INDIANAPOLIS (WISH) — Here’s a look at Friday’s business headlines with Jane King.
Mortgage rates hit six-month high
Mortgage rates hit a six-month high, threatening the U.S. housing boom.
The average for a 30-year, fixed loan was 2.97%, up from 2.81% last week and the highest since August, according to Freddie Mac.
A rapid jump in borrowing costs threatens the rally.
Costco boots hourly minimum wage this week
Costco is boosting its minimum hourly wage to $16 starting next week.
The $1-an-hour wage increase exceeds the pay that competitors Target, Walmart and other big-box retailers offer their employees.
Half of Costco’s 180,000 employees in the U.S. are paid at the top of the company’s hourly pay scale in excess of $25 an hour and most of these employees receive regular, twice-yearly bonuses of up to $4,000.
Best Buy laid off 5,000 workers this month
Best buy said Thursday that it laid off 5,000 workers this month and is planning to close more stores this year as more consumers buy electronics online.
Zillow now buying, fixing up, selling houses
In recent years, Zillow has begun actually buying, fixing up and selling homes itself through a new division called Zillow Offers
For certain homes, Zillow’s “Zestimate” – the online estimate of the home’s value – will now represent an initial cash offer from the company to buy the property.
That could mean an even quicker timeline for homeowners looking to close a sale without going through the hassle of a formal listing.
One in four want to change jobs this year
A study shows voluntary job changes and skills development are still top of mind in today’s labor market as employees may be seeking career changes due to disruptions caused by the COVID-19 pandemic.
Of the 28% of surveyed employees who plan to switch employers in 2021, the need for a more flexible work schedule or location and increased benefits and support for their well-being were cited as top reasons why.