Morning Brew Daily Mortgage Rates Skyrocket to 20-Year High & Is Tourism Helping or Hurting Maui?
Aug 18, 2023
Mortgage rates have soared to a 20-year high, causing a crisis in housing affordability. Meanwhile, Maui grapples with the impact of tourism on its post-wildfire recovery, stirring a complex debate. The podcast also highlights a remarkable 39% rise in 401k savings, with more individuals on track to become millionaires. In the world of investments, James Harden's wine sales took off during a live stream, and elite high schools are investing heavily in sports facilities. The show wraps up with playful banter about predictions for the Women's World Cup.
AI Snips
Chapters
Transcript
Episode notes
Housing Market Freeze
- Mortgage rates hit a 20-year high of 7.09%, impacting housing affordability.
- The frozen market discourages selling due to low existing rates and limited new homes.
Maui's Tourism Dilemma
- Maui faces tension between needing tourism revenue and local resentment.
- The wildfires exacerbated existing tensions over resource prioritization.
Path to 401k Millionaire
- Consistently saving a significant portion of your income is key to reaching $1 million in a 401k.
- The average 401k millionaire saves 17.2% of their pay and is 59 years old.