Wednesday’s business headlines

INDIANAPOLIS (WISH) – Here’s a look at Wednesday’s business headlines with Jane King.

Mortgage rates increase to 6.28%

The average rate on the popular 30-year fixed mortgage rose 10 basis points to 6.28% Tuesday, according to Mortgage News Daily.

The rate was 5.55% one week ago.

Rising rates have caused a sharp turnaround in the housing market. Home sales have fallen for six straight months, according to the National Association of Realtors.

Biden administration considers federal gas tax holiday

The Biden administration is considering instituting a federal gas tax holiday as the average price of a gallon of regular has soared above $5. The White House economic team could take up the matter later this week.

“The Hill” reports that it’s an option that’s is on the table.

A suspension of the federal gas tax — currently 18.3 cents per gallon of regular fuel and 24.3 cents per gallon of diesel fuel — would require congressional action.

Airline bookings dropped 2.3% in May

U.S. airline booking slipped again in May, with fares 30% higher than in 2019.

Domestic airline bookings slipped 2.3% in May from April, the second consecutive month-over-month drop, according to Adobe Data.

AMC Theatres: Ticket revenue up compared to 2019

Executives from AMC Theatres say ticket revenue for this past weekend is better than the same time in 2019.

Powered by the opening of “Jurassic World: Dominion” and the continued success of “Top Gun: Maverick,” more than 4.9 million moviegoers attended a movie at an AMC Theatre in the U.S. and internationally this past weekend.