Are you struggling to secure a mortgage due to high home prices and interest rates? You’re not alone. According to a recent report by the Consumer Financial Protection Bureau (CFPB), lenders denied loan applications because of “insufficient income” more frequently than ever before. In fact, 9.1% of all home purchase applications were denied in 2022, …
Frederic J. Brown | AFP | Getty Images Credit card companies are experiencing a surge in losses, surpassing levels seen in the past three decades, with the exception of the Great Financial Crisis, according to a report by Goldman Sachs. Following a brief decline in September 2021, credit card losses have been steadily increasing since …
The Federal Reserve left its target federal funds rate unchanged Wednesday, but did not indicate an end to its aggressive rate hike campaign. This provides little relief for households facing sky-high borrowing costs. In total, Fed officials have raised rates 11 times in the past 18 months, bringing the key interest rate to a target …
Artistgndphotography | E+ | Getty Images The Federal Reserve is expected to forgo an increase in interest rates during its upcoming meeting, according to industry experts. However, this may not bring any relief to consumers. Since last year, the central bank has raised interest rates 11 times, marking the most rapid pace of tightening since …
Many Americans are experiencing a paper-rich situation with their homes. Thanks to the continuous rise in housing prices, homeowners now have nearly $30 trillion in home equity, almost reaching the peak recorded in 2022, according to the St. Louis Federal Reserve . This means that each homeowner has an average of $200,000 in equity that …
After reaching a low of less than 3% in January 2021, the average rate for a 30-year fixed-rate mortgage has now risen above 7%. This increase is deterring many homeowners from considering selling their homes. At the current rates, most homeowners would have to finance a new home at a higher rate than their existing …
Srdjanpav | E+ | Getty Images Understanding Interest Accrual on Loans Direct Subsidized Loans are available to undergraduate students who demonstrate a financial need. These loans do not accrue interest while the borrower is in school at least half-time or during a six-month grace period after leaving school. Additionally, interest does not accumulate during deferment, …
Love is said to be priceless. However, when it comes to weddings, that statement doesn’t hold true. According to a report from the wedding website The Knot, couples in the United States spent an average of nearly $30,000 on their weddings in 2022. But it wasn’t always this way. In the 1950s, the “Complete Guide …
A ‘richcession’ may be underway “In most recessions, unemployment rises more for lower-income groups,” explained Tomas Philipson, a professor of public policy studies at the University of Chicago and former acting chair of the White House Council of Economic Advisers. “Although we are not currently in a recession, the demand for and wages of lower-income …
Image Source: Jose Luis Pelaez Inc | Digitalvision | Getty Images Americans have increasingly relied on credit cards to navigate financial challenges in the lead-up to summer. According to the New York Federal Reserve, aggregate credit card balances have now exceeded $1 trillion, a historic milestone. During the period of April to June, total credit …