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Credit cards are notorious for high interest rates, so it’s important to pay off the debt as soon as you can. When you turn 62 and are able to start receiving Social Security, those government checks may seem like a quick fix for chipping away at your credit card debt.
But claiming Social Security then may be the wrong decision, even with a growing credit card balance. It’s important to assess how much money you’re missing out on in the future by claiming Social Security early, and what will happen if interest continues to accumulate on your card.

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Compare the two costs
Start with reviewing credit card balance and annual percentage rate (APR). If you have a $15,000 balance at 22% APR, that debt is costing you around $3,300 per year in interest. That debt will continue to compound over time if you don’t pay it off.
Then consider how large your Social Security checks will be depending on when you claim. Claiming at age 62 reduces your benefit by up to 30% compared to if you wait until full retirement age to claim. That figure is even higher if you compare it to waiting until age 70, when you can receive maximum benefits.
Your benefits are protected
Credit card companies generally cannot garnish your Social Security. Your benefits are typically also protected from creditors in bankruptcy. However, the credit card issuer can still sue you and potentially freeze your bank account. And of course, not paying your credit card debt can hurt your credit score.
Keep in mind that Social Security can be garnished for federal debts, taxes and child support.
Alternatives to claiming early
Claiming Social Security early is far from the only way to manage credit card debt. A balance transfer gives you a promotional 0% APR period that can prevent debt from accumulating. That will give you a small window to pay off your balance more aggressively.
Non-profit credit counseling is also an option, and a counselor may be able to walk you through setting up a debt management plan.
You can also consider part-time work. Someone who is deep in credit card debt in their 60s likely has other financial obstacles, and earning a salary can be a good way to address budget shortcomings.
When claiming early does make sense
Claiming early may make sense for some people, particularly if they cannot get part-time work for health or other reasons. Social Security can act as a financial safety net for people without savings or wages.
Claiming early can also make sense if the debt is in collections and causing hardship. Paying off debt minimizes interest accumulation and can put you in a better financial position. Consider speaking to an expert, such as a non-profit credit counselor, before filing with Social Security. That consultation can help you assess your options and determine if it makes sense to claim Social Security at 62 and use those government checks to get out of credit card debt sooner.

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The decision of when to start receiving Social Security checks can be made more challenging if you’re still making regular mortgage payments.
You can claim Social Security as early as age 62, but delaying benefits results in larger checks in the future. At the same time, if you’re still making mortgage payments each month, getting those benefits can immediately make it easier to cover bills. It’s important to run the math to ensure you are making the right move for your long-term finances.

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Run the cash-flow math
The average retired worker gets a $2,088.79 monthly benefit from Social Security, as of September 2026. Say you use that check to cover a $1,500 mortgage payment, you are left with just $588.79 per month from Social Security. If you’re relying on the check to help cover groceries, transportation, utilities and other essentials, you may not have enough of your check left over after making a mortgage payment.
However, it’s important to consider your other savings and sources of income, as well as the benefit of waiting. The math can help determine if you should delay retirement. Early Social Security can act as a valuable supplement on top of a nest egg and other investments, but you must see how much you have left to cover remaining living expenses each month.
Claiming early to cover the payment has a cost
Another key detail is that taking out Social Security at 62 to help with mortgage payments prevents your benefit from growing over time. People born in 1960 and later miss out on as much as 30% of their benefit if they claim Social Security at 62 instead of waiting until full retirement age, according to the Social Security Administration. Waiting a few extra years until age 70 results in even higher benefits later, which can boost financial flexibility when you may need it the most.
Waiting longer can give you a few extra years to fortify your nest egg, accelerate your mortgage payoff and pay off other debt. A current mortgage payment is worth considering, but it shouldn’t be the only factor that determines if you make the decision of accessing Social Security at 62.
Options besides claiming early
For some people, claiming Social Security early makes sense. But it’s important to consider all your options.
Refinancing your mortgage can provide extra cash or lower your monthly payments. You can also downsize or rent a room out in your home to keep housing costs under control.
If you have money in your savings account, you can use those funds as a bridge to delay when you take out Social Security. Even delaying by one year can increase the size of your monthly checks.
You can also consider working part-time to make ends meet. Ideally, it’s not something you will have to do for long if you let Social Security compound over time, especially if you are close to paying off your mortgage.

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Medicare’s annual open enrollment period began last week. As many as 5 million retirees with Medicare Advantage plans stand to lose their coverage at the end of the year as insurance companies pare back their offerings to offset rising costs.
While being forced to choose a new plan if you’re happy with your current coverage can be frustrating, healthcare policy experts say this enrollment window offers an unusual opportunity for this group of retirees to enroll in a new plan that is potentially a better fit for their medical needs.

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According to KFF, a nonprofit healthcare organization, about 55% of the roughly 70 million Americans eligible for Medicare are enrolled in a private Medicare Advantage plan in 2026. This is the fourth year in a row that a majority of eligible Americans have opted for a private option over traditional Medicare.
Medicare Advantage is popular for many reasons, but cost is one of the biggest, according to Heather Schreiber, founder of HLS Retirement Consulting. These plans generally have more affordable monthly premiums, with some as low as $0. (By comparison, the traditional Medicare premium is $202.90 a month per person in 2026, with surcharges for high-income enrollees.)
Insurers also market Medicare Advantage plans with a slew of additional benefits such as prescription drugs — traditional Medicare enrollees have to buy a separate policy for drug coverage. Many Medicare Advantage plans also offer dental and vision coverage, for which traditional Medicare enrollees have to pay out of pocket or buy standalone policies. Some plans have even more bells and whistles.
“Medicare Advantage plans can look attractive because often they have $0 premiums and benefits built in,” Schreiber says.
But the lower upfront costs and extras come with trade-offs. While retirees who pay for traditional Medicare have access to almost any doctor and hospital, Medicare Advantage plans have more restrictions. They control costs via provider networks, prior authorization requirements and other limitations — similar to the way most employer-sponsored health insurance operates.
What’s more, a lot of people who sign up for Medicare Advantage because of the perks — which can include debit cards to pay for over-the-counter medications, gym memberships and more — don’t even wind up using them. “About 3 in 10 Medicare Advantage enrollees in our surveys said that they hadn’t used any of their supplemental benefits in the prior year,” Gretchen Jacobson, vice president of Medicare policy at the nonprofit Commonwealth Fund, tells Money via email. If you’re picking a Medicare Advantage plan because its perks sound appealing, make sure you actually take advantage of those benefits.
Losing your plan offers a ‘rare opportunity’
Traditional Medicare offers more robust coverage and much greater freedom of choice, but there’s one big caveat: Although the program covers 80% of most medical services outside of long-term care, the enrollee is responsible for the other 20% — and there’s no limit.
A catastrophic diagnosis like cancer or a heart attack could easily be financially ruinous, so many Medicare enrollees also pay for a supplemental “Medigap” plan that covers most of those additional costs. When retirees first become eligible for Medicare, they have a window of eligibility to buy a Medigap plan without medical underwriting, but after that, insurers can charge more, impose limitations on coverage or deny them outright.
People who choose Medicare Advantage largely forfeit the opportunity to get a guaranteed-issue Medigap policy. One of the few exceptions is if their plan is discontinued or the insurer stops offering it where they live.
“This does provide a rare opportunity for folks,” Schreiber says. If you’ve lost your Medicare Advantage plan — especially if your health situation has worsened since you first enrolled — you might want to consider transitioning to traditional Medicare with a Medigap plan. (Keep in mind, you’ll also need a prescription drug plan, which has a separate premium.)
Other tips for picking a new plan
If you need to choose a new plan and decide that another Medicare Advantage plan is the best fit for you, the premium actually isn’t the initial place you should focus, experts say.
“The first thing they need to look at is the network,” says Paul Ginsburg, director of the Center on Health Policy at the Brookings Institution and professor of health policy at the University of Southern California.
People need to ask themselves, “Does this have my current doctor and the hospital I’d want to go to?” Ginsburg says. Prescriptions should come next, he advises. “Since most people get prescription drug coverage through Medicare Advantage, they’d want to look up if there’s an expensive medication they take regularly.”
“Don’t look at the marketing,” says Jenn Kerfoot, president and COO of health technology firm DUOS.
Instead, Kerfoot says, look at the fine print: What are the limitations on extra perks? What’s included — and what isn’t? She adds that this is a good exercise even for people who plan to keep their current plan, because insurers can and often do change or shrink benefits even if the premium stays the same.
“It might be that their formulary has changed, their network has changed, or their out-of-pocket has changed,” she notes.
Medicare Advantage brokers can help you sort through your options, but be aware: They might earn commissions for selling plans and be incentivized to steer you to a plan that enriches them rather than a plan that better suits your needs. The government’s plan finder can show options available to you without the sales pitch, and the nonprofit State Health Insurance Assistance Program can also help you sort through your options with unbiased advice.

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Average mortgage rates today

Mortgage Type
Label
Rate
APR

30-Year Fixed
Most Popular
7.12%
7.16%

30-Year FHA
Lower Credit
6.73%
7.92%

30-Year VA
Military
6.81%
6.98%

30-Year Jumbo
High Balance
7.45%
7.47%

15-Year Fixed
Shorter Term
6.48%
6.55%

7/6 ARM
Shorter Term
6.63%
6.7%

HELOC
Home Equity
8.01%
8.01%

Home Equity Loan
Home Equity
8.24%
8.25%

Updated on 10/18/2026

Rate data provided by RateUpdate.com. Displayed by Mortgage Research Center, LLC, NMLS# 1907, Equal Housing Opportunity, Payments do not include taxes or insurance premiums. Actual payments will be greater with taxes and insurance included. Rate and Product details

Mortgage rates are virtually unchanged after the weekend. The 30-year fixed-rate loan ticked up to 7.16%, an increase of just 0.01 percentage points. All other loan types held steady as well.
Key mortgage rate averages:

The 30-year fixed-rate mortgage averaged 7.16% APR
The 30-year fixed-rate FHA mortgage averaged 7.92% APR
The 30-year fixed-rate VA mortgage averaged 6.98% APR
The 30-year fixed-rate jumbo mortgage averaged 7.47% APR
The 15-year fixed-rate mortgage averaged 6.55% APR
The 7/6 adjustable-rate mortgage averaged 6.77% APR
The rate on a HELOC averaged 8.01% APR
The rate on a home equity loan averaged 8.25% APR

Mortgage rate trends
Mortgage rates fell after the producer price index, another inflation measure, came in higher than expected. This new report followed Wednesday’s Consumer Price Index report, which was also higher than anticipated. Together, the results led investors to flee to the safety of Treasury bonds, causing yields to drop, with the 10-year note down almost 0.20 percentage points. Mortgage rates followed suit.
Which loan is best for you?
When shopping for a mortgage, you may be offered several loan options to meet different needs. Here’s a rundown of the most common loan types you’ll find, and who they work best for.
30-year conventional mortgage: Conventional loans work best for borrowers who have a credit score above 620, have saved enough to make a down payment of at least 3% and are looking for flexibility in the type of property being purchased.
30-year Federal Housing Administration (FHA) mortgage: FHA loans are good for first-time homebuyers, borrowers with less-than-perfect credit scores or those with a high debt-to-income ratio.
30-year U.S. Department of Veterans Affairs (VA) loan: Specifically designed for active-duty and retired service members, members of the National Guard and Reserves, and surviving spouses. Offers 0% down loan options, competitive rates and accepts less-than-perfect credit scores.
30-year jumbo loan: Good for homebuyers purchasing property that is priced above the Federal Housing Finance Agency (FHFA) conforming loan limit. In 2026, that limit is $832,750 in most of the U.S. but increases to $1,249,125 in high-cost areas.
15-year fixed-rate loan: Borrowers who prefer a shorter loan term and can afford to make higher monthly payments will pay less overall interest with a 15-year mortgage and pay off the loan faster.
7/6 adjustable rate loan: Good for a buyer who wants to lock in a favorable interest rate for a set period of time and either plans on selling the home before the interest rate starts, is willing to make a higher monthly payment once the rate becomes variable or is open to refinancing the loan.
Home equity line of credit (HELOC): A good option for a homeowner who wants to access the equity they’ve accumulated in their home and have an open line of credit to use as needed.
Home equity loan: Another option for a homeowner who wants to access their home equity and have the financial capacity to take on a second mortgage.

How mortgage rates affect affordability
Your mortgage rate can make a big difference in how much home you can afford and how large your monthly payments are. That’s true whether buying your primary residence, an investment property or refinancing an existing loan.
Here’s an example. If you bought a $250,000 home and made a 20% down payment of $50,000, your starting loan balance would be $200,000. On a $200,000 home loan with a fixed rate for 30 years, here’s what you would pay:

At a 3% interest rate = $843 in monthly payments (not including taxes, insurance, or HOA fees)
At a 4% interest rate = $955 in monthly payments (not including taxes, insurance, or HOA fees)
At a 6% interest rate = $1,199 in monthly payments (not including taxes, insurance, or HOA fees)
At an 8% interest rate = $1,468 in monthly payments (not including taxes, insurance, or HOA fees)

Using a mortgage calculator lets you see how a lower rate or other changes could affect what you pay. A home affordability calculator can also estimate the maximum loan amount you may qualify for based on your income, debt-to-income ratio, mortgage interest rate and other variables. The Consumer Financial Protection Bureau can also provide a range of rates lenders offer in each state.

Current mortgage rates FAQs
What is a 30-year mortgage rate right now?
The average rate on a 30-year fixed-rate mortgage is 7.16% as of October 18, according to Money’s rate data. Other rate surveys show 30-year rates averaging above 7.4%.
Can you get a 4% mortgage rate?
No, not under current market conditions. A 30-year fixed-rate loan is averaging 7.16% as of October 18. Rates are likely to stay at this level or even increase.
Will we ever see a 3% mortgage rate again?
Mortgage rates are unlikely to fall below 3% in the near term unless a severe economic downturn occurs. However, rates averaged in the mid-3% range before the pandemic, so a return to that range at some point in the future is not out of the question.
How much is a $300,000 mortgage at 7%?
The monthly payment on a 30-year, $300,000 conventional mortgage at 7% is $1,995.91, excluding taxes, insurance and HOA fees. Your actual payment will vary depending on your credit score, down payment, lender and location, among other factors.

With the midterm just weeks away, scammers are looking to cash in on Americans’ political enthusiasm by impersonating candidates and their campaigns.
The FBI released an alert Thursday warning that fraudsters could exploit the upcoming elections to trick voters into making fraudulent campaign donations, purchasing merchandise they’ll never receive or handing over sensitive personal information.
While officials haven’t yet identified specific cases tied to this year’s midterms, these scams are nothing new: The agency issued a similar warning ahead of the 2024 presidential election. And advances in artificial intelligence since then have made it even easier for criminals to create increasingly convincing messages, images and voices.

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Scammers have used candidates’ names, photos, logos and campaign slogans to make fraudulent solicitations appear legitimate. One common tactic involves impersonating political action committees (PACs), Super PACs or campaign organizations to solicit donations. Rather than supporting a candidate, however, the money goes directly to the scam operation.
Voters could also unknowingly purchase fake campaign merchandise. This could be AI-generated merchandise that isn’t real or you could land on a phony website that shows images of actual campaign merch. In either case, the scammers will collect your payment but never deliver the products and eventually disappear with your money.
In another scheme, scammers promise guaranteed returns to people who supposedly invest in a candidate’s campaign. Targets are told they’ll receive a payout if the candidate wins the election and may even be encouraged to recruit others in exchange for a larger share of the profits.
Some election cons don’t involve asking for money upfront. For example, fraudsters can send texts or emails falsely claiming you aren’t registered to vote. Links in those messages lead to fake voter registration websites designed to your steal personal information, which criminals can then use to commit identity theft or other financial fraud.
How to protect yourself from election scams
The FBI recommends being skeptical of unsolicited calls, texts, emails and surveys claiming to represent political candidates or organizations, especially those requesting money or personal information.
Before making a political donation, always verify that the organization in question is legitimate. You can do this through the Federal Election Commission, which maintains registration records and financial filings for political committees.
Unfortunately, registration alone isn’t necessarily proof that an organization is trustworthy. The FBI says that some suspicious PACs may be officially registered, so you should also check how organizations you’re unfamiliar with are spending their donations before giving any money. Spending disproportionately large amounts of money on fundraising, consulting or other administrative expenses could indicate a scam.
If you’re purchasing campaign merchandise, research the seller beforehand and check for complaints on the Better Business Bureau’s website. Avoid following payment links from unsolicited messages and instead navigate directly to a candidate’s or organization’s official website.
Also, remember that campaign contributions aren’t investments. Any promises of financial returns if a candidate wins should be treated as a major red flag.
Anyone who encounters a suspected election scam can report it to the FBI’s Internet Crime Complaint Center with details about the sender, website and any financial transactions involved. And if you receive a message claiming your voter registration is invalid, verify your status through Vote.gov rather than clicking the link.

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Key Takeaways

Gold hit record highs in 2026, serving as a critical hedge against inflation and a safe-haven asset that often gains value when stocks or the U.S. dollar weaken.
Investors can buy physical bullion (i.e., coins, bars) for tangible ownership or gold-backed securities (i.e., gold ETFs, gold mining stocks) for easier liquidity and lower storage overhead.
Experts recommend limiting alternative assets — including gold — to 5% to 10% of a portfolio to provide diversification without sacrificing the higher growth potential of income-generating assets like stocks.

Gold has been a coveted asset for thousands of years. Today is no exception. Gold hit a record high of $5,589.38 an ounce on January 28, 2026, before pulling back to around $4,350 an ounce as of August 19, 2026 — still historically elevated, but well below its January peak.
Whether investors plan to buy the metal in its physical form as coins or bars, or as gold-backed securities like gold stocks and gold exchange-traded funds (ETFs), there are plenty of reasons to consider adding the precious metal to an investment portfolio.
Gold has long been considered a safe-haven asset because when prices of other investments — like stocks or real estate — drop sharply, gold historically retains its value. In some instances of market volatility or market downturns, the precious metal may even gain value while other asset classes experience losses as panicked investors rush to buy what they consider a low-risk store of value.
Some experts also see gold as the ultimate hedge to protect against inflation since the yellow metal has retained its value for centuries and recently appreciated to an all-time high. Due to its inverse relationship with fiat currency, gold also tends to rise in value when the U.S. dollar weakens. So during periods when people experience eroded purchasing power, the precious metal can increase in worth.
But when does it make sense to buy gold? And what is the best method? In this guide, we share everything you need to know about how to buy gold, including the benefits and downsides of buying physical gold or investing in different types of gold-backed securities.
Table of Contents

Buying gold
Gold bullion
Investing in gold
Should you buy gold
How to buy gold FAQs

Buying gold
If you’re interested in buying gold, there are two principal ways of doing so: (1) purchasing physical gold or (2) investing in gold-leveraged securities like gold stocks, mutual funds or ETFs. Depending on your investment strategy, expertise and the level of risk you’re willing to take, you may find one or the other more appealing.
Read on to learn how you can buy gold, whether or not it is a good investment and if it is the right fit for your goals.
Gold bullion
Bullion is physical gold of high purity and usually comes in the form of ingots, bars, coins or rounds. Rounds are often confused for coins — like the U.S. Mint’s American Gold Eagle — because of their circular shape. However, they are closer to gold bars in that they don’t have value as legal tender and do not differ in design from one year to the next.
Bullion derives its value from the gold content of the precious metal rather than the form of the metal, and it’s measured in what’s known as a troy ounce (standardized at 31.1034768 grams or 1.09714 ounces). You can purchase gold bullion bars in various weights, with bars ranging from 1 gram to 1 kilogram. Investment-quality gold bars are 99.5% (995) pure gold, which is the international standard. Legitimate bars are stamped with the manufacturer’s name, purity and the weight.
Like any investment, there are pros and cons of having gold in your portfolio. Here is a brief overview of the benefits and downsides of owning the physical precious metal:
Pros of buying gold bullion
When you own gold, you own a physical, valuable asset that can be easily passed on to others. Additionally, gold bullion provides stable value and you don’t need to watch it closely like you would with a portfolio of stocks, mutual funds, ETFs and bonds.
Cons of buying gold bullion
You may need a secure vault and/or gold insurance to protect it, especially if it’s held in a gold IRA, for which the IRS maintains strict guidelines on gold purity standards and off-site storage requirements.
There are many reputable gold dealers, but scams are commonly committed by fraudulent online dealers. Gold dealers typically charge a markup — known as the spread — from the precious metal’s spot price when you buy or sell it. In some cases, the markup could be 10% or more of the gold’s value. Read about the best online gold dealers to learn more.
Lastly, it can also be difficult to determine the purity of gold on your own, presenting a challenge in verifying the quality of the physical gold you purchase.
How to buy gold bullion
There are many retailers that allow you to buy gold online and feature a variety of gold coins, rounds, bars and ingots. Sellers routinely mark up the price of physical gold from its current spot price, so be prepared to pay more than the actual value of the gold itself.
These online gold dealers often offer discounts to members of the military and for buying in bulk. Buying more than 100 gold bars (or 500 gold coins) is considered a bulk purchase, but this will depend largely on the individual seller. You may also be able to buy smaller gold bars, ranging from half a gram up to 100 grams, in stores that specialize in numismatics, pawn shops or some jewelry stores.
Where to buy gold bars
For investors interested in purchasing these physical gold assets, our guide on how to buy gold bars includes a comprehensive breakdown. Some well-known, reputable dealers that sell gold bars include APMEX, American Hartford Gold, Thor Metals Group, and JM Bullion.
Where to buy gold coins
Several governments, including the U.S., as well as many private mints currently manufacture gold coins. Some of the most well-known government gold mints in the world include the United States Mint, the Royal Canadian Mint, the Royal Mint of the United Kingdom, the Central Mint of the People’s Bank of China and the Perth Mint in Australia
Some of the most well-known privately-owned gold mints in the world include New Zealand Mint, Sunshine Minting, Valcambi, Austrian Mint, South African Mint, Geiger Edelmetalle and PAMP Suisse.
Coins issued by the U.S. Mint are technically legal tender, meaning that in theory, they could be used to pay for goods and services. However, the value of gold coins tends to be much higher than their face value. Collectible coins may have an even higher market value due to their rarity or potentially higher demand. Popular minted coins include the American Eagle, Gold Buffalo, Canadian Maple Leaf, South African Krugerrand, Vienna Philharmonic, Mexican Gold 50 Pesos, British Sovereign and Australian Kangaroo.
Minted coins usually range in size from one-tenth of an ounce to an ounce to accommodate various investors’ buying power. Their purity is usually between 22 and 24 karats, with the purity guaranteed by the mints that produce them. You can buy gold bullion coins from mints, coin shops, online dealers, eBay and coin shows, among other locations.
Where to buy gold jewelry
When buying gold jewelry, keep in mind that the price you pay will be tied to the craftsmanship of the piece and, importantly, that the amount of gold content will be just a percentage (karat) of its overall weight. In effect, this means you’ll be paying more money for less gold.
For example, the most common type of gold used in jewelry in the U.S. is 14K gold, produced from 58.3% pure gold and 41.7% of other metals like copper and silver. Other common mixtures of gold are 18K and 22K. On the other hand, 24K gold — like investment-grade gold bars — is 99.95% pure gold and contains no other metals. However, it is rarely used for jewelry because it is softer and more malleable because of its purity.
Investing in gold
If purchasing physical gold doesn’t seem like the right fit for you, you can invest in a variety of gold-backed securities. These investments can be made through brokerage accounts and online trading platforms and include shares of gold mining stocks, gold streaming stocks and gold ETFs.
Some examples of how you can invest in gold outside of the physical metal include gold ETFs, like the VanEck Gold Miners ETF (GDX); gold mutual funds, like the Fidelity Select Gold Portfolio Fund; stocks of gold miners and refiners, like Newmont Corp. (NEM) and Barrick Mining Corporation (B); and gold futures contracts, through exchanges like the Chicago Mercantile Exchange.
To learn more, read our guide about how to invest in gold.
Should you buy gold?

Pros

Gold is a tangible asset that is highly liquid, meaning it’s easy to quickly find a buyer if you need to sell.
Gold has historically been considered a hedge against inflation, since the price of gold tends to keep pace with the cost of living.
Gold can be used to diversify your portfolio because it tends to rally when other asset classes — such as stocks and real estate — fall in value.

Cons

Gold doesn’t produce income like bonds or dividend-paying stocks and ETFs. In the long run, these other assets are likely to outperform gold.
Gold prices can experience volatility.
There are additional costs associated with buying, selling and holding physical gold as an investment.

Owning gold can be a way to diversify your investment portfolio. Gold is also considered to be a good way of protecting your money from inflation. But, as with any investment, there are risks. Gold can be volatile in the short term and can lag behind equities in terms of long-term price appreciation.
Before purchasing physical gold or investing in gold-backed securities, make sure it fits with your investment strategy, financial goals and risk tolerance.
Gold and diversification
Diversification — which entails owning a mix of different assets — aims to help shield investors from dramatic losses. In a well-diversified portfolio, when prices for one type of investment decline, you’re insulated by the prices of others, which can potentially offset losses.
While gold’s price can be volatile in the short term, it often has an inverse relationship with stock and bond prices. In fact, during financial calamities when investors tend to flee the stock market, gold prices often rally. When the S&P 500 fell around 30% between November 2008 and March 2009, the price of gold was up by about the same amount.
However, this isn’t always the case. During 2022’s bear market when the S&P 500 lost nearly 20%, the price of gold also dropped. But it only fell by 0.1% by year’s end, ultimately beating many other asset classes. Similarly, during the stock market’s “tariff tantrum” in April 2025 when the index fell by more than 12% in one week, gold slid more than 5%.
Nonetheless, owning some gold alongside stocks and bonds is one way to diversify your investment portfolio. Just be mindful that financial advisors typically don’t recommend investing more than about 10% of your overall assets in gold or precious metals in general.

How to Buy Gold FAQs
Is gold a good investment?
Gold is considered a hedge against inflation and can be used to diversify your portfolio. It’s also a highly liquid asset, so you’ll be able to find a buyer for your gold when you need to sell.
However, don’t expect high returns with gold compared to other asset classes like stocks. It is a considerably stable investment, but over the long term, gold is likely to be outperformed by securities.
Where can I buy gold?
You can buy physical gold from dealers like JM Bullion and APMEX, as well as pawn and jewelry shops. Keep in mind that purchasing gold from jewelry stores and pawn shops could be riskier as it could end up being a lower karat and have a higher markup. You can also buy gold-backed securities — like gold stocks, gold-leveraged ETFs and mutual funds as well as gold futures — through a brokerage or online trading app.
Do you have to pay taxes on gold?
Profits from trading securities (e.g, stocks, ETFs, mutual funds, CDs and bonds) are considered capital gains and are taxed at special long-term and short-term capital gains rates. Short-term capital gains taxes can range anywhere from 10%-37%, while long-term capital gains taxes are 0%, 15% or 20% depending on your taxable income. One exception is for ETFs backed by physical gold (not gold mining companies), from which gains are taxed as collectibles rather than capital gains.
The IRS views profits you earn from trading physical gold and other collectibles differently. If you own physical gold for less than one year, gains are taxed as ordinary income. If you own physical gold for longer than one year, gains are taxed at a maximum 28% rate.

Summary of How to Buy Gold
Gold investments are considered a hedge against inflation and, historically, a store of value. They also offer the benefits of portfolio diversification. However, consider the risks of investing in gold before adding the precious metal to your portfolio.
Most financial advisors recommend not investing more than 5% to 10% of your overall portfolio in alternative assets like gold. Because the price of the precious metal remains relatively stable — unlike speculative investments like cryptocurrency — it offers a safe haven for investors. But because the physical metal doesn’t generate income, gold is unlikely to produce the large gains that other asset classes like stocks and real estate are capable of.
If you decide to invest in gold, you can purchase the physical metal (i.e., gold bullion ingots, bars, coins or rounds) or invest in gold-backed securities (i.e., stocks, ETFs, mutual funds and futures).
More from Money:
Best Gold IRA Companies
Best Online Gold Dealers
Best Gold ETFs

Social Security is a key part of a retirement financial plan, but you need to take proactive measures to make sure you maximize your benefit.
Here’s a checklist of five steps to take before filing for Social Security.

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1. Check your earnings statement
The Social Security Administration (SSA) uses your lifetime earnings to determine what your benefit will be. Your lifetime earnings are an average of up to 35 years of your earnings. If you didn’t work 35 years, any years you didn’t work will be counted as zeros. And each of your high-earning years replaces a lower one. Higher lifetime earnings can result in higher benefits. You want to make sure your earnings statement is accurate.
You can review your statement by creating an account via the Administration’s website (or request it via the mail). The statement will include information such as your earnings per year. Use your tax forms to determine whether the information is accurate. You can request changes online or by phone. You typically have three years, three months and 15 days from the end of the taxable year in which your wages were paid to request a correction.
2. Run claiming scenarios
While you can get your full Social Security benefit once you hit your full retirement age — which is between age 66 and 67, depending on when you were born — for every year you delay receiving Social Security benefits beyond full retirement age up to age 70, your benefit grows by 8%.
The SSA has tools and calculators that can help you determine how much you will receive in benefits based on when you tap into the program, including the advantage of waiting instead of claiming benefits right now. Knowing this number and calculating your living expenses can help you gauge if now is the right time to take out Social Security.
3. Coordinate with your spouse
If you have a spouse, you should coordinate how you will both approach Social Security for maximum household benefits. If you’re married, you can claim Social Security based on your own work record or up to 50% of your spouse’s at full retirement age. Depending on the difference between your earnings and your spouse’s, it may make sense for one of you to claim the spousal benefit.
It may make also sense for one spouse to claim their Social Security benefits and the other to delay their benefits. You’ll want to carefully consider the options with your spouse.
4. Plan for taxes
Social Security is taxable on up to 85% of your Social Security benefits, depending on your income. Exactly how much you’ll have to pay in federal taxes on Social Security depends on your “combined income,” which includes your adjusted gross income, tax-exempt interest income and half of your Social Security benefits.
It’s important to understand what tax bracket you’re in and how much you’ll owe on Social Security taxes, and to set aside money for those taxes.
5. Prepare your application
You can apply for Social Security up to four months before you want to receive your first payment.
The SSA will ask for specific documents, such as your tax return and birth certificate or other proof of your age. Make sure to gather all the necessary documents before sitting down to apply.

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Average mortgage rates today

Mortgage Type
Label
Rate
APR

30-Year Fixed
Most Popular
7.11%
7.15%

30-Year FHA
Lower Credit
6.73%
7.92%

30-Year VA
Military
6.82%
6.99%

30-Year Jumbo
High Balance
7.39%
7.42%

15-Year Fixed
Shorter Term
6.46%
6.53%

7/6 ARM
Shorter Term
6.69%
6.77%

HELOC
Home Equity
8.01%
8.01%

Home Equity Loan
Home Equity
8.24%
8.25%

Updated on 10/15/2026

Rate data provided by RateUpdate.com. Displayed by Mortgage Research Center, LLC, NMLS# 1907, Equal Housing Opportunity, Payments do not include taxes or insurance premiums. Actual payments will be greater with taxes and insurance included. Rate and Product details

Mortgage rates dropped after a second consecutive day of higher-than-expected inflation data. The 30-year fixed-rate loan dropped to 7.15%, down by 0.21 percentage points.
Key mortgage rate averages:

The 30-year fixed-rate mortgage averaged 7.15% APR
The 30-year fixed-rate FHA mortgage averaged 7.92% APR
The 30-year fixed-rate VA mortgage averaged 6.99% APR
The 30-year fixed-rate jumbo mortgage averaged 7.42% APR
The 15-year fixed-rate mortgage averaged 6.53% APR
The 7/6 adjustable-rate mortgage averaged 6.77% APR
The rate on a HELOC averaged 8.01% APR
The rate on a home equity loan averaged 8.25% APR

Mortgage rate trends
Mortgage rates fell after the producer price index, another inflation measure, came in higher than expected. This new report followed Wednesday’s Consumer Price Index report, which was also higher than anticipated. Together, the results led investors to flee to the safety of Treasury bonds, causing yields to drop, with the 10-year note down almost 0.20 percentage points. Mortgage rates followed suit.
Which loan is best for you?
When shopping for a mortgage, you may be offered several loan options to meet different needs. Here’s a rundown of the most common loan types you’ll find, and who they work best for.
30-year conventional mortgage: Conventional loans work best for borrowers who have a credit score above 620, have saved enough to make a down payment of at least 3% and are looking for flexibility in the type of property being purchased.
30-year Federal Housing Administration (FHA) mortgage: FHA loans are good for first-time homebuyers, borrowers with less-than-perfect credit scores or those with a high debt-to-income ratio.
30-year U.S. Department of Veterans Affairs (VA) loan: Specifically designed for active-duty and retired service members, members of the National Guard and Reserves, and surviving spouses. Offers 0% down loan options, competitive rates and accepts less-than-perfect credit scores.
30-year jumbo loan: Good for homebuyers purchasing property that is priced above the Federal Housing Finance Agency (FHFA) conforming loan limit. In 2026, that limit is $832,750 in most of the U.S. but increases to $1,249,125 in high-cost areas.
15-year fixed-rate loan: Borrowers who prefer a shorter loan term and can afford to make higher monthly payments will pay less overall interest with a 15-year mortgage and pay off the loan faster.
7/6 adjustable rate loan: Good for a buyer who wants to lock in a favorable interest rate for a set period of time and either plans on selling the home before the interest rate starts, is willing to make a higher monthly payment once the rate becomes variable or is open to refinancing the loan.
Home equity line of credit (HELOC): A good option for a homeowner who wants to access the equity they’ve accumulated in their home and have an open line of credit to use as needed.
Home equity loan: Another option for a homeowner who wants to access their home equity and have the financial capacity to take on a second mortgage.

How mortgage rates affect affordability
Your mortgage rate can make a big difference in how much home you can afford and how large your monthly payments are. That’s true whether buying your primary residence, an investment property or refinancing an existing loan.
Here’s an example. If you bought a $250,000 home and made a 20% down payment of $50,000, your starting loan balance would be $200,000. On a $200,000 home loan with a fixed rate for 30 years, here’s what you would pay:

At a 3% interest rate = $843 in monthly payments (not including taxes, insurance, or HOA fees)
At a 4% interest rate = $955 in monthly payments (not including taxes, insurance, or HOA fees)
At a 6% interest rate = $1,199 in monthly payments (not including taxes, insurance, or HOA fees)
At an 8% interest rate = $1,468 in monthly payments (not including taxes, insurance, or HOA fees)

Using a mortgage calculator lets you see how a lower rate or other changes could affect what you pay. A home affordability calculator can also estimate the maximum loan amount you may qualify for based on your income, debt-to-income ratio, mortgage interest rate and other variables. The Consumer Financial Protection Bureau can also provide a range of rates lenders offer in each state.

Current mortgage rates FAQs
What is a 30-year mortgage rate right now?
The average rate on a 30-year fixed-rate mortgage is 7.15% as of October 15, according to Money’s rate data. Other rate surveys show 30-year rates averaging above 7.4%.
Can you get a 4% mortgage rate?
No, not under current market conditions. A 30-year fixed-rate loan is averaging 7.15% as of October 15. Rates are likely to stay at this level or even increase.
Will we ever see a 3% mortgage rate again?
Mortgage rates are unlikely to fall below 3% in the near term unless a severe economic downturn occurs. However, rates averaged in the mid-3% range before the pandemic, so a return to that range at some point in the future is not out of the question.
How much is a $300,000 mortgage at 7%?
The monthly payment on a 30-year, $300,000 conventional mortgage at 7% is $1,995.91, excluding taxes, insurance and HOA fees. Your actual payment will vary depending on your credit score, down payment, lender and location, among other factors.

Key Takeaways

In a survey of 1,800 Americans with $10,000-plus in unsecured debt, 79% said they’d accept a credit score drop to become debt-free sooner, according to a 2026 Freedom Debt Relief report.
Experts say temporary dips can be fine but you should protect your score if you’ll seek a mortgage, car or apartment in the next two years.

When it comes to your finances, there’s no escaping your credit score. That three-digit number pops up when you want to rent or buy a home, snag a new insurance plan, borrow money and more.
But for many Americans, the need to get out of debt trumps the need for a high credit score. Nearly 8 in 10 borrowers (79%) would accept a credit score drop if it meant becoming debt-free sooner, according to a recent survey of 1,800 people with at least $10,000 in unsecured debt from Freedom Debt Relief and Money.com.
When someone’s deep in debt, “the score stops feeling like an asset and starts feeling like a leash, and cutting it to get free is a rational thing to want,” says Matt Chancey, a financial planner and founder of Tax Alpha Companies.

A strong credit score is still a high priority
Not everyone is as willing to take a credit score hit, and that was especially true among older survey respondents. Nearly 40% of baby boomers say they won’t accept a score drop, versus 9% of millennials. Younger respondents were far more likely to be open to a larger drop, too: About a third of all survey respondents are willing to give up more than 100 points to help them become debt-free faster, but that share jumps to about half of Gen Z and millennials..
It’s not that people don’t understand the importance of a credit score. More than half (55%) of respondents acknowledge that debt reduction strategies that temporarily lower your credit score — such as closing an active account, which can shorten your credit history and lower your credit mix — come with risk. In fact, 45% say improving their credit history and score is at least part of their motivation for wanting to pay off their debt.
There’s a good reason people want to maintain a strong score. The interest rate you’re charged when borrowing money is highly dependent on your credit score, and borrowers with high credit scores tend to receive the lowest rates, says Kevin Arquette, wealth manager and managing partner at WealthPoint Financial Planning. “Maintaining a strong credit score gives you more flexibility.”
But sometimes, it can make sense to let it fall in exchange for getting out of debt.
When you should (and shouldn’t) allow your score to drop
There’s a range of ways that debt-reduction strategies can impact your credit report. Closing an active account can result in a small, temporary dip, while the delinquency that typically precedes debt settlement and bankruptcy result in more significant drops.
As is the case with most personal finance-related questions, there’s no clear rule about when hurting your credit score in exchange for getting out of debt is the right move. But understanding whether you’re facing a short-term drop or a longer-term decline, and what moves are on the horizon that may require a credit check, is key to making the right choice.
“Generally speaking, it’s okay to take a temporary reduction in your credit score to pay off debt,” Arquette says. This could happen if you open a new line of credit, like a consolidation loan. By doing so, you free up cash flow for saving and investing while also reducing the amount you pay in interest. Assuming you continue making your payments on time, your credit score should recover relatively quickly, he adds.
A larger drop with a longer recovery time may be acceptable when the debt is unmanageable, you won’t borrow in the near future and the honest alternative is worse (think years of payments that never touch the principal or bankruptcy), Chancey says. “In that corner, a bruised credit report is a price you pay on purpose to escape something heavier. It’s a real tool, and sometimes it’s the right one.”
If you can actually chip away at your debt without going delinquent — or if you’re looking to secure a mortgage, car or apartment, or refinance in the next year or two — it likely makes sense to protect your score instead.
“Torching your credit right before someone pulls it can cost you far more than the debt ever did,” Chancey says.

Mortgage rates have been slowly but steadily ticking up throughout 2026, approaching their pandemic-era high.
The average 30-year fixed rate mortgage is 7.4%, according to Freddie Mac on Thursday, unchanged from the previous week but a jump from 6.7% in September. It’s the highest rate since October 2023, when mortgage rates reached 7.8%.
For about a two year stretch, mortgage rates were largely on the decline, dipping under 6% as recently as February and giving would-be homebuyers hope that they may be able to get a more affordable loan in the near future. But the war with Iran, which began later that month, has reignited inflation — and mortgage rates.

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But as the year closes out, will rates keep climbing, stabilize or start to fall?
Money asked three mortgage industry experts for their predictions. While their exact forecasts varied slightly, they all agreed: Mortgage rates aren’t likely to drop any time soon.
“There will likely be some zig-zagging along the way as economic data and inflation expectations shift, but I don’t anticipate a meaningful, sustained decline,” says Odetta Kushi, deputy chief economist at the mortgage firm First American.
How high will mortgage rates get in 2026?
Given hotter-than-expected inflation in September, experts tell Money that mortgage rates may continue their upward march in the months ahead.
On Wednesday, the Labor Department reported the annual inflation rate for September was 3.7%, an increase from 3.4% in August. That adds to the case that the Federal Reserve could hike interest rates again later this month, a move that would put upward pressure on mortgage rates.
“I expect mortgage rates to increase from where they are now,” says Lisa Sturtevant, chief economist at Bright MLS.
Overall, experts are predicting that 30-year fixed rates will hover around 7.5%, with one economist forecasting rates as high as 7.8% by the end of the year.
“There are reasons to believe that mortgage rates could remain elevated through the rest of 2026,” Joel Berner, senior economist at Realtor.com, tells Money. Those include unpredictable geopolitical conflicts abroad, sticky inflation at home and long-term economic trends.
If the economy continues on a “path of elevated inflation,” Berner says rates are likely to remain in the 7.2% to 7.8% range for the rest of the year.
Meanwhile, Kushi sits on the lower end of that range, expecting rates in the neighborhood of low-to-mid 7%, and Sturtevant predicts rates ultimately settling in around 7.5% by the end of the year.
When will mortgage rates fall?
Aside from the ups and downs that Kushi mentioned, it’s difficult for analysts to predict when mortgage rates will noticeably decline. They are closely linked to inflation, and a major factor pushing up prices now is the war in Iran.
“The wildcard for mortgage rates through the end of the year is geopolitical and economic uncertainty,” Sturtevant says.
Should the war resolve, mortgage rates may moderate, but no one knows exactly when that may be.
Then, there’s a more structural reason that’s driving up rates, according to Berner. That’s the federal budget deficit, which is the shortfall between government revenue and spending. The federal government has been running a deficit since 2002, but the gap has grown substantially in recent years.
To cover the gap, the government sells bonds. The bigger the deficit, the more bonds it sells. And when there is a greater supply of bonds, Berner says, investors demand higher yields from the government.
This directly impacts mortgage rates because these long-term loans follow 10-year Treasury yields as their benchmark. So when Treasury yields rise, mortgage rates typically follow.
Inflation expectations are also baked into Treasury yields. When investors assume inflation will linger, they tend to demand higher yields on the bonds they buy from the government.
With inflation proving stickier than expected, this presents a double whammy for mortgage rates and suggests they will remain above 7% for the foreseeable future.
On Wednesday, Fannie Mae revised its mortgage rate projections to 7.4% for the rest of the year — up from September’s prediction of 6.8% — and increased the outlook for 2027 to 7.5% for the entire year.

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