September 18, 2021

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The Week in Review

The market has been notching mostly negative trading days so far this month amid fears of the Delta variant sidetracking an economic recovery. Investors are also hesitant as they await more clarity from the Federal Reserve over its bond-buying program.

Right now, the Delta variant is dominating discussions on Wall Street. It’s being blamed for the weak August jobs data, unstable unemployment reports, and lackluster retail sales figures in the US. It also appears to be weighing on a host of growth metrics in China. Retail sales in the world’s second-largest economy advanced just 2.5% in August, compared to July's 8.5% annual growth.

Wall Street is also watching Washington as lawmakers discuss Democrats’ proposed $3.5 trillion spending package and corresponding tax increases. The bill could give a boost to healthcare and education companies as well as those focused on green energy. With that said, tax hikes could affect corporations’ bottom lines.

For more economic news and how it affects your money, visit the SoFi app.

What Is a Mortgage Refinance, and How Do You Know It’s Right for You?

Refinancing is the process of paying off a mortgage loan with new financing, ideally at a lower rate or with some other, more favorable, set of terms. Often, homeowners look to refinance when it could benefit them in some way, like with a lower monthly payment or less in interest payments overall.

For some homeowners, a mortgage refinance can be a worthwhile move; one that could potentially save money off the monthly bill, or over the life of the loan.

If you’re ready to possibly lower your mortgage payments, find out how refinancing your mortgage with SoFi might be able to help. See your potential rates and monthly savings in two minutes.


This Week’s Top Stories

House Democrats Propose $3.5 Trillion Plan
House Democrats unveiled several proposed tax increases on corporate America and the nation’s wealthiest individuals. These tax hikes would be to pay for a $3.5 trillion bill aimed at expanding the social safety net and fighting climate change.

August Consumer Price Shows Inflation May Be Abating
The prices on a variety of consumer products increased less than expected in August, providing the first sign that inflation could be cooling down. The Consumer Price Index, which tracks a basket of products commonly used by consumers, rose 5.3% year-over-year in August and is up 0.3% from July. Economists had forecast the CPI to increase 5.4% in August.

Liz Looks at: Fiscal Firepower
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 fiscal firepower.

Deep Dives from SoFi Learn

How to Refinance a Mortgage (and Know If It’s Right for You)
Thinking about refinancing your mortgage? Keep reading to understand the six steps you need to take.

4 Tips for Navigating the Job Market
The types of available jobs are changing fast. Here’s how to move with the tide.

How Much Credit Card Debt is Too Much?
Information like your monthly payment, your debt-to-income ratio, and your credit utilization level can help determine how much credit card debt is too much.

What to Be on the Lookout for Next Week

  • On Monday, the National Association of Home Builders index for September is released. This data point tracks sentiment among homebuilders in the United States.
  • On Wednesday, Federal Reserve Chairman Jerome Powell makes a statement after the Federal Reserve’s meeting.
  • On Friday, new home sales for August are released. This metric tracks how many consumers purchased a newly constructed home in the month.
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