See why mortgage rates are plunging

Category: Finance

The average rate on the 30-year fixed mortgage has decreased to 6.4%, the lowest in over a year, following a weaker employment report that caused bond yields to fall. This reduction in rates has improved housing affordability, lowering monthly payments for buyers.

Keywords: Mortgage Rates, Housing Affordability, Interest Rates

Source: Greater Baton Rouge Business Report

Update At: 8/6/2024

Related Sources

Apple Shares Tumble 4% After Double Downgrades by Analysts

Apple shares fell over 4% after multiple analysts downgraded the stock due to concerns over declining iPhone sales and weak performance in hardware and services. Jefferies analyst Edison Lee lowered the price target, citing weakening demand, especially in China. Barclays also downgraded Apple, predicting poor sales for upcoming iPhone models and criticizing the lack of innovation in its product lineup. The decline in MacBook and iPad sales further indicates challenges in Apple's hardware business, raising skepticism about its growth prospects amid increasing competition and economic pressures.

Yahoo Eurosport UK

Apple stock hit with 2 downgrades on weak iPhone sales, AI outlook

Jefferies analyst Edison Lee downgraded Apple's stock rating to Underperform, lowering the price target to $200.75 due to expected weak iPhone sales and consumer disinterest in AI. Loop Capital also downgraded Apple from Buy to Hold with a target of $230. iPhone sales in China fell 15-20% year over year, contributing to a decline in market share. Jefferies forecasts a slight decline in iPhone revenue for the first quarter, while total sales growth is expected to be lower than previously estimated. Apple faces ongoing challenges in China and overall market competition.

Yahoo Finance

SEC Launches New Crypto Task Force | Insights | Holland & Knight

The SEC has initiated a new crypto task force under Acting Chair Mark T. Uyeda, led by Commissioner Hester Peirce, aiming to create a regulatory framework for the crypto industry rather than focusing on enforcement. This shift marks a significant change in the SEC's approach, moving away from the previous administration's regulation-by-enforcement strategy. The task force seeks input from various stakeholders to develop clearer regulations and guidance for crypto asset securities.

Holland & Knight

White House orders review of regulations affecting crypto sector

The 2023 decision by banking regulators to use a systemic risk exemption helped safeguard uninsured deposits after the failures of Silicon Valley Bank and Signature Bank, averting further instability in the U.S. banking system.

ABA Banking Journal

No, Trump did not become an overnight ‘crypto billionaire’ | Business

President Trump's meme coin venture, $TRUMP and $MELANIA, is seen as a cash grab rather than a significant wealth booster. Despite reports of an 800% increase in his net worth, Trump's fortune is estimated at over $6 billion, primarily from real estate and his social media business. The speculative nature of meme coins makes their valuation uncertain, and while Trump may profit from this venture, it does not qualify him as a 'crypto billionaire.'

CNNMoney

SoFi Just Had Its "Best Year Ever": Here's Why the Stock Is Plunging Anyway

SoFi's stock fell by about 10% despite reporting strong fourth-quarter earnings, including the addition of 785,000 members and a significant increase in loan originations. The decline is attributed to management's guidance for 2025, which projected higher revenue but lower-than-expected earnings per share, indicating potential margin concerns.

Motley Fool

SoFi Q4 Earnings: Lackluster FY25 Profit Outlook Overshadows Performance, Stock Slides

SoFi Technologies Inc reported a fourth-quarter adjusted sales of $739.11 million, exceeding analyst expectations. The company saw a 24% year-over-year revenue increase, with significant growth in financial services and lending segments. SoFi added 785,000 new members, bringing the total to 10.1 million. The outlook for 2025 includes projected adjusted net revenue of $3.200 billion to $3.275 billion, indicating continued growth despite a recent stock price decline of 12.1%.

Yahoo Movies

SoFi Technologies Stock Sinks on Soft Guidance

SoFi Technologies (SOFI) shares fell 10% after the company provided lower-than-expected earnings guidance, despite reporting better-than-expected fourth-quarter results with a 19% revenue increase. The Financial Services unit saw an 84% revenue surge, contributing to a record 49% of total revenue. CEO Anthony Noto anticipates 2024 to be the company's best year, although shares have more than doubled in value over the past year.

Investopedia

SoFi Technologies Reports Net Revenue of $734 Million and Net Income of $332 Million for Q4 2024, Demonstrating Durable Growth and Strong Returns

SoFi Technologies, Inc. reported record financial results for Q4 and the full year 2024, achieving significant growth in revenue, members, and products. The company highlighted a 19% increase in GAAP net revenue for Q4, reaching $734.1 million, and a 26% increase for the full year, totaling $2.7 billion. Key achievements included record member additions of 785,000 in Q4 and a total of over 10.1 million members. The Financial Services segment saw an 84% increase in net revenue year-over-year, while the Lending segment reported a 66% increase in origination volume. SoFi's focus on innovation and brand building has positioned it for continued growth in 2025, with expectations of adding at least 2.8 million new members.

Business Wire

When can I file taxes? IRS begins processing today — see deadline and how to track refund

The 2025 tax season starts on January 27, with the IRS accepting tax returns for the 2024 tax year. Taxpayers can track their refunds using the Where's My Refund? tool and are encouraged to e-file for faster refunds. Taxes are due by April 15, 2025, and there are free filing options available, such as TurboTax for eligible users.

Austin American-Statesman