Breaking News Updates

[Voice of Hope September 24, 2024]

Program Summary

1. Free COVID-19 Test Kits Available for Americans

Starting this month, Americans can order free COVID-19 test kits, which will be mailed to their homes. The U.S. Health and Human Services Agency is overseeing the program, although a firm date for when orders will begin has not been announced.

A spokesperson for the agency stated that the tests will detect current strains of the virus and can be ordered ahead of the holiday season when friends and family gather together. The tests can be ordered through COVIDTests.gov.

U.S. regulators recently approved an updated COVID-19 vaccine designed to fight recent strains of the virus and, hopefully, the coming winter strains. The Centers for Disease Control and Prevention has recommended that everyone older than 6 months get vaccinated this fall.

2. The Impact of the Fed’s Interest Rate Cut on Homebuyers

This week, the Federal Reserve gave homebuyers a sharp interest rate cut and signaled more cuts to come. However, would-be homebuyers and homeowners eager to refinance should temper their expectations for significant declines in mortgage rates.

Interest rates have mostly been falling since July in anticipation of rate cuts from the Federal Reserve. The average rate on a 30-year mortgage is now 6.09%, according to mortgage buyer Freddie Mac. That’s down from 7.22% in May, which was the highest point so far this year.

While lower interest rates provide more purchasing power for homebuyers, mortgage rates of around 6% are still not low enough for many Americans who are struggling to afford a home. This is mainly because home prices have soared 49% over the past five years, about twice the growth of wages. Due to a shortage of housing in many markets, home prices remain near historical highs.