Rising investment income, high household wealth and strong employment rates are keeping Americans spending. It’s a phenomenon chronicled Wednesday (June 5) in a report by The Wall Street Journal (WSJ), which notes that the changing economy is placing “unprecedented” amounts of money into consumers’ wallets, driving asset values to records and helping high earners avoid inflation. The
“Spaving,” or spending more to save more, has become a dangerous habit for cash-strapped Americans amid elevated inflation and mounting debt. Though inflation eased in April, the consumer price index was still up 3.4% from a year prior. Despite higher prices, Americans continue to spend. To that point, credit card debt reached $1.12 trillion in
Even after dropping considerably over the past month, mortgage rates remain well above 7% ahead of the next U.S. jobs report and the next meeting of Federal Reserve policymakers. Mortgage rates were nearly flat on weekly basis as HousingWire’s Mortgage Rates Center showed that the average 30-year rate for conforming loans was 7.23% on Tuesday,
Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate mortgages to write unbiased product reviews. Average 30-year mortgage rates dropped to the mid-6% range this week for the
Today, the CPI inflation data missed estimates slightly, meaning it is just a bit cooler than what people were looking for, so bond yields went down right after the report. Below: U.S. core CPI inflation inflation, running at 3.6% year over year From BLS:The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.3 percent
As the U.S. reaches its peak homebuying season, mortgage rates continue to ease week over week. HousingWire’s Mortgage Rates Center showed the average 30-year fixed rate for conforming loans at 7.45% on Tuesday, below the rate of 7.51% one week ago. At the same time one year ago, the average rate was 6.54%.The 15-year conforming
Richmond Fed president Tom Barkin said Monday he is optimistic that the current interest rates will be enough to eventually bring inflation down, and that the Fed can afford to be patient due to a strong job market. “The recent data whiplash has only confirmed the value of the Fed being deliberate,” Barkin said in
An employee handles one kilogram gold bullions at the YLG Bullion International Co. headquarters in Bangkok, Thailand, on Friday, Dec. 22, 2023. Chalinee Thirasupa | Bloomberg | Getty Images Gold prices were poised for a second straight weekly decline, although bullion held steady on Friday as investors remained cautious ahead of the U.S. non-farm payrolls
The yen has been on a downtrend despite the BOJ’s decision on March 19 to end eight years of negative interest rates. Natanael Ginting | Istock | Getty Images Japanese Finance Minister Shunichi Suzuki said on Monday there were some speculative moves in the currency market that did not reflect economic fundamentals, repeating his warning against excessive yen declines. “We will watch currency market developments