Author: Press Room

Mortgage rates fell for the second week in a row, but economists are not expecting any significant declines in the near future. Freddie Mac’s latest Primary Mortgage Market Survey released Thursday showed that the average rate on the benchmark 30-year fixed mortgage dropped to 6.74% this week from 6.88% last week. The average rate on a 30-year loan was 6.60% a year ago. The average rate on the 15-year fixed mortgage also fell to 6.16% after coming in last week at 6.22%. One year ago, the rate on the 15-year fixed note averaged 5.90%.WHAT $1M WILL FETCH YOU IN THE…

The U.S. Department of Education is stepping in to help colleges process forms faster after the fix to the new Free Application for Federal Student Aid (FAFSA) form threatened to delay the timeline for awards. More than 4 million FAFSA applications have been submitted since the new form was launched on Dec. 30. However, student aid calculations for the latest forms were based on three-year-old tables that did not accurately reflect the current high inflation environment. The FAFSA Simplification Act passed by Congress in 2020 included a provision requiring the Education Department to update tables used in the Student Aid Index (SAI)…

Retail and food service purchases hit an estimated $700.3 billion in January 2024, a 0.6% rise from the year before, Census Bureau data shows. Growing purchases, paired with other debt, has helped increase household debt. In Q4 2023, total U.S. household debt increased to $17.5 trillion in Q4 2023, a report released by the Federal Reserve of New York said.This spending may add to consumer debt but can help the economy overall. Consumer spending accounts for a large portion of the country’s Gross Domestic Product (GDP). When consumers are spending more, this typically means the economy is growing. “The economy…

At the heels of rising inflation, consumers drastically changed their spending habits in 2023 to cut back and save money each month. Non-essential retail purchases were the first things to go, with 60% of consumers avoiding retail spending last year, a PYMNTS study revealed. When consumers did decide to buy retail, secondhand items grew in popularity. About 43% of consumers bought something secondhand in 2023, according to the study.Of the 43% of consumers, high-income earners made up the majority of those who bought secondhand. And it’s clear why consumers switched from brand-new to secondhand items more often. Consumers in the…

Navigating the shift from employment to self-employment requires careful planning, dedication and a willingness to embrace the entrepreneurial spirit.  By strategically approaching this transition, individuals can unlock the doors to a fulfilling and successful self-employed career.Assess your skillsDevelop a business ideaCreate a business planBuild savingsUnderstand legalitiesDevelop an online presenceStart networkingManage your finances wiselyStay resilient SMALL BUSINESS AND SELF-EMPLOYED TAXES: EVERYTHING YOU NEED TO KNOW1. Assess your skills Before venturing into self-employment, take time for self-analysis. Assessing your skills, strengths and expertise will help you adjust to entrepreneurship seamlessly. Factor in your passions, as working in harmony with your interests fuels…

Federal Reserve Chairman Jerome Powell said Wednesday it will take a while for policymakers to evaluate the current state of inflation, keeping the timing of potential interest rate cuts uncertain.Speaking specifically about stronger-than-expected price pressures to start the year, the central bank leader said he and his fellow officials are in no rush to ease monetary policy.Watch Fed Chair Powell speak live at Stanford policy conference economic forum”On inflation, it is too soon to say whether the recent readings represent more than just a bump,” Powell said in remarks ahead of a question-and-answer session at Stanford University.”We do not expect…

Check out the companies making headlines in midday trading. Intel – The tech giant sank 7% after the revealing a $7 billion operating loss within its semiconductor manufacturing — or foundry – business in 2023. Spotify Technology – The music-streaming company popped more than 5%. Bloomberg reported that Spotify is upping prices for its premium subscription service within several markets, including the U.S. The hikes would mark the second time the company has raised prices in a year. Ulta Beauty – Shares of the beauty retailer tanked more than 13%. Ulta warned at a conference that category growth is slowing…

Florida venture capitalist Michael Shvartsman and his brother Gerald Shvartsman pleaded guilty on Wednesday to participating in an insider trading scheme linked to the blockbuster deal that brought former President Donald Trump’s social media business public. Each of the brothers pleaded guilty in New York to one count of securities fraud, which carries a maximum sentence of 20 years in prison, according to federal prosecutors. The two brothers were arrested in June and charged with illegally trading on nonpublic knowledge of a shell company’s secret plan to buy Trump Media & Technology Group, the parent company of struggling social network Truth Social.…

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Apple is worth a whopping $540 billion less than Microsoft, a gap the size of Tesla’s market value.The iPhone maker’s shares are down 11% this year, while the software giant’s are up 14%.Apple is facing growth concerns and regulatory fights, while Microsoft is riding high on AI buzz. Thanks for signing up! Access your favorite topics in a personalized feed while you’re on the go. download the app Apple was the world’s most valuable public company at the end of 2023 but is now worth an astounding $540 billion less than Microsoft — a gap equivalent to Tesla’s entire market…