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Mortgage demand plummeted to a 28-year low as the average long-term rate creeped up toward 8%.

According to leading real industry group Mortgage Bankers Association, the average rate on the benchmark 30-year home loan climbed to 7.53% this week — the highest rate since 2000.

A separate report on Bankrate showed that Thursday’s average on a 30-year fixed mortgage rate was even higher, 7.88%.

The rate was 6.75% at this time last year and mortgages below 3% were offered at the start of 2021. The mortgage rate hasn’t hit 8% since 1995.

Mortgage applications and applications to refinance a home have stalled dramatically, falling 6% and 7% for the week, respectively, according to MBA.

“The purchase market slowed to the lowest level of activity since 1995, as the rapid rise in rates pushed an increasing number of potential homebuyers out of the market,” MBA’s deputy chief economist Joel Kan told The Post.

The higher rates add hundreds of dollars a month in costs for borrowers, limiting how much they can afford in a market already unaffordable to many Americans.

They also discourage homeowners who locked in low rates two years ago from selling.

The lack of housing supply also weighs on sales of previously occupied US homes, which are down 22.3% through the first seven months of the year versus the same stretch in 2022.

In response, Kan noted that applications for adjustable-rate mortgages increased, making up 8% of purchase applications — up from 6.7% a month ago when interest rates sat around 7%.

ARMs typically offer lower interest rates, though they’re fixed for shorter periods of time.

Mortgage rates have been rising along with the 10-year Treasury yield, which has historically been considered a key benchmark for mortgage rates.

Thus, as mortgage rates near 8%, the 10- and 30-year Treasury yields have also reached new heights, hitting 4.8% and 4.925%, respectively, on Tuesday — both the highest since 2007.

The advances could keep upward pressure on inflation, giving the Federal Reserve reason to keep interest rates higher for longer.

In August, US inflation rose 3.7% from 2022. Though it’s still above the Fed’s 2% goal, it’s a stark difference from June 2022’s four-decade peak at 9.1%.

Inflation’s substantial cooldown in recent months has forced many home sellers to slash their asking prices to lure in potential buyers.

Those who don’t slash their asking price risk selling at a loss. Last month, a report by real estate brokerage Redfin revealed that home sellers in America’s major cities are already doing this.

San Francisco sellers had it the worst, Redfin’s report showed, as they are a whopping four times more likely than the average US home seller to take a loss.

Detroit is home to the second-highest share of homeowners who take a loss in their home-selling transactions, at 6.9%, followed by Chicago and New York, where 6.5% and 5.9% of homeowners take a loss in selling their homes, respectively.

Though the share of New York homeowners who reported a loss was half that in San Francisco, the cities were tied for the largest median loss in dollars, at $100,000, Redfin found in a separate analysis.

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Nova festival survivor dies two years after girlfriend shot dead as he shielded her

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Nova festival survivor dies two years after girlfriend shot dead as he shielded her

It was supposed to be a day of pure joy, with hours spent dancing with the love of his life.

But when Hamas terrorists attacked Nova festival on 7 October 2023, Roei Shalev’s life was tragically changed forever.

The 29-year-old was dancing the night away with his partner, Mapal Adam, and their best friend Hilly Solomon when rocket fire suddenly drowned out the music.

Roei, Mapal and Hilly frantically tried to escape by car, driving away from the festival grounds until they encountered a young woman stumbling into the road, covered in blood.

She warned them that there were Hamas gunmen behind her, so the trio exited their vehicle and ran to nearby trees to hide.

“Bullets whizzed past us, grenades exploded nearby, and terror engulfed us from all directions,” Roei said.

They dived under two abandoned cars – Roei and Mapal under one, Hilly under the other.

More on Israel

But the gunmen caught up with them, shooting the three festivalgoers as they were pinned under the cars.

Roei tried to shield 26-year-old Mapal from the bullets, but she died beneath him while he was shot in the back. Hilly, 26, was also killed instantly.

Roei was shot in the back twice. Pic: Instagram/@roeishalev
Image:
Roei was shot in the back twice. Pic: Instagram/@roeishalev

What followed were “agonising” hours during which Roei lay still, covered in his and his girlfriend’s blood, and played dead.

Even when a second group of gunmen approached and shot at him a second time, hitting him in the back yet again, he did not move.

Seven hours later, the Israeli army found Roei alive.

“That day was the darkest I’ve ever known,” he later said.

The terror continued

A week after his girlfriend and best friend were killed, Roei’s mother Raffaela took her own life because she “couldn’t contain the pain and losses of October 7”, according to her son.

“In just one week, I lost three of the most important women to me in the world,” Roei said.

“In the months that followed, I struggled to cope. Flashbacks and anxiety consumed me, and sleep became a distant memory.”

Roei said therapy and the unwavering support of others gave him the strength to share his story publicly.

“I opened up on social media, laying bare the rawest details of my trauma. The response was overwhelming,” Roei wrote on a fundraising page for Nova festival survivors and their families last year.

“Messages poured in from people who found solace and inspiration in my journey. Their words gave me purpose, a reason to keep fighting.”

He said he was “uncertain of what the future holds”, but knew that he had to “honour the memory of the three extraordinary girls who were taken from us too soon”.

Roei Shalev and Mapal Adam. Pic: Instagram/@roeishalev
Image:
Roei Shalev and Mapal Adam. Pic: Instagram/@roeishalev

In the two years that followed these tragic events, Roei renamed the family bakery he had been running with his girlfriend to “Mapal Cafe”, in tribute to his “one and only love” and organised events to commemorate Mapal and Hilly.

“Amidst the pain and sorrow, I hold onto one truth: we will dance again,” he said in his fundraising post a year ago.

‘Longing for you is only getting bigger’

On the anniversary of his girlfriend’s death, Roei wrote on Instagram: “Two years have passed since the most terrible day of my life… and of a whole country.

“The longing for you is only getting bigger, the pain does not pass with time. It is always there, everywhere, all the time. I’m full of pain this year, even more than last year.”

In the post, Roei thanked his girlfriend for “moments I won’t forget, pure love and the best relationship I could ask for”.

He also addressed both her and Hilly, saying: “A huge apology that I couldn’t keep you safe on this terrible day, you know I did everything, I did everything to keep you safe, my beloved.

“I preferred to die in agony and for you to survive it.”

A woman leans on a picture of Mapal Adam, at the site of the Nova music festival. File pic: AP
Image:
A woman leans on a picture of Mapal Adam, at the site of the Nova music festival. File pic: AP

On Friday night, three days after the anniversary of the tragic events, Roei posted a note on his Instagram account, saying he “can’t go on anymore”.

“I’ve never felt such deep and burning pain and suffering in my life. It’s eating me up inside,” Roei wrote.

His note raised concern among his family and friends, and a frantic search was launched.

The search ended a few hours later in the tragic discovery of Roei’s body inside a burning car near Poleg Beach in Netanya, Israel. Police have opened an investigation, according to Israeli media.

His friends describe Roei as a warm and devoted member of the Nova community who “gave strength to everyone else while quietly carrying immense pain”, The Times of Israel reports.

Roei’s family confirmed his death in a statement and asked for their privacy to be respected.

Roei Shalev was found dead on Friday. Pic: Instagram/@novaexhibitions
Image:
Roei Shalev was found dead on Friday. Pic: Instagram/@novaexhibitions

The Nova Tribe Community organisation, which represents survivors and families of the victims of the October 7 attack on the music festival, called his death “heartbreaking” and “deeply saddening” in a tribute.

“Roei was a pillar of strength within the community, and his death is an immeasurable loss for us,” the organisation said.

The statement continued: “Sadly, many members of the Nova community are still experiencing traumatic moments daily since October 7.

“We ask everyone to show constant awareness and emotional sensitivity to the mental state of those affected by the October 7 events and to all survivors and bereaved families.”

Read more:
Shoes and fairy lights: Remnants of Nova festival attack
All the hostages believed to be alive and due for release

SafeHeart, a non-profit organisation providing psychological support for October 7 survivors and their families, said in a statement: “Our hearts are broken alongside Roei’s family, friends, and the entire survivor community.

“This terrible tragedy is a painful reminder that for many survivors, the trauma of October 7 has not ended. It continues to live within them, day by day, moment by moment. The pain does not simply fade with time; in many cases, it grows stronger.”

Anyone feeling emotionally distressed or suicidal can call Samaritans for help on 116 123 or email jo@samaritans.org in the UK.

Alternatively, you can call Mind’s support line on 0300 102 1234, or NHS on 111.

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Sports

Impending free agents, aging stars and an injured ace: How much longer can the Phillies keep contending?

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Impending free agents, aging stars and an injured ace: How much longer can the Phillies keep contending?

A baseball team’s season doesn’t really come down to one play, or two plays, but if you’re a loyal fan of the Philadelphia Phillies, the final play of the National League Division Series against the Los Angeles Dodgers will live in your nightmares for a long time.

Orion Kerkering‘s throwing error, leading to the Phillies’ elimination in Game 4 of the NLDS, is another addition to the list of heartbreaking postseason defeats. It’s a long list, of course, because that’s what playoff baseball does. But there were two other short throws from Game 2 that might have also impacted the outcome of the series: (1) Trea Turner‘s throw that was wide right to catcher J.T. Realmuto, allowing Teoscar Hernandez to beat the tag and slide in safely and leading to a four-run rally for the Dodgers, and (2) Max Muncy firing a perfect throw to Mookie Betts on a bunt attempt in the ninth inning that nailed Nick Castellanos at third base as the Dodgers held on for a 4-3 victory.

It’s easy to think about the what-ifs — what if either throw went a few inches the other way? Or if Kerkering threw to first base instead of home? But it’s not as simple as a few throws, although those plays highlight the small margin of error in the playoffs.

The Phillies’ season is also over because the big names didn’t hit. During this four-year run of what you might call the Bryce Harper/Kyle Schwarber era, they reached the World Series — somewhat surprisingly — in 2022 but haven’t made it back despite having some of the top front-line talent in the sport. In fact, the Phillies are 3-10 in their past 13 postseason games and 2-8 in their past 10.

In those 10 games, they’ve hit .195 as a team. Harper hit .206 with one home run and three RBIs. Schwarber hit .162 with three home runs and four RBIs, two of those home runs and three of the RBIs coming in Game 3 of this series. The others around them didn’t fare any better in those 10 games, with Turner, Bryson Stott and Brandon Marsh each hitting under .200.

As the Phillies soak up a disappointing end to 2025, you have to wonder if this might be the end of this era of Phillies baseball. Schwarber, Realmuto and Ranger Suarez are free agents this offseason. Zack Wheeler will attempt a comeback following thoracic outlet syndrome surgery — though his timeline is uncertain. Aaron Nola is coming off a 6.01 ERA. And to top it all off, their four most valuable position players this season were all 32 or older.

The Phillies have had a remarkably stable roster of core players during this four-year run, and though they might look very different in 2026, one thing is for certain: Harper is not going anywhere. Signed through 2031, he has connected with the fans of Philadelphia like few athletes do in their adopted cities. He also knows their pain.

“I know fans are upset. I know the city’s upset. Obviously, it’s warranted. We’re upset in here as well,” Harper said after Game 4. “Our daily life is Phillies baseball. This is our family in here. This is what we do. We want to win not just for ourselves, but for everybody that watches us play. … I want to hold the trophy and that’s the goal every single time you get into spring training.”

While most people in baseball don’t believe the Phillies will let Schwarber go, not coming off his 56-homer campaign, the reality of the situation is clear: This is an aging roster with a high payroll. They have a committed owner in John Middleton, who has run top-five payrolls, and a future Hall of Fame executive in Dave Dombrowski, who knows how to build teams loaded with star players, but throwing more money at older players feels risky, even for a team coming off a 96-win season and trying to win the World Series.

The organization is at a critical juncture, one that eerily resembles another Phillies era: the 2007-2011 teams that won five consecutive NL East titles and the World Series in 2008. If anything, that group was even more talented than this one — and the best of those teams was the 2011 squad that won 102 games, only to lose in the NLDS. But look what happened to those Phillies as the front office tried to keep winning with the same team:

  • In 2012, they finished 81-81.

  • In 2013, they finished 73-89.

  • In 2014, they finished 73-89 and in last place in the division.

  • In 2015, they hit rock bottom and finished an MLB-worst 63-99.

The similarities between the Phillies of the past four years and those 2007-2011 teams are more than a little eerie:

1. That 2011 NLDS ended with a 1-0 loss to the St. Louis Cardinals and on an atypical final play, when Ryan Howard grounded out and blew out his Achilles.

2. The ace of the 2011 staff was Roy Halladay, who won 19 games and posted 8.8 WAR. He was never the same again, suffering a shoulder injury the next season and winning just 15 more games in the majors. Wheeler, who had posted 5.0 WAR before this season ended when a blood clot was discovered near his right shoulder in August, will have to overcome a major injury at age 35 — the same age as Halladay in 2012.

3. The average weighted age (based on playing time) of the 2011 Phillies position players was 31.5, the oldest in the NL. The average age of the 2025 Phillies position players was 30.3, second oldest in the NL.

4. The 2011 Phillies had locked themselves into some hefty long-term contracts for older players. Howard had signed a five-year, $125 million extension in 2010 that didn’t begin until the 2012 season and was worth minus-5.0 WAR over those five seasons. Cliff Lee had signed a $120 million extension running through 2015, but he got hurt and won just four games in 2014, not even pitching in 2015. They banked on Chase Utley and Jimmy Rollins to remain stars as they entered their age-33 seasons in 2012, but that didn’t happen.

The 2025 Phillies have similar issues with Wheeler making $42 million the next two seasons, Nola signed all the way through 2030, and are banking on Harper and Turner remaining productive as they enter their age-33 seasons in 2026.

It’s also hard to imagine the Phillies suddenly rebuilding. That’s not in the nature of Middleton or Dombrowski. Even with the uncertainty with Wheeler, they have another ace in Cristopher Sanchez, plus Jesus Luzardo for one more season. We might finally see top prospect Andrew Painter enter the rotation in 2026. Taijuan Walker is still around for another year, so even if they don’t re-sign Sanchez, the rotation could be solid, although a lot of that depends on Nola bouncing back. Closer Jhoan Duran is under team control for two more seasons, so Philadelphia at least finally has some stability in the ninth inning. The other key relievers will be back, including Jose Alvarado, if his $9 million club option is exercised (not a sure thing given his PED suspension made him ineligible for the postseason).

On the position player side, Castellanos ($20 million) and Walker ($18 million) come off the books after 2026, so that’s money that can go to re-signing Schwarber. They also have a pair of highly touted prospects in shortstop/third baseman Aidan Miller and outfielder Justin Crawford, who should both be ready at some point in 2026, so that’s an opportunity to weave in some younger players.

There’s also the question of who will be managing this group for the long run. While Rob Thomson is under contract through the 2026 season, there are always rumblings that it might be time for a change after a string of painful playoff exits.

Despite that potential uncertainty, Thomson has no doubt about what the Phillies will have planned for 2026: “John [Middleton] is going to spend money. He wants to win. He wants a world champion. There’s good years ahead, no doubt.”

That may very well be the case. It’s easy to envision the Phillies right back in this position next October, hoping Harper and Schwarber get hot at the right time, hoping the right throws are made this time, hoping the whims of postseason baseball go their way. History, however, also suggests that’s hardly a sure thing.

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Politics

Six global policy changes that affected crypto this week

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Six global policy changes that affected crypto this week

Six global policy changes that affected crypto this week

Major policy changes worldwide are shaping how the crypto industry will operate.

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