Sora’s top personal finance news articles
Week of 10/24
Each week, we are giving you Sora’s weekly report highlighting the top insights and relevant articles. This week's recap focuses on high mortgage rates, the pros and cons of refinancing student loans, renting versus buying, and the US GDP report.
U.S Mortgage Rates Top 7%, Highest in More Than 20 Years (Ben Eisen, The Wall Street Journal)
“The last time rates were this high, the dot com bubble had recently burst.” As rates continue to climb, the cost of borrowing is becoming more expensive. While housing volume still holds steady, new home sales fell 18% compared to September 2021. Read on to see where rates are in the current market.
Pros and Cons of Refinancing Your Student Loans (Elizabeth Gravler, CNBC)
Wonder if you should refinance your student loans or not? There are certainly the pros of refinancing into a lower interest rate and submitting one overall payment, but there are also cons like not getting a better rate or lengthening your payment term. Read more to understand if the pro’s and con’s of refinancing your student loans.
I May Buy Because The Rent is Too Damn High (Erin Lowry, Financial Advisor Magazine)
Rents in New York, Los Angeles, San Francisco, and more are skyrocketing to the point where renters are asking if it’s worth it to buy instead of rent. Buying a home gets you equity in your home as opposed to renting and sinking money to no avail. Read more on the skyrocketing prices within the rental market.
What Are I Bonds and How Do They Work, Here’s How to Earn Nearly 10% Interest (Veronica Dagher, The Wall Street Journal)
I Bonds help protect you from inflation. The I bond is an inflation-adjusted bond backed by the United States government. What many people don’t know is that the current 9.62% rate for I Bonds is set to expire today, October 28th. Check out our blogpost from Tuesday for more information on I Bonds or the link above.
US Economy Returned to Growth In Third Quarter (Ben Casselman, The New York Times)
The US Economy grew, albeit at a slow rate, over this past summer. News of growth gives hope to many that a recession may be avoided in the near future. Read more to see where the US economy is in the current macro environment.
