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By Paul Wiseman | The Associated PressU.S. mortgage rates rose this week to the highest level since July.The benchmark 30-year fixed rate loan rate rose to 6.91% from 6.85% last week, according to mortgage giant Freddie Mac. It was at 6.62% a year ago.The uptick in the cost of home loans reflects a rise in the bond yields that lenders use as a guide to price mortgages. The increase is occurring with the price of homes rising steadily.The average rate on a 15-year fixed-rate mortgage, popular with homeowners seeking to refinance, climbed to 6.13%, up from 6% and also the…

Just one week after securing his return to the White House in the November election, President-elect Trump announced the creation of a new Department of Government Efficiency (DOGE) and tasked it with identifying opportunities to streamline the federal bureaucracy. Led by Elon Musk and Vivek Ramaswamy, DOGE is expected to focus on cutting the discretionary budget that accounts for around one-quarter of overall federal spending. There are certainly opportunities to reduce government waste, and a productive collaboration between DOGE and Congress could bring these ideas to fruition. On the other hand, DOGE appears less interested in addressing the key driver…

By COLLEEN LONG, Associated PressPresident Joe Biden is bestowing the second highest civilian medal on Liz Cheney and Bennie Thompson, leaders of the congressional investigation into the Capitol riot who Donald Trump has said should be jailed for their roles in the inquiry.Biden will award the Presidential Citizens Medal to 20 people in a ceremony Thursday at the White House, including Americans who fought for marriage equality, a pioneer in treating wounded soldiers, and two of the president’s longtime friends, former Sens. Ted Kaufman, D-Del., and Chris Dodd, D-Conn.“President Biden believes these Americans are bonded by their common decency and commitment to serving others,” the White…

Outside linebacker Khalil Mack, safety Derwin James Jr. and left tackle Rashawn Slater of the Chargers were selected Thursday morning to play in the Pro Bowl Games, which will be highlighted by a flag football game between the AFC and NFC on Feb. 2 in Orlando, Florida.Mack was named for the ninth time in his stellar career and the third in his three seasons since the Chargers acquired him in a trade with the Chicago Bears. He has six sacks going into the regular-season finale Sunday against the Raiders in Las Vegas, his 10th consecutive season with six or more…

By PAUL WISEMAN, AP Economics WriterWASHINGTON (AP) — The number of Americans applying for unemployment checks dropped last week to the lowest level since March, suggesting that suggest most U.S. workers continue to enjoy unusually high job security.Jobless claims dropped by 9,000 to 211,000 last week, the Labor Department reported Thursday. The four-week average of claims, which strips out week-to-week ups and downs, fell by 3,500 to 223,250.The overall numbers receiving unemployment benefits fell by 52,000 to 1.84 million, the lowest since September.Thomas Simons and Sam Saliba, economists at Jefferies, called the drops “encouraging” in a commentary but cautioned that seasonal…

By LISA MASCAROWASHINGTON  — Rep. Barbara Lee has always stood apart, a matter-of-fact renegade with a long list of firsts.In high school, she was the first Black student to integrate her Southern California cheerleading squad.During the Democrat’s more than two decades in Congress, she has been the only Black woman elected to the House from California’s regions north of Los Angeles.FILE—Rep. Barbara Lee, D-Ca., waves on stage during the Congressional Black Caucus Foundation Phoenix Awards, Saturday, Sept. 14, 2024. (AP Photo/Jacquelyn Martin, File) FILE—Rep. Alexandria Ocasio-Cortez, left, a freshman Democrat representing New York’s 14th Congressional District, takes a selfie with…

President-elect Donald Trump doesn’t want social media platform TikTok banned — yet. Congress passed H.R. 7521 and outgoing President Joe Biden signed it on April 24. The ban, under the Orwellian name Protecting Americans from Foreign Adversary Controlled Applications Act, goes into effect on Jan. 19, a day before the new president takes office. TikTok has appealed to the U.S. Supreme Court.In a Dec. 27 brief, D. John Sauer, the incoming solicitor general, asked the court to stay the ban’s implementation “while it considers the merits of this case, thus permitting President Trump’s incoming Administration the opportunity to pursue a…

DETROIT (AP) — Tesla’s global annual sales fell for the first time in at least 9 years, with a 2.3% increase in the final quarter not enough to overcome a sluggish start to 2024 despite offers of 0% financing, free charging and low-priced leases.The Austin, Texas, company delivered 495,570 vehicles from October through December, boosting deliveries to 1.79 million for the full year. But that was 1.1% below 2023 sales of 1.81 million as overall demand for electric vehicles in the U.S. and elsewhere slowed.The fourth-quarter boost came with a cost. Analysts polled by FactSet expected Tesla’s average sales price to…

By FARNOUSH AMIRI, Associated PressWASHINGTON (AP) — Mike Johnson is fighting for his political life, again.The Louisiana Republican’s hold on the House speaker’s gavel and his position as second in line to the presidency will be tested Friday when a new Congress convenes and House Republicans weigh whether to reelect him to the post.The challenge, as always, is that Johnson will need almost every Republican vote to win.Johnson has a singular asset in his favor: President-elect Donald Trump endorsed him for speaker in a social media post at the start of the week. But it’s uncertain whether Trump’s blessing will…

Jimmy Carter’s economic legacy is cloudy, at best.The former president’s death on Dec. 29 put the performance of the business climate during his White House days between 1977 and 1980 under the microscope again.I’ll let others debate his economic policies, such as a losing battle with inflation and energy shortages. Let’s focus on home prices, a financial benchmark many Californians think about.Recently, I looked back at housing statistics for the 12 four-year presidential terms dating to Carter, pondering how White House changes may alter real estate’s fate.One pattern stood: Property owners should have few quibbles with Carter. House hunters could disagree.During…