The Daily Money: Low housing inventory means sellers are still in the driver's seat
I know, I know. It's Monday. But I hope you have memories of a great weekend - and the latest installment of the Taylor-Travis saga (are they for real?) – to help you power through! It's Charisse Jones with your top Money headlines.
Mortgage rates remain high. So do home prices. But it's still a seller's market.
That's largely because the number of available homes remains slim, and that's due in part to 85% of current mortgage holders having loans with interest rates below 5% that they're reluctant to give up for a new mortgage that's likely to be vastly more expensive.
Paste BN reporter Swapna Venugopal Ramaswamy highlights the journey of one couple who purchased a new house despite the challenging home-buying climate. In their case, they needed to move closer to her husband's workplace after his employer began requiring him to be in the office part of the week. Others who may want to relocate to areas where the cost of living is lower are often using the equity in their current homes to ease the sticker shock of high-interest rates on a new loan.
Still, it's tough going for many would-be buyers. The 30-year interest rate for a fixed-rate mortgage was 7.3% during the week ending Sept. 28, the highest in 23 years, according to Freddie Mac. And the median price of a new home was $407,100, a 4% uptick from the same time period last year.
Medicare open enrollment is coming soon
It's that time of year when you can switch your Medicare health plan. But there's a lot to wade through.
Open enrollment starts Oct. 15 and ends on Dec. 7. Paste BN's Medora Lee walks through the myriad options as you weigh what is best for you depending on your current health status, personal finances and other circumstances. Remember, costs and coverage areas can change from year to year, and in addition to the main Medicare plan, there are also Medicare Advantage plans available through private insurers.
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Each weekday, The Daily Money delivers the best consumer news from Paste BN. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you.