MCLEAN, Va. (AP) — The average rate on a 30-year U.S. mortgage ticked up this week, ending a four-week slide that brought down borrowing costs for homebuyers to the lowest level in nearly a year.
Related Articles
US home sales remained sluggish in August despite late-summer mortgage rate slide
How to negotiate commissions with your real estate agent
A big Realtors settlement could have led to lower agent commissions. They haven’t changed
Developers say on-again, off-again tariffs are making it difficult to predict prices and kick off projects
Compass to buy rival brokerage operator Anywhere Real Estate for about $1.5 billion
The rate rose to 6.3% from 6.26% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.08%.
Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also edged higher. The average rate rose to 5.49% from 5.41% last week. A year ago, it was 5.16%, Freddie Mac said.
Mortgage rates are influenced by several factors, from the Federal Reserve’s interest rate policy decisions to bond market investors’ expectations for the economy and inflation. They generally follow the trajectory of the 10-year Treasury yield, which lenders use as a guide to pricing home loans. The yield was at 4.19% in midday trading Thursday, up from 4.16% late Wednesday.
Starting in late July, mortgage rates mostly declined in the lead-up to the Federal Reserve’s widely anticipated decision last week to cut its main interest rate for the first time in a year amid growing concern over the U.S. job market.
The recent downward trend bodes well for prospective homebuyers who have been held back by stubbornly high home financing costs.
This week’s rise in rates could signal a repeat of what happened about a year ago after the Fed cut its benchmark rate for the first time in more than four years. Back then, mortgage rates fell for several weeks prior to the when the Fed cut rates at its September 2024 policy meeting. In the weeks that followed, however, mortgage rates began rising again, eventually reaching just above 7% in mid-January.
Like last year, the Fed’s rate cut doesn’t necessarily mean mortgage rates will keep declining, even as the central bank signals more cuts ahead.
WASHINGTON (AP) — The threat of a government shutdown has become a recurring event in Washington, though most of the time lawmakers and the president are able to head it off. This time, however, prospects for a last-minute compromise look rather bleak.
Republicans have crafted a short-term measure to fund the government through Nov. 21, but Democrats have insisted that the measure address their concerns on health care. They want to reverse the Medicaid cuts in President Donald Trump’s mega-bill passed this summer as well as extend tax credits that make health insurance premiums more affordable for millions who purchase through the marketplaces established by the Affordable Care Act. Republicans say that’s all a non-starter.
Neither side is showing any signs of budging, with the House not even expected to be in session before a shutdown has begun.
FILE—Senate Minority Leader Chuck Schumer, D-N.Y., and House Minority Leader Hakeem Jeffries, D-N.Y., left, hold a news conference on the GOP reconciliation bill, at the Capitol in Washington, Wednesday, June 11, 2025. (AP Photo/J. Scott Applewhite, file)
FILE—In a show of Republican unity, Speaker of the House Mike Johnson, R-La., left, and Senate Majority Leader John Thune, R-S.D., make statements to reporters at the Capitol in Washington, Thursday, April 10, 2025. With a critical funding deadline looming at the end of September, Congress is charging toward a federal government shutdown, but GOP leaders said they could tee up a vote on a short-term spending bill that would keep the federal government fully operational when the new budget year begins Oct. 1. It would likely be a temporary patch, into mid-November. (AP Photo/J. Scott Applewhite, File)
President Donald Trump addresses the 80th session of the United Nations General Assembly, Tuesday, Sept. 23, 2025, at U.N. headquarters. (AP Photo/Angelina Katsanis)
1 of 3
FILE—Senate Minority Leader Chuck Schumer, D-N.Y., and House Minority Leader Hakeem Jeffries, D-N.Y., left, hold a news conference on the GOP reconciliation bill, at the Capitol in Washington, Wednesday, June 11, 2025. (AP Photo/J. Scott Applewhite, file)
When a lapse in funding occurs, the law requires agencies to cease activity and furlough their “non-excepted” employees. Excepted employees include those who perform work to protect life and property. They stay on the job but don’t get paid until after the shutdown has ended.
During the 35-day partial shutdown in Trump’s first term, roughly 340,000 of the 800,000 federal workers at affected agencies were furloughed. The remainder were “excepted” and required to work.
What government work continues during a shutdown?
A great deal, actually.
FBI investigators, CIA officers, air traffic controllers and agents manning airport checkpoints continue to work. So do members of the Armed Forces.
Those programs that rely on mandatory spending also generally continue during a shutdown. Social Security checks continue to go out. Seniors who rely on Medicare coverage can still go see their doctor and health care providers can still submit claims for payment and be reimbursed.
Veteran health care also continues during a shutdown. VA medical centers and outpatient clinics will be open and VA benefits will continue to be processed and delivered. Burials will continue at VA national cemeteries.
Will furloughed federal workers get paid?
Yes, but not until the shutdown is over.
Congress has historically acted after shutdowns to pay federal workers for the days they were furloughed, though there were no guarantees it would do so. In 2019, however, Congress passed a bill enshrining into law the requirement that furloughed employees get retroactive pay once operations resume.
While they will eventually get paid, the furloughed workers as well as those who remain on the job may have to go without one or more of their regular paychecks, depending upon how long the shutdown lasts, which will create financial stress for many families.
Service members would receive back pay for any missed paychecks once federal funding resumes.
Will I still get mail?
Yes, the U.S. Postal Service is not affected by a government shutdown. The U.S. Postal Service is an independent entity that is funded through the sale of its products and services, and not by tax dollars.
What closes during a shutdown?
All administrations get some leeway to choose which services to freeze and which to maintain in a shutdown.
The first Trump administration worked to blunt the impact of what became the country’s longest partial shutdown in 2018 and 2019. But in the selective reopening of offices, experts say they saw a willingness to cut corners, scrap prior plans and wade into legally dubious territory to mitigate the pain.
Related Articles
White House budget office tells agencies to draft mass firing plans ahead of potential shutdown
US lawmaker backs renegotiating global economic rules to reflect China’s rise
Trump hosts Turkey’s Erdogan at the White House as the US considers lifting a ban on F-35 sales
Trump says he was victim of ‘triple sabotage’ at UN and Secret Service is looking into the matter
Federal judge refuses to reinstate eight former inspectors general fired by Trump administration
Each federal agency develops its own shutdown plan that in the past was accessible on the Office of Management and Budget’s public website. So far, those plans have not been posted. The plans outline which agency workers would stay on the job during a government shutdown and which would be furloughed.
In a provocative move, the White House’s Office of Management and Budget has threatened the mass firing of federal workers in the event of a shutdown. An OMB memo released Wednesday said those programs that did not get funding through Trump’s mega-bill this summer would bear the brunt of a shutdown.
Agencies should consider issuing reduction-in-force notices for those programs whose funding expires Oct. 1, that don’t have alternative funding sources and are “not consistent with the President’s priorities,” the memo said.
That would be a much more aggressive step than in previous shutdowns when furloughed federal workers returned to their jobs once Congress approved government spending. A reduction in force would not only lay off employees but eliminate their positions, which would trigger yet another massive upheaval in a federal workforce that has already faced major rounds of cuts this year due to efforts from the Department of Government Efficiency and elsewhere in the Trump administration.
Shutdown practices in the past
Many shutdown plans submitted during the Biden administration are publicly available and some plans can be found on individual agency websites, providing an indication of past precedent that could guide the Trump administration.
Here are some excerpts from those plans:
— Education Department: “A protracted delay in Department obligations and payments beyond one week would severely curtail the cash flow to school districts, colleges and universities, vocational rehabilitation agencies, and other entities that depend on the Department’s discretionary funds to support their services.”
— National Park Service: As a general rule if a facility or area is inaccessible during non-business hours, it will be locked for the duration of the lapse in funding. At parks where it is impractical or impossible to restrict public access, staffing will vary by park. “Generally, where parks have accessible park areas, including park roads, lookouts, trails, campgrounds, and open-air memorials, these areas will remain physically accessible to the public.”
— Transportation: Air traffic controller hiring and field training would cease, as would routine personnel security background checks and air traffic performance analysis, according to a March 25 update.
— Smithsonian Institution: “The Smithsonian’s National Zoo and Conservation Biology Institute, like all Smithsonian museums, receives federal funding. Thus, during a government shutdown, the Zoo — and the rest of the Smithsonian museums — must close to the public.”
— Food and Drug Administration: “Work to protect animal health would be limited, only addressing imminent threats to human life. Similarly, food safety efforts … would be reduced to emergency responses, as most of its funding comes from appropriations. Longer-term food safety initiatives, including the prevention of foodborne illnesses and diet-related diseases, would be halted.”
Starbucks said Thursday it’s closing hundreds of U.S. and Canadian stores and laying off 900 nonretail employees as it focuses more of its resources on a turnaround.
The Seattle coffee giant said store closures would start immediately. The company wouldn’t give a number of stores that are closing, but it said it expects to have 18,300 North American locations when its fiscal year ends on Sunday. As of June 29, the company had 18,734 locations.
In a research note Thursday, TD Cowen analyst Andrew Charles estimated Starbucks will close around 500 stores in its fiscal fourth quarter.
Starbucks said workers in its stores will be offered transfers to other locations where possible and severance packages.
Starbucks said it will notify nonretail employees whose positions are being eliminated early Friday. Starbucks asked employees who can work from home to do so on Thursday and Friday.
In a letter sent to employees Thursday, Starbucks Chairman and CEO Brian Niccol said a review of the company’s stores identified locations where the company doesn’t see a path to financial stability or isn’t able to create the physical environment customers expect. Those stores are being closed.
“Each year, we open and close coffeehouses for a variety of reasons, from financial performance to lease expirations,” Niccol wrote. “This is a more significant action that we understand will impact partners and customers. Our coffeehouses are centers of the community, and closing any location is difficult.”
Starbucks said it expects to spend $1 billion on the restructuring, including $150 million on employee separation benefits and $850 million related to the physical store closing and the cost of exiting leases.
Starbucks shares fell 1% in morning trading Thursday.
It was not immediately clear how many of the stores that are closing are unionized. Workers at 650 company-owned U.S. Starbucks stores have voted to unionize since 2021, but they have yet to reach a contract agreement with the company.
Starbucks Workers United, the labor group organizing workers, said Thursday that the closures were made without input from Starbucks’ baristas. The union said it intends to engage in bargaining at every union-represented store that is closing to ensure workers can be placed at another store they prefer.
“Fixing what’s broken at Starbucks isn’t possible without centering the people who engage with the company’s customers day in and day out,” the union said.
News of the store closures came just over a week after unionized employees in three states sued Starbucks over its new dress code, saying the company refused to reimburse workers who had to buy new clothes.
Related Articles
Wall Street’s rut deepens as US stocks head for a 3rd straight loss
Are your lost bitcoins gone forever? Here’s how you might be able to recover them
US home sales remained sluggish in August despite late-summer mortgage rate slide
US economy expanded at a surprising 3.8% pace in significant upgrade of second quarter growth
Fewer Americans file for jobless benefits last week despite signs of a slowing labor market
Starbucks said it used a consistent set of criteria to determine the stores that are closing and union representation wasn’t a factor.
Starbucks will end its 2025 fiscal year with 124 fewer stores than its previous fiscal year. It’s rare for Starbucks to shrink its store count during a fiscal year.
Niccol said Starbucks plans to increase its North American store count in its next fiscal year. The company said it also plans to redesign more than 1,000 locations in the next 12 months to give them a warmer, more welcoming feel.
This is the second big round of layoffs at Starbucks this year. In February, Niccol announced the layoffs of 1,100 corporate employees globally and eliminated several hundred open positions. At the time, Niccol said Starbucks needed to operate more efficiently and increase accountability for decisions.
Niccol is a turnaround specialist who was brought into Starbucks a year ago this month to give the brand a jolt. Under Niccol’s leadership, the struggling Chipotle chain, where Niccol was CEO for about 6 years, essentially doubled its revenue and its profit, and its stock price soared.
In July, Starbucks reported its sixth straight quarter of lower same-store sales, as weak U.S. traffic continued to be a drain on the company. Niccol is trying to turn that around by adding staff, making stores cozier and introducing software that helps prioritize orders and make sure customers can get their drink within four minutes.
“By powering off artificial nighttime lighting during spring and fall migrations, we can ensure that our friends in the sky are kept safe.”
An evening view of the Financial District in Manhattan from Brooklyn Bridge park in Brooklyn. (Adi Talwar/City Limits)
This week is Climate Week, an annual event that brings leaders from business, tech, government, and academia together in NYC to discuss a push to shift the global approach to climate change. 2025’s theme is “Power On”—but we actually need to power off our lights at night to help our feathered friends by passing Int. 0896.
This bill would require privately-owned commercial buildings and large retailers over 4,000 square feet to turn off non-essential lights at night. By powering off artificial nighttime lighting during spring and fall migrations, we can ensure that our friends in the sky are kept safe.
Have you ever been driving and had a car approach with its brights on? Building lights have the same disconcerting and dangerous impact on birds. The bright lights shining from city buildings at night increase the likelihood of these incidents by drawing birds closer to buildings and causing disorientation, which often leads to fatal injuries. Cornell Lab of Ornithology’s research shows that more than 250,000 birds are killed in New York City each year as a result of building collisions, and that is an underestimate.
Failing to protect birds will continue to compound climate change’s threats to biodiversity. Two-thirds of North American birds are already at risk of extinction from climate change. If we allow these preventable deaths to continue, many bird species will be pushed even closer to the brink; the numerous species of plants and predators that rely on birds for their own survival will follow close behind.
Protecting birds also protects New York’s climate resiliency. Birds serve as pollinators, seed dispersers, and natural pest control. The city’s avian pollinators enable many of the 1,250 local plant species to reproduce. When bird populations flourish, urban green spaces flourish, which in turn helps to mitigate and prevent climate change. Their contributions are crucial, as climate change and habitat loss increasingly threaten bees and other native pollinators.
Birds also help combat invasive species, making the city more hospitable for plants and humans alike. Green spaces reduce the urban heat island effect, a phenomenon where dense urban areas like New York City produce and trap more heat, thus experiencing higher temperatures. Lush, green habitats also store carbon, reducing the amount of carbon in the atmosphere and slowing global warming. Yet we can’t reap the benefit s of these green spaces without birds also doing their crucial part to sustain our urban ecosystem.
Birds in Jamaica Bay (Adi Talwar/City Limits)
The City took a small step forward in 2021 when it began requiring City-owned and leased buildings to turn off non-essential outdoor lights during peak bird migration seasons in the spring and fall, as well as requiring occupancy sensors that control illumination. The clear next step is to pass Int. 0896, which would require privately-owned businesses to turn off non-essential lights. In the statehouse, we must also pass the Dark Skies Protection Act (A. 4615), which would further require the shielding of outdoor lights, preserving New York’s clear skies and beloved birds.
These laws advance the health of our climate on multiple fronts. Protecting birds from fatal collisions preserves biodiversity and ensures the green spaces they pollinate will continue to thrive. Shutting off thousands of unnecessary lights will also drastically reduce citywide energy consumption by requiring less fossil fuel to be burned to power the city. Not only would NYC businesses reduce their carbon footprint, but they would also save up to 19% of their overall costs.
Artificial light is also linked to disruptions in your body’s internal clock (circadian rhythm) that is associated with an increased risk of major diseases, from cancer to obesity to Parkinson’s to depression. Nowhere is this truer than in environmental justice communities. Decreasing the amount of artificial light in our skies can not only save the lives of birds, but it can also improve the health of our communities.
In a city of 8.5 million people, New Yorkers are used to coexisting with our human neighbors, but we shouldn’t forget that we also share our streets, skies, and parks with millions of animals. Luckily, a more sustainable, bird-friendly, and healthy New York City is just a flip of the light switch away.
Harvey Epstein is a member of the New York State Assembly representing Manhattan. Kathy Nizzari is founder of the Lights Out Coalition.
