Talk of the Town
Farmers in Henry and Patrick counties say deer and bear are ruining their crops at an alarming rate. A group recently met with the Virginia Department of Wildlife Resources and suggested extending the rifle and shotgun hunting seasons, increasing harvest limits, and allowing for more flexibility in doe hunting to help manage the deer population.
(STRAIT OF HORMUZ) — The conflict in the Strait of Hormuz intensified on Wednesday as the Iranian navy confirmed it targeted at least two of three ships struck by projectiles in the critical passage for the oil and shipping trades, and President Donald Trump said the U.S. military destroyed several “inactive” mine-laying boats in the strait.
The increased military activity in the Strait of Hormuz came just three days after President Donald Trump warned Iran in a post on his social media site that if it attempts to “stop the flow of Oil within the Strait of Hormuz, they will be hit by the United States of America TWENTY TIMES HARDER than they have been hit thus far.”
Iran’s Islamic Revolutionary Guard Corps (IRGC) announced that its navy conducted strikes on two commercial vessels in the Strait of Hormuz on Wednesday morning.
An IRGC spokesperson said in a statement that its navy struck the ships Express Room and the Mayuree Naree because both commercial vessels were allegedly “ignoring alerts and warnings from the IRGC Navy.”
“Every vessel intending to pass must obtain permission from Iran,” IRGC naval commander Adm. Alireza Tangsiri said in a social media post on Wednesday.
The Express Room, a container ship sailing under the Liberian flag, was struck by Iranian projectiles after allegedly “ignoring warnings from the IRGC Navy and came to a halt in its position,” the IRGC spokesperson said.
The Thai-flagged container ship Mayuree Naree was targeted for allegedly “ignoring alerts and warnings from the IRGC Navy and unlawfully insisting on transiting the Strait of Hormuz, according to the IRGC spokesperson.
Thai officials reported that three crew members were missing from the vessel following the attack.
“The Strait of Hormuz is, without a doubt and without a moment’s neglect, under the intelligent management of the brave naval forces of the IRGC. American aggressors and their allies have no right of passage,” the Iranian spokesperson said.
Earlier Wednesday, the U.K. Maritime Trade Operations Center (UKMTO) said it had received reports that three ships came under attack in the Strait of Hormuz. It did not identify the vessels, nor did it say at the time who was responsible for the attacks.
The UKMTO said one container ship was struck about 11 nautical miles north of Oman, in the passage that connects the Persian Gulf and the Gulf of Oman.
“The vessel has requested assistance and the crew are evacuated,” the UKMTO said.
The other two container ships, according to the UKMTO, were also struck by projectiles early Wednesday. One was hit about 25 nautical miles northwest of the United Arab Emirates port city of Ras Al Khaimah, while the other was stuck northwest of Dubai, according to the UKMTO.
Meanwhile, the U.S. Central Command (CENTCOM) released videos overnight showing attacks being carried out on Tuesday on what it described as “multiple Iranian naval vessels, March 10, including 16 minelayers near the Strait of Hormuz.”
“To date, we have struck more than 5,500 targets inside Iran, including more than 60 ships, using a variety of precision weapons systems,” CENTCOM Commander Adm. Brad Cooper said in a video post Wednesday.
While taking questions from reporters on Wednesday on the South Lawn of the White House before heading to an event in Kentucky, Trump said, “Look, we took out just about all of their mine ships in one night.”
“We’ve knocked out their navy. We’ve knocked out their air force. We’ve knocked out all of their air defense,” Trump also said.
When asked by a reporter if he’s encouraging CEOs of various oil companies to use the Strait of Hormuz, Trump responded, “Yeah, I think they should. I think they should use the Strait.”
Asked if there are any mines laid in the Strait of Hormuz, the president said, “We don’t think so.”
In a social media post on Tuesday, Trump said, “If Iran has put out any mines in the Hormuz Strait, and we have no reports of them doing so, we want them removed, IMMEDIATELY!”
“If for any reason mines were placed, and they are not removed forthwith, the Military consequences to Iran will be at a level never seen before,” Trump said in the post.
CENTCOM issued a warning to Iranian civilians on Wednesday to avoid all port facilities where it said Iranian naval forces are carrying out military operations along the Strait of Hormuz. CENTCOM said Iranian dockworkers, administrative personnel and crews of commercial vessels “should avoid Iranian naval vessels and military equipment.
“The Iranian regime is using civilian ports along the Strait of Hormuz to conduct military operations that threaten international shipping. This dangerous action risks the lives of innocent people,” CENTCOM said in its warning.
A spokesperson for Iran’s armed forces said Wednesday that if Iran’s ports are threatened, “all ports and docks in the region will be our legitimate targets.”
In an interview with the Iranian state television, Gen. Abolfazl Shekarchi denied claims that the country’s naval forces are hiding in economic ports, and threatened heavier operations if Iran’s ports are targeted.
The chaos unfolding across the global economy stems in large part from the narrow but crucial waterway along the southern coast of Iran, which connects the Gulf of Oman to the Persian Gulf.
The Strait of Hormuz facilitates the transport of about one-fifth of the global supply of crude oil and liquid natural gas. Those products hold major implications for the prices of gasoline, plastics and European electricity, among a host of other goods.
The passage, which at its narrowest point is just 21 miles wide, is the only shipping route that stretches from the Persian Gulf to the open ocean, making it a key travel hub for goods originating in oil-rich Gulf countries like Saudi Arabia, Qatar and Iran.
Wednesday morning, the International Energy Agency said it would release 400 million barrels of oil from its strategic reserve, marking the largest oil release in the group’s history as the global economy grapples with soaring oil prices in the wake of the U.S.-Israeli war with Iran, and traders fear a prolonged blockade of the maritime passage.
Before the war, roughly 20 million barrels of oil passed through the Strait or Hormuz each day, but tanker traffic has now “all but stopped,” Fatih Birol, executive director of the IEA, said at a press conference on Wednesday.
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(NEW YORK) — As the East Coast digs out from a massive snowstorm, a potential nor’easter could bring more snow to the region this weekend.
The details are not yet clear, but here is what the forecast shows so far:
On Friday afternoon and night, a low-pressure system may bring snow to parts of Tennessee and Kentucky.
On Saturday, snow is expected from Georgia to Maryland. Snow totals are not yet clear, but everyone along the coast from Atlanta to Baltimore should be prepared for heavy snow.
Major travel impacts are possible on Saturday at Charlotte Douglas International Airport in North Carolina.
Strong, potentially damaging winds are also possible in Alabama, Georgia, and Florida.
On Sunday, the storm could take two paths.
If it heads out to sea, Sunday will be mostly dry for the East Coast, though gusty winds and coastal erosion will still be possible.
If the system hugs the coast, a nor’easter will bring snow to coastal areas of the Mid-Atlantic and Northeast. The snow would hit most of Sunday and end overnight into Monday.
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(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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