The Week in Review
Both Markit services PMI and ISM services index results were a bit below expectations on Tuesday, but Nasdaq still posted a 0.2% gain and a new record.
Fed minutes on Wednesday showed a patient stance toward changing fiscal policy, even as the economy ramps.
Markets declined 0.7-0.8% on Thursday as investors reacted to global headlines around increasing COVID cases and restrictions vs. broadly positive reopening momentum.
Concerns about a slowdown in economic growth around the world weighed on market sentiment last week, but traders were more optimistic heading into the weekend. US stocks climbed Friday, recovering from losses earlier in the week.
For more economic news and how it affects your money, visit the SoFi app.
This Week’s Top Stories
Home renovations remain top-of-mind even as pandemic restriction ease. Learn more about why people are still investing in their homes.
Every week, SoFi’s Head of Investment Strategy shares her economic and market insights in order to help empower readers to take a more active role in their financial futures. This week, see what Liz has to say about the second quarter earnings season.
Nextdoor, a social media app which connects people in neighborhoods, is going public via a SPAC transaction. The deal, which is expected to generate $686 million in gross profits, values Nextdoor at about $4.3 billion. Learn more about Nextdoor and its plans for going public.
Deep Dives from SoFi Learn
House hunting can be stressful. That’s why we are bringing you the “Houseculator.” Just input five quick numbers, and we’ll tell you how much house you could really afford.
Here’s what you need to know about the different types of federal student loans, and whether or not you may qualify for each federal student loan type.
After the year of no vacation, it’s time to take some time off. Here’s how to do so, considerately.
How to Know When You’re Ready to Buy a Home
Buying your first home is a huge investment, but that doesn’t mean it’s a purely financial decision. You may be seeking more space for your growing family, or craving the community aspect of living in a suburb, or maybe you’re just feeling ready to achieve that major milestone of being a homeowner.
That said, it can help to start with an objective framework before factoring in the emotional reasons. Here are five signs it may be time to buy:
- 1. Your budget is big enough to cover the down payment, mortgage payments and associated homeownership costs, including property taxes and maintenance fees.
- 2. You plan on staying put for a while, giving your home a chance to possibly appreciate in value.
- 3. You itemize your tax deductions and you may benefit from writing off mortgage interest.
- 4. You have good credit, which may help with better loan terms.
- 5. Rents in your area are high relative to what a house payment may be.
SoFi makes the process as quick and painless as possible. Plus, get access to educational tools and resources when you need them. Find your rate