As the Social Security Administration seeks to curb identity fraud, more people will now be required to visit an office to prove their identity for new benefit claims and direct deposit changes.

In the next two weeks, the agency will transition to stronger identify proofing procedures, the Social Security Administration announced on Tuesday.

Individuals who cannot use an online My Social Security account for identity proofing will need to visit their local Social Security office, according to the agency.

As a result of the new proofing measures, the Social Security Administration also plans to accelerate the processing of both online and in-person direct deposit change requests to one business day, down from the 30 days those changes were typically held.

More from Personal Finance:
Americans lost $5.7 billion to investment fraud in 2024
Don’t hide cash at home — what you’re risking and what to do instead
How to manage your student loan payments after a layoff

The changes are aimed at helping to avoid the fraudulent redirection of benefit checks, which the agency has been warning about for years. Social Security Administration acting commissioner Lee Dudek said he witnessed the effects of the fraud firsthand while working in one of the agency’s field offices.

“It’s always heartbreaking,” Dudek said on a Tuesday press call, recalling the tears, anger and disbelief he saw from victims.

“The beneficiary always needs the money they depend on,” Dudek said. “Many times it’s their only source of income, and guys steal their information and redirect their check somewhere else.”

Ultimately, “it was up to SSA to make it right,” said Dudek, who estimates the agency is now losing more than $100 million per year due to direct deposit fraud.

Between January 2013 and May 2018, fraudsters redirected $33.5 million in benefits for 20,878 beneficiaries by making unauthorized direct deposit changes, audits from the Social Security Administration Office of the Inspector General found. Over that same period, the Social Security Administration was able to correct unauthorized direct deposit changes before checks were issued for an additional $23.9 million in payments to 19,662 beneficiaries.

The agency plans to move away from knowledge-based authentication, which uses personal questions like asking for your mother’s maiden name or a previous address to verify identities. A spate of private company data breaches have made it so much of the same information the Social Security Administration asks for is available in the public domain, Dudek said.

The Social Security Administration plans to enforce the new online digital identity proofing and in-person identity proofing starting on March 31, following a two-week training period for management and frontline employees.

Individuals who want to start benefits claims may do so by phone if they cannot go online. However, they will have to verify their identify in person to complete their request.

“The agency therefore recommends calling to request an in-person appointment to begin and complete the claim in one interaction,” the agency stated in its March 18 announcement. “Individuals with and without an appointment will need to prove identity before starting a transaction.”

Individuals who want to change their direct deposit information and who cannot go online, can either visit a local office or call to schedule an in-person appointment.

The change may require foot traffic to Social Security offices nationwide to increase by about 75,000 to 85,000 more in-person visitors per week, according to reports on an internal Social Security Administration memo.

The Federal Reserve announced Wednesday it will leave interest rates unchanged as President Donald Trump‘s tariff policies weigh on economic growth.

Although inflation receded last month, an escalating trade war threatens to hike prices on consumer goods going forward.

“Tariffs on aluminum, steel and oil are essential elements to production across a wide range of products,” said Brett House, an economics professor at Columbia Business School. “Those price increases are going to ripple more widely across the American economy.”

National Economic Council director Kevin Hassett recently warned of “some uncertainty” in the weeks ahead because of the United States’ tariff agenda.

The inflation risk from tariffs ensured the central bank would take a more cautious approach, according to House. “Greater uncertainty in the world means the Fed is more predictably in a wait-and-see mode,” he said.

More from Personal Finance:
Consumer outlook sinks as recession fears take hold
Here’s the inflation breakdown for February 2025
This step is ‘really important’ for home sellers in 2025

The federal funds rate sets what banks charge each other for overnight lending, but also influences many of the borrowing and savings rates Americans see every day.

When the Fed hiked rates in 2022 and 2023, most consumer borrowing costs quickly followed suit. Even though the central bank began to lower its benchmark rate at the end of last year, consumer rates are still elevated, with credit card annual percentage rates down only slightly from an all-time high. 

“The pressure on household budgets is unrelenting,” said Greg McBride, chief financial analyst at Bankrate.com.

As the federal funds rate comes down, consumers may see their borrowing costs decrease as well, making it cheaper to borrow money to purchase a house or a car. 

But even with the Fed on the sidelines for now, consumers struggling under the weight of high prices and high borrowing costs could see some relief, experts say. Already, rates for mortgages, auto loans and credit cards are edging lower.

Most credit cards have a variable rate, so there’s a direct connection to the Fed’s benchmark.

Even though the central bank held rates steady at the last few meetings, average annual percentage rates have eased. The average credit card rate is down to 20.09%, from 20.27% at the start of the year, according to Bankrate. That is on the heels of the rate cuts that already went into effect. 

“Credit card rates have fallen from their 2024 record highs,” said Matt Schulz, chief credit analyst at LendingTree. “March was the sixth straight monthly decline, but the decreases have slowed as Fed rate cuts get further back in the rearview mirror.”

Uncertainty over tariffs and worries about a possible recession have dragged down consumers’ outlook. “Mortgage rates are falling because of concerns about economic weakness,” McBride said.

However, “that’s not the type of environment that’s going to provide a sustainable boost to the housing market,” he added.

The average rate for a 30-year, fixed-rate mortgage is now 6.78% as of March 19, while the 15-year, fixed-rate is 6.24%, according to Mortgage News Daily. 

Although auto loan rates are fixed, payments are getting bigger because car prices are rising, in addition to pressure from Trump’s trade policy.

“Sticker prices are still really high and tariffs will only drive those prices higher,” McBride said.

Auto loan rates have also backed down from recent highs but are still up year to date. The average rate on a five-year new car loan is now 7.2% as of the week ended March 14, while the average auto loan rate for used cars is 11.3%, according to Edmunds. At the end of 2024, those rates were 6.6% and 10.8%, respectively.

Federal student loan rates are fixed, as well, so most borrowers are somewhat shielded from Fed moves and recent economic turmoil.

Undergraduate students who took out direct federal student loans for the 2024-25 academic year are paying 6.53%, up from 5.50% in 2023-24. Interest rates for the upcoming school year will be based in part on the May auction of the 10-year Treasury note.

Private student loans tend to have a variable rate tied to the prime, Treasury bill or another rate index.

Top-yielding online savings accounts currently pay 4.4%, on average, according to Bankrate. Although that’s down from roughly 5% last year, it is well above the annual inflation rate of 2.8%.

Subscribe to CNBC on YouTube.

The ideal time to sell your home may be fast approaching.

On average, home sellers who list their properties in the week of April 13 to April 19 this year could sell for roughly $27,000 more than other times of the year, according to a recent report by Realtor.com. The site assessed seasonal trends and housing metrics — but did not factor in mortgage rates because they do not follow seasonal patterns.

“This is the right time of year to list and to get ahead,” said Joel Berner, senior economist at Realtor.com.

Of course, the ideal time to sell can differ every year.

A separate report by Zillow found that homes listed in the last two weeks of May 2024 sold for 1.6% more than other times of the year, a $5,600 boost on a typical U.S. home. But, the report notes, “it’s not certain that this year’s spring home shopping season will follow last year’s pattern.”

Sellers generally get better returns if they list between March 15 and July 31, but many factors can affect the timing of the premium, according to Zillow.

More from Personal Finance:
Don’t hide cash at home — what you’re risking and what to do instead
How to manage your student loan payments after a layoff
Americans lost $5.7 billion to investment fraud in 2024

What’s more, the peak time to sell a house might depend on market conditions in your area. According to Zillow data, a San Diego home listed as early as the second half of March could sell for roughly 2% more than other times of the year, or $20,100. Meanwhile, the site found it’s better to list homes in Phoenix in the second half of November when there’s a price premium of 1.4%, or $6,400. 

If you plan to sell your home in 2025, here’s what you should consider, according to experts.

The spring is typically when the housing market sees the most activity from buyers and sellers, experts say, as homebuyers are often looking to close a purchase before summer kicks off and well in advance of the new school year.

Sellers often want to capture the “sweet spot” of listing their home when more buyers are looking and when their property looks the most attractive, according to Amanda Pendleton, a home trends expert at Zillow.

In spring, “the flowers are starting to bloom, the grass is green,” she said. “Your home looks great.”

The same principles apply to whether you’re listing an apartment, condominium or co-op, Pendleton said. You’re still trying to showcase your property when it looks and feels the best. During the spring, the city is vibrant, which can be a “big selling point.”

“Nobody wants to look out at a bleak city full of snow,” Pendleton said. “You’re trying to still capture the nicest view possible.”

The 30-year fixed rate mortgage was 6.65% for the week ending March 13, flat from 6.63% the week before, according to Freddie Mac data via the Federal Reserve.

The mortgage rate lock-in effect deterred homeowners who secured low interest rates from listing their properties, because they were reluctant to finance a new property at the market’s higher rates.

But even though rates remain above 6%, more sellers are listing their homes as life events like growing households or a need to relocate come into the picture, Berner said: “Families grow, jobs change and people have to move.”

For home sellers running against the clock, whether that’s a new baby or a new job, there might be less room to perfectly time a listing, experts say.

But those with more time will be in a stronger position to come up with a plan, especially as buyers gain more power and sellers may need to be more strategic with their timing. Even if you don’t have much flexibility with when you list, “getting the price right” will help you sell your home faster, Berner recently told CNBC.

Work with experts like real estate agents or brokers in your area to come up with a strategy. Local real estate agents will have a better knowledge of the intricacies related to your area, Berner said.