Talk of the Town
A body was found in a river in Rockingham County on Sunday after kayakers reported it around 5 p.m. near a Bethlehem Church Road boat landing in Eden, according to the sheriff’s office.
The deceased male was recovered with help from multiple rescue squads using swift water equipment.
The State Bureau of Investigation is assisting.
The body was sent to the medical examiner to determine identity and cause of death.
(NEW YORK) — Mortgage rates whipsawed in recent weeks as markets reacted to a flurry of policies from the Trump administration.
It began with a major milestone. Mortgage rates earlier this month fell below 6% for the first time in nearly three years, according to a data released by Mortgage News Daily.
“The progress stems directly from President Trump’s aggressive agenda to restore the American Dream of homeownership,” the White House touted in a statement on Jan. 12. The Trump administration cited its announcement days earlier, calling on government-sponsored mortgage lenders to purchase $200 billion in mortgage-backed securities.
Within little more than a week, however, mortgage rates had climbed to 6.21%, responding to rattled bond markets and erasing the previous reduction. The uptick came as Trump issued a tariff threat to European allies over his demands to acquire Greenland at the time. When Trump backed off of that levy soon afterward, mortgage rates fell but remained above previous lows, Mortgage News Daily data showed.
The volatility in mortgage rates underscored the risks posed by recent trade tensions, which threaten to push up Treasury yields and, in turn, drive mortgage rates higher, some analysts told ABC News.
Still, they added, mortgage rates will likely face downward pressure this year from anticipated interest-rate cuts at the Federal Reserve, and Trump may take further steps of his own to reduce borrowing costs.
“President Trump is certainly not sitting back and doing nothing,” Susan Wachter, a professor of real estate at University of Pennsylvania’s Wharton School of Business, told ABC News.
“Some of it is big things on the international front, which are potentially destabilizing. And there’s an attempt to do anything and everything for the affordability of housing,” Wachter added.
To be sure, average 30-year mortgage rates have dropped from 7.08% to 6.17% since Trump took office, according to Mortgage News Daily. That drop-off owes in part to a post-pandemic cooldown of inflation, which allowed the Federal Reserve to begin lowering interst rates.
In a social media post earlier this month, Trump said lower mortgage rates would “make the cost of owning a home more affordable. It is one of my many steps in restoring Affordability.”
Mortgage rates closely track the yield on a 10-year Treasury bond. Since bonds pay a given investor a fixed amount each year, the specter of inflation risks higher prices that would eat away at those annual payouts. In turn, bonds often become less attractive in response to economic turmoil. When demand falls, bond yields rise.
U.S. Treasury yields jumped last week in the aftermath of Trump’s tariff threat over Greenland, which appeared to presage a possible trade war with several European allies.
The 10-year Treasury yield climbed as high as 4.3% in the aftermath of Trump’s threat, before dropping steadily down to 4.21% as Trump withdrew the levy and backed negotiations over Greenland, MarketWatch data showed.
As tensions rose in response to Trump’s tariff threat, some major U.S. bondholders in Europe appeared poised to sell. A Danish pension fund, AkademikerPension, said last Tuesday it would unload U.S. treasuries by the end of the month. It remains unclear whether other European bondholders will follow suit, especially after Trump’s reversal on tariffs.
If a substantial share of U.S. bondholders were to sell off their assets, it would slash demand and push up bond yields, some analysts said.
Since 30-year mortgage rates and other key interest rates track the yield on 10-year treasury bonds, a selloff of treasuries could bring about higher monthly payments for home loans, Raymond Robertson, a professor of trade, economics and public policy at Texas A&M University, told ABC News.
“It’s a pretty big concern,” Robertson said.
Marc Norman, associate dean at the New York University School of Professional Studies and Schack Institute of Real Estate, said bondholders are evaluating the reliability of U.S. government debt.
“Basically, it’s a bet on the U.S. government,” Norman told ABC News. “If that becomes unstable and people lose trust, it could have a big effect.”
Despite the uptick in mortgage rates in recent weeks, borrowing costs for homebuyers remain markedly lower than where they stood a year ago.
Analysts attributed the drop to a series of interest rate cuts at the Fed, as well as Trump’s order calling on Fannie Mae and Freddie Mac to buy hundreds of billions of dollars in mortgage-backed securities. After the order, Bill Pulte, the head of the Federal Housing Finance Agency, instructed Fannie Mae and Freddie Mac to up their bond investments in an effort to put downward pressure on mortgage rates, the Associated Press reported last week.
By ordering a federal agency to buy up some mortgage-backed securities, the Trump administration helped increased demand for the underlying loans, which pushed bond yields lower, Wachter said.
“This mortgage bond proposal is not a big move but it makes a difference,” Wachter added. Wachter said she expects mortgage rates to fall further over the course of this year, though she acknowledged ongoing risk: “Investors don’t like uncertainty.”
Still, Wachter said, “If you’re looking to buy a home, today is as good a day as any.”
If homebuyers move forward with a purchase but later find that mortgage rates have continued to fall, they can opt to refinance their homes. “The old saying is, ‘You marry the home and you date the mortgage,'” Wachter said.
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(WASHINGTON) — An 11th hour plea from the prime minister of Pakistan appears to have swayed both President Donald Trump and the Iranian regime to agree to a two-week ceasefire deal in exchange for temporarily opening the Strait of Hormuz, at least temporarily staving off Trump’s promise to bomb Iran back to the “stone ages.”
With just hours to go until Trump’s 8 p.m. ET Tuesday deadline, Pakistani Prime Minister Shehbaz Sharif — one of the key mediators attempting to the end the conflict — issued a public call to Trump, urging him to allow more time for negotiations.
“Diplomatic efforts for peaceful settlement of the ongoing war in the Middle East are progressing steadily, strongly and powerfully with the potential to lead to substantive results in near future,” Sharif said. “To allow diplomacy to run its course, I earnestly request President Trump to extend the deadline for two weeks.”
Sharif also implored Iran to open the Strait of Hormuz as a “goodwill gesture.”
Just after 6:30 p.m. ET, Trump posted on his social media platform that he would suspend military attacks.
“Based on conversations with Prime Minister Shehbaz Sharif and Field Marshal Asim Munir, of Pakistan, and wherein they requested that I hold off the destructive force being sent tonight to Iran, and subject to the Islamic Republic of Iran agreeing to the COMPLETE, IMMEDIATE, and SAFE OPENING of the Strait of Hormuz, I agree to suspend the bombing and attack of Iran for a period of two week,” he wrote.
“We received a 10 point proposal from Iran, and believe it is a workable basis on which to negotiate,” Trump continued, referring to an Iranian counterproposal transmitted to negotiators after rejecting plans for a longer ceasefire on Monday. “Almost all of the various points of past contention have been agreed to between the United States and Iran, but a two-week period will allow the Agreement to be finalized and consummated.”
Within the hour, Iran’s Supreme National Security Council claimed that the U.S. agreed to its plan which includes numerous concessions.
In a lengthy statement on Iranian state media, the council said the U.S. “committed in principle to non-aggression, continued Iranian control over the Strait of Hormuz, acceptance of enrichment, lifting of all primary and secondary sanctions.”
Foreign Minister Seyed Abbas Araghchi, meanwhile, said Iran would agree to a ceasefire if attacks against it are halted. He also said passage through the Strait of Hormuz would be allowed during the two-week period if coordinated with Iran’s armed forces.
The White House did not respond to specific questions Tuesday evening on whether the U.S. agreed to Iran’s 10-point plan — which includes lifting all primary and secondary sanctions and withdrawing combat troops from the region — or what it made of Iran saying the Strait of Hormuz would open with coordination from Iran’s military.
In response, White House press secretary Karoline Leavitt said in a statement:
“President Trump’s words speak for themselves: this is a workable basis to negotiate, and those negotiations will continue. The truth is that President Trump and our powerful military got Iran to agree to reopening the Strait of Hormuz, and negotiations will continue.”
Despite Trump calling Iran’s counterproposal a “workable basis” for negotiations, it contains many terms the U.S. and the president himself have long rejected and was previously described by administration officials as “maximalist.”
After the two-week ceasefire was announced, mediators began making arrangements to hold the first round of talks following the implementation of the ceasefire on Friday in Islamabad, but the White House said late Tuesday that it had not yet committed to any plans.
Before Sharif’s proposal was made public, two U.S. officials cautioned that although talks showed signs of progress, the Trump administration and Iranian regime still appeared to be far apart on core issues, expressing doubt that a broad deal could be reached on such a tight timeline.
One U.S. official also said the dynamic proposed by Sharif mirrored confidence-building measures under discussion behind closed doors, but up until the president and Iranian authorities accepted the terms, it was unclear whether both sides could be brought on board.
Fully reopening the Strait of Hormuz is a top priority for U.S. officials, who indicated that any agreement with Iran would have to lead to near-immediate progress on that front.
Asked about the state of negotiations with Iran on Tuesday morning, Secretary of State Marco Rubio said he hoped “to have more news” later in the day and called Iran’s control over the Strait of Hormuz “a big problem for the world.”
“The whole world’s been impacted unfortunately because Iran is violating every law known by striking commercial vessels in the Straits of Hormuz,” he said. “I mean this is a regime that doesn’t believe in laws, rules or anything like that — it’s a State Sponsor of Terrorism, so it’s not surprising that they’re now conducting terrorist activity against commercial vessels.”
Iran sees the strait as equally important and has signaled publicly and in private negotiations that it is highly reluctant to agree to any terms that would see it losing leverage over the waterway.
Iran’s counterproposal issued Monday stipulated that the country would fully open the Strait of Hormuz but set the rules for passage through the waterway and extract a toll of $2 million per vessel, a situation the Trump administration has repeatedly said would be untenable.
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(NEW YORK) — Ted Turner, the television and media mogul who launched CNN — the first 24-hour cable news network — and a roster of successful TV and entertainment brands, died on Wednesday, according to the network. He was 87.
“Ted was an intensely involved and committed leader, intrepid, fearless and always willing to back a hunch and trust his own judgement,” according to a statement from Mark Thompson, the chairman and CEO of CNN Worldwide. “He was and always will be the presiding spirit of CNN. Ted is the giant on whose shoulders we stand, and we will all take a moment today to recognize him and his impact on our lives and our world.”
“On behalf of the Turner family, it is with great sadness that we announce the passing of philanthropist, environmentalist and cable pioneer Ted Turner who died peacefully today at age 87, surrounded by his family,” a statement from Turner Enterprises said.
The company added, “He charmed people he met with his warmth and general lack of conceit, despite his many successes and celebrity – an attribute made apparent in his response to anyone who addressed him as “Mr. Turner” – he’d always reply, “Call me Ted!”
A private family service is planned and a public memorial will be held at a later date, Turner Enterprises said.
Turner announced in 2018 he was battling the progressive brain disorder Lewy body dementia, acknowledging issues with his memory.
Born in Cincinnati, Robert Edward Turner III was raised in Savannah, Georgia. He attended Brown University briefly before leaving the university and joining the U.S. Coastal Guard Reserve during the Vietnam War.
Turner began his career as an executive at his father’s advertising business, Turner Advertising Company. Following the death of his father, he became president and chief executive of the company and turned the firm into a global enterprise.
He entered the television business in the early 1970’s when he acquired an Atlanta UHF station, WJRJ, and renamed it WTCG. The station originated the “superstation” concept, transmitting via satellite to cable systems across the country. Later renamed TBS, the station became a precedent for the modern basic cable station.
On June 1, 1980, Turner Broadcasting System launched CNN, the first 24-hour cable news network. In his launch speech at the network’s Atlanta headquarters in June 1980, he expressed hope that CNN’s national and international coverage would “bring together in brotherhood and kindness and friendship and in peace the people of this nation and this world.”
CNN quickly made its mark covering major news events such as the 1982 Lebanon War and the 1986 Challenger explosion as they happened.
A chain of successful cable television brands followed for Turner, including CNN International, Cartoon Network, TNT and Turner Classic Movies. Turner Broadcasting later acquired the film studios Castle Rock Entertainment and New Line Cinema.
Turner’s company also expanded into sports starting in the late 1970s, acquiring the MLB’s Atlanta Braves and the NBA’s Atlanta Hawks. The Hawks won three division titles under the company’s ownership. The Braves won the 1995 World Series.
In 1988, Turner ventured into the professional wrestling business, purchasing Jim Crockett Promotions and renaming it as World Championship Wrestling (WCW). The company served as the main competitor to Vince McMahon’s World Wrestling Federation (WWF) over the next decade. WCW was purchased by McMahon’s company in 2001.
In October 1996, Turner Broadcasting merged with Time Warner Inc., and in 2001, Time Warner merged with AOL to create AOL Time Warner.
Turner also made his mark as a philanthropist. In 1990, he founded Turner Foundation which supports efforts for improving air and water quality, developing initiatives to protect the climate and maintaining wildlife habitat protection, among other initiatives. The Turner Foundation says it has given more than $380 million to hundreds of organizations since its founding.
In 1997, Turner announced a historic pledge of up to $1 billion to the United Nations and the following year, he created the United Nations Foundation (UNF). The organization supports the goals and objectives of the United Nations to promote “a more peaceful, prosperous and just world.”
Speaking to ABC’s “This Week” in 2012, he described his interest in supporting U.N. efforts.
“Everybody needs help sometime, no matter how rich and powerful you are,” he said. “I did not know for sure when I started that it was going to work…there were a lot of things that weren’t getting done, that are getting done now, done a lot more quickly.”
He added, “Saving the world is a hard job.”
Turner also launched the Nuclear Threat Initiative (NTI), a think tank he co-chaired with former Sen. Sam Nunn of Georgia that seeks to reduce “nuclear and biological threats imperiling humanity.”
He was the recipient of numerous awards, including Time Magazine’s 1991 “Man of the Year,” the National Academy of Television Arts and Sciences’ Lifetime Achievement Award, the Audubon Medal from the Audubon Society, and the Edward R. Murrow Award for Lifetime Achievement in Communication. He received a star on the Hollywood Walk of Fame in 2004.
Turner was married three times, including to actress Jane Fonda from 1991 to 2001. He is survived by five children, fourteen grandchildren and two great-grandchildren.
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