admin 
Mortgage rates fell for a second day, reaching their lowest levels in at least a week. The average on a conventional 30-year fixed mortgage fell to 5.69% from 5.75% the previous business day. Earlier this month it vaulted to 6.19%, its highest point since at least 2019, and likely much further back. (Our daily mortgage … Read more
Definition and Example of Buy To Open Buy to open refers to establishing a position in a derivative like an option. Specifically, it means buying an option to create your position. This is in contrast to selling an option to establishing an open position in that option. Many investors use their brokerage accounts to buy … Read more
A home equity line of credit (HELOC) is a credit line secured by the equity you have in your home. You can borrow from it over several years and will only pay interest on the funds you’ve withdrawn. When the draw period is up, you’ll repay the outstanding amount, often over a term of 10 … Read more
That’s how few lawmakers President Joe Biden would have to persuade if he used his executive powers to broadly forgive outstanding federal student debt, a move he is now reportedly seriously considering. Invoking his authority to unilaterally forgive at least $10,000 in federal student loans for every borrower—an amount Biden supported during his campaign for … Read more
People are definitely starting to notice the recent spike in mortgage rates. A Mortgage Bankers Association index measuring the volume of US mortgage applications, both for refinancing and buying a home, dropped 8.3% last week, reaching its lowest level since 2018, data released Wednesday shows. The average rate on a 30-year fixed mortgage is now … Read more
Checking your credit report regularly is important so that you know it includes the right information—and nothing else. As you’re reading through your credit report, though, you may notice an alphabet soup of abbreviations that can make it feel like you’re reading another language or a secret code. These abbreviations are typically shortened creditor names, … Read more
Definition of Applicable Federal Rate The IRS publishes a set of AFRs in Section 1274(d) of the Internal Revenue Code each month. They’re based on data from market yields of marketable debts, such as US Treasury bills. The parties involved will face tax consequences if the interest rate on a private loan is less than … Read more
For many people, a cellphone is the most important device they own. So, the prospect of upgrading your phone to a newer (or simply a different) model can be exciting. Many people trade in or sell their old phones to get some cash to help pay for their new device. There are advantages and disadvantages … Read more
Buy now, pay later (BNPL) programs have gained significant traction over the last few years. In September 2020, various BNPL services saw an increase of 186% in monthly active users, according to Sensor Tower Store Intelligence, a mobile app data analysis firm. Stoneberry offers a BNPL program to its customers, but it functions differently than … Read more
Key Takeaways A closed economy is an economy that does not participate in international trade, meaning it does not import or export goods and services from another country. A closed economy grows slower than open economies, as all goods must be produced and consumed from within the single economy. There are no closed economies that … Read more