Thursday, October 3, 2024

Is it time to refinance?

Mortgage rates are at a two-year low ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌  ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ 
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The Daily Money

ALL THE MONEY NEWS YOU NEED TO KNOW

Thu Oct 3 2024

 

Daniel de Visé Personal Finance Reporter

Good morning! It's Daniel de Visé with your Daily Money.

Mortgage rates are dipping lower. Is this the right time to refinance?

While the vast majority of Americans have mortgage rates below 6%, that still leaves several million who could benefit now, Andrea Riquier reports. Data from Chase Home Lending suggests roughly 4.7 million homeowners would come out favorably from refinancing if rates dropped below 6%. With the popular 30-year fixed-rate mortgage hovering near a two-year low of about 6.08% in recent weeks, it's likely many homeowners are considering that step.

Hurricane Helene spotlights lack of flood insurance

Kayla Ward was drinking coffee on her porch Friday afternoon when she noticed water from the nearby Nolichucky River rising fast. 

After nearly a year in the house, nestled in the Appalachian Mountains, Ward never thought to worry about flooding, Bailey Schulz reports. But she and her husband had to race to escape after Helene swept through Jonesborough, Tennessee. The couple managed to leave with their pets and the clothes on their back, but their home was severely damaged.  

Like many other homeowners affected by last week's storm, Ward did not have flood insurance.

📰 More stories you shouldn't miss 📰

Bank of America outage
SNAP benefits rise in October
Are we back to hoarding toilet paper?
How much do dockworkers make, anyway?
How to get reimbursement for a travel insurance claim

📰 A great read 📰

Finally, here's a popular story from earlier this year that you may have missed. Read it! Share it!

With all the aches and pains that attend old age, how many Americans would really want to live to 100?

A lot of us, it turns out.

More than half of Americans, 54%, say it is their goal to live to 100, according to a report from Corebridge Financial, a financial services company.

Much of the rest of the 20-page report deals with what it costs to live for a century.

And that, experts say, is where the numbers get scary.

About The Daily Money

Each weekday, The Daily Money delivers the best consumer and financial news from USA TODAY, breaking down complex events, providing the TLDR version, and explaining how everything from Fed rate changes to bankruptcies impacts you.

Daniel de Visé covers personal finance for USA Today.

A man and woman signing home purchase papers while sitting at a desk and shaking hands with the realtor.

Mortgage rates are at a two-year low, and nearly 5 million Americans could benefit from a refinance. Here's what to know.

A damaged building is seen in flood waters left by Hurricane Helene in the River Arts District in Asheville, N.C., Monday, Sept. 30, 2024. Flood waters covered large parts of Asheville as a result of Hurricane Helene.
 

Hurricane Helene hits mountain towns with lack of flood insurance

While floods are considered one of the most common and costly natural disasters in the country, FEMA says just 4% of U.S. homes have flood insurance.

100th birthday
 

Want to live to 100? Good luck paying the retirement bill.

With all the aches and pains that attend old age, how many Americans would really want to live to 100? A lot of us, it turns out.

Shelton's Farm Market on Thursday, Sept. 19, 2024, in Niles, MI.
 

SNAP benefits rise in October as cost-of-living adjustments hit

SNAP benefits and age requirements are set to rise in October as cost-of-living and debt ceiling bills hit.

A Bank of America logo is seen on the entrance to a Bank of America financial center in New York City, U.S., July 11, 2023.
 

Bank of America outage: $0 account balances, other troubles reported

On Wednesday afternoon, Bank of America customers reported having problems accessing their online accounts. Some even reported seeing a balance of $0.

A Costco shopper in Inglewood, California, stocks up on water, toilet paper and paper towels a day after the East Coast port strike began.
 

Are we back to hoarding toilet paper? Port strike stokes some panic buying.

Some consumers, worried about Covid-19 era shortages, are stockpiling some goods. Do they need to?

Dockworkers at the Maher Terminals in Port Newark are on strike on Oct. 1, 2024 in New Jersey.
 

How much do dockworkers make? What to know about wages amid port strike

On Tuesday, dockworkers on the East and Gulf Coasts walked off the job demanding better pay. How much do they make? Here's what to know.

Retirement isn't just a financial decision -- it has implications for one's sense of self.
 

Are you making this mistake on your IRA? It could cost you thousands.

Vanguard research says Americans are missing out on a collective $170 billion a year in lost retirement wealth.

An International Longshoremen's Association member holds an American flag Tuesday on the picket line in Garden City, Georgia.
 

Which products could be impacted by port strike? What consumers should know

Consumers may struggle to find products like bananas, electronics and *gasp* booze now that dockworkers at ports from Maine to Texas are on strike.

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