Saturday,
November 11, 2023
Top Story
The week in review
• Stocks weakened following remarks by Federal Reserve Chairman Jerome Powell, who said the door for additional interest rate increases remained open, if inflation stayed elevated and economic growth strong.
• The average fixed-rate 30-year mortgage fell more than 20 basis points to 7.61% in the week ended November 3rd, marking the lowest reading in over a month, and the biggest decline since July of last year.
• Oil prices fell more than 4% to their lowest level since August, after a larger-than-expected drop in Chinese exports signaled a softening of global energy demand.
For more economic news, visit On the Money — SoFi’s one-stop-shop for news, trends, and tips!
A salute to veterans
With home prices as high as they are, saving up for a down payment can seem like an insurmountable task.
If you are an active-duty service member, veteran, or reservist, you could be eligible for a more affordable financing option: a VA loan.
These loans are backed by the Department of Veterans Affairs, and often have lower interest rates and closing costs. Importantly, they also have no down payment, or private mortgage insurance requirements.
What to know
Prospective borrowers need to request a Certificate of Eligibility through the VA to demonstrate they qualify for one of these government-backed loans.
They can only be used on a property that will serve as your primary residence, including a single-family home with up to four units, a condo in a VA-approved project, or a manufactured home.
While a VA loan offers competitive terms, you should still assess your financial health before making a purchase, and learn more about what kind of a home you can comfortably afford.
This week’s top stories
Inflation nation: Where is the cost of living low? Prices are high but the cost of living varies from city to city. With some predictable places ranking high, you may be surprised to see the destination at the top. Read more >> Clean energy stocks are generating plenty of investment — so why not returns? While the overall market has rallied, major clean energy indexes are down approximately 30%. There are 3 main reasons why this sector is lagging behind. Read more >> Can the global economy handle “higher for longer” interest rates? As the era of low interest rates fades, the global economy must brace for the lasting impact of costlier capital, and what that means for people, companies and governments. Read more >>Deep dives from SoFi Learn
The cost of daylight savings time Most states turned their clocks back by an hour last weekend. But daylight savings come at a cost. Read more >>
27 tips for frugal travelers Whether you’re dreaming of a tropical vacay, a trip to a European city, or just getting home to see your family for the holidays, here are some strategies to try. Read more >> What determines a stock’s price, anyway? Here’s a look at 7 factors. Beyond the basic principles of supply and demand, there are other factors that contribute to changes in stock prices. Read more >>