Weekly Financial News

Author: Joseph Reinke, CFA

Welcome back to another installment of FitBUX's Weekly Financial Update – your personalized bulletin for all things finance.

Our mission? To empower our community of young professionals, aged between 20 and 40, with the most compelling financial news and insights.

From the latest on student loans, real estate trends, to stock market movements, we have you covered.

Our expertise? Guiding our community to navigate over $2.6 billion in assets and debts.

As your authoritative finance partner, we are committed to offering clarity, instilling confidence, and reducing financial stress.

So, let's jump into this week's noteworthy updates and help you optimize your financial health.

Student Loans

Federal student loan lenders still have delays processing applications, updating accounts, and more people are being placed on an administrative forbearance. The interest subsidy for SAVE also has not started, but we hope to see that change in the coming months. 

Here's the good news. Student loan refinance rates have dropped for borrowers who are paying off their student loans! Over the past few months, we have seen several members with private loans from 6%-13% variable interest rates. 

We have seen rates in the 4% range for some members, saving them thousands of dollars while paying off their loans. The time to shop rates is now.

Are you unsure how to decipher rates, terms, and savings amounts? We can help. Click here to speak to one of our FitBUX financial experts for a FREE consultation!

Financial Planning

The big question we have been getting lately is about student loans and married couples' tax filing status. Should you file jointly or separately?

The answer is it truly depends on your household circumstances. You will want to weigh the differences aside from just your student loans, meaning your tax return/obligation difference and overall financial picture.

In other news, don't forget you have until April 15, 2024, to contribute to your IRA 2023 contribution limit.

It's often easily mistaken that contributions for 2023 end in December, but they are based on the tax calendar year.

Housing Market

Mortgage rates are steady, hovering between 6%-7% for 15- and 30-year mortgages. 

Q4 GDP growth exceeded expectations, indicating strong economic recovery. Although jobless claims increased slightly, the overall employment scenario remains promising. This can be good news for the market.

Inflation is gradually approaching the Fed's 2% target, with core inflation dipping below 3% for the first time in years. Many wonder if the Federal Reserve will cut rates towards the middle of the year. 

Overall, it's been a positive week for the housing market, driven by favorable mortgage rates, a promising economy, and encouraging real estate trends.

 


Joseph Reinke, CFA

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About the Author

Joseph Reinke is a Chartered Financial Analyst (CFA) Charter Holder and founder of FitBUX which has helped over 14,000 young professionals on their journey to financial freedom. Joseph has been personally investing since he was 12 years old.

In addition, he has experience in student loans, mortgages, wealth management, investment banking, valuation, stock trading, and option trading. He has been on 100s of podcast and has been invited to 100s of universities to discuss financial planning with their soon to be graduates.

    • It depends on how long mortgage rates stay up/increase. The home affordability isn’t going to get better unless wages go up, house prices go down, or mortgage rates decrease again. Wages aren’t going to go up fast so what is more likely to happen first: rates going down or prices going down?

      Also, it really depends on the location as well….

    • They’ve stayed resilient nationwide the last year on average. However, in my area they are down 25% from the high…
      Next week we’ll be doing a massive one hour update on housing.

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