News Summary

• The low interest-rate, low-inflation world that lasted for nearly 15 years is over and a higher-priced, higher-rate world is taking its place.
• Mortgage rates fell into the 3% range in the 2010s and even lower during COVID-19, but such deals are long gone.
• Big tech firms are borrowing huge amounts of cash to plow into data center construction while the federal government is still running large yearly budget deficits.
• The average 30-year mortgage rate reached 6.95% last week, the highest in more than a year and a half.