Business headlines – 9/12/24

INDIANAPOLIS (WISH) — Here is a look at Wednesday’s business headlines with Jane King, where she discusses falling mortgage rates and a proposed safety rule that could shake up the auto industry.

Social Security benefit increase will be smaller in 2025

Social Security recipients are on track for a smaller cost-of-living adjustment next year.

The cost-of-living adjustment, or COLA, that retirees receive each year is tied to the average inflation data for July, August, and September, so the actual increase won’t be clear until October. But inflation has been cooling , leading to a smaller increase in benefits.

Mortgage rates fall to lowest rate since Feb. 2023

Mortgage rates declined last week to the lowest level since February 2023, providing some relief to homebuyers and those looking to refinance.

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The average contract rate on a 30-year fixed mortgage fell to 6.29% — almost a full percentage point lower than a year ago. Even though mortgage rates have dropped for six straight weeks, demand remains weak.

New regulation could force truck redesign

The National Highway Traffic Safety Administration has proposed a new regulation that could force changes in the design of trucks and SUVs. The move comes just weeks after a member of Congress proposed a tougher measure – a law limiting the height of new vehicles .

The rule would require automakers to run crash tests simulating head-to-hood impacts and to reduce the risk of head injuries.

There was a 57% rise in pedestrian fatalities between 2013 and 2022, per the NHTSA, and studies suggest that vehicle size increases the danger.

Renewable energy stock prices rise after presidential debate

Wall Street largely thinks Vice President Kamala Harris beat former President Donald Trump in what will likely be their only debate. This can be seen in the way renewable energy stocks behaved Wednesday.

A Harris presidency is thought to be friendlier to clean energy stocks but Trump also said he’s a big fan of solar.

Survey: Life gets ‘real’ at age 27

The age where life, money, and the future start to feel “real” is officially 27 years old, according to new research.

The survey, conducted by Talker Research on behalf of Life Happens, explored Americans’ highs and lows, especially when it comes to finances, as well as the older generations’ advice for young adults.

Researchers found Americans start to take their finances seriously around the age of 28. The older generations says they wish they’d taken their finances more seriously in their 20s.