The Daily Money

ALL THE MONEY NEWS YOU NEED TO KNOW

Mon Oct 2 2023

Charisse Jones | Economic Opportunity Reporter

I know, I know. It's Monday. But I hope you have memories of a great weekend - and the latest installment of the Taylor-Travis saga (are they for real?) – to help you power through! It's Charisse Jones with your top Money headlines.

Mortgage rates remain high. So do home prices. But it's still a seller's market.

That's largely because the number of available homes remains slim, and that's due in part to 85% of current mortgage holders having loans with interest rates below 5% that they're reluctant to give up for a new mortgage that's likely to be vastly more expensive.

A for sale sign stands outside a single-family residence on the market on Sunday, June 18, 2023, in Denver.

David Zalubowski, AP Photo

USA TODAY reporter Swapna Venugopal Ramaswamy highlights the journey of one couple who purchased a new house despite the challenging home-buying climate. In their case, they needed to move closer to her husband's workplace after his employer began requiring him to be in the office part of the week. Others who may want to relocate to areas where the cost of living is lower are often using the equity in their current homes to ease the sticker shock of high-interest rates on a new loan.

Still, it's tough going for many would-be buyers. The 30-year interest rate for a fixed-rate mortgage was 7.3% during the week ending Sept. 28, the highest in 23 years, according to Freddie Mac. And the median price of a new home was $407,100, a 4% uptick from the same time period last year.

Medicare open enrollment is coming soon

It's that time of year when you can switch your Medicare health plan. But there's a lot to wade through.

Open enrollment starts Oct. 15 and ends on Dec. 7. USA TODAY's Medora Lee walks through the myriad options as you weigh what is best for you depending on your current health status, personal finances and other circumstances. Remember, costs and coverage areas can change from year to year, and in addition to the main Medicare plan, there are also Medicare Advantage plans available through private insurers.

🍔 Today's Menu 🍔

If you've heard of In-N-Out and Whataburger and wondered what all the fuss was about, you may soon have a chance to put their sandwiches to a taste test.

In-N-Out, a California staple, and Whataburger, a Texas institution, are fast expanding into new areas of the country. Check here to see if one of their restaurants is coming your way.

📰 More stories you shouldn't miss 📰

Washington state raises minimum wage: Next year, the minimum wage in Washington state will go up 3.4% to $16.28 an hour.

For the iPhone 15, not just any cord will do: Here are some tips for how to find the best USB-C cord to power up your phone.

If you're traveling for the holidays, book the trip now: Start looking now to snag the cheapest flights.

First Netflix, now Disney+: Soon, the streaming service's Canadian subscribers will no longer be able to share their account or login credential with anyone who does not live in their home.

Each weekday, The Daily Money delivers the best consumer news from USA TODAY. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you.