Mortgage rates increase as home price growth slows
The average 30-year fixed-rate mortgage rate was 6.81% for the week ending July 27, 2023, Freddie Mac reported. That’s an increase from last week’s 6.78% rate. The news comes following the Fed’s decision to increase interest rates again to slow inflation.
Annual median home prices decline for first time in years: Report
Median home prices dropped year-over-year in June for the first time in years, Realtor.com reported. But low inventory and other factors have contributed to a hot housing market.
Student loan borrowers took on new debt during payment pause: report
Many student loan borrowers took on new debt during the student loan payment pause, which is set to lift in September. But President Biden said he’ll keep pursuing student loan relief.
High interest rates take a toll on America's finances: Allianz
Interest rates have impacted the finances of 61% of Americans, an Allianz survey found. Some experts predict the Fed will raise interest rates again in July as inflation has not cooled to its target range.
Gas prices spike amid high oil prices: AAA
The national average price for gas rose to $3.58 for the week ending July 20, AAA reported. Gas price bumps can add to overall auto costs, but there are ways to lower these expenses.
Social Security recipients could see a smaller benefits bump in 2024 - Here's what that means for retirees
The 2024 Social Security COLA could rise to 3%, according to a Senior Citizens League estimate. That would be a drop from the 2023 adjustment of 8.7%. But retirees have options to reach a comfortable retirement.
Consumer growing less satisfied with their auto insurance: J.D. Power
Auto-insurance satisfaction dropped to a 20-year low in 2022, J.D. Power reported as Americans grow dissatisfied at what they pay for car insurance. And a volatile interest rate environment as well as a potential recession may impact car insurance rates.
Nearly half of Americans say income is not keeping up with inflation: TransUnion
About half of Americans said income is not keeping up with inflation, a TransUnion survey reported. Plus, debt has reached record levels and the Fed may raise interest rates amid slowing, but high inflation.
Student loans: More than half of borrowers say they may miss a payment
Many student loan borrowers are worried they'll miss at least one payment when repayment begins, according to a survey by Morning Consult. But the Biden administration announced new student loan relief initiatives after the Supreme Court shut down its student loan forgiveness plan.