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Daily Money Brief

Plain-language updates on the personal finance, budgeting, debt, credit, investing, mortgage, inflation, and side income news that actually affects your wallet - with a one-line note on why it matters.

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EconomyKiplinger

Fed Holds Rates at 3.50%–3.75% at July 29 Meeting — What It Means for Your Money

The Federal Reserve kept its benchmark interest rate unchanged at 3.50%–3.75% at its July 29 meeting, holding steady as policymakers weighed cooling inflation against fresh uncertainty from U.S.-Iran tensions. Markets are pricing in roughly a 77% chance of a rate increase at the September meeting.

Why it matters: Rates on hold means high-yield savings accounts continue paying above 4% APY, but borrowers carrying variable-rate debt or waiting for cheaper mortgages may face a longer wait.

Jul 29, 2026Read source

Latest Stories

DebtForbes

Student Loan Borrowers on the SAVE Plan Have About 90 Days to Pick a New Repayment Option

The Department of Education started sending notices to SAVE plan enrollees in mid-July, giving them roughly 90 days to choose a different repayment plan before being automatically placed on the Standard Plan, which typically carries higher monthly payments. The transition is happening faster than originally announced.

Why it matters: If you are on the SAVE plan, visit studentaid.gov now to compare options — including the new Repayment Assistance Plan — before the 90-day window closes and a higher default payment kicks in automatically.

Jul 29, 2026Read source

Mortgage & HousingFreddie Mac

Freddie Mac: 30-Year Mortgage Rate Inched Up to 6.58% for the Week of July 23

The average 30-year fixed mortgage rose to 6.58% for the week ending July 23, up from 6.55% the prior week, according to Freddie Mac's Primary Mortgage Market Survey. The 15-year fixed came in at 5.96%, and forecasters at Fannie Mae expect rates to remain in the mid-6% range through the end of 2026.

Why it matters: Buyers and refinancers waiting for rates to drop sharply may face a long wait — shopping multiple lenders and asking builders about rate buydown incentives can still save thousands even at today's rates.

Jul 29, 2026Read source

RetirementCharles Schwab

High Earners 50 and Older Must Now Route Retirement Catch-Up Contributions to Roth Accounts

A new rule effective in 2026 requires workers aged 50 and older who earned more than $150,000 in wages from their employer in 2025 to make catch-up contributions in 401(k), 403(b), and 457(b) plans on a Roth (after-tax) basis only. Roth contributions forgo an upfront tax break but grow tax-free for retirement.

Why it matters: If your employer plan does not yet offer a Roth option, you may be unable to make catch-up contributions at all in 2026 — check with HR now so you are not losing out on extra retirement savings.

Jul 29, 2026Read source

InflationBureau of Labor Statistics

June Inflation Dropped to 3.5% Annually — the First Decline in Five Months

The Consumer Price Index fell 0.4% in June on a seasonally adjusted basis, its largest single-month decline since April 2020, pulling the annual rate down to 3.5%. Core CPI, which strips out food and energy, was flat for the month and 2.6% above year-ago levels, beating Wall Street's forecast of 3.8% annually.

Why it matters: Easing inflation is welcome relief for household budgets, but prices are still rising faster than the Fed's 2% target — meaning rate cuts remain off the table in the near term, and borrowing costs will stay elevated.

Jul 29, 2026Read source

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This content is for educational and informational purposes only and is not financial, investment, tax, or legal advice. Always do your own research or speak with a qualified professional. We summarize publicly available stories in plain language and link out to the original source - please read the full article at the source for complete context.

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