Sora’s Top Personal Finance News Articles
Week of 11/28
Each week, we are giving you Sora’s weekly report highlighting top insights and relevant articles. This week’s roundup is about the latest mortgage rate drop, extension on student loan payments, inflation and how it has boosted monthly spending, and key information regarding your W-4 if you’re a new employee.
Mortgage Rates Have Biggest Three-Week Drop Since 2008 (Ben Eisen, The Wall Street Journal)
“The average rate on a 30-year fixed rate mortgage was 6.49% this week, down from a peak of 7.08% on Nov. 10, according to a report released Thursday by Freddie Mac. The last time mortgage rates fell that much over a three-week stretch was during the peak of the financial crisis in late 2008.”
Biden Administration Extends Student Loan Payment Pause Amid Forgiveness Court Battle (Mark Kantrowitz, Forbes)
“The U.S. Department of Education announced an eighth extension to the payment pause and interest waiver on November 22. The student loan moratorium will continue until 60 days after the U.S. Department of Education is permitted to implement the student loan forgiveness program, the lawsuits opposing President Joe Biden’s student loan forgiveness plan reach a conclusion, or June 30, 2023, whichever comes first.”
Powell Says Fed Could Slow Rate Increases at Next Meeting (Jeanna Smialek, The New York Times)
“Jerome H. Powell, the Federal Reserve chair, signaled on Wednesday that the central bank could slow its rapid pace of interest rate increases at its December meeting while making clear that borrowing costs have further to climb as policy makers remain concerned about a sustained bout of inflation.”
Inflation Boosts Household Spending By $433 A Month (Greg Iacurci, CNBC)
“The average American household is spending $433 more a month to buy the same goods and services it did a year ago, according to a Moody’s Analytics analysis of October inflation data.”
W-4 Form: Extra Withholding, Exemptions, and Other Things Workers Need to Know (William Neilson & Ricky Mengel, Kiplinger)
“The W-4 form is used by new employees to provide their employer with the information needed to determine how much income tax should be withheld from their wages. That's the basic purpose of the W-4 form. And while simple in principle, it's important to get your paycheck withholding correct. Otherwise, you may be in for a big surprise when you file your next tax return.”