Economics in the News – Sept. 21-27, 2026
Economics impacts our lives every day. Below are some of the top storylines from this past week related to economics.
o Mortgage rates for 30-year fixed-rate mortgages passed seven percent for the first time since Jan. 2025. The average rate on a 30-year home loan was 7.03 percent, an increase of nearly 0.7 percent from a year ago. While mortgage rates dipped below six percent this past winter, rates began climbing again after the start of the US war in Iran.
Overall, the housing market saw sales of existing homes fall two percent in August from July, marking their lowest level since June 2025. Meanwhile, overall housing prices climbed 1.2 percent, according to housing market data provider Cotality. It remains difficult for perspective first-time home buyers to enter the housing market and has many altering their plans to buy homes. In addition, developers are delaying in building homes due to rising construction financing costs in addition to the affordability crisis. [The New York Times]
o Australian airline carrier Quantas Airways announced plans to offer a New York to Sydney flight by 2028. The long-haul flight would take roughly 18 hours. The direct flight is part of Quantas’s Project Sunrise initiative which will use Airbus A350-1000ULR jets developed by Quantas. The plane can hold 5,280 gallons of fuel and has the capability to fly up to 22 hours. The long-distance jets will accommodate 238 passengers with 40 percent of the plane being premium seating.
Quantas also plans to offer a direct flight from London to Sydney with the same initiative, a flight that would take 22 hours and make it the longest operating commercial flight in the world. The title for the longest operating commercial flight currently belongs to Singapore Airlines and its 19-hour flight from New York to Singapore. The non-stop flight would save Quantas roughly three hours from it’s current fastest travel time between Sydney and New York, as well as four hours between Sydney and London. [The New York Times]
o Having kids late in life could unlock a Social Security benefit that few know exist. A parent or grandparent that claim a dependent can collect up to half of the full retirement-age benefit until the kid turns 18 years old. It can complicate the decision on when to begin collecting Social Security. Parents with minors can collect more months of payments for their children the earlier they collect, while waiting might mean that a child ages out but can mean a higher monthly check.
The number of parents at retirement age with a minor in their home has more than tripled from 2000 to 2024. There is a maximum family maximum that caps the total payout, regardless of the number of minors in a home. The decision to draw can also depend on how old the child is, how old the parent expects to live and family expenses. Financial planners still see the benefit of waiting as long as you can to collect the longer you live. But parents often value having additional income while their children are still at home. [The Wall Street Journal]
o Truckers and farmers are paying record high prices for diesel fuel and lawmakers are seeking to give them relief with a ban on diesel exports. However, economists question if that plan could ultimately have an unintended consequence. Farmers and truckers are paying an average of $6.53 per gallon, according to the Energy Information Administration. Higher fuel prices and compromised oil infrastructure due to the US war in Iran has led to higher costs to produce and move food, clothing and other items – large and small. Politicians are seeking to lower those fuel costs and are considering a ban to lower diesel prices.
However, while the US is the largest exporter of diesel fuel in the world, sending 1.4 trillion barrels a day to trading partners mostly in Latin America and Europe. Economists warn that a ban on shipments could endanger economic allies and push domestic refineries to cut production which would ultimately lead to higher prices at gas pumps for Americans. And the impact on the countries the ban effects would be profound. Mexico received 96 percent of its imported diesel from American refineries, while Ecuador and Costa Rica relied on the US for an estimated 90 percent. In the UK, imported diesel from the US consisted of roughly 30 percent in the first half of 2026. [The Washington Post]
o Parents in their 20s and 30s are trading in their trucks and SUVs for minivans, bringing back a popular 1990’s vehicle that led to a decline in the 2000s. Now, though with prices of SUVs and gas prices near historic highs, plus the practicality of a minivan, is bringing traction to their popularity. For the first time in nearly a decade, American families are buying just as many minivans as SUVs.
Americans bought 281,000 minivans this year through the month of August, an eight percent increase from a year ago. That is despite total sales of new vehicles being in decline, according to Edmunds.com. With push-button, sliding doors and enough space to haul bikes and wood products for a summer project, many younger Americans enjoy the accessibility of a minivan. And today’s minivans have made many technological advances. The nation’s No. 1 selling minivan the Chrysler Pacifica can come with a built-in vacuum, while the Honda Odyssey has an intercom system and the Toyota Sienna has a built-in refrigerator in the center console. Many minivans come in a hybrid model as well, allowing consumers to save while driving around town. [Bloomberg]
