Author: Money Mechanics

Each week, in our Ask the Editor series, Joy Taylor, The Kiplinger Tax Letter Editor, answers questions on topics submitted by readers. This week, she’s looking at four questions on the new tax deduction for paying interest on vehicle loans. (Get a free issue of The Kiplinger Tax Letter or subscribe.)1. What are the general rules for the deduction?Question: I hear that individuals can now deduct interest paid on their car loans. Can you explain this tax break? Joy Taylor: The “One Big Beautiful Bill” law that was enacted on July 4 provides several new tax breaks for individuals. One…

Key Takeaways Mortgage rates recently hit an almost 13-month low before inching higher again, currently averaging 6.48% nationwide.The latest data show Kentucky with the lowest rates, while mortgages were priciest in Hawaii. Our map shows the average in every state.Because rate timing is tough to predict, buyers are often better off purchasing when they’re ready and the right home comes along. While mortgage rates generally move in the same direction nationwide, some states average slightly higher or lower than others. The states with the lowest 30-year fixed mortgage rates are currently Kentucky, New York, North Carolina, Louisiana, California, and New…

Selling continued on Wall Street to start Friday, with sentiment taking a hit from lofty equities valuations and the ongoing government shutdown. But two of the three main indexes finished in positive territory as media reports refreshed hope that the funding standoff could end sooner rather than later.The October jobs report was slated to be released today, but due to the government shutdown, the data are delayed for a second month in a row. Based on the private data we’ve seen, Comerica Chief Economist Bill Adams believes “employment likely fell in October as weak private hiring failed to offset a…

According to analytics company Curinos, the current national average HELOC rate is 7.64%. Yahoo Finance is seeing home equity line of credit interest rates dropping by 0.25% or more at national lenders. Shop more than one HELOC lender to find your best offer. According to Curinos data, the average weekly HELOC rate is 7.64%, down 40 basis points since January. This rate is based on applicants with a minimum credit score of 780 and a maximum combined loan-to-value ratio (CLTV) of 70%. Homeowners have an impressive amount of value tied up in their houses — more than $34 trillion at…

They are coming not just from the precious metals market itself, but from other markets as wellBitcoin on the BrinkThat’s : Barely hanging above $100k (currently below it; shorting it above $104k was most likely an excellent idea), but already below the previous highs and the lower of the rising support lines. This is a severe technical damage, and I don’t think the bulls will be able to save the cryptocurrency market this time. This week’s performance tells us why. What did the anti-USD asset – bitcoin – do in the last few days? It declined and even though it…

45% of respondents are less likely to make a major purchase overall due to the government shutdown, up from 21% in early October, according to a new Redfin survey conducted by Ipsos. 21% of Americans are delaying a major purchase like a home or car because of the shutdown, up from 17% in early October. 15% have canceled a major purchase, up from 7% last month. Nearly half (46%) of respondents say the shutdown has had a negative impact on their life. More than a third (35%) say they are worse off financially because of the shutdown. 7% of Americans…

The Washington Post has said that it was one of the victims of a hacking campaign tied to Oracle’s suite of corporate software apps.   Reuters first reported the news on Friday, citing a statement from the newspaper that said it was affected “by the breach of the Oracle E-Business Suite platform.”  A spokesperson for the Post did not immediately respond to TechCrunch’s request for comment  When reached by email, Oracle spokesperson Michael Egbert referred TechCrunch to its two advisories that it previously posted, and did not answer our questions.  Last month, Google said that the ransomware gang Clop was targeting…

Key Takeaways The Bureau of Labor Statistics missed a second month of jobs reports Friday, deepening a data blackout that’s left policymakers in the dark about important economic trends.The longer the shutdown continues, the greater the chance the reports will be skipped entirely rather than just delayed. How many jobs did the U.S. economy gain or add in October? We may never know. In a normal month, the Bureau of Labor Statistics would publish its monthly jobs report Friday, with information on the national unemployment rate, job creation, and other data about the labor market. But due to the ongoing government…

(World Oil) – U.S. shale companies are forging ahead with their production plans, adapting to $60 oil prices while grinding out small increases and setting up the industry to add to next year’s record supply glut. Diamondback Energy Inc., Coterra Energy Inc. and Ovintiv Inc. this week announced plans to raise output slightly for this year or 2026 despite oil prices falling close to the threshold needed for many U.S. shale wells to break even. Last week, Exxon Mobil Corp. cemented its position as the biggest Permian basin operator by lifting its 2025 production guidance by 100,000 boed, more than…

Key Takeaways Nancy Pelosi, who was the first female Speaker of the U.S. House of Representatives, will retire from Congress when her term ends in 2027.She has amassed a net worth of hundreds of millions of dollars thanks in large part to investments in big-cap technology stocks and real estate.With her husband, venture capitalist Paul Pelosi, Pelosi has an estimated net worth of over $278 million. Besides being known for her career in politics, Nancy Pelosi has also made headlines with her investing moves—which often have proven highly profitable and have added millions to her net worth. Pelosi’s net worth…