Bankrate

A Bankrate report reveals 87% of borrowers are overpaying on their mortgages, costing the average homeowner over $3,300 annually. The study highlights that most buyers don't compare lenders, and advises shopping around to avoid losing tens of thousands over a 30-year loan. The same applies to refinancing.

Financial experts recommend reassessing personal finances midyear to improve financial stability by year's end. A Bankrate survey highlights that nearly 25% of Americans lack emergency savings, while individuals like Matt Nawrocki and Allyson Lambert use budgeting apps to track expenses. Experts such as Trae Bodge advise prioritizing emergency funds and reducing unnecessary subscriptions to build stronger financial habits.

The US job market shows revived strength with robust job growth, but challenges like inflation outpacing wages and rising long-term unemployment persist. Major tech layoffs are a small part of the broader job market, which is seeing growth across sectors like leisure, hospitality, and healthcare.

The U.S. annual inflation rate rose to 4.2% in May, the highest since April 2023, with energy prices surging 23.5% year-over-year. Inflation outpaced wage growth for the second consecutive month, leading to declining real earnings and financial strain on middle-income households. Experts attribute persistent inflation to supply chain disruptions in the Middle East and note a 'bifurcated' consumer spending pattern across income groups.

The national average gas price has risen to $4.30 per gallon, the highest in four years, as President Trump claimed prices will drop when the Iran war ends. Ted Rossman, a Bankrate analyst, discusses the resilience of consumer spending amid the conflict.

Mortgage rates remain below 7 percent following a four-week low, with the 30-year rate at 6.36% and the 15-year rate at 5.73% according to Bankrate. This comes after a February drop below 6% for 30-year mortgages.