Here are the big stories you need to know for Thursday, July 3, 2025, covering housing, business, politics, and more.

Housing and Mortgage News

• According to Freddie Mac, thirty-year mortgage rates fell again, now at 6.67 percent.
• That is the lowest reading since mid-April, down from 6.77 percent a week ago.
• Bankrate also shows the thirty-year average at about 6.70 percent, the fifteen-year loan at 5.86 percent, and the five-one ARM at 6.02 percent.
• Despite the dip, many buyers still devote more than 30 percent of their income to house payments, especially in large metro areas.

Demand vs. Inventory

• Although cheaper borrowing costs lure fresh buyers into the market daily, the number of homes for sale remains disappointing.
• That combination gives buyers more negotiating power, yet sky-high prices and rising construction costs continue to pin many budgets to the ceiling.

Business and Markets

• US stocks rose to fresh record highs on Wednesday.
• The S&P climbed about 0.8 percent, the Nasdaq jumped by 1 percent, and the Dow gained roughly 0.8 percent.
• Analysts credit the rally to a better-than-expected jobs report showing the economy added 147,000 jobs in June.

Bond Yields Also Moved

• The ten-year Treasury hit about 4.34 percent, lending weight to speculation that the Federal Reserve is less likely to cut rates soon.
• In precious metals, gold prices eased as strong equity markets and rising yields sapped the usual safe-haven appetite.

Tesla News Remains Mixed

• Goldman sees weaker near-term consumer demand, although it acknowledges a possible recovery if economic sentiment improves.

Employment & Economy

June Jobs Snapshot

• Employers added 147,000 nonfarm positions, nudging the unemployment rate to 4.1% from 4.2%.
• Most new jobs appeared in healthcare and state-local offices, while manufacturing shed 7,000 roles for a fourth straight month, partly because of the ongoing tariffs.

Inflation Overview

• The Fed sees price growth easing toward its 2% target.
• Still, rising bond yields and market pricing show traders wobbling over tariffs and climbing housing costs.

Federal Reserve & Trump vs Powell

Powell Speaks

• Fed Chair Jerome Powell stood by the central bank’s independence, noting that global tariffs push rate cuts further down the calendar.

Trump Responds

• The President demanded that Powell resign, claiming he had misled Congress and bungled interest rates.

One Big Beautiful Bill

Senate Approval

• The upper chamber passed the President’s tax-spending plan, dubbed the Big Beautiful Bill, on July 1, sending it to the House.

House Showdown

• GOP leaders, including Trump and Speaker Johnson, forced a tight 219-213 procedural vote, triggering fierce arguments over cuts to Medicaid, the Affordable Care Act, and Medicare, even as the CBO warned the bill could add $3.3 trillion to the deficit.

Musk and Trump: Bromance Done?

Split Alert

Elon Musk labeled Trump’s new spending plan insane and warned it could hammer US debt. Trump Fires Back

The former President threatened to axe Musk’s government subsidies, scrap nearly \$22 billion in SpaceX deals, and maybe even send him back to South Africa.

Musk’s Counterpunch

He has promised to help Republicans fighting the bill, like Rep. Thomas Massie, and hinted he might back challengers in Team Trump’s primary.

Cybertruck Seized by Feds

Bad news for fans:

US regulators have grounded the Cybertruck, declaring it illegal for public roads, and similar bans are popping up overseas. The penalty stems from several recalls, fuelling doubts about Tesla’s safety checks and oversight.

Biggest Health-Fraud Bust Ever

DOJ sweep:

In a record sweep, federal agents charged over 300 people for healthcare fraud that cost an estimated \$14.6 billion, marking the largest bust of its kind.

Political shake-ups:

At the same time, Trump’s team has emptied Biden-era U.S. attorneys and rolled back police reforms in Minneapolis, Louisville, Phoenix, and Memphis.

Corporate Bankruptcies & Layoffs

Mid-sized retail and energy firms filed more Chapter 11 cases in early July as higher borrowing costs pinched cash flow and shoppers pulled back. Names involved will be confirmed after the long holiday break.

Outlook & Forecasts

Mortgage outlook:

Freddie Mac expects rates to drift toward the mid-6s by midsummer, if inflation cools and bond yields do not spike. Still, any fresh tariff talk usually jolts Treasuries and resets that trend.

Realty sector:

Lenders report more inquiries thanks to lower rates, yet agents warn that wages lag prices, and thinning commissions, coupled with big tech bills, squeeze profit.

Legislative risks:

If Congress passes the so-called “Big Beautiful Bill,” the housing landscape will shift, notably through a 30% solar tax credit that expires on December 31, 2025.

Summary Take:

• Rates are easing, yet homes remain pricey and listings scarce.
• The job market added solid numbers and stocks hit new highs, but fresh yield and inflation fears linger.
• Rising Trump-Fed friction over interest policy prompts analysts to question whether future Fed moves will be free of politics.
• Trump’s sweeping tax-and-spending “Big Beautiful Bill” races through committees, raising eyebrows over added deficit risk.
• The fallout between Musk and Trump keeps getting louder.
• Musk is now a loud political agitator while Trump talks tough about legal action.
• Fresh regulatory bans on the Cybertruck pile on more legal headaches for Tesla and its CEO.
• The DOJ presses ahead with sweeping fraud cases and tries to scrub away many legacies from the Biden years.

Hey everyone, if you want a deeper look at any of these topics or need fresher housing numbers for Fresno, inflation breakdowns, or information on how local businesses might feel the pinch, just let me know.

According to Freddie Mac, mortgage rates have slipped to 6.67 percent, giving some home shoppers hope. Apartment renters are also following the market closely because rising mortgage costs tend to nudge more people toward leasing in the short term. With inflation still above the Fed’s comfort zone, however, no one expects rates to come crashing down overnight.

Wall Street set another record high after the June jobs report beat forecasts by adding 147,000 positions. Wages are still climbing, unemployment is low, and that gets investors optimistic about corporate earnings. Rising yields on Treasury bonds usually follow that optimism, which we saw last week-evidence, some analysts say, that economic momentum hasn’t faded. Asian shares opened mostly higher on that US lead, shrugging off fears that venues like China might seek new lockdowns.

In the political arena, former President Donald Trump’s so-called “Big, Beautiful Bill” is back on Capitol Hill, courting both support and scorn. He spent days lobbying representatives, trying to pull them away from rivals like Senator Thomas Massie, who does not share his vision for mega subsidies. Critics, including billionaire Elon Musk, have called the plan “insane.” Even so, Senate Republicans moved it along, raising questions about spending priorities heading toward the next election cycle.

Stronger demand and supply cuts from OPEC+ have kept crude prices firm on the energy beat, pressing diesel consumers into harvest season. Experts say farmers should closely monitor global inventories and geopolitical flashpoints, as even small disruptions can cause pump prices to dart upward.

Thomas Massie, often called one of the President’s biggest rivals in Congress, hasn’t held back since the GOP decided to lean toward more traditional leadership in the House.

Breaking

• Tesla Cybertruck Declared ILLEGAL to Drive in the US.
• How the Justice Department carried out a $14.6 billion healthcare fraud…
• Justice Dept. abandons police reform deals with Minneapolis…

https://www.youtube.com/watch?v=M-P_6tsI6lM