Finance News
Mortgage rates in the U.S. are continuing to decline.
The rates for U.S. mortgages are continuing to decline.,
U.S. 30-year Fixed-Rate Mortgage (FRM) stood at an average of 6.74% as of March 14, 2024, marking a decrease from the previous week’s average of 6.88%. Comparatively, a year ago at this time, the 30-year FRM averaged 6.60%, according to data from Freddie Mac.
The 15-year FRM, on the other hand, averaged 6.16%, down from 6.22% the previous week. A year ago, the 15-year FRM stood at 5.90%.
Providing insights into the mortgage market, Sam Khater, Chief Economist at Freddie Mac, noted that the 30-year fixed-rate mortgage has seen a decrease over the past two weeks, with a cumulative decline of nearly a quarter of a percent. Khater emphasized the impact of persistent inflationary pressures on mortgage rates, stating that despite recent decreases, rates continue to remain elevated. Given the current market dynamics, it is conceivable that rates will persist at higher levels for an extended period.
FAQ:
Q: What factors contribute to changes in mortgage rates?
A: Mortgage rates are influenced by various economic indicators such as inflation rates, job market trends, and Federal Reserve policies. Additionally, global economic conditions and geopolitical events can also impact mortgage rate fluctuations.
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Hooters CEO Sal Melilli joins ‘Fox & Friends’ to discuss plans to return the brand to its roots as a ‘neighborhood restaurant.’
Italian restaurant chain Bertucci’s is closing more locations after filing for bankruptcy again to mitigate losses.
The Massachusetts-based business, which has locations along the East Coast and is best known for its brick oven pizza and pasta, filed for Chapter 11 bankruptcy protection in Florida last week. It marked the chain’s third bankruptcy since 2018.
Bertucci’s also closed seven of its underperforming locations – five in Massachusetts, one in Rhode Island and one in Maryland. It now operates 15 restaurant locations in six states, according to court documents.
RESTAURANT CHAIN BERTUCCI’S FILES FOR BANKRUPTCY PROTECTION
Italian restaurant chain Bertucci’s has filed for bankruptcy for the third time since 2018. It has also closed seven restaurants to mitigate losses, according to an April 24 bankruptcy filing. (WFXT)
The company cited the “deterioration” of the U.S. economy and “lack of consumer demand for legacy casual-dining brands” as reasons why the restaurant chain has been operating at a loss, according to the filing.
FAST-FOOD CHAIN CLOSING UP TO 200 ‘UNDERPERFORMING’ LOCATIONS
“With losses accumulating, inflationary pressures still high, and industry headwinds gusting, the proverbial final straw fell on [Bertucci’s] this year as the world saw food costs soar, consumer spending slow, and an uncertain global economy falling in (and out) of decline,” as stated in the bankruptcy documents.
Bertucci’s has assets and liabilities between $10 million and $50 million, according to the filing.
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The restaurant chain hopes bankruptcy will provide the business with a “breathing spell” so it can “determine the best path forward and formulate an overall reorganizational plan,” it said in the filing.
In April 2018, Bertucci’s filed for Chapter 11 bankruptcy protection and closed 15 restaurants. In December 2022, amid challenges caused by the COVID-19 pandemic like the closure of restaurants and inflation, it declared bankruptcy for a second time and streamlined operations down to 23 locations, according to the filing.
Bertucci’s previously filed for bankruptcy in 2018 and 2022. (WFXT)
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Bertucci’s did not respond to FOX Business’ request for comment.
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