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Homebuilders bet on 1% mortgage rates to wake up US buyers

Homebuilders bet on 1% mortgage rates to wake up US buyers

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By Prashant Gopal, Bloomberg News

With the average mortgage rate near 6%, U.S. homebuyers are looking at the most affordable monthly payments in a year. But San Antonio real estate agent Tavyn Weyman knows how to get them lower — much lower.

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The trick is simple: buy new.

In markets across the U.S., homebuilders sitting on unsold inventory are subsidizing mortgage rates so heavily they sometimes match the record lows last seen during the Covid-19 pandemic. That’s in addition to perks like free appliances, finished basements and zero closing costs.

Weyman said a large private builder just gave one client a 3.49% fixed rate on a $414,000 home on the west side of town. The sales agent even bumped up Weyman’s commission to cover the cost of breaking the buyer’s lease and threw in another $2,000 to make the first month effectively free. read more

Google accused in suit of using Gemini AI tool to snoop on users

Google accused in suit of using Gemini AI tool to snoop on users

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By Robert Burnson, Bloomberg News

Google was accused in a lawsuit of using its Gemini AI assistant to unlawfully track the private communications of users of its Gmail, instant messaging and videoconference programs.

In the past, users of Gmail, Chat and Meet were given the option to turn on Google’s artificial intelligence program. But in October, the Alphabet Inc. unit “secretly” turned on Gemini for all those applications, enabling it to collect private data “without the users’ knowledge or consent,” according to the complaint filed late Tuesday in federal court in San Jose, California.

While the company allows users to turn off Gemini, they need to dig into Google’s privacy settings to deactivate the AI tool, according to the proposed class-action suit. Unless they take that step, Google uses Gemini to “access and exploit the entire recorded history of its users’ private communications, including literally every email and attachment sent and received in their Gmail accounts,” according to the complaint. read more

IRS boosts contribution limits for 401(k) retirement plan savers

IRS boosts contribution limits for 401(k) retirement plan savers

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By ALEX VEIGA, Associated Press

Americans will be allowed to contribute more of their money to 401(k) and similar retirement saving plans next year.

The IRS said Thursday the maximum contribution that an individual can make in 2026 to a 401(k), 403(b) and most 457 plans will be $24,500. That’s up from $23,500 this year.

People aged 50 and over, who have the option to make additional “catch-up” contributions to 401(k) and similar plans, will be able to contribute up to $8,000 next year, up from $7,500 this year. That’s means a 401(k) saver who is 50 or older will be able to contribute a maximum of $32,500 to their retirement plan annually, starting in 2026.

Workers between the ages of 60 and 63 will be allowed catch-up retirement plan contributions of up to $11,250 annually, unchanged from this year.

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Homebuilders bet on 1% mortgage rates to wake up US buyers


Google accused in suit of using Gemini AI tool to snoop on users read more

Doritos and Cheetos dial back the bright orange in new versions without artificial ingredients

Doritos and Cheetos dial back the bright orange in new versions without artificial ingredients

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By DEE-ANN DURBIN, AP Business Writer

Doritos and Cheetos are getting a makeover.

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PepsiCo said Thursday it’s launching toned-down versions of its bright orange snacks that won’t have any artificial colors or flavors. Doritos and Cheetos Simply NKD will hit store shelves on Dec. 1.

It’s part of a broader shift underway at PepsiCo, which announced in April that it would accelerate a planned transition to using natural colors in its foods and beverages. Around 40% of its U.S. products now contain synthetic dyes, according to the company.

Dye-free doesn’t mean Doritos and Cheetos Simply NKD will be colorless. Instead, they’re just a lighter color, like a tortilla chip. read more

AT&T reached a $177M data breach settlement. What consumers should know about claiming their money

AT&T reached a $177M data breach settlement. What consumers should know about claiming their money

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By WYATTE GRANTHAM-PHILIPS, AP Business Writer

NEW YORK (AP) — AT&T has reached a combined $177 million settlement over two data breaches. And impacted consumers have a little over a month left to file a claim for their chunk of the money.

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Several lawsuits emerged across the U.S. — and were later consolidated — after AT&T notified millions of customers that information ranging from Social Security numbers to call records were compromised in these breaches last year. Plaintiffs alleged that the telecommunications giant “repeatedly failed” to protect consumer data. While AT&T has continued to deny wrongdoing, it opted to settle earlier this year. read more