Author: Press Room

When you receive Social Security retirement benefits while working, you could run into one of the more complicated and confusing rules, the Social Security earned income limit, or earnings test. The rule exists because Congress historically discouraged people from working while receiving Social Security benefits. You can receive Social Security retirement benefits anytime beginning at age 62 without regard to whether you are retired. But at certain ages, if you’re receiving retirement benefits and your earnings exceed a limit, your retirement benefits will be reduced. Most people believe you lose Social Security benefits in those cases, but that’s not really…

Mortgage rates reversed course this week and headed north of 7% again, following several weeks of decline, according to Freddie Mac. The average 30-year fixed-rate mortgage was 7.03% for the week ending May 30, according to Freddie Mac’s latest Primary Mortgage Market Survey. That’s an increase from the previous week when it averaged 6.94% and up from 6.79% a year ago. The average rate for a 15-year mortgage was 6.36%, up from 6.24% last week and up from 6.18% last year.  The increase in borrowing costs comes as interest rate cuts fall further into the distance. The Federal Reserve reiterated its…

President Joe Biden’s income-driven repayment plan hit a legal snag this week after two federal judges blocked parts of it that were set to take effect next week.  The Biden Administration introduced the Saving on a Valuable Education (SAVE) plan after the Supreme Court struck down Biden’s student loan forgiveness plan. The White House said that the SAVE plan could lower borrowers’ monthly payments to zero dollars, reduce monthly costs in half and save those who make payments at least $1,000 yearly. Additionally, borrowers with an original balance of $12,000 or less will receive forgiveness of any remaining balance after…

A federal judge on Tuesday rejected a $30 billion antitrust settlement under which Visa and Mastercard agreed to limit fees they charge merchants that accept their credit and debit cards. U.S. District Judge for the Eastern District of New York Margo Brodie in Brooklyn said she was unlikely to grant final approval to the settlement and therefore denied the request for preliminary approval made by a group of merchants made up primarily of small businesses.The settlement was opposed by many merchants and trade groups, including the National Retail Federation. Opponents argued that card fees would remain too high under the…

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Canada’s inflation rate increased to 2.9% in May, a higher reading than expected. Scott Colbourne, Managing Director and Head of Active Fixed Income with TD Asset Management, looks at the implications for the Bank of Canada’s interest rate strategy. Transcript Greg Bonnell: Canadian inflation came in hotter than expected for the month of May, and that’s clouding the picture for what the Bank of Canada might do next when it comes to interest rates. Joining us now to discuss is Scott Colbourne, Managing Director and Head of Active Fixed Income with TD Asset Management. Always great to have you on…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.EU leaders have endorsed a second five-year term for Ursula von der Leyen as European Commission president.A majority of leaders at a summit in Brussels on Thursday night agreed to von der Leyen remaining in post, alongside choosing former Portuguese prime minister António Costa as EU Council president and Estonian prime minister Kaja Kallas as the bloc’s chief diplomat. Italian prime Minister Giorgia Meloni abstained, rather than backing von der Leyen, while Hungarian Prime Minister Viktor Orbán voted against, according to people…

Roger Federer played 1,526 singles matches throughout his career and won nearly 80% of them. However, he recently revealed that he only won 54% of the individual points within those matches. To put it another way, one of the greatest tennis players of all time barely won over half the points he played throughout his storied career. Federer’s “It’s Only A Point” revelation came at his commencement address to Dartmouth’s 2024 graduating class and serves as a helpful reminder to investors: perfection is impossible. The stock market has had plenty of bad days and will have more. No plan, strategy,…

Our goal here at Credible Operations, Inc., NMLS Number 1681276, referred to as “Credible” below, is to give you the tools and confidence you need to improve your finances. Although we do promote products from our partner lenders who compensate us for our services, all opinions are our own. The interest rate on a 30-year fixed-rate mortgage is 6.990% as of June 3, which is 0.010 percentage points lower than Friday. Additionally, the interest rate on a 15-year fixed-rate mortgage is 6.125%, which is 0.250 percentage points lower than Friday.  With mortgage rates changing daily, it’s a good idea to…