By MATT OTT, AP Business Writer

The average rate on a 30-year U.S. mortgage ticked up for the first time in five weeks after falling to its lowest level in more than a year last week.

The average long-term mortgage rate moved up to 6.22% from 6.17% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.79%.

Last week’s average rate the lowest since Oct. 3, 2024, when it was 6.12%.

Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also rose this week. The average rate rose to 5.5% from 5.41% last week. A year ago, it was 6%, 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 10-year yield was at 4.09% at midday Thursday, down from 4.16% Wednesday.

Lower mortgage rates boost homebuyers’ purchasing power and benefit homeowners eager to refinance their current home loan to a lower rate.

The average rate on a 30-year mortgage has been stuck above 6% since September 2022, the year mortgage rates began climbing from historic lows. The housing market has been in a slump ever since.

Sales of previously occupied U.S. homes sank last year to their lowest level in nearly three decades. Sales have been sluggish this year, but accelerated in September to their fastest pace since February as mortgage rates eased.

Mortgage rates began declining in July in the lead-up to the Federal Reserve’s decision in September to cut its main interest rate for the first time in a year amid growing concern over the U.S. labor market.

The Fed lowered its key interest rate again last week in a bid to help boost the wobbling job market. However, Fed Chair Jerome Powell warned that there is no guarantee the U.S. central bank will cut again at its final meeting of 2025 in December.

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The Fed could also pump the brakes on more rate cuts if inflation climbs further amid the Trump administration’s expanding use of tariffs, because lower rates can worsen inflation.

Bond investors demand higher returns as long as inflation remains elevated, so if inflation ticks upward that could translate into higher yields on the 10-year Treasury note, pushing up mortgage rates.

The central bank doesn’t set mortgage rates, and even when it cuts its short-term rates that doesn’t necessarily mean rates on home loans will necessarily decline.

Last fall after the Fed cut its rate for the first time in more than four years, mortgage rates marched higher, eventually reaching just above 7% in January this year. At that time, the 10-year Treasury yield was climbing toward 5%.

The broader pullback in rates has helped spur homeowners who bought in recent years after rates climbed above 6% to refinance their home loan to a lower rate.

Mortgage rates would have to drop below 6% to make refinancing an attractive option for many homeowners. That’s because about 80% of U.S. homes with a mortgage have a rate below 6% and 53% have a rate below 4%, according to Realtor.com.

By TOM MURPHY, AAMER MADHANI and JONEL ALECCIA, Associated Press

WASHINGTON (AP) — President Donald Trump unveiled a deal Thursday with drugmakers Eli Lilly and Novo Nordisk to expand coverage and reduce prices for their popular obesity treatments Zepbound and Wegovy.

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The drugs are part of a new generation of obesity medications known as GLP-1 receptor agonists that have soared in popularity in recent years.

But access to the drugs has been a consistent problem for patients because of their cost — around $500 a month for higher doses — and insurance coverage has been spotty.

Coverage of the drugs for obesity will expand to Medicare patients starting next year, according to the administration, which said some lower prices also will be phased in for patients without coverage. Starting doses of new, pill versions of the treatments also will cost $149 a month if they are approved.

Thursday’s announcement is the latest attempt by the Trump administration to rein in soaring drug prices in its efforts to address cost-of-living concerns among voters. Drugmakers Pfizer and AstraZeneca recently agreed to lower the cost of prescription drugs for Medicaid after an executive order in May set a deadline for drugmakers to electively lower prices or face new limits on what the government will pay.

As with the other deals, it’s not clear how much the price drop will be felt by consumers. Drug prices can vary based on the competition for treatments and insurance coverage.

Obesity drugs have become increasingly popular, but are costly

The obesity drugs work by targeting hormones in the gut and brain that affect appetite and feelings of fullness. In clinical trials, they helped people shed between 15% and 22% of their body weight — up to 50 pounds or more in many cases.

Patients taking these drugs usually start on smaller doses and then work up to larger amounts, depending on their needs. Because of obesity being considered a chronic disease, they need to take the treatment indefinitely or risk regaining weight, experts say.

The fast-growing treatments have proven especially lucrative for drugmakers Eli Lilly and Co. and Novo Nordisk. Lilly said recently that sales of Zepbound have tripled so far this year to more than $9 billion.

But for many Americans, their cost has made them out of reach.

Medicare, the federally funded coverage program mainly for people ages 65 and over, hasn’t covered the treatments for obesity. President Donald Trump’s predecessor, Joe Biden, proposed a rule last November that would have changed that. But the Trump administration nixed it last spring.

Few state and federally funded Medicaid programs, for people with low incomes, offer coverage. And employers and insurers that provide commercial coverage are wary of paying for these drugs in part because of the large number of patients that might use them.

The $500 monthly price for higher doses of the treatments also makes them unaffordable for those without insurance, doctors say.

Medicare now covers the cost of the drugs for conditions such as type 2 diabetes and cardiovascular disease, but not for weight loss alone.

Trump showing he is in touch with cost-of-living concerns

The effort to lower costs barriers to popular GLP-1 drugs comes as the White House is looking to demonstrate that Trump is in touch with American’s frustrations with rising costs for food, housing, health care and other necessities.

Republican gubernatorial candidates in New Jersey and Virginia faced a drubbing in Tuesday’s election in which dour voter outlook about the economy appeared to an animating factor in the races.

Roughly half of Virginia voters said “the economy” was the top issue, and about 6 in 10 of these voters picked Democrat Abigail Spanberger for governor, powering her to a decisive win, according to an AP voter poll.

In New Jersey, Democrat Mikie Sherrill won about two-thirds of voters who called “the economy” the top issue facing the state, the poll found. She defeated a Trump-endorsed Republican candidate Jack Ciattarelli. More than half of New York City voters said the cost of living was the top issue facing the city. The Democratic mayor-elect Zohran Mamdani won about two-thirds of this group.

The White House sought to diminish the effort by the previous Democratic administration as a gift to the pharmaceutical industry because the proposal did not include adequate price concessions from the drug makers.

Trump, instead, consummated a “belt and suspenders” deal that ensures that Americans aren’t unfairly financing the pharmaceutical industry’s innovation, claimed a senior administration official, who briefed reporters ahead of Thursday’s Oval Office announcement by Trump.

Another senior administration official said coverage of the drugs will expand to Medicare patients starting next year. Those who qualify will pay $50 copays for the medicine.

Lower prices also will be phased in for people without coverage through the administration’s TrumpRx program, which will allow people to buy drugs directly from manufacturers. starting in January.

The officials said lower prices also will be provided for state and federally funded Medicaid programs. And starting doses of new, pill versions of the obesity treatments will cost $149 a month if they are approved.

The officials briefed reporters on the condition of anonymity under ground rules set by the White House.

Doctors applaud the price drop

Dr. Leslie Golden says she has roughly 600 patients taking one of these treatments, and 75% or more struggle to afford them. Even with coverage, some face $150 copayments for refills.

“Every visit it’s, ‘How long can we continue to do this? What’s the plan if I can’t continue?,’” said Golden, an obesity medicine specialist in Watertown, Wisconsin. “Some of them are working additional jobs or delaying retirement so they can continue to pay for it.”

Both Lilly and Novo have already cut prices on their drugs. Lilly said earlier this year it would reduce the cost of initial doses of Zepbound to $349.

The potential to cover the medication for the 30 million people on Medicare who have obesity would be welcome, said Dr. Fatima Cody Stanford, an obesity expert at Massachusetts General Hospital. But until details are released, she remains skeptical.

“I would have to see it to believe it,” she said. “I need to see something that is more definitive for Medicare beneficiaries. I need to see something that is tangible and sustainable.”

Dr. Angela Fitch, who also treats patients with obesity, said she hoped a deal between the White House and drugmakers could be the first step in making the treatments more affordable.

“We need a hero in obesity care today,” said Fitch, founder and chief medical officer of knownwell, a weight-loss and medical care company. “The community has faced relentless barriers to accessing GLP-1 medications, which has ultimately come down to the price, despite the data we have supporting their effectiveness.”

HERMANTOWN, Minn. — A new obstacle confronting potential plans to bring a data center to the rural southwest corner of this community emerged in the form of a lawsuit Wednesday, Nov. 5.

Opponents challenge whether the sprawling proposed data center — which could reach 1.8 million square feet in size when fully developed — has undergone adequate environmental review.

The case was brought by two plaintiffs: the Minnesota Center for Environmental Advocacy (MCEA) and a group of concerned citizens who united to form a nonprofit called Stop the Hermantown Data Center, or SHDC for short.

The suit against Hermantown is the fifth case involving data centers proposed across the state that MCEA has now joined.

“The reason we have multiple lawsuits on this is because of this troubling trend of secrecy we’re seeing across the state, and not just in Minnesota but nationally, as well, in the way that data center proposals are brought forward,” said MCEA CEO Kathryn Hoffman.

The complaint alleges that Hermantown has known since at least September 2024 that the site’s would-be developer hoped to construct a data center facility. Yet the type of operation proposed for the property was not publicly disclosed and confirmed until October.

Likewise, the suit contends that the Alternative Urban Areawide Review (AUAR) conducted to identify potential environmental impacts was inadequate because it “avoids studying known and anticipated environmental impacts of a large data center.”

For instance, Hoffman questioned whether water consumption estimates for the proposed development could be trusted. The AUAR predicts the fully developed data center site would use no more than 50,000 gallons of water per day, which Hermantown officials say is roughly comparable to the daily water consumption of 160 homes.

She also noted the lack of specific information regarding the power that will be required to operate the data center, the impact it will have on carbon emissions and whether the additional load could drive energy rates higher for area residents.

Joe Wicklund, Hermantown’s assistant city administrator and communications director, declined to comment on the merits of the suit, except to acknowledge the city had received the complaint and was reviewing it at present. He stressed that Hermantown officials “will follow the legal process,” whatever shape that may take.

The suit brought Wednesday is separate and distinct from another effort to slow the issuance of permits for the project. Concerned citizens recently also brought forward a petition to the Minnesota Environmental Quality Board, prompting Hermantown to put plans for the data center on hold until it could determine whether additional environmental review beyond what was conducted under the initial AUAR should be required. If so, an environmental assessment worksheet or an even more rigorous environmental impact study could be mandated before permits could be issued.

Jonathan Thornton, a member of SHDC who lives about 1 1/2 miles from the site of the proposed data center, said the lawsuit was “not a knee-jerk reaction.” He said it was a bit of a last resort when other efforts to persuade the city to slow down the project failed.

Among other things, Thornton questions a change to Hermantown’s comprehensive land use plan that led to a quiet rezoning of the Adolph area for future development uses such as a data center.

Characterizing the questionable procedure used to bring the project forward, Thornton said: “They’re building this project on a foundation that’s fundamentally flawed.”

Hoffman acknowledged that the developers of data centers have been prone to operate in secret out of their concern of putting clients at a competitive disadvantage compared with rival companies. Just who stands to benefit from the proposed new Hermantown facility has yet to be disclosed. But big players in this arena include Google, Meta, Microsoft and Amazon.

She said the privacy desires of the developer must be balanced against the public’s right to know what is being proposed for the site, as well as how it may impact the area.

“From our perspective, our environmental review laws mandate transparency. And that’s a value that’s reflected in our Minnesota law that outweighs that interest in secrecy,” Hoffman said.

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FRISCO, Texas (AP) — Police in a Dallas suburb say 24-year-old Dallas Cowboys defensive end Marshawn Kneeland was found dead of an apparent suicide after evading authorities in his vehicle and fleeing the scene of an accident on foot.

Frisco police said Thursday they are investigating the possible suicide. They said Kneeland didn’t stop for Texas Department of Public Safety troopers in a chase that was joined by Frisco police on Wednesday night.

Authorities lost sight of the vehicle before locating it crashed minutes later. During the search after Kneeland fled the crash site on foot, officers said they received word that Kneeland might be suicidal. He was found dead early Thursday morning, about three hours after the crash. Police didn’t say where Kneeland’s body was found.

EDITOR’S NOTE — This story includes discussion of suicide. If you or someone you know needs help, the national suicide and crisis lifeline in the U.S. is available by calling or texting 988. There is also an online chat at 988lifeline.org. Helplines outside the U.S. can be found at www.iasp.info/suicidalthoughts.

Kneeland’s death came just days after he recovered a blocked punt in the end zone in a 27-17 loss to the Arizona Cardinals.

Kneeland was in his second season with the Cowboys. He was a 2024 second-round draft pick out of Western Michigan.

“I am shattered to confirm that my client and dearest friend Marshawn Kneeland passed away last night,” Kneeland’s agent, Jonathan Perzley, said in a statement that asked for privacy. “Marshawn poured his heart into every snap, every practice and every moment on the field. To lose someone with his talent, spirit and goodness is a pain I can hardly put into words.”

Kneeland was a second-round draft pick in 2024. His rookie season was off to a promising start before he was sidelined for five games by a knee injury.

Kneeland had his first career sack in the season opener this season against Philadelphia. He played in seven games this season, missing two with an ankle injury.

“Marshawn was a beloved teammate and member of our organization,” the Cowboys said. “Our thoughts and prayers regarding Marshawn are with his girlfriend Catalina and his family.”

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The Cowboys have frequently sought pass rushers and other defensive linemen in the first two rounds of the draft. Kneeland was drafted a year after defensive end Sam Williams was taken by Dallas in the second round. Williams blocked the punt that Kneeland recovered against the Cardinals.

Kneeland’s mother, Wendy Kneeland, died suddenly while he was preparing for the draft. He had his mother’s ashes in a necklace he wore after joining the Cowboys, according to The Dallas Morning News.

“We are deeply saddened by the tragic news of the passing of Cowboys’ Marshawn Kneeland,” the NFL said. “We have been in contact with the Cowboys and have offered support and counseling resources.”