New modules available via The Direct Express® Financial Education Center (DEFEC), focus on the topic of homeownership, and are intended to help Direct Express® cardholders answer questions they may have, such as, “how can I prepare to buy a home in the future?” or, “is refinancing a good idea?”.

Available Modules:

Around a quarter of Direct Express® cardholders own their own home and while mortgage rates reached record lows in 20211, and home values increased, many have had reason to reconsider their living situation in recent years. While borrowers who refinanced in 2021 on average saved over $2,700 annually in mortgage payments2, mortgage interest rates have since increased at the fastest rate since the early 1980’s3. Many have questions surrounding what choices may be best for someone looking to reduce their expenses or increase their income.

The Direct Express® Financial Education Center  serves as a reliable and trustworthy resource to support cardholders in understanding what opportunities and challenges exist, and a resource to help them decide what choices may be right for them.

Cardholders can access the new modules on The Direct Express® Financial Education Center or Direct Express® cardholder website from any computer or mobile device that has internet access. The Financial Education Center will continue supporting cardholders throughout 2023 by releasing new topics regularly and existing content will be refreshed as needed to provide up-to-date information. Modules and materials are available in both English and Spanish.

Notes:

  1. Historical mortgage rate trends: 1970s to 2023 (2022, April). Bankrate. https://www.bankrate.com/mortgages/historical-mortgage-rates/
  2. Trends in Mortgage Refinancing Activity (2022, April). Freddie Mac. https://www.freddiemac.com/research/insight/20220425-trends-mortgage-refinancing-activity
  3. Quarterly Forecast: Rapidly Rising Rates & Declining Demand Driving a Housing Market Slowdown (2022, October). Freddie Mac. https://www.freddiemac.com/research/forecast/20221021-quarterly-forecast-rapidly-rising-rates-declining-demand-driving-housing-market

SOURCE: Direct Express Education Center