Demand for mortgages is dropping and so are interest rates

The cost of buying a place to live in the U.S. shot through the roof last year as surging mortgage rates pushed the price of homeownership beyond many families' budgets. Real estate has gotten so expensive that in most American cities, residents would save money by renting, according to a recent report from Realtor.com. In 45 of the country's 50 largest metro areas, renting is cheaper than buying, the real estate research service found, which based its analysis on the cost of buying a starter home with a 7% down payment and included average taxes, insurance and homeowners association fees.On average,...

Millions of homeowners refinanced their mortgages during the height of the pandemic in 2020, taking advantage of record-low rates and favorable terms to save significant sums of money. With rates hovering around 3% or lower, it was a historic time for borrowers to refinance. Since then, however, rates have edged up for both fixed 30-year and 20-year rate terms, with the future of additional rate hikes uncertain. With that being said, rates are still relatively low compared to what they were in decades past. And for many borrowers, mortgage refinancing can still be worthwhile.But what about seniors? Is mortgage refinancing worth it...

Stocks swung to gains on Wall Street following the latest hike to interest rates by the Federal Reserve, which said it's finally seeing improvements in inflation. The S&P 500 rallied after an early 1% loss and rose 43 points, or 1.1%, to close at 4,119. The Dow Jones Industrial Average also erased an early to drop to rise 7 points, or less than 0.1%, to 34,092. The Nasdaq composite jumped 2%.The Federal Reserve extended its fight against high inflation Wednesday by raising its key interest rate by a quarter-point, its eighth consecutive hike since March. It's the smallest such increase in the Fed's...

Inflation has reduced the value of social security benefits to recipients. But there will be further cuts in the long run. Experts say the increasing needs of seniors are burdening small benefit reserves. Americans are living longer because of lower lifestyle risks. Life expectancy was 47 years in 1900 and it was 76 in 2021.

These days the US authorities announced the deadline in the country to claim the annual refund of up to $700.00 USD. As a result of inflation, high commodity prices and COVID-19 itself, the economy of many people has been affected. On the other hand, American families have also had to deal with the lack of jobs and recover in the financial area.

The U.S. Earned Income Tax Credit (EITC) will provide taxpayers with tax refunds this year. Selected low-income Americans will be eligible to receive checks of up to $7000.00 USD.

Taking out a life insurance policy ensures your loved ones have financial support if you suddenly pass away. You can also use life insurance as an investment vehicle, a source of cash, or a way to pay off debts you leave behind.The exact benefits will depend on the type of life insurance policy you purchase, though — and there are many options to choose from. Arguably, the most popular option is term life insurance. Term life insurance is one of the simplest and cheapest forms of life insurance on the market so if you're considering getting insured then it helps to...

U.S. job openings unexpectedly rose in December, a sign the American labor market remains hot and a blow to the Federal Reserve's efforts to cool it down. Openings in December rose to 11 million, up from 10.4 million in November, the Labor Department said Wednesday. Economists had expected job openings to drop slightly in December. The rate of layoffs and employees quitting both ticked up slightly that month.   "With 76.4 million Americans starting new jobs, 2022 is the year with the largest number of completed hires on record,"Julia Pollak, chief economist at ZipRecruiter, said in...

The high-flying tech industry is facing a reckoning as the economy slows and customers pull back on spending.In the past month alone, tech companies have cut nearly 60,000 jobs, reversing a hiring spree that surged during the pandemic as millions of Americans moved their lives online. IBM was one of the latest to slash its headcount, announcing 3,900 layoffs in January, or less than 2% of its global workforce. Even with the surge in layoffs, most tech companies are still vastly larger than they were three years ago. But industry analysts expect further industry cuts in 2023 as the Federal Reserve continues...