Top news articles for financial advisors and personal finance
This week's recap focuses on Biden’s student loan forgiveness plan, increases in mortgage rates and its effects on the housing market, and the dangers of advice from ‘finfluencers’.
Week of 8/22
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What You Need to Know About Biden’s Student Loan Forgiveness Plan (Rob Lieber and Tara Siegel Bernard, The New York Times) This week, President Biden announced that the government would provide as much as $20k in debt cancellation to Americans. However, this announcement brought up questions about the specifics of the plan and who qualifies. Read more about common questions asked by individuals in case your clients ask you about them.
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US Mortgage Rates Soar to 5.55%, Renewing Squeeze on Homebuyers (Patrick Clark, Bloomberg) Mortgage rates jumped again this week to 5.55% compared to 5.13% the previous week, mirroring the increase in yields for 10-year Treasuries. As a result of high mortgage rates, mortgage applications are at a 22-year low. Read more about the effects of continually high mortgage rates.
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Beware the 'finfluencer': How Social Media Stars are Leading Young Investors Astray (Nathan Place, Financial Planning) All over social media, influencers who provide financial advice are gaining popularity over the internet. They make claims of being able to help their followers become millionaires in a few days. Read more about the dangers of this type of advice and how advisors can help their young clients avoid being led astray.
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Biden Student Debt Forgiveness Could Lead To Taxes For Some, Tax Foundation Says (Allison Schrager, Financial Advisor Magazine) In some states, the tax code considers student loan forgiveness as taxable income. However, lawmakers have been discussing several measures to reduce the tax implications on student debt cancellation. Read more about whether your clients who receive student debt forgiveness could lead to higher tax burden.
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Where Will Housing Go From Here? (Jeffrey Roach, Financial Advisor Magazine) With decreasing home sales, low inventory, adn decline in traffic of prospective buyers, the housing market is clearly in decline. Despite overall decline in the market, it seems that there are stark regional differences in how the housing market is performing. Read more about what Jeffrey Roach, chief economist at LPL Financial, predicts will happen to the housing market based on these indicators.
Don’t forget to check out last week’s roundup here
Stay tuned for next week’s roundup!
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