The Pulse
Our weekly roundup of the personal economy, one day at a time. RSS
This week, the financial picture feels mixed as households weigh the impact of a resilient economy on borrowing costs.
- U.S. national average reported gas at $4.17/gallon and inflation at 3%, with the 30-year fixed mortgage rate at 6.73% APR, stretching budgets.
- U.S. Bureau of Labor Statistics noted the U.S. added 162,000 jobs in August, raising the odds of a Sept. 16 Fed rate hike to 60%.
- Mortgage Bankers Association reported the average 30-year fixed mortgage rate climbed to 6.832%, making homebuying more expensive than a year ago.
Shifting from wary to mixed as the days passed, families are adjusting their timelines, making this a more mixed read than the steady week of Aug 24.
Today, the financial picture feels mixed as strong employment data keeps the pressure on borrowing costs. Per the U.S. Bureau of Labor Statistics, the economy added 162,000 jobs in August, which CBS News notes raises the odds of a September rate hike to 60%. While steady hiring offers solid job security, the threat of higher mortgage rates keeps the overall direction cautious.
Today, the financial picture feels wary as Money reports average homeowners insurance premiums have jumped 24% since 2021. Over on r/FirstTimeHomeBuyer, people are sharing grounded advice on handling the unexpected costs of new ownership. As these housing expenses pile up, the overall tone remains cautious.
Today, the financial picture feels anxious as families navigate stubborn borrowing costs. Freddie Mac reported the 30-year mortgage rate reached 6.66%, squeezing prospective homebuyers. Over on r/personalfinance, people are debating the tough tradeoff of raiding their retirement savings just to afford a down payment. Despite the pressure, households are carefully weighing their options to keep long-term goals intact.
Today, the financial picture feels wary as families brace for higher borrowing costs. CNBC reported the odds of a September rate hike are now a coin flip. Over on r/personalfinance, people are debating whether to aggressively pay down their mortgages or keep investing. With the Bureau of Labor Statistics noting July payrolls fell by 23,000, households are keeping their guard up.
Today, things feel steady as buyers hunt for mortgage savings. Money reported shopping lenders can save up to $3,000 on a loan, a timely strategy as the Federal Reserve signals a 57% chance of a September rate hike. Over on r/FirstTimeHomeBuyer, a single earner is weighing if a $2,900 payment makes sense on a $175,000 salary. Despite elevated borrowing costs, households are confidently planning their next moves.
This week, the financial picture feels steady as families navigate stubborn living costs and potential rate hikes.
- Jackson Hole Symposium reported Fed Chair Warsh signaled a possible September rate hike, which could push mortgage costs higher.
- CBS MoneyWatch noted Canada hit back with 50% tariffs on $20B in U.S. goods, threatening to raise everyday grocery prices.
- CBS MoneyWatch highlighted that PCE inflation stays stuck at 3.7%, potentially delaying the rate cuts households were counting on.
Moving from wary to steady as the days passed, the overall tone feels more grounded than the watchful week of Aug 17.