Recent past return. chris mason, bbc news. monday was the world s hottest day on record. that s according to a us government agency. it comes after the united nations said the naturally occuring el nino weather event was underway and countries should start preparing for its effects. our reporter nicky schiller is in the newsroom with more. us researchers say for the first time the average global temperature topped 17 celsius on monday. indeed it actually hit 17.01 degrees. that has broken a record that has stood since august 2016 of 16.92 celsius. the record figure has been affected by recent heat waves in china, north africa and the southern us. these are pictures from phoenix, arizona where temperatures hit over 46 celsius on monday.
Monday was the world s hottest day on record. that s according to a us government agency. it comes after the united nations said the naturally occuring el nino weather event was underway and countries should start preparing for its effects. our reporter nicky schiller is in the newsroom with more. us researchers say for the first time the average global temperature topped 17 celsius on monday. indeed it actually hit 17.01 degrees. that has broken a record that has stood since august 2016 of 16.92 celsius. the record figure has been affected by recent heat waves in china, north africa and the southern us. these are pictures from phoenix, arizona where temperatures hit over 46 celsius on monday. researchers have blamed climate change for the new global average temperature hike. coupled with the start of
The income tax (I-T) department has issued 66.92 per cent higher refunds from April 1 till November 30, 2022 (April 2022-November 2022) as compared with the previous year s.
You are paying 10,000 dollars, someone on medicare on your prescription drugs you re going to save $8000 under the ira. these measures are in effect republicans say they want to take them away. if you are paying hundreds of dollars on insulin per month and now you get to pay $35 starting in january, they want to take that away. that to me is a recipe for more inflation, higher costs not easing the pressures that you just took us through. shannon: ils steve scalise the congressman is going to be with us in minutes but i m going to ask about that. enemies have a site about mortgages. we talked about this little but forgot started but let s use the example the median home prices rated $90000. back when inflation rate was about 3.05%. that would been $1000.1324 a month. so let s fast forward that to now. mortgage rates have more than doubled this year alone. you take that same house added 6.92 mortgage, $2000 a month it is $735 more each month.
Home is where the squeeze is. mortgage rates are at their highest in two decades. the average on a 30-year fixed rate loan is 6.92%. that s more than double from last year. cbs danya bacchus is in burbank with the latest pricing trends. good evening, danya. reporter: good evening, adriana. even with sellers slashing prices, for many rising mortgage rates are putting the american dream of home ownership out of reach. inflation, soaring mortgage rates, record-high prices are making it extremely hard for many americans to buy a home. it is very expensive. reporter: housing affordability is down 59% from a year ago. consistent fed raid hikes are putting pressure on the real estate market. we have seen mortgage rates double in just this year. and in some markets, we are starting to see prices go down from those sky-high levels. reporter: nationwide, home prices soared 43% in two years. but now in cities that had those massive spikes, prices are being
You are paying 10,000 dollars, someone on medicare on your prescription drugs you re going to save $8000 under the ira. these measures are in effect republicans say they want to take them away. if you are paying hundreds of dollars on insulin per month and now you get to pay $35 starting in january, they want to take that away. that to me is a recipe for more inflation, higher costs not easing the pressures that you just took us through. shannon: ils steve scalise the congressman is going to be with us in minutes but i m going to ask about that. enemies have a site about mortgages. we talked about this little but forgot started but let s use the example the median home prices rated $90000. back when inflation rate was about 3.05%. that would been $1000.1324 a month. so let s fast forward that to now. mortgage rates have more than doubled this year alone. you take that same house added 6.92 mortgage, $2000 a month it is $735 more each month.
Just averaged 6.92, the highest since april of 2002. a year ago you could get a 30-year fixed-rate mortgage for just 3.05%. what do you think the chances are that they will go above 8%? where do you see them peaking? i think that we are testing the 7% mark. it is most likely to hold at this level and possibly even retreat somewhat after holding, but if it breaks the 7% line, the mortgage rate looks to go up even above 8%. we have to remember, when inflation is this high, last time back in the early 1980s, mortgage rate climbed up to 18%. of course, we don t see that, but i think the 7% is likely to be the new normal. yeah. you don t think the 1980s rate hikes of 16% to 18%, you don t think that s going to come back? oh, definitely not. that was just due to the just
Futures right now leaning a little bit lower. they ve been jumping after this dramatic turn around for stocks on wall street. the wall street journal notes it was the first day in history. the dow plunged at least 500 points and rose at least 800 points in the same day. stocks dove on that report showing core inflation accelerating. it shook it off and meantime the fed s crusade to crush the inflation has driven mortgage rates to the highest since george w bush was in office. the average coming in at 6.92%. investors on pins and needles. several big companies including dick s, jpmorgan chase. and gas prices overnight fell a penny at $3.90 a gallon. let s bring in scott graves. scott, i mean, stock markets do not reflect, of course, what s happening in the economy, but
6.6% that is the fastest pace since 1982. it shows you that inflation is really stuck here in this economy even after the fed has been raising interest rates this much. food prices still going up. so your grocery bills are still higher and producer prices, these are up the food change, factory level inflation, these also running hot here, near the highest in 40 years, month over month up 0.4%. so the fed has been raising interest rates aggressively, not seeing that yet in cooling these inflation numbers. where you are seeing it, mortgage rates anybody in the market to buy a home or refinance a home, knows this is happening, 6.92%, the highest since george w. bush was in office. let me put that in simple terms. suppose you have a $400,000 mortgage, a year ago it would have been a monthly payment of $1,697.
Today, that s 2640 at 6.92%. that s really money. that s where you re seeing the fed s interest rate hikes starting to affect the economy. it hasn t hit the inflation but it s in play in the housing market. and we keep getting the recession warnings. you heard jamie dimon warning of a recession. the imf issued the recession warning, the worst is yet to come. and you had bank of america saying you re going to see job losses next year because the fed s medicine will slow the job market so much. those are the scary warnings we saw this week. thank you for taking us through that, christine. yep. now to some of my new reporting. elon musk s company spacex after providing expensive technology to ukraine s fighters on the front line they re saying they