After experiencing a decrease for the third consecutive week, mortgage interest rates have ignited a surge in demand for refinances. The Mortgage Bankers Association reported a 1.9% increase in total mortgage application volume compared to the previous week. Specifically, the average contract interest rate for 30-year fixed-rate mortgages decreased to 7.01% from 7.08%, sparking a
The Biden administration recently announced a plan to forgive $7.7 billion in student loans for over 160,000 borrowers. This initiative is part of the U.S. Department of Education’s strategy to alleviate the burden of education debt on households. As Education Secretary Miguel Cardona highlighted, the administration is dedicated to providing student debt relief to millions
The latest development in the financial industry involves the Consumer Financial Protection Bureau’s declaration that customers of the buy now, pay later (BNPL) sector must adhere to the same federal safeguards as credit card users. This means that BNPL lenders, which are primarily fintech firms like Affirm, Klarna, and PayPal, will now be required to
In a recent development, British regulators have imposed a hefty fine of £61.6 million ($79 million) on U.S. investment bank Citi for deficiencies in its trading systems and controls. The Prudential Regulation Authority and the Financial Conduct Authority conducted an investigation spanning from April 1, 2018, to May 31, 2022, which revealed significant lapses in
Xpeng, a Chinese electric car company, experienced a significant boost in its shares after reporting improvements in profit margins and a promising outlook for second-quarter deliveries. The company’s Hong Kong-listed shares surged by more than 13% in morning trade, showcasing investor confidence in the company’s performance. Xpeng reported a notable increase in its vehicle margin,
The proposal for federal children’s savings accounts, such as the 401Kids Savings Act, aims to create a financial safety net for children from low- and moderate-income families. These accounts would be set up at birth, with federal contributions made available to families based on specific income thresholds. The ultimate goal is to help alleviate the
Many young retirement savers are considering raiding their 401(k) accounts to buy a home. A recent survey conducted by BMO Financial Group found that nearly one-third of aspiring homeowners are planning to withdraw funds from their 401(k) plans to fund a purchase. Interestingly, millennials and Gen Zers are more likely to do so compared to
Federal Reserve Governor Christopher Waller recently made comments suggesting that further interest rate increases may not be necessary due to easing inflation. However, he expressed the need for more convincing before supporting any cuts to interest rates in the near future. This perspective comes after a series of data indicating a slowdown in inflation, leading
The financial performance of Trump Media took a significant hit recently, with shares falling more than 10% following the announcement of a staggering net loss of $327.6 million in the first quarter of 2024. Surprisingly, this massive loss comes despite the company generating only $770,500 in revenue during the same period. The net loss per
Macy’s recent fiscal first-quarter earnings exceeded Wall Street expectations, showcasing a positive start to the year for the retailer. The company’s revenue also aligned closely with predictions, demonstrating initial signs of progress in its turnaround efforts. CEO Tony Spring emphasized that Macy’s is still in the early stages of revamping its namesake stores. By investing
