase the price,” according to Passio, adding that consumers “are going to pay for it.”

“My philosophy is to sell it as low as you can to show a savings, a value to the customer. And hopefully you have more customers to generate your revenue,” the Lombardi Prime Meats owner told Flock.  

beef in supermarket

Packages of beef are displayed for sale at a supermarket Jan. 12, 2023, in Foster City, Calif. (Liu Guanguan/China News Service/VCG via Getty Images / Getty Images)

In the U.S., ground beef averaged $5.63 per pound in February, while the per-pound price of boneless sirloin steak came in at $11.90, according to data from the Federal Reserve Bank of St. Louis. Those average prices were 9.6% and 1.6% higher, respectively, than the same month in 2024.

EGG PRICE SPIKE: WE ARE ‘PAST THE TOUGH PART,’ AGRICULTURE SECRETARY ROLLINS SAYS

The USDA projected in a report released this month that U.S. beef production is poised to amount to 26.685 billion pounds this year. 

Daniella Genovese contributed to this report.



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How To Tap Into The Crypto Market & Safely Generate Yields Of 25% Or More

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