What do higher-for-longer interest rates mean for your money?
Alicia Levin, head of investment strategy at BNY Mellon Wealth Management, talks about “How to Make Money” and what it will take for the Fed to raise interest rates. The US Federal Reserve signaled at the end of its two-day meeting on Wednesday that interest rates will remain high for some time, ending the era […]
Private student loan interest rates fall for 10-year loans
Here at Credible Operations, Inc. (NMLS No. 1681276) (hereafter referred to as “Credible”), our goal is to give you the tools and confidence you need to improve your finances. We promote the products of financial institutions we work with in exchange for our services, but all opinions are our own. The latest private student loan […]
Consumers see higher auto payments in exchange for better borrowing rates
Car loan repayment terms have become shorter, but monthly payments have increased. (iStock) Experian recently found that rising interest rates are making long-term loans less attractive, even for borrowers with good credit. report. They’re making higher monthly payments over shorter terms in exchange for better interest rates, said Melinda Zabritsky, head of auto financial insights […]
Home prices climb 6.4%, hit new record high in February: Case-Shiller
Home buyers won’t be concerned about home prices right away. (iStock) Home prices continued to rise in February, according to the latest S&P CoreLogic Case-Shiller National Home Price Index, defying expectations that rising mortgage rates could have a more pronounced negative impact on earnings and exceeding past expectations. Updated the highest. report. House prices are […]
Americans adjust retirement goals up 15% but savings drop: survey
Gen Z and Millennials have bigger retirement goals, according to a recent Northwestern Mutual study. (iStock) A recent study found that while the amount of money Americans think they need to retire comfortably is growing faster than inflation, the amount they’re saving is falling. According to Northwestern Mutual, U.S. adults believe they need at least […]
Biden’s new student loan forgiveness plan would cost an extra $84 billion: report
Many of the new plans are already eligible for SAVE, but major new provisions will significantly increase prices. (iStock) President Joe Biden’s new student loan cancellation proposal would provide relief to millions more Americans, but the Penn Wharton Budget Model (PWBM) analysis That means an additional $84 billion could be added to an already expensive […]
This week’s personal loan rates rise for 3-year terms, lower for 5-year terms
Here at Credible Operations, Inc. (NMLS No. 1681276) (hereafter referred to as “Credible”), our goal is to give you the tools and confidence you need to improve your finances. We promote the products of financial institutions we work with in exchange for our services, but all opinions are our own. Weekly updates on the latest […]
Many Americans spend more than 30% of their take-home pay on a mortgage: survey
Rising mortgage rates and home prices are causing some Americans to spend nearly a third of their paychecks on their home. (iStock) According to a recent NewHomesMates.com report, due to rising mortgage rates and home prices, 20% of Americans are spending about 30% of their paychecks on monthly mortgage payments, and 10% are spending more […]
Mortgage rates are still above 7% and home prices remain high
Interest rates continued to rise last week and remain above 7%. (iStock) Mortgage interest rates rose again this week, with interest rates above 7% for the second week in a row. The average 30-year mortgage rate is 7.17%, up from last week’s average of 7.1%. Reported by Freddie Mac. At this time last year, interest […]
Drop in fuel demand and oil prices sends gas prices lower: AAA
AAA says drivers are taking a break and prices are trending down. (iStock) Gasoline prices fell this week as demand for fuel and oil fell, according to the latest AAA report. The national average cost of a gallon of gasoline fell to $3.65, down just 2 cents from the previous week. Gas demand fell from […]