The average interest rate for a 30-year fixed-rate mortgage rose to 7.31% this week, signaling a high not seen since the year 2000, according to the latest data by Freddie Mac. That’s an increase from last week’s average of 7.19%. Additionally, the average rate for a 15-year fixed rate mortgage rose to 6.72%, up from last week when it averaged 6.54%. And this could continue to make housing less affordable as home prices also continue to rise. "Unlike the turn of the millennium, house prices...

Following the dawn of the COVID-19 recession, Americans collectively accumulated a record $2.1 trillion in excess savings, according to research by the Federal Reserve Bank of San Francisco. The San Francisco Fed refers to excess savings as the difference between actual savings and the pre-recession trends, relative to previous recessions. The analysis estimated that $500 billion of these excess savings remained in the aggregate economy by March 2023. But by June, those numbers dipped to...

With Congress potentially unable to reach an agreement on federal spending legislation to be signed by the president, the government could shutdown on Oct. 1. And that’s a particularly important date for many student loan borrowers, as it marks the resumption of student loan payments following a federal pause that lasted more than three years. In fact, interest on these loans began accruing again at the start of September and millions of borrowers in October will see their first student loan...

Amid high inflation and rising interest rates, most Americans believe the economy is in bad shape, according to a poll from Quinnipiac University. In fact, 71% of Americans described the economy as either not so good or poor and 51% said it’s getting worse, the survey said. However, 60% of Americans said their financial situation was either excellent (10%) or good (50%). But whether they have healthy wallets, the conditions of the economy take priority for Americans when determining whom to...

Despite a housing market pressured by high mortgage rates and home prices, many Americans have been keeping up with their housing payments, according to a study. In fact, only 2.6% of all mortgages in the U.S. were in a stage of delinquency in June– remaining at a historic low, according to the latest data by CoreLogic. And no state posted an annual increase in delinquency rates that month. Here are the changes that occurred in mortgage delinquency in June, and how it compares to last year,...