Existing housing supply builds as homeowners with sub 6% mortgage rates return
Lower mortgage rates are helping to build much-needed housing supply. (iStock) Mortgage rates are expected to fall faster than initially expected, which could help build much-needed housing supply. However, recent reports suggest that some homeowners have already sold. The percentage of mortgages with interest rates below 6% has fallen to 88.5% from a record high […]
Consumer spending and debt are up as US economy begins rebound
Consumers increased spending on retail and food services, increasing household debt. (iStock) Retail and food service purchases reached an estimated $700.3 billion in January 2024, an increase of 0.6% year over year. Census Bureau data indicates. Increased purchases and other debts are contributing to the increase in household debt. Total household debt in the United […]
15% of Americans have co-purchased a home with a non-romantic partner, even more would consider it
Gen Z is one of the people most likely to jointly purchase a home with family and friends. (iStock) With home prices still out of reach for many buyers, some home buyers are turning to joint purchases with people other than their significant other, or JW surety bonds. research found. Nearly 15% of Americans have […]
Gas prices jolted up by 12 cents as Indiana oil refinery remains closed: AAA
Ohio saw the biggest increase of 30 cents. (iStock) Gasoline prices have hit their highest jump in recent months. Last week’s average price was $3.27, an increase of 12 cents from the previous week. AAA report found. The current national average gas price is 21 cents higher than this time last month, but 14 cents […]
US Department of Education supports colleges and students amid FAFSA delays
High school seniors are deciding to attend college without knowing how much aid they will receive. (iStock) US Department of Education Intervening to support the university The new Free Application for Federal Student Aid (FAFSA) form has been revised to expedite processing of the form to avoid potential delays in award timelines. More than 4 […]
Mortgage interest rates jumped up this week, along with prices: Freddie Mac
Although interest rates and the number of home listings are rising, potential buyers are feeling anxious about making a purchase. (iStock) Potential homebuyers may need to wait a little longer until interest rates drop below 6%. The average mortgage rate for a 30-year fixed-rate mortgage rose to 6.77% this week. Freddie Mac reported. Last week’s […]
More student loan forgiveness is on the horizon, as U.S. colleges commit to cost transparency
Students who have paid for 10 years and take out less than $12,000 are eligible for forgiveness. (iStock) The new year brings some big moves to the student loan industry. From new forgiveness to increased transparency around financial aid, students are receiving support from universities and governments alike. The Biden-Harris administration plans to forgive students […]
Homebuyers feel good about where mortgage rates are headed: Fannie Mae
For the first time in two years, homebuyers feel positive about mortgage rates. (iStock) Consumers’ optimism about buying a home is at its highest level in nearly two years, thanks to stable employment and easing mortgage rates, according to a Fannie Mae survey. Major mortgage lenders in January Home Purchase Sentiment Index® (HPSI) It rose […]
This week’s personal loan rates fall for 5-year loans
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Consumers bought more secondhand items in 2023, but major purchases are back for 2024
When consumers made purchases at retail stores, the majority chose second-hand products. (iStock) In response to rising inflation, consumers drastically changed their spending habits in 2023, cutting back and saving money each month. Non-essential retail purchases were made first, with 60% of consumers avoiding retail spending last year. PYMNTS study reveals. Used goods have become […]