Ticker: Meta pauses teen access to AI characters; Mortgage rates edge higher

Meta is halting teens’ access to artificial intelligence characters, at least temporarily, the company said in a blog post.

Meta Platforms Inc., which own Instagram and WhatsApp, said that starting in the “coming weeks,” teens will no longer be able to access AI characters “until the updated experience is ready”

This applies to anyone who gave Meta a birthday that makes them a minor, as well as “people who claim to be adults but who we suspect are teens based on our age prediction technology.”

The move comes the week before Meta — along with TikTok and Google’s YouTube — is scheduled to stand trial in Los Angeles over its apps’ harms to children.

Teens will still be able to access Meta’s AI assistant, just not the characters.

Other companies have also banned teens from AI chatbots amid growing concerns about the effects of artificial intelligence conversations on children. Character.AI announced its ban last fall.

Mortgage rates edge higher

The average long-term U.S. mortgage rate ticked higher this week, but remains near its lowest level in more than three years.

The benchmark 30-year fixed rate mortgage rate rose to 6.09% from 6.06% last week, according to mortgage buyer Freddie Mac. One year ago, the rate averaged 6.96%.

Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also rose this week. That average rate inched up to 5.44%, up from 5.38% last week. A year ago, it was at 6.16%, Freddie Mac said.

Applications for mortgage refinancing loans jumped 20% last week from the previous week and accounted for nearly 62% of all home loan applications, according to the Mortgage Bankers Association. Applications for loans to buy a home rose 5%.

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