In the heart of the American West, Wyoming‘s expansive landscapes are home to cities that offer a unique living experience for renters seeking both adventure and tranquility. From the historic streets of Cheyenne to the university town of Laramie, this ApartmentGuide article explores the pros and cons of living in Wyoming, offering essential insights for those thinking of moving to this distinct part of the U.S.
Renting in Wyoming snapshot
Population
584,057
Avg. studio rent
$994 per month
Avg. one-bedroom rent
$1,165 per month
Avg. two-bedroom rent
$1,428 per month
Most affordable cities to rent in Wyoming
Cheyenne, Rock Springs, Gillette
Most walkable cities in Wyoming
Cheyenne, Casper, Laramie
1. Pro: Stunning natural landscapes
Wyoming’s natural landscapes are breathtaking, offering residents and visitors alike a chance to immerse themselves in the beauty of the outdoors. From the majestic Grand Teton National Park to the vast plains of the high desert, the state provides a backdrop for a variety of outdoor activities such as hiking, skiing, and wildlife watching.
2. Con: Severe weather conditions
The state experiences a range of severe weather conditions, from heavy snowfall in the winter to thunderstorms and tornadoes in the summer. These weather patterns can pose challenges to daily life, affecting everything from transportation to outdoor plans.
3. Pro: Low population density
With one of the lowest population densities in the country, Wyoming offers a sense of solitude and space that is hard to find elsewhere. This low density contributes to a quieter, more relaxed lifestyle, with less traffic and lower levels of pollution.
4. Con: Limited cultural amenities
Limited cultural amenities in Wyoming, particularly in smaller towns and rural areas, can impact residents’ access to diverse cultural experiences and opportunities for artistic expression. For instance, while larger cities like Cheyenne and Jackson may offer some cultural attractions such as museums and theaters, these amenities may be sparse or nonexistent in more remote regions of the state.
5. Con: High altitude
The high altitude in Wyoming can pose challenges for some individuals, leading to altitude sickness, dehydration, and increased risk of certain health issues, particularly for those not acclimated to the elevation. Additionally, the high altitude may require adjustment periods for newcomers, impacting physical performance and comfort levels during outdoor activities.
6. Pro: Rich cultural heritage
The state’s rich cultural heritage, influenced by Native American, cowboy, and western cultures, is celebrated through various festivals, museums, and rodeos. This cultural richness offers residents and visitors a unique glimpse into the state’s history and traditions.
7. Con: Water scarcity
Wyoming is among the driest states in the country. This issue primarily stems from the state’s semi-arid climate and reliance on mountain snowpacks for its water supply. The variability in annual snowfalls leads to inconsistent water availability, impacting agriculture, wildlife, and human consumption. Additionally, Wyoming is subject to interstate agreements that allocate river water to downstream states, further complicating its water management strategies.
8. Pro: No state income tax
Living in Wyoming means the significant financial benefit of having no state income tax. This absence of tax leads to direct savings for residents and a lower cost of living relative to states with higher taxes. This policy not only boosts individual financial health but also attracts businesses and entrepreneurs, driving economic growth and job creation in the state.
9. Con: Limited job opportunities
Limited job opportunities in Wyoming can hinder career advancement and economic stability for residents, particularly in industries outside of energy and agriculture, which can lead to higher rates of unemployment and underemployment and potentially prompting skilled workers to seek employment opportunities elsewhere.
10. Pro: Wildlife and conservation efforts
Wyoming’s commitment to wildlife conservation is exemplified by initiatives such as the Greater Yellowstone Ecosystem, which spans across Wyoming, Montana, and Idaho and serves as one of the last remaining strongholds for iconic species like grizzly bears and wolves. Additionally, the state’s National Elk Refuge, located near Jackson, provides critical winter habitat for thousands of elk migrating from the surrounding mountains, offering residents and visitors alike the chance to witness these majestic creatures up close.
11. Pro: Cowboy culture
Wyoming’s rich cowboy culture adds a unique and vibrant flavor to the state, blending history with contemporary life. Known as the “Cowboy State,” Wyoming proudly celebrates its Western heritage through rodeos, cowboy music, and dance festivals. This culture is deeply woven into the state’s identity, giving residents a chance to experience the traditional cowboy lifestyle. From horseback riding across vast open plains to attending lively country fairs, the cowboy culture in Wyoming provides a fun, authentic, and distinctly American experience.
12. Con: Strong winds
The strong and persistent winds in Wyoming can be a significant drawback for residents, causing discomfort and inconvenience, particularly during windy seasons in the spring and fall. These gusts can also lead to property damage and increased wear and tear on buildings and infrastructure.
Methodology : The population data is from the United States Census Bureau, walkable cities are from Walk Score, and rental data is from ApartmentGuide.
Mortgage rates remained stable this week as the personal consumption expenditures (PCE) inflation report matched economists’ expectations.
As a result, HousingWire’s Mortgage Rates Center showed the average 30-year fixed rate for conventional loans at 7.17% on Tuesday, up from 7.16% one week earlier. At the same time one year ago, the 30-year fixed rate averaged 6.5%. Meanwhile, the 15-year fixed rate averaged 6.43% on Tuesday, down from 6.51% one week earlier.
“We had the PCE inflation report come out Friday and because some people were expecting a hotter number than estimates, it was perceived to be bullish for rate cuts,” HousingWire lead analyst Logan Mohtashami wrote on Saturday.
“The 10-year yield channel is between 4.25%-3.80%, which looks correct as long as the economic data stays firm and jobless claims don’t break higher. This means mortgage rates will likely remain in the upper range of my 2024 forecast of 6.75%-7.25%.
“Monday’s economic data was good; the manufacturing data came in at a huge beat and the GDP (gross domestic product) revisions were positive for this quarter’s upside,” Mohtashami added. “For the first time in a long time, both the U.S. manufacturing data are now in expansion territory. Bond yields rose and we have four labor reports to work on this week.”
As of March 29, there were 517,355 single-family homes on the market, up from 512,759 the week prior. During the same week last year, inventory fell from 413,883 to 410,734. The all-time inventory low was in 2022 at 240,194, while the inventory peak for 2023 was 569,898.
“We should have close to 700,000 homes on the market in August or September,” Mike Simonsen, founder and president of Altos Research, wrote on Monday. “It won’t be a lot actually, but it’ll be the most homes available since 2019. The longer we stay at higher mortgage rates, the more inventory can build back to the old normal levels.”
According to the April 2024 Mortgage Monitor report from Intercontinental Exchange (ICE), homeowners who took out mortgages with near-record-low rates in 2020 and 2021 face much higher monthly payments even if they move to an equivalently priced home. A “lateral move” of this type would cost 60% more per month, ICE reported.
“Lower rates would ease the calculation for many and make moves more reasonable,” Andy Walden, vice president of enterprise research at ICE Mortgage Technology, said in a statement. “But the net result continues to be too few homes for too many buyers. Until that fundamental mismatch is addressed, simple supply and demand will continue to press on both inventory and affordability.”
Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate mortgages to write unbiased product reviews.
Mortgage rates have gone down in recent days. This week, 30-year mortgage rates averaged 6.37%, according to Zillow data. This is 24 basis points down from the previous week’s average. But they could tick back up in the next couple of weeks depending on how some major economic reports turn out.
Most major forecasters expect mortgage rates to decline in 2024, but so far we haven’t seen any signs of a sustained drop. As we get more data showing that inflation is cooling, mortgage rates should start trending down more definitively. But if inflation remains sticky for longer than expected, rates will likely stay near their current levels.
On Friday, the Commerce Department released the latest Personal Consumption Expenditures price index data. The PCE price index is the Federal Reserve’s preferred measure of inflation. The latest data showed that prices rose 2.5% year over year in February. This is a slight uptick from the previous month.
Fed officials have indicated that they expect the path to lower inflation to be bumpy, and that they’re waiting for more data before they’ll consider lowering the federal funds rate.
The sooner the Fed can start cutting rates, the sooner mortgage rates will start to fall. At the moment, investors are anticipating that first cut to come at the Fed’s June meeting, according to the CME FedWatch Tool. But hotter-than-expected economic data could push that timeline back.
Today’s mortgage rates
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Average rate today
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Today’s refinance rates
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Mortgage Calculator
Use our free mortgage calculator to see how today’s interest rates will affect your monthly payments:
Mortgage Calculator
$1,161 Your estimated monthly payment
Total paid$418,177
Principal paid$275,520
Interest paid$42,657
Paying a 25% higher down payment would save you $8,916.08 on interest charges
Lowering the interest rate by 1% would save you $51,562.03
Paying an additional $500 each month would reduce the loan length by 146 months
By clicking on “More details,” you’ll also see how much you’ll pay over the entire length of your mortgage, including how much goes toward the principal vs. interest.
Mortgage Rate Projection for 2024
Mortgage rates started ticking up from historic lows in the second half of 2021 and increased dramatically in 2022 and throughout most of 2023.
Many forecasts expect rates to fall this year now that inflation has been coming down. In the last 12 months, the Consumer Price Index rose by 3.2%, a significant slowdown compared when it peaked at 9.1% in 2022. But we’ll likely need to see more slowing before rates can drop substantially.
For homeowners looking to leverage their home’s value to cover a big purchase — such as a home renovation — a home equity line of credit (HELOC) may be a good option while we wait for mortgage rates to ease. Check out some of our best HELOC lenders to start your search for the right loan for you.
A HELOC is a line of credit that lets you borrow against the equity in your home. It works similarly to a credit card in that you borrow what you need rather than getting the full amount you’re borrowing in a lump sum. It also lets you tap into the money you have in your home without replacing your entire mortgage, like you’d do with a cash-out refinance.
Current HELOC rates are relatively low compared to other loan options, including credit cards and personal loans.
When Will House Prices Come Down?
We aren’t likely to see home prices drop this year. In fact, they’ll probably rise.
Fannie Mae researchers expect prices to increase 3.20% in 2024 and 0.30% in 2025, while the Mortgage Bankers Association expects a 4.10% increase in 2024 and a 3.30% increase in 2024.
Sky high mortgage rates have pushed many hopeful buyers out of the market, slowing homebuying demand and putting downward pressure on home prices. But rates have since eased, removing some of that pressure. The current supply of homes is also historically low, which will likely push prices up.
What Happens to House Prices in a Recession?
House prices usually drop during a recession, but not always. When it does happen, it’s generally because fewer people can afford to purchase homes, and the low demand forces sellers to lower their prices.
How Much Mortgage Can I Afford?
A mortgage calculator can help you determine how much house you can afford. Play around with different home prices and down payment amounts to see how much your monthly payment could be, and think about how that fits in with your overall budget.
Typically, experts recommend spending no more than 28% of your gross monthly income on housing expenses. This means your entire monthly mortgage payment, including taxes and insurance, shouldn’t exceed 28% of your pre-tax monthly income.
The lower your rate, the more you’ll be able to borrow, so shop around and get preapproved with multiple mortgage lenders to see who can offer you the best rate. But remember not to borrow more than what your budget can comfortably handle.
Inside: Explore financial independence: Unveil why a debt-free life could be your path to riches, with practical strategies for lasting wealth without owing. Perfect for millennials or those new to managing money.
In an era where financial burdens weigh heavily on so many, adopting a lifestyle of debt-free living emerges as the modern epitome of wealth.
I’ve come to understand that true affluence isn’t just measured by the amount of dollars in your bank account, but by the freedom from the chains of debt. It’s not just about strict budgeting or cutting corners; it’s about the elevated sense of security and control that comes from owing nothing to anyone.
Encountering the peace of mind that accompanies a debt-free life has indeed propelled our financial well-being and moved us closer to our FI number.
But, the question for today, is being debt free the new rich, and the secret to true wealth. Let’s dig into that answer.
Debt-Free as the Gateway to Modern Affluence
In the past, wealth was often measured by the accumulation of material possessions and the perceived status they conferred.
Today, however, there’s a growing recognition that true affluence lies in financial freedom. Redefining wealth to include the absence of debt reflects a holistic understanding of prosperity in today’s economy.
Is being debt-free the new rich?
The question “Is being debt-free the new rich?” is more relevant than ever in a society enmeshed with credit and consumption.
Being debt-free signals a shift from traditional wealth, defined by material possessions, to a contemporary form of richness—one where financial stability and peace of mind take precedence.
Yes, being debt free will lead to increased wealth over time.
Debunking the Myth: Rich vs. Debt-Free
Many hinge their perceptions of wealth on income and assets without considering the crippling effects of debt. Being rich traditionally meant having substantial financial resources, but without considering debt, this view is incomplete.
Many individuals labor under misconceptions about living a debt-free life, believing it to be a goal that’s out of reach or mired in unrealistic sacrifices.
Let’s dispel these myths and highlight how a debt-free life is not only achievable but also a liberating choice that defies conventional financial norms.
Myth #1: You need a credit card to survive in today’s economy.
Many people believe a credit card is essential for building credit and making daily purchases. However, if you are unable to repay that credit card bill at the end of the month, then you shouldn’t use one.
Credit cards are helpful especially if you benefit from the credit card rewards. Many millionaires used the cash envelope system to get where they are at.
Myth #2: Student loans are the only path to higher education.
The notion that college is unaffordable without borrowing is widespread, yet there are numerous alternatives to student loans for funding education.
Learn how to get paid to go to school with scholarships, grants, work-study programs, and attending community college first. These are all viable strategies to pursue higher education without incurring massive debt.
Myth #3: Car payments are an unavoidable monthly expense.
Car payments are often accepted as a normal part of finance management, but it’s a myth that you’ll always have one. This one still makes me cringe – car payments are not considered normal.
By saving up and purchasing a reliable used vehicle, many can avoid the cycle of car loans, and even if a loan is necessary, paying it off quickly can relieve you from years of ongoing payments.
Myth #4: Debt is a necessary tool to achieve financial success.
Contrary to the belief that leveraging debt is how wealthy individuals build their empires, many successful people use debt strategically, if at all.
It’s possible to accumulate wealth through saving, investing wisely, and living within one’s means, all without relying on debt. Building wealth debt-free is slower but more stable and reduces the risks associated with borrowing.
Plus it increases the debt-to-income ratio.
Myth #5: Paying Off Debt is Too Hard and Takes Forever
Paying off debt utilizing strategies such as the debt snowball or avalanche method instead of waiting is crucial for several reasons.
Both approaches provide structured plans that create discipline, making it less overwhelming to tackle debt systematically. Paying off debts faster with these methods typically reduces the total interest paid over time, leading to significant savings.
Moreover, the quicker you become debt-free, the sooner you can redirect your income toward building wealth, saving for the future, or investing in opportunities. Finally, the psychological boost from witnessing debts disappear can be incredibly motivating, improving your financial confidence and relieving stress associated with high levels of debt.
Myth #6: Pointless to Pay Off Debt if Making More on the Money
Paying off debt can sometimes seem counterintuitive, especially if you’re making more on your money through investments or savings compared to the interest on your debt. While from a purely mathematical standpoint, it may make financial sense to keep the debt and grow your investments, the freedom from being debt-free transcends numbers.
However, the psychological benefits of not owing money—such as reduced stress, increased mental well-being, and the peace of mind that comes with financial security—often outweigh the potential financial gains from investing.
Debt can feel like a burden, and removing this can lead to a clearer mindset, freeing up mental energy and resources to focus on other aspects of life.
Myth #7: I’ll Be Broke Forever
Overcoming “I am broke” mindset to achieve debt freedom often requires a substantial shift in both behavior and perspective.
It involves breaking the cycle of living paycheck to paycheck and resisting instant gratification by prioritizing financial goals over immediate desires. Replacing impulsive spending habits with disciplined budgeting and intentional saving can be a challenging, yet empowering transition.
This transformation not only demands goal-setting but also a deep understanding that possessions do not measure true wealth but by financial security and the freedom it brings.
Myth #8 – Debt Won’t Limit Your Financial Freedom
Debt often acts as a chain that restricts monetary mobility.
Carrying debt means committing future earnings to past expenses, limiting the ability to invest in opportunities or save for unforeseen events.
True financial freedom can only be found when these chains are broken, unlocking the full potential to use your income to shape the life you desire. This is what you will learn here at Money Bliss.
Strategies for Achieving a Debt-Free Life
Achieving a debt-free life involves setting clear, attainable goals, exercising self-restraint to avoid unnecessary expenditures, and creating a focused plan of action to eliminate existing debts.
By embracing contentment and understanding that happiness isn’t tied to material possessions, one can redirect funds towards paying off debts, paving the way for a life with greater financial independence and security.
Tip #1 – From Calculating Debts to Making a Payoff Plan
Embarking on the journey to debt freedom begins with a clear assessment of your financial landscape. It’s essential to compile a comprehensive list of your debts, noting balances, interest rates, and minimum payments.
Armed with this information, constructing a tailored payoff plan becomes your blueprint to financial liberation. Taking this active step forward is where the climb back to solvency begins.
Tip #2 – Overcoming Social Pressures and Lifestyle Inflation
Social pressures and lifestyle inflation are formidable obstacles in the pursuit of debt freedom.
The urge to spend is often magnified by the fear of missing out (FOMO) and the desire to match others’ spending habits (aka Joneses). Overcoming these cultural norms is critical for individuals determined to maintain financial health and resist the lure of indebtedness.
Tip #3 – Budgeting, Saving, and Earning More
Budgeting is the roadmap to tracking and controlling your spending while saving ensuring you’re prepared for the future. Consider it carving a path to financial freedom.
Earning more, whether through advancement in your current role or side hustles, accelerates debt repayment. Balancing these pillars is key – spend wisely, save diligently, and earn aggressively to break the chains of debt.
Tip #4 – The Shift Towards Minimalism and Non-Materialism
A growing number of individuals are embracing minimalism, finding richness in life’s experiences over the accumulation of goods.
This paradigm shift from materialism to non-materialism spotlights the value of simplicity and intentional living. It’s a conscious choice to prioritize quality over quantity, creating space for financial freedom and personal growth.
Tip #5 – Investing and Saving: The Vehicles for Sustainable Wealth
Once debt is cleared, saving and investing become the twin engines driving the journey toward sustainable wealth. This is the #1 overlooked thing I see too often.
The idea of investing in stocks is overwhelming to too many; thus, you are doing nothing with your money.
A savings account offers a cushion against life’s uncertainties, while investments can grow your wealth exponentially over time. By harnessing the power of compound interest and diversification, you’re not just avoiding financial pitfalls but actively building your monetary legacy.
Tip #6 – The Necessary Sacrifices for Long-Term Gain
Achieving debt freedom often requires sacrifices that can test your resolve in the short term. I can attest to this over and over. But, then I see progress on my journey and I’m grateful.
Whether it’s forgoing a luxury purchase, downsizing your living space, or choosing a staycation over a lavish holiday, these decisions contribute to a greater financial objective. Embracing necessary sacrifices paves the road to long-term gain and a richer future, free from financial constraints.
Tip #7 – Leveraging a Debt-Free Status for Financial Growth
Living debt-free opens doors to financial opportunities previously blocked by loan repayments and high interest rates. You are focused on improving your liquid net worth.
This status can be leveraged for growth by increasing investments, acquiring assets, or starting a business without the drag of debt. It’s about transforming newfound liquidity into channels that foster wealth expansion and provide long-term financial security.
Real Stories: Transformations from Debt to Wealth
The tales of debt freedom resonate with hope and inspiration.
Imagine the relief of one less bill in the mailbox or the pride in finally owning your car outright. These personal anecdotes serve as powerful testaments to the life-altering impact of paying off debt.
Scott Alan Turner felt trapped by student loans for years, only to transform their financial narrative by dedicating extra payments to their debt and eventually questioning every single impulse purchase.
Each story underscores a unique journey of dedication, strategy, and eventual liberation that changes lives fundamentally.
The Ripple Effect on Families and Future Generations
Debt freedom not only transforms individual lives but also sends ripples through families and across generations.
Free from financial burdens, parents can invest in better education for their children, save for their own retirement, and instill the value of living within one’s means. Creating a new family legacy.
FAQ: Embracing a Debt-Free and Wealthy Outlook
Being truly debt-free means you have no outstanding financial obligations—no loans, no credit card balances, and no debts lingering over your head.
It reflects a clean slate of financial commitments, allowing for unrestricted use of your income and providing a robust platform for financial growth and security.
While happiness is subjective, studies consistently link less debt to higher levels of contentment. 1
People without debt often report a greater sense of peace and well-being, liberated from the anxieties and constraints associated with debt. Freeing oneself from financial liabilities allows for a lifestyle focused on experiences and personal fulfillment, factors known to enhance happiness.
It is generally advantageous to be completely debt-free, as it alleviates financial stress, increases disposable income, and contributes to a solid foundation for building wealth. Without the burden of debt repayments, individuals can allocate funds to savings, investments, or personal passions, enhancing their overall quality of life and financial stability.
Avoiding debt is often seen as countercultural because society promotes a credit-fueled economy, where debt is normalized for consumption and lifestyle enhancement.
Challenging this norm by rejecting debt goes against these ingrained beliefs, embracing financial independence and self-reliance over societal expectations and instant gratifications.
Freedom from Debts
Clearing up this confusion underscores the significance of being debt-free as a true indication of financial health and prosperity.
Embracing a debt-free life is not merely about financial stability—it’s about the profound sense of freedom and the joy that comes with it.
Being free from debt is your ticket to robust retirement savings, potentially leading to an earlier and more comfortable retirement.
The ultimate luxury lies in this liberty; the contentment from knowing you live within your means, free from the shackles of debt. Achieving this might require discipline, setting clear goals, and a commitment to self-restraint, but the payoff is unparalleled.
If this vision inspires you, why not start that journey to financial independence today? Each step, no matter how small, moves you closer to realizing your dreams without the weight of debt steering your course.
Now, the time is for you to become the next millionaire with no money.
Source
Motley Fool. “Study: The Psychological Cost of Debt.” https://www.fool.com/the-ascent/research/study-psychological-cost-debt/. Accessed March 14, 2024.
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Average mortgage rates edged higher yesterday. Although the change was negligible, it was enough to return them to their recent high, first reached last Thursday. However, they’re still way lower than the near-8% levels seen as recently as last October.
Earlier this morning, markets were signaling that mortgage rates today might barely move. However, these early mini-trends often switch direction or speed as the hours pass.
Current mortgage and refinance rates
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Program
Mortgage Rate
APR*
Change
Conventional 30-year fixed
7.36%
7.37%
+0.01
Conventional 15-year fixed
6.76%
6.79%
Unchanged
Conventional 20-year fixed
7.06%
7.09%
Unchanged
Conventional 10-year fixed
6.65%
6.68%
-0.01
30-year fixed FHA
6.42%
7.11%
+0.03
30-year fixed VA
6.71%
6.83%
-0.01
5/1 ARM Conventional
6.18%
7.32%
-0.01
Rates are provided by our partner network, and may not reflect the market. Your rate might be different. Click here for a personalized rate quote. See our rate assumptions See our rate assumptions here.
Should you lock your mortgage rate today?
Many investors now expect the Federal Reserve to implement its first cut in general interest rates in June. And to make only three modest cuts during 2024.
That’s very different from their expectations at the start of this year. Then, they thought the first cut would be in March followed by five more before Dec. 31.
It’s this shift in expectations, from the optimistic to the realistic, that largely explains why mortgage rates have been moving higher in recent weeks. And it’s my top reason for now thinking that mortgage rates probably won’t begin to trend consistently lower until well into the second (April-June) quarter.
So, for now, my personal rate lock recommendations are:
LOCK if closing in 7 days
LOCK if closing in 15 days
LOCK if closing in 30 days
LOCK if closing in 45 days
LOCKif closing in 60days
However, with so much uncertainty at the moment, your instincts could easily turn out to be as good as mine — or better. So, let your gut and your own tolerance for risk help guide you.
>Related: 7 Tips to get the best refinance rate
Market data affecting today’s mortgage rates
Here’s a snapshot of the state of play this morning at about 9:50 a.m. (ET). The data are mostly compared with roughly the same time the business day before, so much of the movement will often have happened in the previous session. The numbers are:
The yield on 10-year Treasury notes held steady 4.30%. (Neutral for mortgage rates.) More than any other market, mortgage rates typically tend to follow these particular Treasury bond yields
Major stock indexes were falling this morning. (Good for mortgage rates.) When investors buy shares, they’re often selling bonds, which pushes those prices down and increases yields and mortgage rates. The opposite may happen when indexes are lower. But this is an imperfect relationship
Oil prices climbed to $79.34 from $78.19 a barrel. (Bad for mortgage rates*.) Energy prices play a prominent role in creating inflation and also point to future economic activity
Goldprices inched down to $2,042 from $2,044 an ounce. (Neutral for mortgage rates*.) It is generally better for rates when gold prices rise and worse when they fall. Gold tends to rise when investors worry about the economy.
CNN Business Fear & Greed index — increased to 79 from 76 out of 100. (Bad for mortgage rates.) “Greedy” investors push bond prices down (and interest rates up) as they leave the bond market and move into stocks, while “fearful” investors do the opposite. So lower readings are often better than higher ones
*A movement of less than $20 on gold prices or 40 cents on oil ones is a change of 1% or less. So we only count meaningful differences as good or bad for mortgage rates.
Caveats about markets and rates
Before the pandemic, post-pandemic upheavals, and war in Ukraine, you could look at the above figures and make a pretty good guess about what would happen to mortgage rates that day. But that’s no longer the case. We still make daily calls. And are usually right. But our record for accuracy won’t achieve its former high levels until things settle down.
So, use markets only as a rough guide. Because they have to be exceptionally strong or weak to rely on them. But, with that caveat, mortgage rates today look likely to hold steady or close to steady. However, be aware that “intraday swings” (when rates change speed or direction during the day) are a common feature right now.
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What’s driving mortgage rates today?
Today
This morning brought the second reading (of three) of gross domestic product (GDP) during the fourth quarter of last year. And it will likely hardly affect mortgage rates.
Today’s figure showed growth that quarter at 3.2%. Markets had been expecting it to be unchanged from its first reading at 3.3%. And they’d already priced that figure into mortgage rates.
Ten-year Treasury notes edged lower on the news. But mortgage rates didn’t immediately follow, and the difference between the actual figure and market expectations may not be enough to change them.
Tomorrow
We’re due January’s personal consumption expenditures (PCE) price index tomorrow. This is the Federal Reserve’s favorite gauge of inflation. So it certainly has the potential to move markets and mortgage rates, not least because it could influence decisions about the timing and scope of the Fed’s future cuts in general interest rates.
Tomorrow brings four key figures: two for the all-items PCE price index and two for the “core” PCE price index. The core figure is the all-items one after volatile food and energy prices have been stripped out, something that supposedly reveals underlying inflation. The Fed focuses on core figures.
There are two figures for each of these indexes. The first shows how prices moved in the month of January. And the second is the year-over-year (YOY) number, which shows how the same prices moved between Feb. 1, 2023 and Jan. 31, 2024.
Tomorrow’s inflation and other data
Here are what markets are expecting tomorrow (with December’s actual figures in brackets):
January all-items PCE price index — 0.3% (0.2 % in December)
January core PCE price index —0.4% (0.2% in December)
YOY all-items PCE price index — 2.4% (2.6 % in December)
YOY core PCE price index —2.8% (2.8% in December)
You can see that markets are expecting a small increase in most of these measures of inflation. And, because they’re expecting them, they’ll have already priced those into mortgage rates. So, if the figures come in as forecast, mortgage rates might barely move.
However, higher-than-expected figures could push those rates upward. Conversely, lower-than-expected ones could drag them downward.
Other economic reports due tomorrow rarely move mortgage rates far or for long, especially when they’re overshadowed by a major report like the PCE price index.
Ten senior Fed officials have speaking engagements tomorrow and on Friday, all after tomorrow’s report. And those could change mortgage rates if enough of them say things that cheer up or depress investors. But we can only wait to hear their remarks.
Don’t forget you can always learn more about what’s driving mortgage rates in the most recent weekend edition of this daily report. These provide a more detailed analysis of what’s happening. They are published each Saturday morning soon after 10 a.m. (ET) and include a preview of the following week.
Recent trends
According to Freddie Mac’s archives, the weekly all-time lowest rate for 30-year, fixed-rate mortgages was set on Jan. 7, 2021, when it stood at 2.65%. The weekly all-time high was 18.63% on Sep. 10, 1981.
Freddie’s Feb. 22 report put that same weekly average at 6.90% up from the previous week’s 6.77%. But note that Freddie’s data are almost always out of date by the time it announces its weekly figures.
Expert forecasts for mortgage rates
Looking further ahead, Fannie Mae and the Mortgage Bankers Association (MBA) each has a team of economists dedicated to monitoring and forecasting what will happen to the economy, the housing sector and mortgage rates.
And here are their rate forecasts for the four quarters of 2024 (Q1/24, Q2/24 Q3/24 and Q4/24).
The numbers in the table below are for 30-year, fixed-rate mortgages. Fannie’s were updated on Feb. 12 and the MBA’s on Feb. 20.
Forecaster
Q1/24
Q2/24
Q3/24
Q4/24
Fannie Mae
6.5%
6.3%
6.1%
5.9%
MBA
6.9%
6.6%
6.3%
6.1%
Of course, given so many unknowables, both these forecasts might be even more speculative than usual. And their past record for accuracy hasn’t been wildly impressive.
Important notes on today’s mortgage rates
Here are some things you need to know:
Typically, mortgage rates go up when the economy’s doing well and down when it’s in trouble. But there are exceptions. Read ‘How mortgage rates are determined and why you should care’
Only “top-tier” borrowers (with stellar credit scores, big down payments, and very healthy finances) get the ultralow mortgage rates you’ll see advertised
Lenders vary. Yours may or may not follow the crowd when it comes to daily rate movements — though they all usually follow the broader trend over time
When daily rate changes are small, some lenders will adjust closing costs and leave their rate cards the same
Refinance rates are typically close to those for purchases.
A lot is going on at the moment. And nobody can claim to know with certainty what will happen to mortgage rates in the coming hours, days, weeks or months.
Find your lowest mortgage rate today
You should comparison shop widely, no matter what sort of mortgage you want. Federal regulator the Consumer Financial Protection Bureau found in May 2023:
“Mortgage borrowers are paying around $100 a month more depending on which lender they choose, for the same type of loan and the same consumer characteristics (such as credit score and down payment).”
In other words, over the lifetime of a 30-year loan, homebuyers who don’t bother to get quotes from multiple lenders risk losing an average of $36,000. What could you do with that sort of money?
Verify your new rate
Mortgage rate methodology
The Mortgage Reports receives rates based on selected criteria from multiple lending partners each day. We arrive at an average rate and APR for each loan type to display in our chart. Because we average an array of rates, it gives you a better idea of what you might find in the marketplace. Furthermore, we average rates for the same loan types. For example, FHA fixed with FHA fixed. The end result is a good snapshot of daily rates and how they change over time.
How your mortgage interest rate is determined
Mortgage and refinance rates vary a lot depending on each borrower’s unique situation.
Factors that determine your mortgage interest rate include:
Overall strength of the economy — A strong economy usually means higher rates, while a weaker one can push current mortgage rates down to promote borrowing
Lender capacity — When a lender is very busy, it will increase rates to deter new business and give its loan officers some breathing room
Property type (condo, single-family, town house, etc.) — A primary residence, meaning a home you plan to live in full time, will have a lower interest rate. Investment properties, second homes, and vacation homes have higher mortgage rates
Loan-to-value ratio (determined by your down payment) — Your loan-to-value ratio (LTV) compares your loan amount to the value of the home. A lower LTV, meaning a bigger down payment, gets you a lower mortgage rate
Debt-To-Income ratio — This number compares your total monthly debts to your pretax income. The more debt you currently have, the less room you’ll have in your budget for a mortgage payment
Loan term — Loans with a shorter term (like a 15-year mortgage) typically have lower rates than a 30-year loan term
Borrower’s credit score — Typically the higher your credit score is, the lower your mortgage rate, and vice versa
Mortgage discount points — Borrowers have the option to buy discount points or ‘mortgage points’ at closing. These let you pay money upfront to lower your interest rate
Remember, every mortgage lender weighs these factors a little differently.
To find the best rate for your situation, you’ll want to get personalized estimates from a few different lenders.
Verify your new rate. Start here
Are refinance rates the same as mortgage rates?
Rates for a home purchase and mortgage refinance are often similar.
However, some lenders will charge more for a refinance under certain circumstances.
Typically when rates fall, homeowners rush to refinance. They see an opportunity to lock in a lower rate and payment for the rest of their loan.
This creates a tidal wave of new work for mortgage lenders.
Unfortunately, some lenders don’t have the capacity or crew to process a large number of refinance loan applications.
In this case, a lender might raise its rates to deter new business and give loan officers time to process loans currently in the pipeline.
Also, cashing out equity can result in a higher rate when refinancing.
Cash-out refinances pose a greater risk for mortgage lenders, so they’re often priced higher than new home purchases and rate-term refinances.
Check your refinance rates today. Start here
How to get the lowest mortgage or refinance rate
Since rates can vary, always shop around when buying a house or refinancing a mortgage.
Comparison shopping can potentially save thousands, even tens of thousands of dollars over the life of your loan.
Here are a few tips to keep in mind:
1. Get multiple quotes
Many borrowers make the mistake of accepting the first mortgage or refinance offer they receive.
Some simply go with the bank they use for checking and savings since that can seem easiest.
However, your bank might not offer the best mortgage deal for you. And if you’re refinancing, your financial situation may have changed enough that your current lender is no longer your best bet.
So get multiple quotes from at least three different lenders to find the right one for you.
2. Compare Loan Estimates
When shopping for a mortgage or refinance, lenders will provide a Loan Estimate that breaks down important costs associated with the loan.
You’ll want to read these Loan Estimates carefully and compare costs and fees line-by-line, including:
Interest rate
Annual percentage rate (APR)
Monthly mortgage payment
Loan origination fees
Rate lock fees
Closing costs
Remember, the lowest interest rate isn’t always the best deal.
Annual percentage rate (APR) can help you compare the ‘real’ cost of two loans. It estimates your total yearly cost including interest and fees.
Also, pay close attention to your closing costs.
Some lenders may bring their rates down by charging more upfront via discount points. These can add thousands to your out-of-pocket costs.
3. Negotiate your mortgage rate
You can also negotiate your mortgage rate to get a better deal.
Let’s say you get loan estimates from two lenders. Lender A offers the better rate, but you prefer your loan terms from Lender B. Talk to Lender B and see if they can beat the former’s pricing.
You might be surprised to find that a lender is willing to give you a lower interest rate in order to keep your business.
And if they’re not, keep shopping — there’s a good chance someone will.
Fixed-rate mortgage vs. adjustable-rate mortgage: Which is right for you?
Mortgage borrowers can choose between a fixed-rate mortgage and an adjustable-rate mortgage (ARM).
Fixed-rate mortgages (FRMs) have interest rates that never change unless you decide to refinance. This results in predictable monthly payments and stability over the life of your loan.
Adjustable-rate loans have a low interest rate that’s fixed for a set number of years (typically five or seven). After the initial fixed-rate period, the interest rate adjusts every year based on market conditions.
With each rate adjustment, a borrower’s mortgage rate can either increase, decrease, or stay the same. These loans are unpredictable since monthly payments can change each year.
Adjustable-rate mortgages are fitting for borrowers who expect to move before their first rate adjustment, or who can afford a higher future payment.
In most other cases, a fixed-rate mortgage is typically the safer and better choice.
Remember, if rates drop sharply, you are free to refinance and lock in a lower rate and payment later on.
How your credit score affects your mortgage rate
You don’t need a high credit score to qualify for a home purchase or refinance, but your credit score will affect your rate.
This is because credit history determines risk level.
Historically speaking, borrowers with higher credit scores are less likely to default on their mortgages, so they qualify for lower rates.
For the best rate, aim for a credit score of 720 or higher.
Mortgage programs that don’t require a high score include:
Conventional home loans — minimum 620 credit score
FHA loans — minimum 500 credit score (with a 10% down payment) or 580 (with a 3.5% down payment)
VA loans — no minimum credit score, but 620 is common
USDA loans — minimum 640 credit score
Ideally, you want to check your credit report and score at least 6 months before applying for a mortgage. This gives you time to sort out any errors and make sure your score is as high as possible.
If you’re ready to apply now, it’s still worth checking so you have a good idea of what loan programs you might qualify for and how your score will affect your rate.
You can get your credit report from AnnualCreditReport.com and your score from MyFico.com.
How big of a down payment do I need?
Nowadays, mortgage programs don’t require the conventional 20 percent down.
In fact, first-time home buyers put only 6 percent down on average.
Down payment minimums vary depending on the loan program. For example:
Conventional home loans require a down payment between 3% and 5%
FHA loans require 3.5% down
VA and USDA loans allow zero down payment
Jumbo loans typically require at least 5% to 10% down
Keep in mind, a higher down payment reduces your risk as a borrower and helps you negotiate a better mortgage rate.
If you are able to make a 20 percent down payment, you can avoid paying for mortgage insurance.
This is an added cost paid by the borrower, which protects their lender in case of default or foreclosure.
But a big down payment is not required.
For many people, it makes sense to make a smaller down payment in order to buy a house sooner and start building home equity.
Verify your new rate. Start here
Choosing the right type of home loan
No two mortgage loans are alike, so it’s important to know your options and choose the right type of mortgage.
The five main types of mortgages include:
Fixed-rate mortgage (FRM)
Your interest rate remains the same over the life of the loan. This is a good option for borrowers who expect to live in their homes long-term.
The most popular loan option is the 30-year mortgage, but 15- and 20-year terms are also commonly available.
Adjustable-rate mortgage (ARM)
Adjustable-rate loans have a fixed interest rate for the first few years. Then, your mortgage rate resets every year.
Your rate and payment can rise or fall annually depending on how the broader interest rate trends.
ARMs are ideal for borrowers who expect to move prior to their first rate adjustment (usually in 5 or 7 years).
For those who plan to stay in their home long-term, a fixed-rate mortgage is typically recommended.
Jumbo mortgage
A jumbo loan is a mortgage that exceeds the conforming loan limit set by Fannie Mae and Freddie Mac.
In 2023, the conforming loan limit is $726,200 in most areas.
Jumbo loans are perfect for borrowers who need a larger loan to purchase a high-priced property, especially in big cities with high real estate values.
FHA mortgage
A government loan backed by the Federal Housing Administration for low- to moderate-income borrowers. FHA loans feature low credit score and down payment requirements.
VA mortgage
A government loan backed by the Department of Veterans Affairs. To be eligible, you must be active-duty military, a veteran, a Reservist or National Guard service member, or an eligible spouse.
VA loans allow no down payment and have exceptionally low mortgage rates.
USDA mortgage
USDA loans are a government program backed by the U.S. Department of Agriculture. They offer a no-down-payment solution for borrowers who purchase real estate in an eligible rural area. To qualify, your income must be at or below the local median.
Bank statement loan
Borrowers can qualify for a mortgage without tax returns, using their personal or business bank account. This is an option for self-employed or seasonally-employed borrowers.
Portfolio/Non-QM loan
These are mortgages that lenders don’t sell on the secondary mortgage market. This gives lenders the flexibility to set their own guidelines.
Non-QM loans may have lower credit score requirements, or offer low-down-payment options without mortgage insurance.
Choosing the right mortgage lender
The lender or loan program that’s right for one person might not be right for another.
Explore your options and then pick a loan based on your credit score, down payment, and financial goals, as well as local home prices.
Whether you’re getting a mortgage for a home purchase or a refinance, always shop around and compare rates and terms.
Typically, it only takes a few hours to get quotes from multiple lenders — and it could save you thousands in the long run.
Time to make a move? Let us find the right mortgage for you
Current mortgage rates methodology
We receive current mortgage rates each day from a network of mortgage lenders that offer home purchase and refinance loans. Mortgage rates shown here are based on sample borrower profiles that vary by loan type. See our full loan assumptions here.
I grew up east of Rochester, in Upstate New York’s apple country. New York produces ~30 million bushels of apples per year, second among the 50 states (behind Washington).
But apples start to rot 5-7 days after they’re picked. So how does New York harvest 30 million bushels of apples in September and October without eating 30 million bushels over the following week?
The answer is cold storage.
Apples can be stored near 35°F for 6-12 months without decay. We gain an entire year of “freshness!” But first, we must put forth an effort of time, resources, and money to build that cold storage infrastructure.
Today’s effort allows us to keep more of our harvest in the long run. We get to choose our consumption schedule, not Mother Nature.
Roth Conversions
It might seem like an odd transition, but the same concept applies to Roth conversions. Today’s planning can allow us to keep more of our “harvest” in the long run. We gain control over our tax schedule rather than leaving it entirely up to the IRS.
Roth conversions are among many tools in a good “tax planning toolbelt.” Done correctly, Roth conversions allow an investor to turn high tax rates in the future into lower tax rates today. This article was inspired by Catherine (a listener of The Best Interest Podcast), who wrote me the following email:
Can you please explain the connection between RMDs and Roth conversions? Is this something I should look into? I’m 57, single, and have ~$2.3M in my 401k right now.
An Example: Required Minimum Distributions
Most retirees have heard of required minimum distributions, or RMDs, which are mandatory withdrawals that individuals with tax-deferred retirement accounts, like Traditional IRAs and 401(k)s, must make once they reach a specific age.
RMDs are forced. You must withdraw money from your 401k. Thus, the income tax associated with RMDs is forced. That’s not ideal.
Let’s use Catherine as an example. She’ll start taking RMDs at age 73 (although Congress might change that minimum age, as they’ve done before). That’s 16 years from her current age 57.
We don’t know the rest of Catherine’s scenario. Her Roth assets, taxable assets, Social Security, etc. are a mystery to us. So is her monthly spending need. All that info is essential to proper planning!
But I want to be extreme, so we’ll say Catherine’s lifestyle is wholly supported by her Social Security, taxable assets, and Roth assets. She doesn’t withdraw a single dollar from her 401k. Thus, it will grow from $2.3M today to $6M by the time she’s 73 (the assumption: 16 years at 6% per year).
Now in 2040, it’s time for her first RMD.
To calculate that RMD, we’ll look at Catherine’s year-end account value from the prior year ($6.0M) and divide it by her age-based Life Expectancy Factor. For age 73, that factor is presently 26.5. Here’s the full table of Life Expectancy Factors.
Catherine’s RMD is $6M / 26.5 = $226,415
That entire RMD is taxable as income, so her marginal Federal tax bracket is 32% based on the current tax code.
I’d bet Catherine’s account continues to grow past 2040, despite the RMD withdrawals. Her first 10 RMDs are all in the 4-5% range, and we’d expect her investment growth to outpace that. Her RMDs will grow in size. And that means she’ll be paying higher and higher marginal taxes in the 32% bracket, the 35% bracket, and potentially even the 37% bracket.
How Can Roth Conversions Help?
Paying high tax rates on RMDs is like letting your apples rot during the glut of harvest season. We need a “cold storage” to gain control over our tax rates and spread those taxes over time.
So let’s return to 2024, while Catherine is still 57 and her 401(k) is still at $2.3M. How do Roth conversions work?
First, we need to ensure Catherine’s 401(k) – which is still active – allows “in-service Roth conversions.” If it doesn’t, Catherine will have to wait until she retires and rolls over the 401(k) into an IRA.
Some simple paperwork with Catherine’s custodian will allow her to convert a number (of her choosing) of Traditional dollars into Roth dollars. Since the Traditional dollars have never been taxed, this conversion is taxable, triggering income tax.
Those converted Roth dollars will never be taxed again! That’s fantastic. But did Catherine save money? Was this a smart move?
We’d want to know all of Catherine’s personal financial details to run an accurate analysis, but we certainly need to understand what Catherine’s tax rate is today.
Her 2024 regular taxable income is $100,000, so she’s paying Federal taxes in the marginal 24% bracket. And she has another $90,000 available in that 24% bracket this year.
We can fill that ~$90,000 space in her 24% bracket with Roth conversions. Catherine would pay 24% Federal tax on those dollars today to prevent 32% (or higher) marginal tax rates once her RMDs hit. That’s the essence of Roth conversions.
Not Too Much Roth Conversion
Catherine needs to be careful not to overdo it. And so should you.
If you’re in your high-earning years and paying high marginal taxes, the odds are Roth conversions don’t make sense for you right now. There’s no reason to move extra income into your current high tax years.
But! You might have a few low-income years as soon as you retire. Your W2 income will disappear. Your financial plan might dictate you delay Social Security for a while.
Your only income might be dividends and income from your Taxable accounts and small withdrawals from your Traditional accounts. If so, fill up those low tax brackets with Roth conversions! This is a very common strategy for new retirees.
What If…?
But even as I write this article, “What if…” questions are bombarding my head.
Retirement planning withdrawal strategies are far from one-dimensional, and what I’m describing today is a one-dimensional view. I’m only focusing on a few details to provide an example of Roth conversions. Other nuanced planning questions include:
Roth conversions and (more generally) tax planning are essential aspects of retirement planning. But just two of many aspects.
A cold-stored apple a day keeps the IRS away.
Thank you for reading! If you enjoyed this article, join 7500+ subscribers who read my 2-minute weekly email, where I send you links to the smartest financial content I find online every week.
-Jesse
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The US housing market should experience a warm return this spring, thanks to calming economic data.
The average rate for a 30-year loan declined to 6.63% from 6.69% the week prior, according to Freddie Mac on Thursday. Mortgage rates dropped for the second time in 2024 and are expected to retreat further as inflation moderates, which could help spark a housing rebound.
As most indicators point to interest rate cuts this coming year, housing experts are predicting a busier spring buying season starting in the next couple of months as more supply and demand return to the housing market thanks to the mortgage rate drop.
“So long as core inflation and economic activity continue to moderate, mortgage rates aren’t expected to rise further,” said Orphe Divounguy, senior macroeconomist at Zillow. “If layoffs remain low, and mortgage rates ease, housing market activity should rebound modestly this spring — meaning more listings coming on the market and more sales.”
Read more: Mortgage rates below 7% — is this a good time to buy a house?
Mortgage applications fall
The likelihood of a bustling spring housing market will depend heavily on where mortgage rates head next. Homebuyers have proven again they are rate-sensitive amidst today’s elevated home prices. After last week’s slight rate increase, the volume of mortgage application activity retracted 7.2% on a weekly basis, according to an application survey tracked by the Mortgage Bankers Association (MBA) for the week ending Jan. 26.
“Low existing housing supply is limiting options for prospective buyers and is keeping home price growth elevated, resulting in a one-two punch that continues to constrain home purchase activity,” said Joel Kan, MBA’s deputy chief economist.
Affordability challenges also worsened due to last week’s rate bump. The average loan size for purchase applications increased to $444,100, the largest since May 2022, according to the MBA.
Low application rates and hardship don’t mean homebuyers have disappeared, though. Redfin’s Homebuyer Demand Index — measuring buyers’ requests for home tours and other buying services on Redfin — showed that interest increased 6% over the last seven days in the week ending Jan. 28.
“I believe this year’s market will launch in the spring, once 6% rates are even more entrenched in buyers’ psyches, and more homeowners list their houses,” said Hal Bennett, a Redfin Premier agent.
Wall Street banks and industry experts expect cuts. Wells Fargo said in its 2024 annual outlook that the economy will moderate by mid-2024, prompting the Fed to cut rates by 225 basis points by early 2025. Housing experts at Fannie Mae are predicting mortgage rates will decline below 6% by the end of 2024, leveling off at about 5.8%.
During yesterday’s Federal Open Market Committee meeting, the Fed announced it is keeping its benchmark rate steady in an effort to suppress inflation to 2%. Even so, Fed Chair Jerome Powell expressed optimism that rates have peaked and a cut could come soon. But any drop is not a guarantee.
“Inflation is still too high, ongoing progress in bringing it down is not assured, and the path forward is uncertain,” Powell said during the FOMC conference.
Read more: What the Fed rate decision means for bank accounts, CDs, loans, and credit cards
The latest Personal Consumption Expenditures (PCE) index — the Fed’s preferred inflation measurement — increased 2.6% annually in December, falling below 3% for the first time since March 2021. More importantly, though, is that an annualized PCE using data from the prior three to six months is now below 2%.
“The lower inflation readings over the second half of last year are welcome,” Powell added, “but we will need to see continuing evidence to build confidence that inflation is moving down sustainably toward our goal.”
Rebecca Chen is a reporter for Yahoo Finance and previously worked as an investment tax certified public accountant (CPA).
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In a world of constantly evolving trends, the whole process of decorating your home can soon start to feel overwhelming. Just as you’ve begun to nail one trend, it can feel as if it’s already out of style.
But fear not, decorating your home doesn’t need to mean abiding by all the rules of the latest trends. In fact, a more considered approach can result in a far more timeless scheme that doesn’t quickly date and withstands the test of time.
happy rooms, that turn to the natural world for inspiration, while also prioritizing conscious consumption – steering clear of fast decor.
5 ways to mindfully decorate your home
The core and underlying message of the following home decor ideas is that your home should be personal to you, ensuring first and foremost that it’s a space that speaks to your own interests, rather than the latest interior design trends.
‘The most important thing when going about home decor is to prioritize making your space feel most like you: designing a space that is functional while having a personality,’ says interior designer Nicole Lanteri.
Nicole Lanteri
design a home that feels like you.
‘Creating a mindful approach to home decor involves a deliberate and thoughtful selection process for each item that enters your space,’ says interior designer Jennifer Davis. ‘Start by considering the purpose of each piece, ensuring that it serves a functional need or adds aesthetic value without cluttering your surroundings. Quality over quantity is key, prioritize well-made items that will endure over time and appreciate craftsmanship.’
‘Practice mindful consumption by selecting sustainable and ethically produced products, considering their environmental and social impact. Pay attention to the intentional placement of decor items, creating a balanced and harmonious arrangement that enhances the flow of your space. Ultimately, approach home decor with the question of whether each item brings you genuine happiness and contributes positively to your living space.’
Jennifer Davis
decorating with art that means something and practical items are going to serve you well and make your space feel balanced. For example, if you’re styling your coffee table, you might want a decorative tray that holds a framed family photo, a cool sculpture, and daily use items like a scented candle and your TV remotes.’
Well by Design, also recommends making the decorating process as personal as possible for a mindful approach: ‘Incorporate found objects, antiques, and vintage items that bring a sense of joy or recall a special memory. And above all else, don’t just buy to fill a space – slow curation of meaningful items that you actually love is more likely to be treasured longer and kept out of landfills – it’s a win-win for everyone. Fast design is not always the best design.’
3. Choose biophilic design
For a mindful home that’s filled with soothing decor ideas and wellness-boosting designs, one of the most important things you can do is embrace biophilic design, which is all about referencing nature through the elements you interact with.
‘Incorporating biophilic design elements can contribute to creating a mindful home,’ explains Sarah Barnard, founder of wellness-led design studio Sarah Barnard Design. ‘Nature-inspired patterns, color palettes, and materials connect interior spaces with the landscape outside, mirroring the sense of calm and wellbeing we experience in the natural world.’
Another way you can reference nature in your home decor is by opting for natural materials, which will instantly bring a feeling of nature indoors while withstanding daily wear and tear. Designer Cinzia Moretti, Creative Director at Moretti Interior Design explains: ‘My top tip is to start by paying attention to the details around and introducing more natural elements such as wood, stone, wool, cotton and rattan. Integrating these into furniture and decor items can help to get us connected harmoniously with nature and help us to get close to our environment.’
4. Embrace minimalism
‘Embrace minimalism by de-cluttering and simplifying your space, focusing on a few key pieces that bring you joy and contribute positively to the atmosphere,’ suggests Jennifer Davis.
Of course, you don’t need to be a true minimalist to follow a mindful approach throughout your home decor. Whether you’re a fan of pared-back schemes or you love decorating with patterns and color, make sure to maintain a calm environment by de-cluttering items that no longer serve a purpose or add to your home’s visual appeal. A clean home that’s free from excessive amounts of decorative items is bound to positively affect your mood and help establish a feeling of order and calm, especially important in rooms such as the bedroom.
As a starting point, consider how you can improve your storage ideas to ensure a sense of order throughout your home, which will make this concept a lot easier to follow: ‘Think about what storage options work best for you, a clutter-free home promotes calm and mindfulness,’ advises Sarah Barnard.
5. Maximize natural light
And lastly, when prioritizing mindfulness throughout your home decor, make sure to always pay close attention to lighting ideas. Maximizing natural light will further connect your home to the natural world, in turn having a positive impact on your mood. And while the dream is for each room throughout our homes to have lovely light streaming in throughout the day, this isn’t always the case. If you’re relying on artificial lighting to create a restful atmosphere, incorporate different sources for a more relaxed look, as Lauren Sullivan suggests:
‘Access to natural light is a must, but if this isn’t a feasible option, be sure to incorporate lighting from multiple sources for ambiance and a sense of coziness. Don’t ever rely solely on overhead lighting to illuminate a room. Decorate with mirrors to reflect light about a space.’
Decorating a home mindfully isn’t something that can be rushed. It’s about slowly curating a home over time that naturally evolves to reflect personality and a style that lasts beyond trend cycles. By keeping these five ideas front of mind when decorating your home, over time you’ll create a calming space that feels both personality-led and considered.
Many people are turning to the option of living with a roommate to help balance out the financial strain of rental prices. Make sure you find the right one.
Since living with someone else can turn out as a pretty terrible experience sometimes, it’s important to vet out your roommates beforehand to avoid the bad ones. We’ve all heard the horror stories of piles of dirty dishes, the garbage that’s never taken out and late-night weekday parties. You may have even experienced these frustrations first-hand.
If you haven’t looked for one before, you may wonder how to find a roommate. Fortunately, with social networks and technology, there are plenty of roommate finder apps to help your search. Here is a list of our favorites and tips for identifying what is the best roommate finder app and websites for you.
1. Roomi
Roomi uses an algorithm to match you up with a roommate that would best be suited for you. You answer questions about yourself, what you’re looking for in an ideal roommate and Roomi then works its magic to pair two matches together.
Roomi has users do quick background checks and gives the option to link social media accounts so both roommates can feel more confident and secure in the process. Once you’re ready to message a potential “roomi,” you can do so through the app so you don’t have to exchange any personal contact information until you’re ready.
2. Roomster
Roomster has listings in more than 192 countries and 18 languages. It connects potential roommates using personality traits, keyword searches and interests to help you find your ideal match.
Members can match based on testimonials from friends, hobbies, interests and questions answered through their profiles. Roomster allows users to link their social accounts, so this app tends to have more data to find the perfect match. Once you find a potential roommate that looks promising, you can connect with them through the Roomster mailbox.
3. RoomEasy
RoomEasy is kind of like the Tinder of roommate apps. With RoomEasy, you create a profile, add personal description tags from their system and browse roommate and apartment listings. You can also connect your Facebook profile and see if your potential new roommate and you have any mutual friends.
Once you find something that interests you, you’ll “like” your favorite places or potential roommates’ profiles, and if they “like” yours, you’ll be matched. Once you’re matched, you can connect through the chat app.
4. SpareRoom
SpareRoom claims it is the busiest roommate app, with a roommate match being found every three minutes on its platform. What really sets SpareRoom apart from some other roommate apps is that it has a team of real people that screen each and every ad on SpareRoom so you can ensure listings are safe and verified.
This app even hosts speed room-mating events where you can meet up with people in your community and go through a roommate speed date-like process to see if you find someone you mix well with.
5. BunkUp
BunkUp is a pretty cool app that will help you find a roommate and an apartment. With BunkUp, much like the other apps, you fill out details about yourself and what you’re looking for in a roommate and are you’re matched or “BunkedUp.”
You can look for someone to move into your open space, move into a vacant room someone else is offering or find a new roommate to look for an entirely new apartment with. BunkUp even has agents that will help you find a new apartment.
6. Circle
Circle allows you to create a profile as either someone looking for a roommate to move into your place or as someone searching for a new place to live. It shows your potential roommates based on your profile and specifications.
It even “verifies” users, which means that a user has an authenticated driver’s license connected to their profile and they’ve passed a background check. Circle always shows you the “verified” potential roommates before all others, so you know that those who show up higher on your list are real people that aren’t trying to pull a scam. You’ll also be able to chat with potential roommates and ask questions to see who you get along with best to create a positive living environment.
7. Cirtru
Website only
Cirtru has truly adapted to the digital age. It allows users to take virtual tours within the platform so you can check it out safely from wherever you are. This makes it easy to both find a roommate to fill a vacancy in your home or look for an empty room to move into.
Cirtru is especially useful for animal lovers and owners as it allows you to set your preferences based on many criteria, including pet-friendly rentals and pet-welcoming roommates.
8. RoomieMatch
Website only
RoomieMatch is all about safety. It uses human “Scam Busters” to review submissions and listings, including an IP address location check to share the actual city in which people are, so you won’t deal with many scammers. Plus, your personal info is stored offline, instead of inline, so it can’t be accessed by online hackers and spammers
As a user, you can set your RoomieMatches based on gender, sexual orientation, lifestyle choices (like smoking/non-smoking), age and pet-friendliness.
9. Diggz
Website only
Diggz matches you with roommates based on a variety of factors connected with your profile, like your lifestyle, personality and personal preferences. You’ll be able to “like” other profiles that you’d be interested in rooming with. It’s similar to dating apps where you only talk to people that you “like” and who “like” you back.
Diggz works for almost any situation, whether you’re looking for a new roommate to move in with you, you want to move in with someone else or you want to search for a new place with a new roommate.
10. Roomaters
Roomaters uses more than the preferences you set for finding a roommate. Users take a personality test that helps when matching them with potential roommates.
Plus, you’ll get to input your interests, hobbies and a bit about what kind of roommate you are (social, introverted, messy, neat freak, etc.). So whether you like music, art, rock climbing or superhero movies, you can find someone you’ll enjoy living with.
Ask the right questions before sharing a living space
No matter where you source your new roomie, it’s essential to pose some hard-hitting questions aimed at gaining insights into their way of life and financial well-being. Here are several queries to initiate the conversation:
What qualities are you seeking in a roommate?
Are you thinking about a month-to-month rental arrangement, or are you leaning towards a longer commitment, such as a year?
Could you provide an overview of your typical work hours?
Do you share your living space with any pets?
What are your usual waking and sleeping hours?
How do you typically spend your leisure time?
Are there frequent visitors in your social circle? If so, who usually comes around?
Is smoking or alcohol consumption part of your routine?
Do you have any significant food or animal-related allergies?
Are you planning to bring along any furniture items? Do you have a need for parking space, perhaps a garage? What is your approach to maintaining cleanliness and tidiness around the house?
Roommate finder apps pair you with the right person
With so many roommate finder apps out there, it’s easier than ever to locate a perfect roommate — or at least a good one. Gone are the days of blindly showing up at someone’s place or finding a creepy classified ad in the paper. If you’re looking for the ideal roommate, give one of the above apps or sites a try.
…And Rent. pairs you with the right apartment
Maybe you already know who your potential roommate will be but you’re still looking at apartments together. We can help with that, too. Just type in your target city to get started, then filter by price range, pet-friendly apartments and more to help you decide.
Morgen Henderson is a writer who grew up in Utah. She lived in the Dominican Republic for a year and a half, where she was involved in humanitarian service. Some of Morgen’s work has appeared in State of Digital, The Next Scoop and TechPatio. In her free time, she loves to travel, bake, master DIY projects and improve her Spanish skills.
Mortgage industry analysts have been watching and waiting to see what the Federal Reserve will do—or say—next about rate cuts. They’re hedging their bets that the Fed will cut rates this year and, as an indirect result, mortgage rates will fall, too, and help revive the housing market.
Watch for coverage of today’s Fed meeting in RISMedia’s Daily News tomorrow.
Economic data plays a key role in the Fed’s timing, though. A key performance metric Fed officials and economists watch is the personal consumption expenditures (PCE) price index, which measures core inflation. PCE inflation (excluding food and energy costs) rose 0.2% in December from November’s 0.1%, and increased 2.9% from a year ago, according to data released Friday from the U.S. Commerce Department.
The annual rate of core inflation in December fell from 3.2%. That’s the lowest annual rate in nearly three years. Additionally, gross domestic product (GDP) grew at a pace of 3.3% in the fourth quarter, surpassing market expectations.
These strong economic readings pushed the 10-year Treasury yield, which mortgage rates tend to track, up to 4.14% on Friday before flattening later in the day.
Fed officials have hinted in recent speeches that cooling inflation supports the case for rate cuts—but at a more measured pace than before.
As for how those cuts will drive mortgage rates, expect “slow and steady declines,” likely in the latter half of the year, said Odeta Kushi, deputy chief economist with First American Financial.
“The Fed wants to see the long and variable lags of monetary policy so they can make their way through the economy before deciding on any rate cuts,” Kushi told RISMedia, noting that anything can happen between now and the end of the year to change the Fed’s stance. “I think that the Fed has emphasized that the path to rate cuts is highly uncertain, and they’re going to take a sort of data-driven, cautious approach.”
Several Fed officials have signaled a more cautious approach to rate cuts, dimming investors’ hopes of quick action.
During a virtual speech to the Brookings Institution on Jan. 16, Federal Reserve Governor Christopher Waller said he believes the Fed’s restrictive monetary policy is “set properly” to bring down core inflation closer to the Fed’s target of 2%. However, Waller isn’t in a rush to cut rates until inflation not only reaches the Fed target rate, but stays there for a prolonged period.
“When the time is right to begin lowering rates, I believe it can and should be lowered methodically and carefully,” Waller said in his speech. “In many previous cycles, which began after shocks to the economy either threatened or caused a recession, the FOMC cut rates reactively and did so quickly and often by large amounts.
“This cycle, however, with economic activity and labor markets in good shape and inflation coming down gradually to 2 percent, I see no reason to move as quickly or cut as rapidly as in the past.”
It didn’t take long for the markets to react to Waller’s comments. The 10-year Treasury yield jumped sharply after his speech by about 30 basis points since late December and is currently hovering near 4.1% after reaching a recent low at about 3.8%.
In separate remarks earlier this month, Fed Governor Michelle Bowman, who tends to be more hawkish, said a sustained march toward the 2% inflation goal will make it more likely to lower rates to prevent the Fed’s monetary policy from being too restrictive.
“In my view, we are not yet at that point. And important upside inflation risks remain,” Bowman said in her remarks, adding that she was still willing to raise the Fed funds rate in the future if inflation stalls or ticks up again. “Restoring price stability is essential for achieving maximum employment and stable prices over the longer run.”
Mortgage industry looks to rate cuts to help spur loan activity
2023 was a painful year for housing. As mortgage rates soared near the 8% mark, existing-home sales cratered to their lowest level last year (4.09 million) since 1995 even as median home prices reached a record high of $389,800, according to data from the National Association of Realtors.
Hobbled by anemic loan originations and next-to-no refinance activity, mortgage lenders aggressively cut staff last year (especially back-office positions like underwriters and loan processors). Others merged with bigger players with strong cash positions. And some lenders threw in the towel altogether, closing up shop.
“Our data shows that your typical independent mortgage banker trimmed their employee count by more than 40% from the peak in 2021 to the most recent data points,” Mike Fratantoni, chief economist with the Mortgage Bankers Association, said in an interview with RISMedia.
Fratantoni said mortgage volume will be somewhat higher in 2024 in tandem with higher sales of new and existing homes. However, potential homebuyers—especially those with the headwind of having record-low mortgage rates—may be hesitant to make a move until rates hit a certain sweet spot.
“As we get to the low (6% range) at the end of this year and below 6% next year…that’s going to be enough to get people’s attention,” Fratantoni said.
Melissa Cohn, regional vice president of William Raveis Mortgage, points to a Fed rate cut as being a positive signal to potential homebuyers of an improving market. However, Cohn added that a notable drop in mortgage rates will likely push home prices higher due to higher demand, so buyers shouldn’t stay on the sidelines too long.