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11 bank accounts paying 5.50% APY or moreOur list includes certificates of deposit and one high-yield savings account. The Betterment Cash Reserve Account account notably offers the best high-yield savings account rate right now. Forbright Bank 1 Year CD - 5.50% APYForbright Bank is an additional financial institution offering 5.50% APY on a 1-year CD. Limelight Bank 1 Year CD - 5.50% APYAnother online bank paying 5.50% APY on a 1-year CD is Limelight Bank, an online division of CCBank. Rising Bank 1 Year CD - 5.50% APYRising Bank, an online-only subsidiary of Midwest BankCentre, has a 1-year CD paying 5.50% APY.

Persons: you'll, Sallie Mae, Raisin Organizations: Connexus, Connexus Credit Union, Connexus Association, Connexus Credit, Dow Credit, Dow Credit Union, Midland Area Community Foundation, Dow, Virgin Islands, Sallie, Sallie Mae Bank, Federal, Federal Credit Union, Signature Federal Credit Union, American Consumer Council, Western Alliance Bank, Cash, Forbright, Limelight, Limelight Bank, CCBank, Popular, Rising, Bank, Products Locations: Florida , Puerto Rico, American Samoa, Guam, Northern Mariana Islands, Virgin, Midwest

☆ A Democratic lawmaker who voted to block Biden's broad student-loan forgiveness doubled down on his opposition and said borrowers can 'pay back their loans just like working class people'
▼ + stars: | 2023-08-18 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Rep. Jared Golden was one of just two Democrats who voted with the GOP to block Biden's student-debt relief in June. The Blue Dog Coalition, which Golden co-chairs, recently received a maximum contribution from student lender Sallie Mae. But Golden wrote in a statement on X, formerly Twitter, that Sallie Mae's contribution did not sway his beliefs on student-debt relief. The Education Department is currently in the process of finalizing a new student-debt relief plan using the Higher Education Act. Meanwhile, other Democratic lawmakers are continuing to push for relief for borrowers — especially with the student-loan payment pause ending in September.

Persons: Jared Golden, Sallie Mae, Joe Biden's, Golden, Biden, Sallie Mae's, Marie Gluesenkamp Perez, Mary Peltota, Gluesenkamp Perez, Rep, Summer Lee Organizations: GOP, Blue Dog Coalition, Service, Democratic, Golden, Marines, Education Department, Higher Locations: Wall, Silicon, Maine

☆ Few families pay the full price for college: Take these 3 steps to help cover rising higher education costs
▼ + stars: | 2023-08-17 | by ( Sharon Epperson | In Sharoneppersoncnbc | ) www.cnbc.com time to read: +5 min

The average sticker price for college, or published costs for tuition and fees, has been rising — but most families don't pay full price. Here are three strategies that can help you pay for college now and save for rising costs in the future. Last year, about 30% of parents used college savings plans such as 529 plans to pay for about $7,800 of college costs, on average, according to the Sallie Mae report. For families who remain concerned about making ends meet based on the financial aid award they've received, it is possible to ask the college financial aid office for more aid. If your circumstances are now different, that should be brought to the financial aid office's attention.

Persons: Sallie Mae, Adam Nguyen, Ivy Link, Roth IRAs, Ivy, Nguyen, Rob Franek, Mark Kantrowitz, they've, you've Organizations: College Board, Istock, Getty, Ivy, The Princeton, ACT, College

Aug 16 (Reuters) - Taiwan-based Silicon Motion on Wednesday blamed MaxLinear (MXL.O) for breaching their merger agreement and said it would seek damages in excess of the termination fee from the U.S. company. MaxLinear scrapped a nearly $4 billion cash-and-stock deal in July to acquire memory-controller maker Silicon Motion. MaxLinear may be required to pay Silicon Motion a termination fee of $160 million, according to the agreement in May last year. However, Silicon Motion would be liable to pay $132 million if the deal was terminated under some circumstances. Silicon Motion also said the company intends to resume declaring and paying dividends on an annual basis.

Persons: MaxLinear, MaxLinear's, Akash Sriram, Saumyadeb Organizations: U.S ., Singapore International, Thomson Locations: Taiwan, U.S, Delaware, Singapore, Bengaluru

The average 30-year mortgage rate is 6.96% according to Freddie Mac, which is six basis points higher than last week. Rising inflation could keep mortgage rates high, since the Federal Reserve has been increasing rates to try to push inflation down. Although higher inflation could keep mortgage rates high, it shouldn't cause rates to spike. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control.

Persons: Freddie Mac, It's, Fannie Mae, they've Organizations: Labor Statistics, Index, Federal Reserve, Zillow, Mortgage, Association, ARM Locations: Chevron

Average 30-year mortgage rates remain slightly lower compared to last week, but they're still elevated overall. High mortgage rates have kept many would-be homebuyers out of the market during the peak buying season. If the Federal Reserve can get price growth down to its target rate of 2% and stop hiking the federal funds rate, mortgage rates should start to recede. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Persons: you'll, Fannie Mae Organizations: Mortgage, Federal Reserve, Zillow, Association, Sky Locations: Chevron

☆ Mortgage credit availability sinks to decade low
▼ + stars: | 2023-08-08 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +1 min

As if higher mortgage rates weren't enough, it was harder even to qualify for a mortgage in July than it has been in a decade, according to the Mortgage Bankers Association. While availability for all loan types dropped, the component of the index for jumbo loans decreased the most, as banks face increasing liquidity issues. Jumbo loans cannot be sold to Fannie Mae and Freddie Mac, so they are usually held on bank balance sheets. Higher mortgage rates have caused demand for home loans to drop. A drop in cash-out refinance programs was a major component of the overall drop in credit availability.

Persons: Fannie Mae, Freddie Mac, Joel Kan Organizations: Mortgage, Association

☆ Qualifying for a mortgage is getting harder, as credit availability is the tightest in a decade
▼ + stars: | 2023-08-08 | by ( Anna Bahney | ) edition.cnn.com time to read: +2 min

A decline in the Mortgage Credit Availability Index indicates that lending standards are tightening, while increases in the index would indicate loosening credit. Mortgage credit availability has been tightening since the spring, according to MBA, with a slight uptick in availability in June, when levels were essentially unchanged. Credit availability then fell again in July, to a decade low. In July, the conventional loan index, which examines non-government loan programs, decreased 0.5%. The government loan index, which examines Federal Housing Administration, Department of Veterans Affairs and US Department of Agriculture loan programs, was down by 0.1%.

Persons: Joel Kan, Freddie Mac, Fannie Mae, Kan, ” Kan Organizations: DC CNN, Mortgage Bankers Association, ICE Mortgage Technology, Mortgage, Housing Administration, Department of Veterans Affairs, US Department of Agriculture Locations: Washington

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Persons: Banks, Sallie Mae, Mae, you'll, Laura Grace Tarpley, Penny Hoarder, Laura Grace, ltarpley Organizations: Credit Union, Union, Federal Credit Union, Federal, Pacific Western Bank, Western Bank, Mint, FDIC, Chevron, Mae Bank, Reading Chevron, American Consumer Council, National Bank of America, Bank of America, Credit, Technology Credit, Landmark Credit Union, Alpena Alcona, Finance, National, Real, Insider Locations: Alpena Alcona, Michigan, NCUA, NY, East Lansing, Grand Rapids, Traverse, Alpena

☆ Over 80% of Americans think it's a bad time to buy a house
▼ + stars: | 2023-08-08 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Americans don't feel good about the prospect of buying a house right now. 82% think it's a "bad time to buy" a new home, according to a Fannie Mae survey. Affordability has plunged due to soaring mortgage rates and low inventory levels. And just 64% of the people surveyed by Fannie Mae believe it's a good time to sell a house. "Unsurprisingly, consumers continue to attribute the challenging conditions to high home prices and unfavorable mortgage rates," he added.

Persons: Fannie Mae, Fannie, Black Knight, Freddie Mac, Fannie Mae's, Doug Duncan Organizations: Service, Housing Survey, Federal Locations: Wall, Silicon, Fannie Mae's, Black

☆ U.S. consumers saying 'bad time to buy' a house hits 13-year high in July
▼ + stars: | 2023-08-07 | by ( Safiyah Riddle | ) www.reuters.com time to read: +2 min

A newly constructed home available for sale is pictured in a new housing development area in Vista, California March 20, 2012. Consumers' outlook also appears to have taken a hit, with a net 17% of respondents expecting price increases in the next 12 months, the highest percentage in over a year. Persistently high home-buying costs are in large part due to limited housing stock, which has remained at historically low levels. Many homeowners are now unwilling to buy a new home that would require more expensive financing compared to mortgage costs locked in before the Fed started raising rates. Reporting by Safiyah Riddle; Editing by Conor HumphriesOur Standards: The Thomson Reuters Trust Principles.

Persons: Mike Blake, Fannie Mae, Doug Duncan, Safiyah Riddle, Conor Humphries Organizations: REUTERS, Fed, Thomson Locations: Vista , California, U.S

☆ This bank just hiked the rate on its 1-year CD to 5.5%
▼ + stars: | 2023-08-07 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +2 min

"We expect more rate action in the weeks ahead," wrote Michael Kaye, analyst at Wells Fargo in a Friday report on deposit trends. Marcus and Synchrony each hiked yields by 5 basis points to 4.4% and 4.35%, respectively. However, customers who've already snapped up a CD are effectively locked into that rate for that stated term. That's different from a high-yield savings account, wherein the bank can change the rate at any time. "Even though the market doesn't expect any more rate hikes this cycle, we expect deposit costs to keep rising until the Fed cuts rates," she said.

Persons: Sallie Mae, Marcus, Goldman Sachs, Michael Kaye, Synchrony, Morgan Stanley, Betsy Graseck, — CNBC's Michael Bloom Organizations: Federal Reserve, Synchrony, Analysts, Wells, Fed

☆ U.S. FTC agrees to dismiss case against ICE's $11.7 bln Black Knight deal
▼ + stars: | 2023-08-07 | by ( ) www.reuters.com time to read: +1 min

A screen displays the logo for Black Knight on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 4, 2022. On Monday, New York Stock Exchange-owner ICE and mortgage data vendor Black Knight said the joint agreement will allow them to continue working toward a final settlement agreement with the FTC. Shares of Black Knight rose 4.7% to $74.89 in premarket trading. The agreement clears a major regulatory hurdle for ICE and Black Knight, which had been struggling to get a green light from regulators. Black Knight agreed to shed two of its units to ease the FTC's concerns but had said it was willing to go to court to save the deal if necessary.

Persons: Knight, Brendan McDermid, Black Knight, Ellie Mae, Niket, Nivedita Organizations: New York Stock Exchange, REUTERS, U.S . Federal Trade Commission, Intercontinental Exchange's, Black, ICE, Thomson Locations: New York City, U.S, Bengaluru

Mortgage rates are down slightly today, but 30-year mortgage rates are still up around 45 basis points from where they started the week. When the data shows that the economy is still running hot, mortgage rates tend to go up. This latest report is good news for mortgage rates, because it means the labor market is continuing to soften. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control.

Persons: Fannie Mae, they'll Organizations: Federal Reserve, of Labor Statistics, Zillow, Fed, Mortgage, Association, Sky, ARM Locations: Chevron

For the second week in a row, average 30-year mortgage rates have jumped — they are now at 6.90%, according to Freddie Mac. Average 15-year mortgage rates also increased to 6.25%. See more mortgage rates on Zillow Real Estate on ZillowToday's refinance ratesMortgage type Average rate today This information has been provided by Zillow. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Persons: Freddie Mac, Sam Khater, Freddie Mac's, you'll, Fannie Mae Organizations: Federal Reserve, Mortgage, Zillow, Association, Sky Locations: Chevron

How much do you need for a down payment on a house? On a $200,000 home, a 3% down payment means you'll need $6,000. FHA mortgage: 3.5%To get an FHA mortgage, you'll need at least a 3.5% down payment. It depends on what type of loan you're getting, but you may need between $9,000 and $60,000 for a down payment on a $300,000 house. A 20% down payment on a house allows you to avoid paying for private mortgage insurance, meaning you'll have a lower monthly mortgage payment and likely a lower mortgage rate as well.

Persons: you'll, Fannie Mae, Freddie Mac, you've Organizations: Service, Phoenix, Fort, Oklahoma, PMI, National Association of Realtors Locations: Oklahoma City, San Jose , California, Wall, Silicon, Government, York City, NY, Angeles, LA, Chicago, Houston, AZ, Philadelphia, Antonio, Diego, Dallas, Austin, Jacksonville, Fort Worth , TX, Jose, Columbus, Charlotte, NC, Indianapolis, Seattle, WA, Francisco, Denver, homeownership, Chevron

☆ Mortgage rates climb, edging closer to 7%
▼ + stars: | 2023-08-03 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —US mortgage rates jumped this week, climbing closer to 7%. “This development, along with upcoming employment and inflation data, will determine how much mortgage rates may rise in the short term.”Should employment and inflation pick up steam, she said, mortgage rates are likely to continue climbing as markets anticipate further monetary tightening. Mortgage rates tend to track the yield on 10-year US Treasuries, which move based on a combination of anticipation about the Fed’s actions, what the Fed actually does and investors’ reactions. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow. Many homeowners held off on listing their home for sale, largely in response to today’s high mortgage rates, Jones said.

Persons: Freddie Mac, Fannie Mae, ”, Sam Khater, Freddie Mac’s, Hannah Jones, Jones, ” Jones, “ Organizations: DC CNN, Federal Reserve, Fitch, U.S, Realtor.com, US Treasury, Treasury Locations: Washington, “

☆ Fitch downgrades Fannie Mae, Freddie Mac after US rating cut
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +1 min

A man walks through a plaza at the new Fannie Mae headquarters in Washington, U.S., October 4, 2022. REUTERS/Kevin LamarqueAug 2 (Reuters) - Ratings agency Fitch on Wednesday downgraded U.S. mortgage finance giants Fannie Mae and Freddie Mac Long-Term Issuer Default Ratings (IDR) and senior unsecured debt ratings to 'AA+' from 'AAA' after the U.S. rating downgrade on Tuesday. The agency said the cut was a result of Tuesday's downgrade and was "not being driven by fundamental credit, capital or liquidity deterioration at firms". "The downgrade to the ratings of Fannie and Freddie was a certainty after Fitch's downgrade of the US rating since the two ratings are linked," said Gennadiy Goldberg, Head of US Rates Strategy at TD Securities. The move to cut U.S ratings on Tuesday drew an angry response from the White House and surprised investors, coming despite the resolution of the debt ceiling crisis two months ago.

Persons: Fannie Mae, Kevin Lamarque, Fitch, Freddie Mac Long, Fannie, Freddie, Gennadiy Goldberg, Urvi, Megan Davies, Chris Reese, Sandra Maler Organizations: REUTERS, AAA, U.S, TD Securities, White, Thomson Locations: Washington , U.S, Bengaluru, New York

☆ Fitch downgrades mortgage giants Fannie and Freddie from AAA to AA+
▼ + stars: | 2023-08-02 | by ( Anna Bahney | ) edition.cnn.com time to read: +2 min

CNN —The credit ratings of US mortgage giants Freddie Mac and Fannie Mae were downgraded by Fitch Ratings on Wednesday, the day after Fitch cut the US sovereign rating from the top-ranked AAA to AA+. The firm downgraded the mortgage giants’ Long-Term Issuer Default Ratings (IDR) and senior unsecured debt ratings from AAA to AA+. The ratings agency said that as government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac benefit from implicit government support. But this flow of funds could be disrupted if the United States defaults on its debt, Fitch warned. It also said that should the US sovereign debt rating be raised, the GSEs’ rating would move in tandem.

Persons: Freddie Mac, Fannie Mae, Fitch, ’, Freddie, Fannie, Fannie Mae’s, Freddie Mac’s, ” Organizations: CNN, Fitch, AAA, AA, Congress, Federal Housing Finance Agency, U.S, Treasury’s Locations: United States

If the Fed stops hiking rates this year, mortgage rates could fall a bit. As the economy slows throughout this year and next, the central bank may even consider cutting rates, which would allow mortgage rates to drop even further. According to its latest forecast, the Mortgage Bankers Association expects 30-year mortgage rates to fall to 5.9% by the end of this year. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control.

Persons: Freddie Mac, Fannie Mae, they'll Organizations: Federal Reserve, Fed, Mortgage, Association, Zillow, Sky, ARM Locations: Chevron

Mortgage rates have had a volatile week. Average 30-year mortgage rates started the week relatively flat compared to the week before. See more mortgage rates on Zillow Real Estate on ZillowToday's refinance ratesMortgage type Average rate today This information has been provided by Zillow. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Persons: you'll, Fannie Mae Organizations: Reserve, Zillow, Federal Reserve, Mortgage, Association, Sky Locations: Chevron

☆ The Fed’s expected rate hike is about to sweeten yields on these investments
▼ + stars: | 2023-07-26 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +4 min

The Federal Reserve is widely expected to boost interest rates by another quarter percentage point Wednesday afternoon – and that's terrific news for fixed income investors hoping to grab a little more yield. Since March 2022, the central bank has raised rates 10 times – with July's expected hike marking the 11 th increase – to cool inflation. Consider that during the week of March 11, 2022, the rate on the 2-year Treasury note was 1.75%, according to Refinitiv. Investors who wish to squeeze a little more interest income from their cash holdings have opted for Treasury bills, with the 6-month bill yielding 5.5%. By buying multiple notes of different maturities, investors can "ladder" these Treasurys and reinvest the proceeds from maturing bonds into longer-dated issues.

Persons: Greg McBride, maturities, tradeoffs, McBride, SLM —, Sallie Mae —, Nick Wells Organizations: Federal Reserve, Investors, Treasury, Bank of Locations: Bank of Indiana, Treasurys

Mortgage rates fell slightly last week, with 30-year mortgage rates dropping to 6.78%, according to Freddie Mac. According to its latest forecast, the Mortgage Bankers Association expects 30-year mortgage rates to fall to 5.9% by the end of this year. See more mortgage rates on Zillow Real Estate on ZillowMortgage Refinance Rates TodayMortgage type Average rate today This information has been provided by Zillow. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control.

Persons: Freddie Mac, Fannie Mae, they'll Organizations: Mortgage, Association, Zillow, Federal Reserve, Fed, Sky, ARM Locations: Chevron

Last week, average 30-year mortgage rates fell 18 basis points compared to the week before, according to Freddie Mac. Average 15-year fixed mortgage rates decreased even further, dropping 24 basis points from the prior week. If Fed officials feel they'll be able to stop hiking rates after this month's meeting, mortgage rates will likely hold steady and may even fall a bit. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Persons: Freddie Mac, we'll, they'll, you'll, Fannie Mae Organizations: Federal, Zillow, Federal Reserve, Mortgage, Association, Sky Locations: Chevron

☆ Nearly two years after Texas' six-week abortion ban, more babies are dying
▼ + stars: | 2023-07-20 | by ( Isabelle Chapman | ) edition.cnn.com time to read: +8 min

CNN —Texas’ abortion restrictions – some of the strictest in the country – may be fueling a sudden spike in infant mortality as women are forced to carry nonviable pregnancies to term. The increase in deaths could partly be explained by the fact that more babies are being born in Texas. But multiple obstetrician-gynecologists who focus on high-risk pregnancies told CNN that Texas’ strict abortion laws likely contributed to the uptick in infant deaths. Plaintiffs Anna Zargarian, Lauren Miller, Lauren Hall, and Amanda Zurawski at the Texas State Capitol after filing a lawsuit on behalf of Texans harmed by the state's abortion ban on March 7 in Austin, Texas. Tom Williams/CQ Roll Call/APExperts say that abortion bans in states like Texas lead to increased risk for both babies and mothers.

Persons: ”, Erika Werner, –, Samantha Casiano, she’d, wouldn’t, ” Casiano, ‘, Jay Janner, Casiano, gynecologists, “, Anna Zargarian, Lauren Miller, Lauren Hall, Amanda Zurawski, Rick Kern, Kylie Beaton, Beaton, alobar holoprosencephaly, Beaton’s, couldn’t, Grant, Tom Williams, Zurawski, ” Zurawski, Mae, Lan Winchester, ” Winchester, it’s … Organizations: CNN, Texas, Tufts Medical Center, Center for Reproductive, Capitol, Austin American, Statesman, Texas State Capitol, Getty, ” Locations: Texas, Travis County, Austin , Texas, United States, Ohio

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