August 29, 2023 Investor Insights
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Investor Insights: August 29, 2023 -- Mortgages from 2001
Enjoy this week's "Investor Insights," a weekly newsletter highlighting the financial news you need and providing tips and tricks to help you make better investment decisions.
- The average 30-year fixed mortgage is now at a 7.23% rate, the highest since 2001. This is a significant change from two years ago when rates were below 3%, which was close to the lowest ever. 1
- Waiting until age 70 instead of 62 for Social Security benefits means retirees can increase their monthly amount by up to 76%. Even though 72% of non-retired investors are aware of this fact, only 10% plan to wait until 70 to claim benefits. 2
- The Conference Board’s Index of CEO Confidence improved from 42 to 48 in the third quarter (readings above 50 show optimism). 84% of CEOs still expect a slight recession in the next 12-18 months, but 40% still plan to hire more employees. 2
- The S&P 500 index trades for an elevated 21.4 times earnings. This valuation is top-end loaded since the 10 largest companies have a median price/earnings ratio of 27.5x, yet the remaining 490 companies’ price/earnings is just 17x. 2
Sources:
- WSJ - "Mortgage Rates Hit 7.23%, Highest Since 2001"
- Bespoke - "Stat Sheet 8/25/23"
*Past performance is not indicative of future performance
Disclosure: This information is furnished for the use of Glen Eagle Advisors, LLC, Glen Eagle Wealth, LLC, and their clients and/or contacts. It does not constitute the provision of investment advice to any person. It is not prepared with respect to the specific objectives, financial situation, or particular needs of any specific person. Investors reading this commentary should consult with their Glen Eagle representative/financial advisor regarding the appropriateness of investing in any securities or adapting any investment strategies discussed or recommended in this newsletter.
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