Mortgage rate trends this week
Thirty-year fixed mortgage rates are up for the fifth straight week, surpassing 7%, up from 6.93% last week, to an average of 7.04%. “The underlying strength of the economy is contributing to this increase in rates," says Sam Khater, chief economist at housing giant Freddie Mac. "Despite rising rates, Freddie Mac research highlights that consumers can save money if they shop for several different lender quotes.”
Thirty-year fixed mortgage rates are up for the fifth straight week, surpassing 7%, up from 6.93% last week, to an average of 7.04%. “The underlying strength of the economy is contributing to this increase in rates," says Sam Khater, chief economist at housing giant Freddie Mac. "Despite rising rates, Freddie Mac research highlights that consumers can save money if they shop for several different lender quotes.”
TikTok ban could cost US $1.3B in single month
TikTok has transformed from a social media app into a cultural and economic tool that redefined digital marketing and reshaped how creativity and commerce intersect online. But its fate in the United States is now hanging by a thread. On Jan. 10, the Supreme Court heard arguments over a proposed law that could force TikTok’s parent company, ByteDance, to sell the platform or risk a nationwide ban. Federal officials argue that ByteDance’s Chinese ownership poses a national security threat. However, TikTok and its users see it differently, claiming the ban would violate First Amendment rights. And for many creators, including Cora Lakey, the stakes are high. Lakey left a six-figure job in talent acquisition and project management after TikTok gave her financial freedom that allowed her to pay off some of her student debt and has given her autonomy over how she spends her day to day. As it stands, unless ByteDance moves forward with a sale, the site will be banned as of January 19. In a recent TikTok, Lakey fired back at those who’ve called the platform’s users “out of touch” for their concerns over the Supreme Court decision. “Influencers aren’t out of touch for crying about the TikTok ban,” she said. “You’re out of touch for not realizing this is a real industry.”
TikTok has transformed from a social media app into a cultural and economic tool that redefined digital marketing and reshaped how creativity and commerce intersect online. But its fate in the United States is now hanging by a thread. On Jan. 10, the Supreme Court heard arguments over a proposed law that could force TikTok’s parent company, ByteDance, to sell the platform or risk a nationwide ban. Federal officials argue that ByteDance’s Chinese ownership poses a national security threat. However, TikTok and its users see it differently, claiming the ban would violate First Amendment rights. And for many creators, including Cora Lakey, the stakes are high. Lakey left a six-figure job in talent acquisition and project management after TikTok gave her financial freedom that allowed her to pay off some of her student debt and has given her autonomy over how she spends her day to day. As it stands, unless ByteDance moves forward with a sale, the site will be banned as of January 19. In a recent TikTok, Lakey fired back at those who’ve called the platform’s users “out of touch” for their concerns over the Supreme Court decision. “Influencers aren’t out of touch for crying about the TikTok ban,” she said. “You’re out of touch for not realizing this is a real industry.”
Senior newlyweds need to talk about wills
With luck, people who wed the love of their life in their golden years have already achieved financial independence and don’t need to pool their money to save for retirement or buy a home. But if they have adult children from prior marriages, estate planning gets tricky. It’s even more complicated if you marry a senior who is wealthier than you. You might want to know if you'll inherit money when they die, but fear being labeled a gold digger by your spouse or their children. You and your partner can create a plan that is fair for everyone in your blended family, but the only way to do it is through an open conversation.
With luck, people who wed the love of their life in their golden years have already achieved financial independence and don’t need to pool their money to save for retirement or buy a home. But if they have adult children from prior marriages, estate planning gets tricky. It’s even more complicated if you marry a senior who is wealthier than you. You might want to know if you'll inherit money when they die, but fear being labeled a gold digger by your spouse or their children. You and your partner can create a plan that is fair for everyone in your blended family, but the only way to do it is through an open conversation.
3 California laws that may affect wallets in 2025
California Gov. Gavin Newsom was busy in 2024, signing over 1,000 bills, according to local reporters. Some of those bills will have a direct impact on the finances of state residents, so it's helpful to understand the rule changes. Here's what you need to know about three bills that could have a big impact on consumers.
California Gov. Gavin Newsom was busy in 2024, signing over 1,000 bills, according to local reporters. Some of those bills will have a direct impact on the finances of state residents, so it's helpful to understand the rule changes. Here's what you need to know about three bills that could have a big impact on consumers.
Watchdog: Trump plan will drain Social Security
Being able to retire comfortably is a top concern for many older Americans. A recent AARP survey found that 61% of Americans aged 50+ are worried that they will not have enough savings when they retire. Social Security, a cornerstone of American retirement ideals, was a central election issue for voters in the recent election, when Donald Trump proclaimed, “Seniors should not pay taxes on Social Security” on Truth Social. That promise could become reality once Trump takes over the White House officially on January 20. However, those taxes currently help fund the program's revenue and are crucial for retiree payouts. Removing them would create a significant shortfall, potentially affecting the program's long-term sustainability. The U.S. Committee for a Responsible Federal Budget (CRFB) estimates Trump's plans would lead to a 33% cut in benefits by 2035. Whatever happens during the second Trump administration, Americans will be looking to strengthen their retirement savings to ensure they can comfortably bounce back if the country's retiree safety net starts to unravel.
Being able to retire comfortably is a top concern for many older Americans. A recent AARP survey found that 61% of Americans aged 50+ are worried that they will not have enough savings when they retire. Social Security, a cornerstone of American retirement ideals, was a central election issue for voters in the recent election, when Donald Trump proclaimed, “Seniors should not pay taxes on Social Security” on Truth Social. That promise could become reality once Trump takes over the White House officially on January 20. However, those taxes currently help fund the program's revenue and are crucial for retiree payouts. Removing them would create a significant shortfall, potentially affecting the program's long-term sustainability. The U.S. Committee for a Responsible Federal Budget (CRFB) estimates Trump's plans would lead to a 33% cut in benefits by 2035. Whatever happens during the second Trump administration, Americans will be looking to strengthen their retirement savings to ensure they can comfortably bounce back if the country's retiree safety net starts to unravel.
Colo. hospital system suing patients daily: report
Colorado's largest hospital system, UCHealth, sued more patients for unpaid medical bills over a four-month period in late 2024 than any other health-care provider in the state by a wide margin, according to a 9NEWS Denver analysis of court records. Some didn't even know they had a debt to pay. The local broadcaster also reports finding UCHealth patients who were sued despite no balance showing on their online accounts. "This is crazy because I just finished paying off all of the debt," Ayla, who didn't want to use her last name, told 9NEWS in a story published Dec. 18. "I worked so hard to continue to pay that bill off." Here's the story behind the numerous lawsuits, and what patients can do if they face legal action to pay medical debt.
Colorado's largest hospital system, UCHealth, sued more patients for unpaid medical bills over a four-month period in late 2024 than any other health-care provider in the state by a wide margin, according to a 9NEWS Denver analysis of court records. Some didn't even know they had a debt to pay. The local broadcaster also reports finding UCHealth patients who were sued despite no balance showing on their online accounts. "This is crazy because I just finished paying off all of the debt," Ayla, who didn't want to use her last name, told 9NEWS in a story published Dec. 18. "I worked so hard to continue to pay that bill off." Here's the story behind the numerous lawsuits, and what patients can do if they face legal action to pay medical debt.
Some Florida condo owners are being forced to sell
South Florida commonly attracts homeowners who want glorious beach views and warm weather. But new state laws require condos to have sufficient cash reserves to cover any major repairs and conduct inspections on buildings three stories or higher — which is forcing more condo owners to sell their homes. That's what's happening to the owners of Springbrook Gardens, an 18-unit, 1940s-era Fort Lauderdale building. Residents were forced to leave the building last September due to a crumbling foundation. But now, the building's owners are being forced to sell, as they can’t afford to fix it. It's a terrible situation, according to resident and condo owner Warren Sackler. “We didn’t have $4.5 million to take care of [it],” he told CBS News Miami. “Nobody is happy about it. Of the 18 people, they all would love to live here, but not with the debt and everything else.”
South Florida commonly attracts homeowners who want glorious beach views and warm weather. But new state laws require condos to have sufficient cash reserves to cover any major repairs and conduct inspections on buildings three stories or higher — which is forcing more condo owners to sell their homes. That's what's happening to the owners of Springbrook Gardens, an 18-unit, 1940s-era Fort Lauderdale building. Residents were forced to leave the building last September due to a crumbling foundation. But now, the building's owners are being forced to sell, as they can’t afford to fix it. It's a terrible situation, according to resident and condo owner Warren Sackler. “We didn’t have $4.5 million to take care of [it],” he told CBS News Miami. “Nobody is happy about it. Of the 18 people, they all would love to live here, but not with the debt and everything else.”
How to avoid government impersonation scams
After caller ID showed the “Rockville Police Department” was calling, Judith Boivin answered the phone and was transferred to an FBI agent who said her Social Security number had been used by an illegal drug cartel. The good news was that she could be an asset in the investigation into the federal offense — but she had to tell no one. For months, as Boivin told the Washington Post spoke with her source, with all calls coming from an “FBI number.” She was assigned a case ID and the “agent” gave her a name that Google revealed was an FBI worker. Communications even had the FBI seal, although they came from a .com, and not .gov address. Her agent was so helpful he even offered to keep her money safe if she moved it to a government safety locker — but she couldn’t tell Morgan Stanley why when she took out $595,000 in cash. Reading details like this may make it seem like an obvious scam, but for Boivin, the story added up. Like many victims, she was likely targeted because her background made her likely to trust authority and to want to offer assistance. The thieves knew details and had convincing arguments over months that led to the loss of the senior's savings. Boivin is also far from alone in falling victim to these tricks. She lost her money to a government impersonation scam — and many others could do the same if they aren't careful.
After caller ID showed the “Rockville Police Department” was calling, Judith Boivin answered the phone and was transferred to an FBI agent who said her Social Security number had been used by an illegal drug cartel. The good news was that she could be an asset in the investigation into the federal offense — but she had to tell no one. For months, as Boivin told the Washington Post spoke with her source, with all calls coming from an “FBI number.” She was assigned a case ID and the “agent” gave her a name that Google revealed was an FBI worker. Communications even had the FBI seal, although they came from a .com, and not .gov address. Her agent was so helpful he even offered to keep her money safe if she moved it to a government safety locker — but she couldn’t tell Morgan Stanley why when she took out $595,000 in cash. Reading details like this may make it seem like an obvious scam, but for Boivin, the story added up. Like many victims, she was likely targeted because her background made her likely to trust authority and to want to offer assistance. The thieves knew details and had convincing arguments over months that led to the loss of the senior's savings. Boivin is also far from alone in falling victim to these tricks. She lost her money to a government impersonation scam — and many others could do the same if they aren't careful.
Rob Schneider blasts State Farm over wildfires
At least 10 people have died and more than 100,000 people have been evacuated in Los Angeles due to multiple wildfires engulfing the city, and California’s unenviable insurance climate is rearing its head amid the disaster. Ordinary Californians along with Hollywood’s rich and famous are up in arms over their homes being destroyed, in some cases just months after their home insurance company canceled their coverage. One particularly incensed celebrity was the Deuce Bigalow: Male Gigolo star Rob Schneider. “F# K You @statefarm Screw You And All Your Phoney Commercials!! You Are A Pile Of Crap For Canceling Insurance Policies Of Californians! I Will Never Use @statefarm Insurance Ever Again!” Schneider tweeted on Jan. 8. Between 2020 and 2022, insurers canceled 2.8 million home coverage policies in California, including more than 530,000 in Los Angeles County, according to CNN. State Farm canceled 72,000 policies in California, nearly half of which were for home insurance, Barron’s reported. Allstate stopped selling policies in the Golden State for businesses and property altogether in 2023. However, the causes for insurance companies fleeing prior to the most recent wildfires hit are actually the combination of a 36-year-old regulation and climate change.
At least 10 people have died and more than 100,000 people have been evacuated in Los Angeles due to multiple wildfires engulfing the city, and California’s unenviable insurance climate is rearing its head amid the disaster. Ordinary Californians along with Hollywood’s rich and famous are up in arms over their homes being destroyed, in some cases just months after their home insurance company canceled their coverage. One particularly incensed celebrity was the Deuce Bigalow: Male Gigolo star Rob Schneider. “F# K You @statefarm Screw You And All Your Phoney Commercials!! You Are A Pile Of Crap For Canceling Insurance Policies Of Californians! I Will Never Use @statefarm Insurance Ever Again!” Schneider tweeted on Jan. 8. Between 2020 and 2022, insurers canceled 2.8 million home coverage policies in California, including more than 530,000 in Los Angeles County, according to CNN. State Farm canceled 72,000 policies in California, nearly half of which were for home insurance, Barron’s reported. Allstate stopped selling policies in the Golden State for businesses and property altogether in 2023. However, the causes for insurance companies fleeing prior to the most recent wildfires hit are actually the combination of a 36-year-old regulation and climate change.
Trump’s plan: No taxes on Social Security in 2025?
President-elect Donald Trump has made a bold promise to eliminate federal taxes on Social Security benefits. For millions of retirees, it’s an enticing idea, conjuring visions of bigger monthly checks and greater financial freedom. But while Trump’s proposal might spark excitement among retirees, experts warn it’s far from a done deal. Even with a Republican majority in Congress, the plan faces significant hurdles and could have unintended consequences for the future of Social Security. Here’s what Trump’s promise could mean for retirees and why you shouldn't be factoring this potential change into your financial plans.
President-elect Donald Trump has made a bold promise to eliminate federal taxes on Social Security benefits. For millions of retirees, it’s an enticing idea, conjuring visions of bigger monthly checks and greater financial freedom. But while Trump’s proposal might spark excitement among retirees, experts warn it’s far from a done deal. Even with a Republican majority in Congress, the plan faces significant hurdles and could have unintended consequences for the future of Social Security. Here’s what Trump’s promise could mean for retirees and why you shouldn't be factoring this potential change into your financial plans.
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