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The yield on the benchmark 10-year Treasury note, a key barometer for mortgage rates, auto loans and student debt, hit 5% for the first time since 2007 on Thursday. 
Borrowing costs could head even higher as a result. 
One group that stands to benefit from higher rates: savers.

The yield on the benchmark 10-year Treasury crossed 5% for the first time in 16 years on Thursday, causing a ripple effect that could raise rates on mortgages, student debt, auto loans and more.
After Federal Reserve Chair Jerome Powell said “inflation is still too high,” expectations that the U.S. central bank could continue to tighten monetary policy sent the 10-year yield over the key psychological level for the first time since July 2007.

“That has real impacts on the economy, ultimately affecting every individual in the U.S.,” said Mark Hamrick, Bankrate.com’s senior economic analyst.

The yield on the 10-year note is a barometer for mortgage rates and other types of loans.
“When the 10-year yield goes up, it will have a knock-on effect for almost everything,” according to Columbia Business School economics professor Brett House.
Even though many of these consumer loans are fixed, anyone taking out a new loan will likely pay more in interest, he said.

Why Treasury yields have jumped

A bond’s yield is the total annual return investors get from bond payments. There are many factors driving the recent spike in Treasury yields, economists said.

For one, yields tend to rise and fall according to the Federal Reserve’s interest rate policy and investors’ inflation expectations.
In this case, the central bank has hiked its benchmark rate aggressively since early 2022 to tame historically high inflation, pushing up bond yields. Inflation has fallen significantly since then. However, Fed officials and recent strong U.S. economic data suggest interest rates will likely have to stay higher for a longer time than many expected to finish the job. Higher oil prices have also fed into inflation fears.

But interest rates are just part of the story.
Most of the recent jump in Treasury yields is due to a so-called “term premium,” said Andrew Hunter, deputy chief U.S. economist at Capital Economics.
Basically, investors are demanding a higher return to lend their money to the U.S. government — in this case, for 10 years. One reason: Investors seem skittish about rising U.S. government debt, Hunter said. Generally, investors demand a higher return if they perceive a greater risk of the government’s inability to pay back debt in the future.

Mortgage rates will stay high

Most Americans’ largest liability is their home mortgage. Currently, the average 30-year fixed rate is up to 8%, according to Freddie Mac.
“For those who are planning to buy a home, this is really bad news,” said Eugenio Aleman, chief economist at Raymond James.
“Mortgage rates will probably continue to go up and that will push affordability farther away.”

Student loans could get pricier

There is also a correlation between Treasury yields and student loans.
A college education is the second-largest expense an individual is likely to face in a lifetime, right after purchasing a home. To cover that cost, more than half of families borrow.

Undergraduate students who take out new direct federal student loans for the 2023-24 academic year are now paying 5.50% — up from 4.99% in the 2022-23 academic year and 3.73% in 2021-22.
The government sets the annual rates on those loans once a year, based on the 10-year Treasury.
If the 10-year yield stays above 5%, federal student loan interest rates could increase again when they reset in the spring, costing student borrowers even more in interest.

Car loans are getting more expensive

There is also a loose correlation between Treasury yields and auto loans. The average rate on a five-year new car loan is currently 7.62%, the highest in 16 years, according to Bankrate. Now, more consumers face monthly payments that they likely cannot afford.
“There are only so many people who can carve out an $800 to $1,000 car payment,” Bankrate’s Hamrick said.
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While other types of borrowing, including credit cards, small business loans and home equity lines of credit, are predominantly pegged to the federal funds rate and rise or fall in step with Fed rate moves, those rates could head higher, too, according Aleman.
“Everything from business loans to consumer loans is going to be affected,” he said.

Savers can benefit

One group that does stand to benefit from higher yields is savers.
“For many years, we’ve been bemoaning the plight of savers,” Hamrick said. But because yields tend to be correlated to changes in the target federal funds rate, deposit rates are finally higher. 
High-yield savings accounts, certificates of deposits and money market accounts are now paying over 5%, according to Bankrate, which is the most savers have been able to earn in more than 15 years.
“This is the rare time in recent history when cash looks pretty good,” Hamrick said.
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The average 30-year fixed mortgage rate hit 8% for the first time since 2000.
Homebuyers must earn $114,627 to afford a median-priced house in the U.S., according to a recent report by Redfin, a real estate firm.
“Housing affordability is incredibly difficult for potential homebuyers,” said Jessica Lautz, deputy chief economist and vice president of research at the National Association of Realtors.

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The average 30-year fixed mortgage rate just hit 8% for the first time since 2000, putting housing financing costs at historically high levels.
Given high prices and high interest rates, homebuyers must earn $114,627 to afford a median-priced house in the U.S., according to a recent report by Redfin, a real estate firm, which analyzed median monthly mortgage payments in August 2023 and August 2022.

The firm considers a monthly mortgage payment to be affordable if the homebuyer spends no more than 30% of their income on housing. At the time of the analysis, the average 30-year fixed mortgage was 7.07%.
The median U.S. household income was $75,000 in 2022, Redfin found. While hourly wages in the U.S. grew 5% over the past year, according to the real estate firm, that has not outpaced rising housing costs.
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Those current market trends have left homeownership out of reach for many people, experts say.
“Housing affordability is incredibly difficult for potential homebuyers,” said Jessica Lautz, deputy chief economist and vice president of research at the National Association of Realtors.

How home affordability has changed

In August 2020, the typical monthly mortgage payment was $1,581, based on an average interest rate of 2.94%, Redfin found. At the time, the typical house cost roughly $329,000, and homebuyers would have needed an annual income of $75,000 to afford it. 
However, those record-low levels were the result of “highly unusual events, like a pandemic and a nearly catastrophic financial crisis,” said Mark Hamrick, senior economic analyst at Bankrate.com.
Nowadays, the typical U.S. homebuyer’s monthly mortgage payment is $2,866, according to Redfin — an all-time high.

Phiromya Intawongpan | Istock | Getty Images

While the economy and the housing markets move through cycles, it’s unlikely for mortgage rates to decline substantially in the near term, especially as the Federal Reserve is expected to keep the benchmark rate high for longer, added Hamrick.
Additionally, the constrained supply of homes for sale is a “direct result of the lock-in effect,” said Hamrick. The low supply pressures prices upward as current homeowners are less compelled to move or put their houses on the market as they don’t want to trade their low-rate mortgage for one that is significantly higher.
“Higher rates are also increasing the cost and availability of builder development and construction loans, which harms supply and contributes to lower housing affordability,” Alicia Huey, NAHB’s chairman and a homebuilder and developer from Birmingham, Alabama, previously told CNBC.

‘This pain shall pass’

“People should know that this pain shall pass,” said Melissa Cohn, regional vice president of William Raveis Mortgage in New York. “In the next year or two years, interest rates will be lower, and people will have the ability to refinance.”
That said, competition for homes on the market is likely to be worse in a few years as interest rates cool, she said. There are many buyers who remain on the sidelines because of current high rates.
“When interest rates come down, everyone’s going to come back to the marketplace,” said Cohn.

How to decide: Buy now or wait?

The decision of purchasing a home is intensely personal and prospective homebuyers should tread with caution, experts say.
“When deciding to purchase a home, it comes down to personal finances, stability and the length of time they plan on owning,” said Lautz.
In addition to mortgage costs, prospective homebuyers should keep their other financial goals in mind, as well as maintenance costs, said Hamrick. The biggest regret among recent homebuyers was not being prepared for maintenance and other costs, according to a Bankrate survey.
However, “homeownership is the primary means of wealth creation in this country,” said Hamrick.
The typical homeowner has $396,200 in wealth compared to the average renter at $10,400, added Lautz.

First-time homebuyers may consider tapping retirement funds or taking advantage of first-time homebuyer programs that may offer down payment assistance. Buyers can also consider temporary buydowns, which are paid by either the real estate broker or seller, to help lower the monthly payment, said Cohn.
However, it will be important for prospective buyers to work with professionals in the long run, experts say. Buyers should examine all options, consult with realtors about overlook areas and talk with mortgage brokers to consider all the possible loan options, said Lautz.
“This is potentially the most expensive transaction somebody will be associated with in their lifetimes,” said Hamrick. “It should be done as well as possible to the benefit of the buyer.”Don’t miss these CNBC PRO stories: More

When it comes to the highest-paying bachelor’s degrees, engineering and other STEM-related fields of study continue to dominate.
As a result, more students are pursuing careers in science, technology, engineering and mathematics.
However, in some cases, you may not even need a degree to get a foot in the door.

Getty Images

Highest-paying majors are mostly STEM

Payscale’s recent college salary report found that petroleum engineering is currently the highest-paying major overall. Graduates in the field earn nearly six figures just starting out and more than $200,000 with 10 or more years of experience.
After petroleum engineering, operations research and industrial engineering majors are the next highest paid, followed by interaction design, applied economics and management and building science. 

Technology jobs also claimed most spots in the top 10 list of highest-paying jobs currently available, according to a separate report by job search site Ladders.
“Even though tech hiring has slowed, there’s still demand for software engineers and project managers. I suspect the rise of AI is a big factor here,” Ladders founder Marc Cenedella said.
Down the road, students who pursue a degree specifically in computer science, electrical engineering, mechanical engineering or economics — still mostly STEM disciplines — earn the most overall, according to another recent analysis of bachelor’s degrees and median earnings by the U.S. Census Bureau.

Higher pay has led to a surge in STEM graduates

“Up until 10 years ago, the focus was almost entirely on the umbrella name of the institution. Now people are looking closer at pre-professional programs from a financial point of view,” Greenberg said.
“The acceleration of college tuition prices is making people look much more closely at the value,” he said.

People are looking closer at pre-professional programs from a financial point of view.

Eric Greenberg
president of Greenberg Educational Group

In the past decade, college got a lot more expensive. Tuition and fees at four-year private colleges jumped roughly 36%, according to the College Board, which tracks trends in college pricing and student aid.
During that same time, there has been a surge in the number of STEM graduates from U.S. colleges and universities at all degree levels, according to a Pew Research Center analysis of federal employment and education data.
Going forward, that’s likely to continue, the research shows. The growth in STEM jobs is expected to outpace that of non-STEM jobs in the coming years, Pew also found. 

‘You don’t always need a degree’

However, in some STEM-related fields, “you don’t always need a degree,” according to John Mullinix, chief growth officer at Ladders.
A growing number of companies, including many in tech, are dropping degree requirements for middle-skill and even higher-skill roles.

Between boot camps, specialized programs and online certifications, there are more options available at a lower cost, according to Mullinix. 
“There’s a huge opportunity there,” he said.
Still, occupations as a whole are steadily requiring more education, according to a separate report by Georgetown University’s Center on Education and the Workforce.
The fastest-growing industries, such as computer and data processing, still require workers with disproportionately high education levels compared with industries that have not grown as quickly.
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The IRS on Thursday announced a “special withdrawal process” for small businesses that may have wrongly claimed the so-called employee retention tax credit.
Many small businesses were misled by ERC promoters, prompting the agency to temporarily stop processing new claims in September.
“We want to give these taxpayers a way out,” IRS Commissioner Danny Werfel said in a statement.

IRS Commissioner Daniel Werfel testifies during the Senate Finance Committee hearing on The President’s Fiscal Year 2024 IRS Budget and the IRS’s 2023 Filing Season, in the Dirksen Building on April 19, 2023.
Tom Williams | CQ-Roll Call, Inc. | Getty Images

The IRS on Thursday announced a “special withdrawal process” for small businesses that may have wrongly claimed the so-called employee retention tax credit, or ERC.
Enacted to support small businesses during the Covid-19 pandemic, the ERC, worth thousands per eligible employee, has been a magnet for fraudulent or “questionable claims,” according to the IRS. Many small businesses were misled by ERC promoters, prompting the agency to temporarily stop processing new claims in September.

The new withdrawal option allows certain small businesses to withdraw an ERC claim if they haven’t already received a refund, to avoid future repayment, interest and penalties, according to the IRS.
“The aggressive marketing of these schemes has harmed well-meaning businesses and organizations, and some are having second thoughts about their claims,” IRS Commissioner Danny Werfel said in a statement. “We want to give these taxpayers a way out.”
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“We continue to urge taxpayers to consult with a trusted tax professional rather than a marketing company about this complex tax credit,” Werfel said.
Small businesses can use the ERC claim withdrawal process if they meet the following criteria:

They claimed the ERC on an adjusted employment return (Forms 941-X, 943-X, 944-X, CT-1X).
They only filed the adjusted return to claim the ERC and made no other changes.
They intend to withdraw the entire ERC claim.
They have either not received payment for their claim, or received the payment but haven’t cashed or deposited the refund check.

Small businesses can learn more about the ERC withdrawal process by visiting IRS.gov/withdrawmyERC.

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Americans paid $163.89 billion in credit card fees and interest in 2022, according to a WalletHub analysis.
Between 2018 and 2020, such charges were roughly $120 billion per year, according to the Consumer Financial Protection Bureau. 
“As bad as things have been for cardholders for the last year or so, it’s probably going to get a little worse for a while before it gets better,” said Matt Schulz, chief credit analyst at LendingTree.

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Advocates target late payment penalties as ‘junk fees’

The Biden administration has focused on cracking down on “junk fees” with the Federal Trade Commission and the CFPB in all areas of consumers’ lives, including certain credit card penalties.

Some credit card companies charge as much as $41 for a missed payment. The goal is to reduce late payment fees to $8, ban late-fee amounts that go over 25% of the cardholder’s required payment and end the automatic annual inflation adjustment, the CFPB said in a statement.

These charges are significant for lower-income households that may pay these fees constantly, amounting to almost a few hundred dollars over the course of a year, said Schulz.
Proposed changes are meant to fill gaps in the Credit Card Accountability Responsibility and Disclosure Act of 2009, or CARD Act. The law imposed guardrails on credit card companies such as price controls on penalty fees and specific conditions in which they can be charged. However, there is no restriction on how much APR a company can charge nor language on late fees.

How to minimize credit card fees, interest

Cardholders paid on average $76.27 in fees and interest per credit card account in the fourth quarter of 2022, WalletHub found. Considering this, it’s worth looking at ways to lower these additional charges.
“Life is so expensive in 2023 and it’s not going to get any cheaper any time soon,” he said.

1. Ask your card issuer for a break

Cardholders “can ask their card issuers for help,” Schulz said. Those who do “are more successful than most people realize,” he said.
For instance, more than 3 in every 4 cardholders who asked for a lower interest rate on one of their credit cards in the past year got one, according to LendingTree. Almost 90% of people who called their issuer about a late fee were able to get it waived, a 2022 WalletHub survey found.
If you ask your card issuer to lower your interest rate, they may run a credit check to see if anything has changed with your financial situation since you opened the card. However, the savings you may get with the lower rate may be worth taking the “little hit on your credit score,” said Schulz.

2. Use autopay, but remember it ‘isn’t perfect’

Consider setting up automated payments for your credit card statements so that you don’t miss a payment or accidentally pay late.
However, don’t lose sight of your monthly statements because “autopay isn’t perfect,” said Schulz.

Autopay makes a lot of things easier but it doesn’t absolve people of the responsibility for still keeping an eye on things.

Matt Schulz
chief credit analyst at LendingTree

You could still end up paying late if you don’t monitor the due date, and you may not be paying enough to cover the minimum if your balance is higher than expected. To avoid paying more in interest and fees, try to make sure you cover the entire statement balance.
“Autopay makes a lot of things easier,but it doesn’t absolve people of the responsibility for still keeping an eye on things,” added Schulz.
You can also ask to change your due date to make it more convenient, said Sara Rathner, credit cards expert and writer at NerdWallet. You’re aware of how much money you have available in your checking account this way before an automated payment goes through.

3. Avoid surprises

Take advantage of opportunities to mitigate surprise charges and get the information you need about your card, said Winnie Sun, co-founder and managing director of Sun Group Wealth Partners in Irvine, California.
Make sure you’re aware of your charges, whether that means routinely checking your statements or setting up push notifications every time your credit card is charged, said Sun, a CNBC Financial Advisor Council member. That can help you spot fraud and be aware of fees and interest you’ve accrued.
Finally, if you haven’t reviewed the terms and conditions with your credit card company in a long time, contact your issuer’s customer support and ask for a list of fees and how much each costs.
“You can always contact your card issuer and ask basic information about the card you have,” said Schulz.Don’t miss these CNBC PRO stories: More

A 3.2% cost-of-living adjustment will go into effect in January for millions of Social Security beneficiaries.
Here’s how to gauge how much extra you may see in your monthly checks.

Wand_prapan | Istock | Getty Images

How to calculate your Social Security COLA for 2024

There are two ways you can calculate how much your 2024 monthly Social Security check may be, according to Joe Elsasser, a certified financial planner and founder and president of Covisum, a provider of Social Security claiming software.
The best way is to take the amount of your current Social Security check and add back your monthly Medicare Part B premium, if it is deducted from your check. In 2023, the standard monthly Part B premium is $164.90. However, higher-income beneficiaries pay more, including single individuals with more than $97,000 in income and married couples with more than $194,000.
Then, apply the COLA to the entire benefit, including what you are having withheld for taxes. Next, subtract the new Medicare Part B premium for 2024, as well as taxes at the rate you have withheld. Next year, the standard monthly Part B premium will be $174.70. Higher-income individuals with more than $103,000 in income and married couples with more than $206,000 will pay more.
That should give you the size of your benefit for next year, according to Elsasser.
Alternatively, you can do a rough calculation by taking the monthly benefit you’re getting today and multiplying by 1.032.
“It would be a rough calculation, but it’s a reasonable guess,” Elsasser said.

How your 2024 benefit compares to others

The maximum benefit for a retired worker who claims at full retirement age will go up to $3,822 per month in 2024, up from $3,627 per month in 2023.
The average benefit for all retired workers will be $1,907 in 2024, up from $1,848 in 2023, according to the Social Security Administration.

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Struggling borrowers may not have to resume their student loan payments for another year.
Here’s what to know about the Biden administration’s relief measure.

A woman planning a budget.
Rockaa | E+ | Getty Images

Do I have to do anything to apply for the relief?

Borrowers do not need to enroll in the on-ramp period, the U.S. Department of Education says.
If your loans were eligible for the pandemic-era payment pause, which mainly include those in the Direct program, then they’ll also qualify for this grace period of sorts.
Loans that don’t qualify include private student loans and commercially held Federal Family Education Loans.

Will interest continue to accrue on my debt?

Yes. Interest began accruing on federal student loans Sept. 1.
Unlike during the pandemic-era pause on federal student loans, when interest rates were set to zero, your debt will continue to grow at its pre-Covid rate over the next year. Forgoing payments or making only partial payments during the on-ramp period means you’ll likely have a larger bill in a year.
For that reason, Scott Buchanan, executive director of the Student Loan Servicing Alliance, a trade group for federal student loan servicers, said he hoped borrowers weren’t thinking this is just another payment pause.
“There is a fundamental difference here, which is that interest is accruing now,” Buchanan said.

Are there any consequences to not making payments?

Besides the accrual of interest, experts say there are unlikely to be consequences of not making payments during the on-ramp period. However, like with all things student loans, it’s good be careful. One borrower already told CNBC her account was put into a past-due status when she didn’t make her October payment.
Still, the Department of Education says it will not report your missed payments during this period to the credit bureaus.
Borrowers should also be shielded from collection activity, including the garnishments of their wages or retirement benefits, said higher education expert Mark Kantrowitz.

Should I make payments or not?

If you can afford to make your student loan payments, most experts recommend that you do so to avoid ending up with a larger bill when the on-ramp period ends.
Still, experts say some borrowers with small debt balances who believe they will qualify for President Joe Biden’s Plan B for student loan forgiveness are taking their chances and holding off on making their payments.
“They’re trying to buy themselves time,” said Braxton Brewington, press secretary for the Debt Collective.
Biden’s plan is currently working its way through the regulatory process. It is unclear if the administration’s second attempt at providing people relief will end any differently than its first, with a failure at the Supreme Court.

What if my servicer gets it wrong?

The restart of student loan payments is proving rocky for many. Borrowers describe incredibly long wait times trying to contact their servicers and receiving incorrect bills.
One customer service representative at a servicer told a borrower they hadn’t even heard of the on-ramp period, Brewington said.
If you feel you’re facing a consequence for a missed payment that you shouldn’t be, Kantrowitz recommends reaching out to the Federal Student Aid Ombudsman.
Borrowers can also see if they qualify for existing forbearance options.Don’t miss these CNBC PRO stories: More

Nearly 40 million Americans stood to benefit from President Joe Biden’s original student loan forgiveness plan, which the Supreme Court blocked over the summer.
The Biden administration is now trying to cancel education debt another way.
The plan seems to be prioritizing those who have been in repayment for decades and are struggling financially.

President Joe Biden is joined by Education Secretary Miguel Cardona as he announces new actions to protect borrowers after the Supreme Court struck down his student loan forgiveness plan, in the Roosevelt Room at the White House in Washington, D.C., on June 30, 2023.
Chip Somodevilla | Getty

Nearly 40 million Americans stood to benefit from President Joe Biden’s original student loan forgiveness plan, which the Supreme Court ultimately blocked over the summer.
Though the Biden administration is now trying to cancel education debt another way, experts have warned that borrowers should temper their expectations. Given the legal challenges of passing sweeping debt forgiveness, they say the president’s Plan B for relief is likely to be narrower in its reach.

“A much smaller number of borrowers will be eligible,” said higher education expert Mark Kantrowitz.
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Indeed, Kantrowitz estimates that less than 10% of federal student loan borrowers will qualify this round. Under the president’s first plan, rolled out in August 2022, more than 90% of borrowers would have seen their balances cleared or reduced. The plan only excluded those who earned above $125,000 as individuals or married couples making more than $250,000.
The U.S. Department of Education did not immediately respond to CNBC’s request for comment.
Consumer advocates have criticized the Biden administration for scaling back its plans and are pressuring him to take on his legal opponents and still try to go big with debt cancellation. On the campaign trail, Biden promised to cancel at least $10,000 of student debt per person.

“Anything less than what Biden promised will be felt as a letdown, even a betrayal,” said Astra Taylor, co-founder of the Debt Collective, a union for debtors, in a previous interview with CNBC.

For now, the administration seems focused on delivering relief to five specific groups of borrowers, according to a recent paper issued by the U.S. Department of Education.

1. Borrowers with balances greater than what they originally borrowed

The Education Department says it will focus on borrowers who have seen their balances only grow due to the accrual of unpaid interest.
CNBC has written about people who have seen their debt double or even triple because they have needed to put their debts into forbearance or have been billed amounts that don’t even fully cover their interest.

2. Those who have been paying for decades

The Education Department is looking at providing relief to borrowers who “entered repayment many years ago.”
While it is unclear how many people fit into this category, about 2.7 million borrowers age 62 and older currently owe around $115 billion in student debt, Kantrowitz said.

3. People who attended programs of questionable value

Borrowers who attended programs that did not “provide a minimum level of financial value” will be another group considered for relief.
Under Biden, the Education Department has already made students of for-profit colleges, which have come under scrutiny for misleading borrowers about their programs, a priority. It has forgiven about $22 billion in student debt for such people.

4. Borrowers eligible for relief but who haven’t applied

5. Debtors in financial hardship

Lastly, as the Education Department revises its forgiveness plan in a way that it hopes will be met with less of a legal backlash, it’ll look to address borrowers who are experiencing financial hardships that the current loan system might not account for.
Even before the Covid-19 pandemic, when the U.S. economy was enjoying one of its healthiest periods in history, problems plagued the federal student loan system.
Only about half of borrowers were in repayment in 2019, according to an estimate by Kantrowitz. About 25% of borrowers — or more than 10 million people — were in delinquency or default, and the rest had applied for temporary relief for struggling borrowers, including deferments or forbearances.
These grim figures led to comparisons to the 2008 mortgage crisis.Don’t miss these CNBC PRO stories: More