A Mortgage Bankers Association index measuring the volume of U.S. 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 5.37%, according to the MBA’s measure, the highest it’s been since 2009. While higher rates have made refinancing a home loan less appealing for months, purchase applications have started to take a more noticeable hit, as the soaring cost of home ownership drives potential buyers out of the market....

Those were all tactics that a group of New York-based debt collection companies allegedly used against some 293,000 people between 2015 and 2020, drawing scrutiny from federal and state authorities who are on the brink of shutting the companies down. The government’s predatory lending watchdog, the Consumer Financial Protection Bureau, together with the New York state attorney general, asked a federal court this week to shutter six companies and ban their leaders from the debt collecting business entirely, settling a lawsuit filed in September 2020....

The average cost of adoption can vary widely, based on how hopeful parents choose to adopt. Getting a clear idea of the numbers beforehand may help you create the right adoption budget. Average Cost of Adoption for Foster Parents In 2019, there were approximately 424,000 children in foster care in the U.S. While some of them will eventually return to their families, others may be permanently placed in foster care....

You can get loans through government-sponsored programs both subsidized and unsubsidized. Additionally, you can borrow a lot through private companies. These loans come with higher interest rates and fees. You need to realize that you have to pay back every penny you borrow. Additionally, you will have to pay interest on that money. This will limit what you can do with your money in the future. It is important to carefully monitor your college spending and to avoid these five common college financial mistakes....

There’s a lot of money to be made in sports. But aside from those who work incredibly hard throughout their whole lives to become elite athletes, most of us won’t make a dime as a pro player. So how can the rest of us cash in on the popularity of sports? There are many ways that average investors can make some money through sports. Here are a few. Publicly Traded Sports Companies The simplest way to get an ownership stake in the world of sports is by buying shares of publicly traded companies in the space....

Outlook for Artificial Intelligence and AI ETFs The world of artificial intelligence (AI) is still in its infancy but shows great promise for the future, which makes AI a compelling investment idea. The beginnings of AI can be seen in today’s technology with interactive, voice-powered personal assistants like Siri and Alexa, automated cars, and suggested search ideas in search engines like Google. But the artificial intelligence of the future will be devices that can learn, attach meanings to new experiences, and get smarter and more aware, much like humans do....

Cyber ETFs are exchange-traded funds that invest in the stocks of companies in the cybersecurity industry. These may include those involved in the building and management of security systems designed to protect private and public computer networks. Here’s what to look for in the best cyber funds. Why Invest in Cyber ETFs Cybercrime is on the rise. This trend does not appear to be slowing down, which means that the businesses that help to protect against these crimes and those that aid in reacting to them are in greater demand than ever....

What Happened Even before the New York Stock Exchange (NYSE) opened, investors were panicky. The stock market had already fallen 21% since its record close of 381.2 on September 3, 1929. On October 3, 1929, the Washington Post exclaimed, “Stock Prices Crash in Frantic Selling.” The next day, the New York Times warned, “Year’s Worst Break Hits Stock Market.” On October 23, the day before Black Thursday, the Dow Jones Industrial Average (Dow) had fallen 4....

Homebuilders started 9.5% fewer homes in April than they did in March, with an even steeper decline—13.4%—for single-family homes, according to Tuesday’s monthly report on housing starts from the U.S. Census Bureau. Building permits, however, rose 0.3%, leading economists to conclude that the desire to build houses is still strong but is being hindered by shortages and high costs for materials. House construction has been booming lately as buyers, whose wallets have been bolstered by low interest rates for mortgages, turn to homebuilders to remedy a severe shortage of houses on the market....

Learn more about when employers hand out bonus pay and what rules come into play. What Is Bonus Pay? Bonus pay is additional pay given to an employee on top of their regular earnings; it’s used by many organizations as a thank-you to employees or a team that achieves significant goals. Bonus pay is also offered to improve employee morale, motivation, and productivity. When a company ties bonuses to performance, it can encourage employees to reach their goals, which in turn helps the company reach its goals....

It makes financial sense to look for ways to save money on insurance. Since many insurance companies provide a discount for bundling policies—combining more than one type of insurance with the same company—it may be a good way to cut costs. But before you make that decision, consider these pros and cons. What Is Bundling? Bundling insurance means you have multiple policies in place with the same insurance company. For instance, if you already have a car insurance policy and then purchase renters insurance from the same company, you may be eligible for a bundle discount, also known as a multi-policy discount....

To prepare for the sale of the businessIf there is a change in business ownership—for example, the primary owner leaves the business.If a valuation is requested for a major loan or other financial operation. How the Business Valuation Process Works An appraiser is called in to do a business valuation. The process usually starts with a visual inspection of the property and inventory checks. Then the process of evaluating documents begins....

Trading Break-Even Calculation The break-even percentage is calculated using the target and stop-loss settings for the trading strategy in question. The target and stop-loss can be represented in ticks (futures), pips (forex), cents (stocks), or by an amount of money ($100 stop-loss and $300 target for example). The result of the calculation is the number of winning trades that are required for a break-even scenario, shown as a percentage. If you don’t always use the same stop loss and target on each trade, then use your average win and average loss over many trades....

Why would companies choose to terminate employees this way? In part, because they can. Your soon-to-be-former employer doesn’t have to be nice when they fire you. In most cases, they can let you go without notice or warning, and tell you in any manner they choose. Here’s how (and when) an employer can fire you, information on laws regulating termination, and how to handle it when you’ve been fired....

Those are the policy questions roiling Washington right now as last year’s massive expansion of the federal child tax credit lapses and politicians debate whether and how to renew the landmark initiative. Thus far, its fate—and form—have largely been in the hands of one man, Democratic Sen. Joe Manchin of West Virginia. He says his party’s latest draft of the $1.7 trillion Build Back Better benefits bill will increase inflation and the deficit too much to get his vote, and suggested the tax credit—a central component of the bill—should come with work requirements and lower income limits....

Here’s what causes each of the four phases of the boom and bust cycle. Business Cycle Expansion Phase When consumers are confident, they buy now. They know there will be future income from better jobs, higher home values, and increasing stock prices. As demand increases, businesses hire new workers. The increase in consumer income further stimulates demand. A little healthy inflation can trigger demand by spurring shoppers to buy now before prices go up....

That’s why it’s important to name a beneficiary on your CD, similarly to how you would do so for a checking or savings account. Naming a beneficiary makes the inheritance process a lot easier, because the CD often won’t have to go through probate. Here’s a closer look at the common CD beneficiary rules, including how to name a beneficiary and what the beneficiary must do to inherit the CD....

The IRS said Friday that some who received the first-ever monthly child tax credit payments by direct deposit in July would receive the August payment in the form of a paper check instead. Because of an unspecified “issue” the IRS said would be resolved in time for September’s round of payments, a percentage—less than 15%, the agency said—would receive checks by mail that could take until the end of the month to reach recipients, the IRS said....

If you’re thinking about buying a muni bond fund, there are a few key things to consider. Would You Do Better With a Taxable Fund? Because of the tax-free nature of muni bonds, issuers can offer a lower yield and still attract buyers. As a result, the yields on tax-free muni bonds tend to be lower than the yields on taxable funds. But depending upon your tax bracket and the state in which you live, you may be able to get a better return after taxes by buying a taxable fund, paying Uncle Sam, and pocketing the difference....

While consumer expectations of losing a job or of seeing the country’s unemployment rate go up fell to the lowest levels in at least the eight years the survey has been around, uncertainty about where inflation might be headed rose sharply in May. The median expectation of the inflation rate over the next year rose to 4.0% from 3.4% in April, but the uncertainty over the rate—which gauges how much of a consensus there is—was as high as it’s been in those eight years, matching levels seen in May 2020, early on in the pandemic....