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☆ Here’s what you should know about buying a home ahead of a likely interest rate cut
▼ + stars: | 2024-09-16 | by ( Samantha Delouya | ) edition.cnn.com time to read: +5 min

While the Fed doesn’t directly set mortgage rates, its actions affect borrowing costs throughout the economy. The most apparent effect: An interest rate cut could help ease the upward pressure on mortgage rates, making one piece of the homebuying equation more affordable. Most investors are betting that the Fed will cut its benchmark interest rate by just a quarter-point on Wednesday. Some financial advisers counsel to wait until you can get a mortgage rate that is a full percentage point below the rate you’re already paying, said Fairweather. “If you got a 7.5% mortgage rate, you may already be in the money to refinance,” she said.

Persons: Freddie Mac, ”, Daryl Fairweather, Redfin’s, “, it’s, Fairweather, We’re, Greg McBride, “ It’s, Leo Pareja Organizations: CNN, Federal Reserve, homebuyers, National Association of Realtors, Bankrate, eXp Realty Locations: Wells, ”

☆ Canada and New Zealand are among the 10 best countries for a comfortable retirement—the U.S. didn't make the list
▼ + stars: | 2024-09-13 | by ( Celia Fernandez | ) www.cnbc.com time to read: +3 min

U.S. News and World Report ranked the best countries for a comfortable retirement in 2024. A recent U.S. News and World Report ranked the best countries for a comfortable retirement based on an international survey of nearly 17,000 people and a subset of 5,900 respondents in their mid-40s and older. Switzerland is the best country for a comfortable retirementFor the second year in a row, Switzerland is the best country for a comfortable retirement. The 10 best countries for a comfortable retirementSwitzerland New Zealand Portugal Australia Spain Canada Denmark Netherlands Sweden Luxembourg New Zealand is the No. 2 best country to retire comfortably, up two spots from last year.

Persons: New Zealand Beverly Goldschmidt, Istock Organizations: . News, U.S . News, U.S, European Union, Switzerland New Zealand, Switzerland New Zealand Portugal Australia Spain, Switzerland New Zealand Portugal Australia Spain Canada Denmark, New Zealand, Getty Locations: U.S, Florida, Delaware, United States, Mexico, Malaysia, Dominican Republic, Switzerland, Smartasset, New Jersey, Switzerland New Zealand Portugal, Switzerland New Zealand Portugal Australia Spain Canada, Switzerland New Zealand Portugal Australia Spain Canada Denmark Netherlands Sweden Luxembourg New Zealand, New Zealand, New

☆ Don't expect 'immediate relief' from the Federal Reserve's first rate cut in years, economist says. Here's why
▼ + stars: | 2024-09-13 | by ( Jessica Dickler | ) www.cnbc.com time to read: +4 min

The federal funds rate, which the U.S. central bank sets, is the rate at which banks borrow and lend to one another overnight. Home loan rates have already started to fall, largely due to the prospect of a Fed-induced economic slowdown. Student loansFederal student loan rates are also fixed, so most borrowers won't be immediately affected by a rate cut. Eventually, borrowers with existing variable-rate private student loans may also be able to refinance into a less expensive fixed-rate loan, according to higher education expert Mark Kantrowitz. However, refinancing a federal loan into a private student loan will forgo the safety nets that come with federal loans, he said, "such as deferments, forbearances, income-driven repayment and loan forgiveness and discharge options."

Persons: that's, McBride, Jacob Channel, it's, Matt Schulz, Bankrate's McBride, Mark Kantrowitz Organizations: Treasury, Mortgage, Association, Auto, Consumers Locations: U.S

☆ Retail credit card interest rates reach record high
▼ + stars: | 2024-09-12 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +4 min

Here’s one way to think about these kinds of high-rate burdens:Say you sign up for a retailer’s card the day you make a $1,000 purchase. Or, consider that the interest you’ll pay in that same scenario will wipe out the $200 you “saved” after just nine months of making minimum required payments. The lowest rate on a retail card that the study found was 10%, on the Amazon Secured Card. “There are narrow circumstances in which retail cards can work for you. For a loyal shopper who pays in full and avoids interest, that’s a compelling value proposition,” he said.

Persons: Bankrate, Sam, Big, you’re, Ted Rossman, ”, you’ll, “, Rossman, That’s Organizations: CNN, Academy, Nordstrom, Navy, Walgreens, QVC, Amazon, Military Star, Costco, Citi, IKEA Projekt, IKEA Visa Locations: Petco, Burlington, Banana, JCPenney, American

☆ Americans have more than $32 trillion in home equity — a record high. Here's what to know before you tap it
▼ + stars: | 2024-09-11 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

Tappable equity is the amount most lenders will allow you to take out while still leaving 20% in the home as a cushion. How to tap your home for cashAlternatively, a home equity loan is a type of second mortgage, which allows borrowers to pull cash while using the house as collateral. However, the current average home equity loan interest rate is 8.52%, according to Bankrate, notably higher than a 30-year fixed-rate mortgage. watch nowOtherwise, a home equity line of credit, also known as a HELOC, lets you borrow money against a portion of your home's equity. The average HELOC interest rate is just shy of 10%, according to Bankrate.

Persons: Jacob Channel, Andy Walden, Holden Lewis, Lewis Organizations: Louis Federal Reserve, Intercontinental Exchange's Mortgage, Intercontinental Exchange

☆ Some young adults are opting out of parenthood. Money is a major reason, most say
▼ + stars: | 2024-09-10 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

watch nowYoung adults face financial obstaclesOver decades, attitudes about marriage and parenthood have changed. More recently, experts say, the overall cost of living has become a contributing factor in decisions to forgo parenthood. Between 1991 and 2024, the costs for child care rose at nearly twice the pace of overall inflation. But parenthood and related child care costs are not just personal financial issues, he added. "The cost of child care is really an economic growth and productivity issue as well," House said — and that affects all Americans, not just those with young kids.

Persons: Greg McBride, Gen Zers, Pew, Brett House, —, Brett Organizations: Pew Research Center, KPMG, Columbia Business School, Columbia Business Locations: U.S, millennials

☆ 26% of homeowners say they are financially unprepared for extreme weather events, new survey finds
▼ + stars: | 2024-09-09 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +2 min

A quarter of US homeowners (26%) said they are financially unprepared for extreme weather events, according to Bankrate, which surveyed a nationally representative sampling of nearly 1,300 homeowners at the end of July. Those most likely to say they were unprepared lived in the South (29%), the West (28%) and the Northeast (25%). While the majority of homeowners surveyed did have insurance, they don’t necessarily know whether it is adequate to cover the kind of extreme weather their area now faces. “Extreme weather has changed the insurance landscape, and understanding your home insurance policy coverage is more critical now than ever,” said Shannon Martin, a Bankrate analyst who specializes in insurance. “Many insurance companies have reevaluated how they rate extreme weather, and some have changed the perils they are willing to cover.

Persons: —, ”, Shannon Martin, ” Pare, ” Martin Organizations: New, New York CNN Locations: New York, United States

☆ America's shopping spree is over and retailers are facing a new world of cautious consumers
▼ + stars: | 2024-09-08 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +6 min

Read previewAmerica's wild, multi-year shopping spree has come to an end — and retailers who got used to Americans dropping cash on just about everything are in a tough spot. US retail sales came in stronger than expected in July, with Americans spending more overall compared to the prior month, according to Census data. Around 40% of consumers said they planned to pare back spending on accessories, home decor, jewelry, and furniture, per McKinsey's survey. We're now back in an environment where good retailers, strong brands that offer compelling value … will benefit," Siegel said. In the meantime, that could mean more pain for retailers, Siegel said, speculating that many were caught by surprise by the shift in consumer sentiment.

Persons: —, Ted Rossman, Rossman, pare, Simeon Siegel, Siegel, We're, SPDR Organizations: Service, Business, McKinsey & Company, Bankrate, Customers, BMO, Challenger, Walmart, Target, San Francisco Fed, Primerica Locations: FactSet

☆ 40% of workers are behind on retirement planning. Not saving earlier was the biggest mistake
▼ + stars: | 2024-09-04 | by ( Jessica Dickler | ) www.cnbc.com time to read: +5 min

Thomas BarwickMolly Richardson, 35, regularly contributes to her 401(k) plan, but the structural engineer said she isn't too worried about retirement yet. "There are so many individuals, young, mid-career and deep into their career, that are not saving enough for a healthy and secure retirement," said Jacqueline Reeves, the director of retirement plan services at Bryn Mawr Capital Management. The retirement savings shortfallOther reports show that a retirement savings shortfall is weighing heavily on Americans as they approach retirement age. LiveCareer's retirement fears survey found that 82% of workers have considered delaying their retirement due to financial reasons, while 92% fear they may need to work longer than originally planned. More than any other money misstep, not saving for retirement early enough is the biggest financial regret for 22% of Americans, according to another report by Bankrate.

Persons: Thomas Barwick Molly Richardson, isn't, Richardson, Gen Xers, Zers, Jacqueline Reeves, Reeves, Lisa Cutter, Cutter, they're, Catherine Collinson, you'll, Bryn Mawr's Reeves, Greg McBride Organizations: CNBC, Bryn Mawr Capital Management, Fidelity Investments, Pew Charitable, American, Transamerica Center, Retirement Studies, Transamerica Institute, Bankrate Locations: Jacksonville , Florida, U.S, Bryn Mawr, Terre Haute , Indiana

☆ A Gen Zer left Boston for New York City because housing was expensive and it offered a 'fraction of the life experience'
▼ + stars: | 2024-09-04 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +6 min

After spending a few months researching places to live, New York City — the borough of Brooklyn in particular — stood out. "Cities like Boston that used to seem affordable are feeling just as expensive as New York City for a fraction of the experience," she added. Rent in New York City and Boston can vary considerably depending on where one looks, but New York is generally more expensive. The median rent for a one-bedroom apartment in New York City is $3,300 compared to $2,600 in Boston, per Zillow. AdvertisementAside from housing, White said one of the most expensive parts about living in New York City is the costs that come with having a social life.

Persons: Jillian White, White, —, Georgia —, she's, it's, Boston — Organizations: Service, New, Boston University, Business, Apple, New York City —, Boston Locations: New York City, Boston, , New York City, Brooklyn, Brooklyn's Bedford, Stuyvesant, Cities, York City, New York, Florida , Texas , California, North Carolina, Georgia, NYC, York, White, Beacon Hill, Seaport, Fenway, Manhattan

☆ Dow falls by more than 600 points as September turns ugly
▼ + stars: | 2024-09-03 | by ( Lucy Bayly | ) edition.cnn.com time to read: +3 min

New York CNN —Wall Street kicked off the month of September with a bust, after a disappointing economic report dragged down the Dow by 626 points, or 1.5%, Tuesday afternoon. Traders were already jittery ahead of a big month of economic news, from Friday’s key jobs report to next week’s inflation readings and then the long-awaited rate cut from the Fed mid-month. Investors were reacting to a weaker-than-expected jobs report that underscored fears that the Fed had mishandled inflation and pushed the economy right into a recession. Friday’s jobs report is arguably the most important piece of economic data that central bank officials will have to parse before their monetary policy meeting on September 17-18. International benchmark Brent fell to $73.70 a barrel and US benchmark West Texas Intermediate closed at just above $70 a barrel.

Persons: ”, Mark Hamrick, Brent Organizations: New, New York CNN, Wall, Dow, Institute for Supply Management, Federal Reserve, Traders, Nasdaq, Investors, Fed, Oil, OPEC, West Texas Locations: New York, stoke, payrolls, Libya

Federal Reserve Chair Jay Powell said Friday he expects the central bank will cut its key interest rate in the near future in response to slower economic growth and cooling inflation. "The labor market is no longer overheated, and conditions are now less tight than those that prevailed before the pandemic. Starting in the spring of 2022, the Fed raised interest rates to a level not seen in nearly two decades as it worked to combat soaring inflation. "Make no mistake, if the labor market shows signs of further cooling, the Fed will cut with conviction," Shah wrote. Lower interest rates will provide some relief to consumer borrowers, but it will not be immediate, according to Greg McBride, chief financial analyst at Bankrate.com.

Persons: Jay Powell, Powell, ” Powell, “, Seema Shah, —, Shah, Greg McBride, McBride Organizations: ”, Dow Jones, Nasdaq, midmorning, Market Committee, Management Locations: Jackson Hole , Wyoming, U.S

Economists like to say the cure for high prices is high prices. In other words, consumers eventually start to hold back on spending when they are faced with increasing costs. On Monday, the New York Federal Reserve reported that consumers' three-year inflation outlook hit a record low. Many economists credit the Federal Reserve's decision to raise interest rates starting in the spring of 2022 with helping to curb the upswing. It is that last factor that the Federal Reserve is keenly focused on.

Persons: “, Andrew Jassy, Wells Fargo, Mark Hamrick, ” Organizations: of Labor Statistics, Federal Reserve's, New York Federal Reserve, Federal, Fed, BLS, Gallup, Federal Reserve Locations: U.S, York

☆ The 10 most affordable U.S. states for retirement in 2024: Half are in the South
▼ + stars: | 2024-08-13 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

For the second year in a row, West Virginia is the most affordable state for retirement in the U.S., according to financial services company Bankrate's best and worst states for retirement report, which published last month. The state's affordability ranking comes from "a low cost of living, low property taxes and affordable homeowners insurance," the report said. West Virginia is followed by Mississippi and Indiana, rounding out the top three. Here are the 10 most affordable states in the U.S. for retirement, according to Bankrate:The report's data came from a variety of sources, including the Tax Foundation and the Council for Community and Economic Research. 1 most affordable stateOn average, West Virginia's cost of living is 9% lower than the rest of the country, according to RentCafe.

Persons: MoneyGeek Organizations: Tax Foundation, Council for Community, Economic Research, Social Security, West Locations: lounging, West Virginia, U.S, Mississippi, Indiana

☆ Home equity is 'not like bread,' expert says — 'It won't go stale.' Here's when it makes sense to tap it
▼ + stars: | 2024-08-13 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +2 min

Using home equity is "certainly a less expensive borrowing option than resorting to personal loans or credit cards," McBride said. As of August 7, the current average home equity loan interest rate is 8.59%, according to Bankrate. The average HELOC interest rate is 9.37%. To compare, the average personal loan interest rate is 12.38% , Bankrate found. The average credit card interest rate stands at 24.92%, according to LendingTree.

Persons: Iuliia, McBride, Bankrate, Houzz, Jessica Lautz, We've Organizations: Houzz, National Association of Realtors, NAR Locations: U.S

☆ Trump, Vance double down on call for presidential influence on Fed policy
▼ + stars: | 2024-08-12 | by ( Jessica Dickler | ) www.cnbc.com time to read: +6 min

Joe Raedle | Getty ImagesThe president has no direct control over interest ratesAs it stands, the president exerts no direct control over interest rates. The Federal Reserve sets interest rates, and it operates independently of the White House. Last month, Trump said that if elected he would "bring interest rates way down." Now, however, Trump has cautioned against the Fed lowering rates shortly before the presidential election in November. "I think he's going to do something to probably help the Democrats, I think, if he lowers interest rates."

Persons: Donald Trump, Joe Raedle, Brett House, Trump, Fed Trump, Jerome Powell, Trump's, reappoint Powell, Powell, Greg McBride, Wells Fargo Organizations: Federal Reserve, White, Fed, Columbia Business School, Reserve Act, Republican, National Association of Black Journalists, Markets, U.S, Bloomberg Businessweek, Fox Business, Barclays Locations: Lago, Palm Beach , Florida, Chicago

☆ The best and worst states to retire in 2024
▼ + stars: | 2024-08-10 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +1 min

Delaware tops Bankrate's best states to retire in 2024, followed by West Virginia and Georgia. The ranking considers affordability, well-being, healthcare, weather, and crime. High costs hurt Alaska, New York, and Washington, while Midwest and South states dominate the top 10. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . A Bankrate analysis of each state's affordability, well-being, cost and quality of healthcare, weather, and crime determined that Delaware was the best state to retire in 2024, followed by West Virginia and Georgia.

Persons: —, Joe Biden Organizations: Service, Washington, Business Locations: Delaware, West Virginia, Georgia, Alaska , New York, Washington, Midwest, South

☆ 41% say the American Dream is impossible to reach now, survey finds—how they define success instead
▼ + stars: | 2024-08-09 | by ( Ashton Jackson | ) www.cnbc.com time to read: +3 min

For some Americans, the American Dream has become more like a vision. That's according to a recent Pew Research Center survey, in which more than 8,700 U.S. adults were asked to describe their views of the American Dream. "The American Dream is changing, according to small-business owners," Fara Howard, GoDaddy's chief marketing officer, told CNBC Make It at the time. Thirty-one percent said they'd already achieved the American Dream, and 36% said they were on the right path toward it. "These views are nearly identical to when the Center last asked this question in 2022," the Pew report noted.

Persons: —, it's, Raj Chetty, Chetty, Michael Sandel, GoDaddy, Fara Howard, Gen Z, Ted Rossman, they'd Organizations: Pew Research Center, CNBC, Harvard University, Harvard's Kennedy School of Government, Harvard Locations: U.S, homeownership

☆ Average consumer now carries $6,329 in credit card debt. 'People are stretched,' expert says.
▼ + stars: | 2024-08-08 | by ( Jessica Dickler | Jessica Dickler Is A Personal Finance Writer For Cnbc. | ) www.nbcnews.com time to read: +2 min

Credit card debt is on the rise. Over the last year, roughly 9.1% of credit card balances transitioned into delinquency, the New York Fed reported. The average credit card charges more than 20% — near an all-time high. “With credit card balances at an all-time high and the average credit card rate hovering near record territory, it’s more important than ever to pay down this debt as soon as possible,” Rossman said. If you’re carrying a balance, try consolidating and paying off high-interest credit cards with a lower interest personal loan or switch to an interest-free balance transfer credit card, he advised.

Persons: TransUnion, ”, Michele Raneri, “, Ted Rossman, Bankrate, ” Raneri, ” Rossman Organizations: Federal Reserve Bank of New, New York Fed, Consumers Locations: Federal Reserve Bank of New York, TransUnion

The Federal Reserve is gearing up to cut interest rates as soon as next month, which could bring relief to people with mortgages, credit cards and car loans. Certificates of deposit — fixed-rate bank accounts with term limits — are a go-to when interest rates are high. With interest rates coming down, the idea is just pay and save as much as you can right now. There’s no bad time to do that, but when the central bank lowers interest rates, it can be even more valuable. “It’s tempting to say, ‘Well, when interest rates go down, stocks are going to do well, because people are switching from low-return to higher-return assets,’” she said.

Persons: Mark Hamrick, “, ”, Hamrick, Rodney Lake, Laura Veldkamp, Veldkamp, Jude Boudreaux, now’s, ” Jude Boudreaux, you’re, ” Boudreaux, ” DON’T, Jonathan Smoke, Cox, Edmunds, Ivan Drury Organizations: Federal, GW Investment, George Washington University School of Business, Columbia University’s Graduate School of Business, Chipping, Columbia Business, Philadelphia Fed, Federal Reserve, Mortgage, Association, Fed Locations: U.S, Orleans, New Orleans, Edmunds

☆ Voters blamed Biden for high inflation. Kamala Harris could get a pass.
▼ + stars: | 2024-08-08 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +7 min

Where voters place their blame — and specifically whether it falls on Vice President Kamala Harris — could be one of the defining factors of the presidential election. Early polling suggests that Harris won't be able to entirely shed the blame that President Joe Biden has received for inflation. If Harris can avoid some of the blame Biden received for rising prices, it could improve her chances of winning over crucial swing state voters, Traugott said. However, Sarah Foster, a Bankrate analyst, thinks some voters could shift much of their frustrations about rising prices from Biden to Harris. To be sure, it's up for debate how much Biden, Harris, or even Trump are deserving of blame for the rising prices of the past few years.

Persons: —, Kamala Harris —, Harris, Joe Biden, Donald Trump, Biden, she'd, Michael Traugott, Kamala Harris, Trump, Traugott, Evan Roth Smith, Blueprint's, Semafor, Elizabeth Pancotti, Sarah Foster, It's, Joseph Stiglitz, University of Michigan's Traugott Organizations: Service, Business, Trump, Democratic, University of Michigan, Republicans, Biden —, Roosevelt Institute, New York Times, Biden, FOX Business, University of Michigan's

☆ You can pull $1,000 from your retirement savings penalty-free—but don't make it a habit, says retirement expert
▼ + stars: | 2024-08-06 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +2 min

The majority of Americans wouldn't be able to cover an unforeseen $1,000 expense with money from their own savings, according to Bankrate's 2024 emergency savings report. Generally, you'll face a 10% penalty for withdrawing money from retirement savings before you reach the age of 59½. For one, you can only make one $1,000 withdrawal per year. But if you don't replace that amount in your retirement account in full or through regular deposits within three years, you won't be able to make another $1,000 withdrawal during that repayment period. And you'll need to self-certify in writing with your retirement plan administrator that you need the money for an emergency.

Persons: wouldn't, Anne Lester, FOMO, Lester

☆ Credit card debt hits record $1.14 trillion, New York Fed research shows
▼ + stars: | 2024-08-06 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

watch nowWho is falling behind on credit card billsThese borrowers "may have overextended during the pandemic," the New York Fed researchers said on a press call Tuesday. Delinquent borrowers are often renters, with shorter credit histories and lower credit limits, making them more likely to be financially vulnerable and miss a payment, the researchers said. Over the last year, roughly 9.1% of credit card balances transitioned into delinquency, the New York Fed found. Among the millennials transitioning into delinquency, many also entered the labor market during the Great Recession and may be experiencing the prolonged negative effects of graduating into an economic downturn, the New York Fed researchers said. Credit card rates top 20%

Persons: homeownership, Brett House, Ted Rossman Organizations: New York Fed, Columbia Business School

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☆ The Fed's long-awaited rate cuts will open up the job market — but it could take a while
▼ + stars: | 2024-08-03 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +6 min

Read previewThe US job market has certainly seen better days. AdvertisementThose rate cuts will help pull the job market out of its slowdown — but likely not before the unemployment rate climbs higher, says Oliver Allen, a senior US economist at Pantheon Macroeconomics. And even then, it could take time for the effects of rate cuts to fully work their way across the job market, said Mark Hamrick, a senior economic analyst at Bankrate. AdvertisementSlowdown in the pipelineUntil rate cuts kick in, Allen thinks the joblessness rate has even more room to climb. AdvertisementForward-looking indicators of job market strength have also been flashing signs of incoming weakness.

Persons: —, Oliver Allen, Allen, …, Mark Hamrick, Hamrick, David Rosenberg Organizations: Service, Business, Pantheon, Challenger, Gray &, Federal, National Federation of Independent Business

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