U.S. Mortgages Rates Rise Above 7%

0:00This message is presented by KPMG Private. We bring together audit and assurance, tax and advisory services designed specifically for private companies. With experience professionals, advanced technology, and the reach of a global network, we support progress that pace your business demands. Here's your midday brief for Thursday, September 24. I'm Alex O'Sulleth for the Wall Street Journal. US mortgage rates have topped 7% this week. The first time they rose above 7% since the beginning of last year. That's according to Freddie Mac. It's a psychologically important level for buyers, and economists say that more potential buyers are now likely to stick to the sidelines. That threatens to drag down a housing market that's in its fourth year of stagnant sales. Starbucks is closing about 250 underperforming cafes across North America this week. The company said it plans to transfer baristas where possible. This is the second round of closures since Brian Nickel became Starbucks' CEO two years ago. The company is trying to cut costs and streamline operations.

1:02The coffee giant says the closures will trigger $300 million in restructuring charges. And a federal judge has ordered President Trump to temporarily restore White House access for journalists from CNN, MSNOW, and Politico. Judge Timothy Kelly ruled that revoking press passes likely violated constitutional due process. Meanwhile, the news organizations say some of their reporters were turned away this morning, despite the ruling. Attorneys for the outlets told the judge that the administration was violating the overnight order and have asked for an emergency hearing. The White House didn't respond to a request for comment. Hats up an artificial intelligence tool helped us make this episode by creating summaries that were based on WSJ reporting and then reviewed and adapted by a netted. And we have a lot more coverage on the WSJs What's News. Listen and subscribe. Wherever you get your podcasts.