Things To Do In SW Florida

By ALEX VEIGA, AP Business Writer

The average rate on a 30-year U.S. mortgage declined again this week, easing to just above its lowest level this year.

The average long-term mortgage rate slipped to 6.27% from 6.3% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.44%.

The latest dip brings the average rate to just above 6.26%, where it was four weeks ago after a string of declines brought down home loan borrowing costs to their lowest level since early October 2024.

Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also eased this week. The average rate dropped to 5.52% from 5.53% last week. A year ago, it was 5.63%, Freddie Mac said.

Mortgage rates are influenced by several factors, from the Federal Reserve’s interest rate policy decisions to bond market investors’ expectations for the economy and inflation. They generally follow the trajectory of the 10-year Treasury yield, which lenders use as a guide to pricing home loans. read more

Aquatica, SeaWorld Orlando’s water park, is introducing an after-hours holiday event called Illuminate, a walk-through lantern festival.

The after-dark activity will be held on 42 select nights — primarily weekends — between Nov. 8 and Jan. 31.

“From glowing mermaids and candy-colored forests to a lantern safari brought to life on our Serengeti Express train, this festival will light up the night in a way that is both completely new and uniquely Aquatica,” Bradley Gilmour, Aquatica’s park president, said in a news release.

The event will feature five glowing environments, including AquaLuma (the legend of five animal guardians), Candy Cascade Falls (sparkling lollipops, peppermint paths), Enchanted Lagoon (mermaid, possible sea unicorn sighting), Myst Wood Waters (dragonflies, chameleons, Great Tree of Light) and Rivers of Discovery (lantern-lit safari with lions, flamingos, more).

Illuminate will also include a s’more station, craft zone, a mini Serengeti Express train and Kiwi Santa meet and greet inspired by New Zealand traditions. read more

By STAN CHOE, AP Business Writer

NEW YORK (AP) — U.S. stocks are slumping on Thursday, hurt by drops for midsized banks as worries flare about the loans they’ve made.

The S&P 500 fell 0.7% in its latest up-and-down day after erasing a morning gain. The Dow Jones Industrial Average was down 284 points, or 0.6%, as of 2:45 p.m. Eastern time, and the Nasdaq composite was down 0.7%.

Zions Bancorp. tumbled 12% after the bank said its profit for the third quarter will take a hit because of a $50 million charge-off related to loans made to a pair of borrowers. Zions said it found “apparent misrepresentations and contractual defaults” by the borrowers and several people who guaranteed the loans, along with “other irregularities.”

Another bank, Western Alliance Bancorp dropped 10.4% after saying it has sued a borrower, alleging fraud. It also said it’s standing by its financial forecasts given for 2025.

Scrutiny is rising on the quality of loans that banks and other lenders have broadly made following last month’s Chapter 11 bankruptcy protection filing of First Brands Group, a supplier of aftermarket auto parts. The question is whether the hiccups are merely a collection of one-offs or a signal of something larger threatening the industry. read more

By the numbers, things are looking better for home buyers this fall.

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  Worries about banks drag Wall Street down after another turbulent day

Active listings are up. Mortgage rates are down. October mortgage rates may drop, too, thanks to a widely expected cut to the federal funds rate at this month’s Federal Reserve meeting. In fact, the economists at Realtor.com say Oct. 12-18 will be the best week to buy a house all year, pointing to friendlier trends in inventory, competition and seasonal price cuts.

Still, that doesn’t mean it’s easy out there. Despite recent growth, inventory is still 13% below pre-pandemic levels. As the market improves, what’s still standing in the way of today’s buyers? When hopes are high and your budget is tight, how do you know when to compromise? read more