FILE – The Hyundai company logo is displayed Sunday, Sept. 12, 2021, in Littleton, Colo. Hyundai and Kia are telling owners, Friday, March 23, 2023 of over 571,000 SUVs and minivans in the U.S. to park them outdoors because the tow hitch harnesses can catch fire while they are parked or being driven. The Korean automakers are recalling the vehicles. (AP Photo/David Zalubowski, File)
Hyundai and Kia are telling the owners of more than 571,000 SUVs and minivans in the U.S. to park them outdoors because the tow hitch harnesses can catch fire while they are parked or being driven.
The affiliated Korean automakers are recalling the vehicles and warning people to park them away from structures until repairs are made.
Affected Hyundai vehicles include the 2019 to 2023 Santa Fe, the 2021 to 2023 Santa Fe Hybrid, the 2022 and 2023 Santa Fe Plug-in hybrid and the 2022 and 2023 Santa Cruz. The only Kia affected is the Carnival minivan from 2022 and 2023. All have Hyundai or Kia tow hitch harnesses that came as original equipment or were installed by dealers.
Owners will be notified starting May 16.
Mortgage rates slide
The average long-term U.S. mortgage fell for the second straight week which, combined with moderating home prices, could give house hunters a break and the housing market a boost as the spring buying season begins.
Mortgage buyer Freddie Mac reported Thursday that the average on the benchmark 30-year rate fell to 6.42% from 6.6% last week. The average rate a year ago was 4.42%.
Even though financial markets remain jittery over recent bank collapses and the Fed raised its benchmark lending rate by another 25 basis points Wednesday, some economists think there may be light at the end of the tunnel for the downtrodden housing market.
“On the homebuyer front, the news is more positive with improved purchase demand and stabilizing home prices,” said Sam Khater, Freddie Mac’s chief economist. “If mortgage rates continue to slide over the next few weeks, look for a continued rebound during the first weeks of the spring homebuying season.”