Tax refunds are up this year but still falling short of expectations for many Americans.

Why it matters: Refunds are one of the biggest cash windfalls many households see all year — and when they fall short, so do plans to pay down debt, save or spend.

• The deadline to file federal taxes — or request an extension — is today for most Americans.

The big picture: This is the first filing season reflecting changes from the One Big Beautiful Bill Act, including new deductions that were expected to boost refunds for millions.

State of play: The average check is about $3,462, up 11% from $3,116 last year, according to IRS filing season data through April 3.

• Total refunds have reached roughly $241.7 billion, a 14.5% increase from the same period last year.

Yes, but: Early forecasts — and new tax changes — had pointed to even bigger gains.

• The typical increase is closer to $300, not the $600–$700 many expected.

Between the lines: Many of the new deductions fueling refund expectations, such as those for seniors, tips and overtime, have had an uneven impact.

• Their payoff can vary widely by income and eligibility, which has limited the overall bump.

What we're watching: Refunds are bigger on paper — but for many Americans, they feel lighter than expected.

• Many Americans rely heavily on refunds, with 70% using them to cover basic expenses like rent and bills, according to a TurboTax survey.

Rising home insurance premiums are putting Americans at a higher risk of becoming delinquent on their mortgage payments, per a Federal Reserve Bank of Dallas analysis.

Why it matters: Texas already has some of country's highest property taxes and home insurance rates, driven by costly severe weather events.

Stunning stat: The average U.S. home insurance premium increased 57% — or $794 — from 2019 to 2024, per the Dallas Fed. By comparison, Texas homeowners insurance premiums increased 73%, or $1,400.

State of play: Home insurance premiums comprised 14% of U.S. homeowners' monthly payments last year, including mortgage principal and interest. In 2013, that figure was 10%.

• The rates are projected to increase roughly 25% by 2055, per First Street, which specializes in financial modeling for climate risk.

What they're doing: Homeowners may rely more on credit cards, delay their mortgage payments, or move homes because of their higher home insurance premiums, the Dallas Fed says.

• The Fed estimated that premium increases pushed roughly 31,000 mortgages into delinquency in 2022.
• Another 203,000 mortgages could become delinquent per year from 2025 to 2055 because of continuing premium increases.

Between the lines: Not everyone can afford to move to areas with fewer home insurance claims and, in turn, lower premiums.

• "The increase may quietly reshape who can afford to leave, who is forced to stay, and who ultimately owns homes in communities with high climate risk," the Dallas Fed's report says.

🎤 Usher and Chris Brown will perform at AT&T Stadium this September. (CultureMap)

🥊 Lt. Gov. Dan Patrick warned that infighting among Republicans could put the party's control of the Texas House at risk in November. (NBC5)

✝️ The Catholic bishop in Fort Worth called on President Trump to apologize for posting a "highly insulting and blasphemous" image depicting himself as Jesus. (WFAA)

Comedian Fred Armisen made us realize last week that Dallas has an accent. It's as business-like as you might expect.

Driving the news: Armisen appeared on "Good Hang with Amy Poehler" this month and said Texas' accents are among his favorite.

• "I really love how Texas just really changes from city to city. There's something about it. Texas has so much varying personality," Armisen said.

Zoom in: Dallasites sound "kind of business-like," Houstonians speak with a whisper, and Beaumont residents elongate their words, he said.

• "I hear them on planes on a conference call," Armisen said, when describing how people from Dallas speak.

Zoom out: Armisen has dished on Texas' dialects for years. He picked up the nuances between accents while traveling for shows.

• Imitating accents from around the world was his party trick on Conan O'Brien's show in 2016.