Personal income decreased 0.4%, or $109.6 billion, in May, the Commerce Department said. The personal savings rate — a percentage of disposable personal income — was 4.5%. Meanwhile, personal consumption expenditures increased 0.1%, or $29.3 billion.
The University of Michigan Consumer Sentiment Index decreased 3.7% in October compared to the month prior, landing at 46.3, according to preliminary results for the month.
While most U.S. families experienced moderate increases in income and net worth in recent years, the share of families experiencing financial stress also grew, the Federal Reserve said in its triennial Survey of Consumer Finances.
FHA published a mortgagee letter to formalize the use of VantageScore 4.0 and FICO Score 10T alongside Classic FICO to assess the creditworthiness of single-family mortgages, with the new policy taking effect at the start of the coming...
The cryptocurrency exchange Coinme has agreed to close down its virtual currency kiosk operations in multiple states as part of a settlement with 34 state financial regulatory authorities over alleged Bank Secrecy Act and anti-money laundering violations, according...
Consumer credit increased at a seasonally adjusted annual rate of 1.9% in August, according to the Federal Reserve. Revolving credit decreased at an annual rate of 4.2%, while nonrevolving credit increased at an annual rate of 4.1%.
The rate for a 30-year fixed-rate mortgage was 7.4% this week. The rate for a 15-year fixed-rate mortgage was 6.73%.
