Saturday,
August 26, 2023
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The week in review
• Powell warned that inflation is still above the central bank’s target of 2% and that additional interest rate increases are on the table. He noted the Fed will remain flexible as it contemplates further moves.
• US government bonds are now offering the highest post-inflation returns since 2007, ending the era of negative real yields that drove many investors to stocks. That said, higher real yields can dissuade investors from putting their money into riskier options, thereby potentially limiting economic growth.
• Mortgage rates increased to the highest level in 23 years last week as the average 30-year fixed-rate mortgage rose to 7.3%. As a result, mortgage applications dropped 5% for the week, 30% lower than the same week one year ago. Applications to refinance a home loan also fell 3% for the week, a 35% decline year-over-year.
For more economic news, visit On the Money — SoFi’s one-stop-shop for news, trends, and tips!
Student loan payments are back. Here are all the dates you need to know.
After more than three years, federal student loan payments are restarting. A lot of new changes have been enacted, such as changes to income-driven repayment (IDR) and loan forgiveness, and some actions are still in the pipeline.
With the end of the federal loan interest and payment forbearance right around the corner, here are the important dates that borrowers may need to know.
