Mortgage rates jump, Better sinks, Fed's Collins on rates: Top stories
Mortgage rates surged to a 22-year high according to the latest numbers from Freddie Mac. Online mortgage lender Better Home and Finance (BETR) made its debut on the Nasdaq, with shares sinking 93% on its first day of trading. Boston Fed Reserve President Susan Collins told Yahoo Finance that more rate hikes may be needed to tame inflation. Yahoo Finance Live breaks down Thursday's top stories.
Video Transcript
AKIKO FUJITA: Let's look at some of the top stories of the day. Mortgage rates surging to a 22-year high. The 30-year fixed sits at 7.23% according to the latest numbers from Freddie Mac. The rate environment is a huge hurdle for many home buyers who are also facing low inventory.
Meanwhile, online mortgage lender Better made its public debut on the NASDAQ today. Headwinds from a tight housing market, though, weighed on the stock in a big way. Shares were priced at $10 at the open. Fell more than 90% by the close.
We spoke to CFO Kevin Ryan who told us doing this SPAC deal made the most sense for its shareholders, especially since it's been two years in the making. The deal brought in more than $560 million for the company.
Also ahead of Fed Chair Jerome Powell's speech tomorrow in Jackson Hole, Boston Fed Reserve President Susan Collins spoke to Yahoo Finance saying that more rate hikes may be needed to cool inflation. She went on to say the Fed may need to keep rates elevated for a substantial amount of time.
