Home ownership is out of reach for a lot of people. (At least, that’s what I’ve heard – I’ve been too busy buying avocado toast.) 

And mortgage rates aren’t helping anything: The rate for a 30-year fixed-rate mortgage went up last week to 6.7%, the highest it’s been in over a year. 

That’s why more and more people are opting for adjustable-rate mortgages, which are cheaper in the short term, but riskier in the long run. Should we be worried about people defaulting?

Keep reading for more on risky mortgages, why bookstores are making a comeback, and how the Meta settlement could change how all of us access the internet. — Rachel Kahn, temp newsletter editor

Last week, mortgage rates reached their highest point since June 2025.

That’s why a growing number of homebuyers are opting for adjustable-rate mortgages — loans with an interest rate that changes after five, seven, or 10 years to whatever the new market rate is. It's a cheaper option for now, but it’s riskier in the long run.

Adjustable-rate mortgages accounted for 8.5% of all mortgages last week, which is the highest it has been since June.

People might opt for these mortgages because they’re betting that interest rates will fall once the mortgage rate adjusts five, seven, or 10 years in. But that doesn’t seem likely.

“If you just look at the prediction markets, rates are supposed to be going up,” said Mariya Letdin, a real estate professor at Florida State University.

Instead, Letdin said borrowers might be opting to save money now.

“They just can't qualify for a mortgage if they use the 30-year fixed rate today, because rates are so expensive,” she said.

About $200 per month more, based on the average home price. While the fixed mortgage is hovering at 6.7%, the adjustable-rate mortgage is in the high 5% range.

But for a certain demographic, it’s not a bad bet.

There’s a hot, new, bipartisan idea to try and fix the healthcare system: price caps. Indiana and Vermont just passed different kinds of legislation to limit how much people with private insurance pay for hospital care.

With affordability dominating the discussion this election year, price caps are one of the few concrete levers states have to make medical care cheaper for residents.

But prices are high for everyone, including hospitals – some, like Mike Schroyer’s, would struggle to absorb the costs.

And all for the low price of $2,000!

Apple just unveiled the iPhone Duo, the company’s first foldable smartphone. It’s kind of like if you put a hinge in the middle of the iPad mini. Or if a bulky, square wallet had a camera.

Unfortunately, if you want a new iPhone, the best time to get one was yesterday: Apple raised prices on its devices across the board due to the increasing costs of memory and storage chips. Another thing you can thank the AI boom for. 

The company’s new CEO, John Ternus, prefaced the product’s debut Tuesday, saying, “We’ve been imagining quite a lot.” 

I personally am imagining throwing my phone into the ocean.