ARMs

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Key takeaways

  • Adjustable-rate mortgages (ARMs) have gained popularity as interest rates have risen.

  • ARMs carry slightly lower rates than fixed-rate mortgages.

  • If you expect rates to fall, or plan to move before the initial fixed-rate period expires, getting an ARM can make sense.

With mortgage rates trending up and home prices still climbing, more borrowers are looking to adjustable-rate mortgages. This type of mortgage can be a more affordable means to get into a home, especially as higher rates on fixed mortgages begin to price some borrowers out — but is it worth the risk? Here’s how to know if you should get an adjustable-rate mortgage.

Why ARMs are popular right now

Adjustable-rate mortgages, or ARMs, come with lower fixed interest rates for an initial period, after which the rate moves up or down at regular intervals for the remainder of the loan’s term.

At the beginning of 2022, very few borrowers were bothering with ARMs — they accounted for just 3.1 percent of all mortgage applications in January, according to the Mortgage Bankers Association (MBA).

Fast-forward to September 2022, and that figure tripled to more than 9 percent. (Intriguingly, the share of ARMs hasn’t changed much over the past year — ARMs accounted for 8.8 percent of new mortgages the week of Nov. 15, 2023, MBA reports.)

The surge is directly related to the rise in fixed mortgage rates, which have rapidly gone up past 6 percent, a range not seen since 2008. With less purchasing power at higher fixed rates, the lower introductory rates attached to ARMs have started to look much more appealing:

“Given still-high home prices and this rising rate environment, potential homebuyers are finding ways to reduce their monthly payments and view ARMs as more attractive given the widening spread between rates for ARM and fixed-rate loans,” says Joel Kan, vice president of Economic and Industry Forecasting at MBA.

Still, ARM volume isn’t likely to set records this time around. In mid-2005, ARMs represented nearly 45 percent of mortgages originated, according to CoreLogic. (Those teaser rates were part of the lead-up to the housing bubble). Since 2009, they’ve accounted for only as much as 18 percent of originations, and as little as 8 percent.

Is an ARM loan a good idea right now?

An ARM is essentially a bet on the future of mortgage rates. If you think mortgage rates will be lower in a few years, an ARM can let you cash in by allowing your rate to move lower once the fixed-rate period ends. Many housing economists expect mortgage rates to fall in the coming months. For instance, Lawrence Yun, chief economist at the National Association of Realtors, predicted in mid-November that mortgage rates would be below 7 percent by the spring of 2024. If he’s right, taking an ARM now might be a good move.

However, even adjustable-rate mortgages carry fixed rates for a few years, so it doesn’t matter to you what rates do six months from now. It’s all about where rates are when your fixed-rate period ends, typically in three, five or seven years — and predicting rates that far into the future is quite difficult.

Another caveat: An ARM shifts the risk of interest rates from the lender to the borrower. If rates go down, you win. If rates go up, you lose. Because you’re taking on uncertainty with an ARM, the rates are lower.

Mortgage

As of Bankrate’s Nov. 15 survey, the reward for taking an ARM was small. The average rate on a 5/6 ARM was 7.47 percent, compared to 7.66 percent for a 30-year fixed-rate loan.

Who is an adjustable-rate mortgage best for?

A lower monthly mortgage payment sounds like a no-brainer, but ARMs are risky, and they’re not a fit for every borrower. As you weigh the pros and cons, here are some situations when an ARM is a good idea:

  • You’re not buying your forever home. ARMs typically have fixed-rate introductory periods of three, five, seven or 10 years, so they “can make sense for a borrower with plans for a shorter time frame in their new home of five to 10 years, where they would likely sell before their rate resets,” says Kan.

  • You’re comfortable with the risk. If you’re set on buying a home now with a lower payment to start, you might simply be willing to accept the risk that your rate and payments could rise down the line, whether or not you plan to move. “A borrower might perceive that the monthly savings between the ARM and fixed-rates is worth the risk of a future increase in rate,” says Pete Boomer, executive vice president at Guaranteed Rate, a mortgage company based in Chicago, Illinois.

  • You’re borrowing a jumbo loan. Borrowers taking out bigger loans tend to go for ARMs. As of March 2022, 37 percent of originations above $1 million were ARMs, according to CoreLogic.

  • You’re able to make extra payments in the introductory period. If you have room in your budget to pay extra toward the loan principal during the initial rate period, a lower-rate ARM can help you maximize those interest savings. (Bankrate’s additional mortgage payment calculator can help you weigh different scenarios.)

The risks of ARMs

While ARMs have staged a comeback in today’s rising rate environment, it can be more difficult to qualify for one compared to a fixed-rate mortgage. That’s because you’ll need a higher down payment of at least 5 percent, versus 3 percent for a conventional fixed-rate loan.

There’s also the need to verify that your current financial situation allows for a higher payment down the road — even if you plan to move before the lower-rate period ends.

“Most ARM loans now are underwritten based on the highest payment expected on the loan to ensure the borrower can handle the payment shock from a rate increase,” says Kan. “Many other factors come into play, such as rates over the longer five- to 10-year horizon, the borrowers’ income and employment situation, housing market conditions that impact their ability to refinance or sell (if necessary) when their fixed period expires and more.”

That “if necessary” piece underscores the primary risk with ARMs: It’s impossible to predict the future. What if you’re nearing the end of the introductory period and lose your job? What if your plan to sell the home gets derailed by a market downturn? Nothing in life is certain, so if you need a stable monthly payment — or simply can’t tolerate any level of risk — it’s best to go with a fixed-rate mortgage, despite the expense.

Types of ARMs to consider

If you qualify for an ARM and plan to get one, you’ll have a few options. The 5/1 ARM is the most common type of adjustable-rate mortgage. With this ARM, you’ll have the same interest rate and principal and interest payments for the first five years. After that, the “1” comes into play: Every year, your interest rate will adjust up or down based on the current market.

In addition to 5/1 ARMs, 5/6 ARMs are becoming more popular. With this type of loan, you’ll still get the five-year introductory rate, but the interest rate resets more frequently: every six months.

There are other types of ARMs as well, including:

  • 3/1 or 3/6 ARM – You’ll have an introductory rate for three years, followed by annual or six-month rate resets. Since you’re only getting the fixed rate for a short time, that rate might be the lowest ARM rate you find. 3/1 ARMs aren’t as common as other kinds of ARMs, however.

  • 7/1 or 7/6 ARM – You’ll have a fixed rate for seven years, then pay a new rate (either higher or lower) every year or six months.

  • 10/1 or 10/6 ARM – A 10/1 or 10/6 ARM has the longest period of stability: a full decade of fixed-rate, predictable payments, followed by annual or six-month adjustments. Since you’re getting 10 years of the same payments, the introductory rate usually isn’t as competitive as rates on shorter ARMs.

Most ARMs have caps on how much the rate can increase in one year (or whatever the interval is), along with a lifetime cap that limits the amount it can increase throughout the loan’s term. You can use Bankrate’s adjustable-rate mortgage calculator to estimate whether you’d be able to shoulder the largest possible monthly payment based on your lifetime cap.

Source: finance.yahoo.com

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TPO and Correspondent, Non-Agency Best Ex, Verification; Equity Figures for Refis; STRATMOR on Customer Experience

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TPO and Correspondent, Non-Agency Best Ex, Verification; Equity Figures for Refis; STRATMOR on Customer Experience

By:
Rob Chrisman

Fri, Nov 17 2023, 11:13 AM

Talk can be humorous. “That lowdown scoundrel deserves to be kicked to death by a jackass, and I’m just the one to do it.” (Attributed to a congressional candidate in Texas.) Here in Dallas, mortgage talk is certainly wide-ranging and varied as there’s a lot going on out there as we head toward Thanksgiving week, including cost cutting, M&A, and Fair Lending. Today’s Rundown features Feliks Viner, VP of Capital Markets with First World Mortgage discussing rate volatility at 3PM ET. We have the Wall Street Journal story about the union between hoops and loans: “Mortgage King Wants the NBA Crown, Too.” Some housing industry observers may only think it was “only a flesh wound,” but the Realtors™ antitrust case decision in Missouri, coupled with other recent settlements and an onslaught of new cases, likely portend real changes for how homes are bought and sold in the US with the assistance of real estate brokers. Attorney Brian Levy, breaks it down and offers his view of the crumbling dam for buyer broker commissions and the Realtors’ control over local listings in his most recent Levy’s Mortgage Musings. (Today’s podcast can be found here, sponsored by LoanCare, the mortgage subservicer known for delivering superior customer experience through personalization and convenience. Its award-winning portfolio management tool, LoanCare Analytics, supports MSR investors with a focus on customer engagement, liquidity, and credit risk. Interview with Calque’s Chandra Srivastava on the inner workings of a mortgage marketing department and how companies justify ROI on marketing spend.)

Lender and Broker Software, Products, and Services

“Truv is saving Lenders 60-80 percent over competitors. That’s the savings of multiple full-time employees. For example, Compass Mortgage saved roughly 60 percent in verification costs and maintained their same conversion rate. “Truv has given us the ability to lower costs, all while speeding up the verification process and providing better employment data” said Justin Venhousen, COO, Compass Mortgage. Stop wasting money. Contact TRUV today to discuss how we can help you with your income, employment, insurance, and asset verifications.”

The Work Number® can help streamline processes and provide greater value to employment and income verification processes. Wider data coverage can help streamline lending processes. The Work Number is the largest commercial repository for consolidated income and employment data with access to 641 million instantly returned records, updated each pay cycle, provided directly by employers and payroll providers, so there’s no need to collect an applicant’s private banking or payroll credentials, potentially exposing them and yourself to risk. Lenders and brokers have a choice: access The Work Number directly from Equifax OR through our pre-built integrations with over 60 Point of Sale (POS) and Loan Origination Systems (LOS). Not all methods for verification of income and employment are created equal. Discover why The Work Number is the leading choice for seamless, swift, and automated verifications.

In this market, hustle is everything. You can’t afford to waste a single deal, or a single minute. That’s why ReadyPrice has launched Shop, Lock, Deliver, an innovative platform designed to help independent mortgage brokers and their lenders save time and money. Now you can shop competitive loan offerings from multiple lenders, get rate lock guarantees in real time, receive underwriting findings, and deliver the borrower’s complete loan file to lenders, all on a single platform, at no cost to brokers. It’s already helping brokers around the country thrive and compete in the toughest market. Multiple lenders. One platform. Zero b.s. Come check us out today.

Join MAXEX at 2 p.m. ET on Thursday, December 7, for a special webinar on how the company is expanding its role as the cash window for the non-agency market. MAXEX’s multi-buyer-to-multi-seller exchange now provides more than 300 originators with access to more than 25 leading jumbo, non-QM, DSCR, Agency-eligible (NOO and 2nd Homes), and scratch & dent investors through a single clearinghouse. Join this event to learn about how MAXEX can help your business stay nimble and prepare for profitable, efficient growth in 2024.

Homebot is making a move towards an even more connected consumer experience through its launch of the Homebot Mobile App, allowing clients to connect with their trusted home advisors in a single tap right from their mobile device. With this announcement, every Homebot customer has the opportunity to engage their clients more deeply while generating more relationships with first-time homebuyers. See full story here.

Broker and Correspondent Products

Spring EQ Wholesale is now offering investment property HELOCs for 1st and 2nd lien positions! There is high demand for this product, and now is a great time to reach out to your clients who own investment properties and offer a way to access the equity in those homes. Need help with pricing? Click here to submit a scenario to Spring EQ’s team of Account Executives. Don’t forget, with Spring EQ you can earn up to 2.5 percent in traditional broker compensation on HELOCs and HELOANs. Looking for new opportunities in the mortgage space? We’d love to speak with you! Explore our job postings and come join our growing team of fun and experienced mortgage professionals! At Spring EQ our primary focus is second mortgages. So, think of us first for all your seconds. Become a partner now or contact your Account Executive to learn more.

“Now is the perfect time to align yourself with a top-tier correspondent partner like Newrez Correspondent. How are you going to meet and exceed your 2024 goals in this challenging market? By choosing a partner with the strength, size, and quality of Newrez. We provide competitive pricing, an expansive product line and an unwavering commitment to service. Don’t take it from us. Visit our website to read what our valued clients have to say. More reasons? We offer multiple affordable lending options, a comprehensive monthly client training calendar and access to marketing materials you can customize on The Marketplace by Newrez. Non delegated/Non-QM product availability with access to LoanNEX (pricing and product eligibility platform). Contact your RSM to learn more by clicking here. At Newrez, there is much to be thankful for: our team, our clients, and our families. Wishing you and yours a safe and Happy Thanksgiving.”

What if you had a powerful tool that could help you close your purchase pipeline at four times the rate? Rocket Pro TPO’s Verified Approval (VAL) goes beyond typical pre-approvals by providing a fully underwritten solution that includes a review of your client’s credit, income, and assets. As a result, you will realize the benefit of more committed clients with a clear picture of affordability and the confidence to start shopping. And partners can rely on fast Verified Approval reviews to jump start the purchase process: VALs are available to partners from their portal in as little as 24 hours after the request. Plus, clients using a VAL have the option to lock their rate before finding their new home! Interested in learning more about a Broker or Non-Delegated Correspondent partnership? Contact Rocket Pro TPO to learn more.

STRATMOR on Customer Relationships

What if our response to the prolonged market downturn was less about waiting it out, and more about learning and improving? What if we became learners and doers, not just survivors? In his November Customer Experience Tip, STRATMOR CX Director Mike Seminari talks about the need for being active in the downtime, building relationships, gaining product knowledge, reading books and listening to podcasts, always in pursuit of self-betterment and excellence in customer care. He shares three lessons that 2023 has taught us and how we can parlay them into success in 2024. Check out, “Top Three CX Lessons That Will Drive 2024 Success.”

M&A is not Lender-Exlusive

Lenders are not the only ones in our biz with shrinking balance sheets, competitive pressures, and owners looking at strategic alternatives to battling it out every day.

Stavvy, a fintech firm specializing in digital and remote collaboration for lending and real estate companies, acquired SigniaDocuments, a technology suite from Texas-based lender Evolve Mortgage Services. “Stavvy will acquire assets, including eClosing tools, eNote and eVault services, eRegistry capabilities for agency and non-agency loans and SigniaDocuments’ SMART Doc technology – a data-driven electronic document engine.” Stavvy will offer eNote, SMART Doc disclosures and loan documents for all 50 states across all loan programs and Evolve’s Charlie Epperson and Tim Anderson will join Stavvy as chief product officer and EVP of digital mortgage strategy, respectively. Recall that in August, Stavvy acquired digital mortgage servicing tech firm Brace to provide a streamlined platform for mortgage servicers and homeowners.

Equity and the Future of Refinance

A report from ATTOM shows that in Q3 2023, fewer homes were equity-rich, meaning their loan balances were less than half of their market values. The share of equity rich mortgaged homes was 47.4 percent. This is a drop from 49.2 percent in Q2 2023, making it the largest quarterly decline since 2019. The decline in equity-rich properties happened despite recent home value rebounds. That said, the percentage of seriously underwater mortgaged homes continued to improve. Only 2.5 percent were considered seriously underwater in Q3 2023. That’s the lowest point in the past four years. It’s down from 1 in 36 homes in Q2 2023 and 1 in 35 homes in Q3 2022.

Elliot F. Eisenberg, Ph.D. writes, “As of 9/23, the percentage of home mortgage holders with negative equity is just 383,000 or 0.7 percent, less than half the percentage prior to Covid and prior to the Housing Bust. The percentage peaked in 2009 at 30 percent. Currently, the city with the highest percentage of underwater mortgage holders is Austin at 2.1 percent, because prices are 14 percent off 2022 peaks, followed by Las Vegas at 1.7% and Phoenix at 1.6 percent.”

Capital Markets

Have you stopped your spending? Inflationary price tags, high interest rates and the return of student loan payments were thought to prompt many Americans to hold back on opening their wallets, but that doesn’t appear to be the case. A strong labor market has helped keep spending afloat across the economy, with new revisions even showing that the blowout retail reports from the summer were even better than initially estimated. Those trends are expected to continue with Black Friday only a week away, followed by the traditional holiday spending spree.

But as the fabled “soft landing” for the U.S. economy comes more and more into focus, we have seen mortgage rates and other bond yields drop as of late. Yesterday morning’s batch of data showed a larger than expected increase in weekly jobless claims coupled with a two-year high in continuing claims, fitting the Fed’s preferred script of seeing some softening in the labor market. Initial claims are at their highest levels since August and continuing jobless claims are at their highest level since November 2021. Export prices were down 1.1 percent month-over-month in October and down 4.9 percent year-over-year. Import prices were down 0.8 percent month-over-month and down 2.0 percent year-over-year. And total industrial production declined 0.6 percent month-over-month in October while the capacity utilization rate fell to 78.9 percent, though all figures were adversely affected by the UAW strike. Today’s calendar kicked off with housing starts and building permits for October (+1.9 percent and +1.1 percent, respectively). As has been the case all week, there are plenty of Fed speakers, and today features Boston President Collins, Vice Chair for Supervision Barr, San Francisco President Daly, and Chicago President Goolsbee. Today is also 48-hour notification for Class D MBS. We begin the day with Agency MBS prices better by .125-.250 and the 10-year yielding 4.40 after closing yesterday at 4.45 percent.

Employment

“If you are looking for a lifeline to save your people and your business in this challenging rate environment, you have an opportunity to partner with a well-capitalized independent mortgage company with over 40 years of experience. We offer a portfolio product line that gives our origination team the opportunity to quote unique scenarios for DPA, 2nd liens, ARMs, non-owner, Jumbo, Doctor/Professional, and more. Our proprietary coaching program is free to all Loan Officers. Even in this market, we’ve doubled-down on the support we provide, from a dollar-for-dollar marketing match to in-house creative & design services, video marketing, social media, training, and credit services. With unmatched operations support at the branch and corporate levels, your clients and referral partners will be more than impressed. Our company is Fannie and Freddie seller/servicer, FHA, VA, and USDA approved. For a confidential conversation, please contact Anjelica Nixt and mention this opportunity.”

“It’s all part of the Plan! Operating as MWF Home Loans in Tennessee, Mountain West Financial is continuing our expansion plans in Tennessee. Throughout this year, we have continued our growth with recent launches in North Carolina, South Carolina, Florida, and several other states east of Texas. The expansion is part of our overall growth strategy to expand our footprint. EVP and Board member, Ben Holloway has relocated to Tennessee in an effort to help drive our expansion. For more information about our growth plans and career opportunities, contact Ed Adams or Ben Holloway. Or visit us here for more information.”

“At Evergreen Home Loans™, we’ve always believed in supporting our associates and team members in their commitment to local causes. With the establishment of the Evergreen Cares Foundation, we’ve provided a powerful tool to help them do just that. The Evergreen Cares Foundation is our way of enabling our team to make a difference in the community. Whether it’s addressing hunger, promoting education, or providing assistance during crises, this foundation reflects our dedication to community well-being. Our associates are passionate about giving back, and this foundation allows them to channel their energy and resources toward causes they care deeply about. By doing so, we strengthen our community and embody our core values of empathy and support. Learn more about the Evergreen Cares Foundation and the remarkable impact it’s making. Together, we can build a brighter future for everyone.”

“Explore Spring EQ’s job postings and come join our growing team of fun and experienced mortgage professionals! At Spring EQ our primary focus is second mortgages.”

 Download our mobile app to get alerts for Rob Chrisman’s Commentary.

Source: mortgagenewsdaily.com

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WHO SAYS you can’t buy good taste? Bestowing a few well-chosen domestic luxuries can not only telegraph discerning judgment but also go a long way to brightening the last dark weeks of the year. Think crystal Champagne flutes or freshly pressed stacks of crisp cloth napkins. And they don’t have to come with price tags that make you clench your teeth. Here, we present a passel of gift ideas we’re quite excited about—all likely to impress design aficionados, without breaking the bank.

A Vase That’s No Shrinking Violet

With vases sometimes trading for four figures, the fine ceramics market isn’t for the faint of heart—or light of wallet. How to score a deal? Keep an eye out for designs from emerging makers that might stand the test of time, like these stoneware vessels from South African artist Helen Vaughan. With arching arms, the matte-black form evokes an embrace, fitting for a gift. Helen Vaughan Ceramics Vase With Handles, approx. 7 inches tall or approx. 9 inches tall, $90 each, SarzaStore.com 

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Source: wsj.com

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Have you ever heard a song that, no matter how many times you listen to it, always takes you back to the same emotion? It’s like music is some kind of magical time machine; from the very first note, it melts all your worries away and transports you right into the depths of whatever feeling it stirs up in your heart. Whether it be sadness or joy, nostalgia or anticipation, we’ve all experienced times when certain songs can bring us right back to a powerful emotional moment with just a few chords. Below are the top 18 songs that never fail to make our hearts ache with sweet sorrow each and every time they play. 

1. Songs by John Denver

Photo Credit: Shutterstock.

One Redditor posted, “A lot of John Denver songs. They take me back to the days when I had a cassette deck in my car, driving through mountains with my mountain girl. Feels like a long time ago, a lot of amazing memories.”

2. “You’re Gonna Go Far” Noah Kahan

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“‘You’re Gonna Go Far’—Noah Kahan,” one user posted.

3. Songs by Coldplay

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One Redditor shared, “Any Coldplay as it was the last music my husband and I listened to right before he suddenly passed away.”

4. “Silent All These Years” Tori Amos

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One online user shared, “‘Silent All These Years’, Tori Amos.”

Another user confirmed, “Yes! Always fierce, and always goosebumps, with that minor key thrown in! I hear my voice … and it’s been …”

5. “In the Aeroplane Over the Sea” by Neutral Milk Hotel

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One Redditor shared, “The song “In the Aeroplane Over the Sea” by Neutral Milk Hotel makes me cry by the time it gets to the last verse.

“It’s corny to like that album by this point because it’s been so overplayed, but that song just sounds like the realization that you’re happy and that you made it. It sounds like the feeling of watching fireworks with the love of your life on a warm night, surrounded by happy people and children playing, feeling like if it all ended here, you’d be good with that. Such a nice timeless song.” 

6. “Broadripple Is Burning” by Margot and the Nuclear So and So’s

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An online Redditor shared, “‘Broadripple is Burning’ by Margot and the Nuclear so and so’s.”

7. “18 and Life” by Skid Row

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One user posted, “Skid Row’s ’18 And Life’. It was my sister’s favorite song. She passed away in 2010.”

8. “Only Time” by Enyas

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One user shared his story, “Since my son-in-law’s 2005 suicide, Enya’s ‘Only Time,’ but it actually works for all sudden deaths.”

9. “Smother” by Daughter

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“‘Smother’ by Daughter.

“When I first listened to this track and, subsequently, the album, I was in a very dark place. Listening to it now just brings everything back with crystal clarity. Sometimes they are happy tears of being proud of where I am now, but more often than not, they are sad tears,” one user shared.

10. “Remember to Forget Me” by Blink-182

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One user shared, “Remember to forget me by Blink-182. Hits hard.”

11. “The A Team”

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One user posted, “Ed Sheeran. ‘The A Team’. My daughter died of a drug overdose.”

Another user replied, “I’m so sorry. ❤️‍🩹” 

12. “Break You Open”, Airplay Version

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“Break You Open (Airplay version). Who knows, knows,” another user posted. 

13. “Long Long Time” by Linda Ronstadt

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One user added, “Linda Ronstadt ‘Long Long Time’.”

Another user responded, “I had to add this one to my list after watching Nick Offerman sing it to his partner on The Last of Us! … “

14. “I Believe In You” by Amanda Marshall

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One Redditor shared, “When I see the music video for ‘I Believe in You’ by Amanda Marshall. It’s so bittersweet and encouraging. I have to stop thinking of it now, or I’ll end up in the middle of Reddit.”

15. “Dance With My Father” by Luther Vandross

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Another Redditor commented, “‘Dance With My Father’—Luther Vandross.”

16. “Mama’s Arms” by Joshua Kadison

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“‘Mama’s Arms’ by Joshua Kadison. I was a little bit older than the boy in the song (19, to be exact), but the feeling was 100% the same. Starting to cry just typing that, and it happened 20 years ago.

“‘Going back to a tender age So full of confusion and rage Daddy says ‘Boys, your mama’s gone’…” one user quoted. 

17. “End of a Day” by Jonghyun

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One user shared, “‘End of a Day’—Jonghyun.

“This artist took his life in 2017, and the lyrics have some similarities to the note he left. Parts where he wanted to be told he did good and tried his best. The song absolutely breaks my heart every time it comes on.”

18. “Toire No Kamisama” by Kana Uemura

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“Toire no Kamisama by Kana Uemura. The title (The god in the Toilet) sounds funny/strange when you first hear it, but it’s a really sweet and heartbreaking story of a girl and her grandmother. AFAIK, it’s based on the singer’s real experience,” posted one user. 

Have you heard some of the songs listed above? Share your thoughts in the comments!

Source: Reddit.

Image Credit: Shutterstock – Denis Makarenko

Who is one actress you can never stand watching, no matter their role?  After polling the internet, these were the top-voted actresses that people couldn’t stand watching.

10 Actresses People Despise Watching Regardless of Their Role

These 7 Celebrities are Genuinely Good People

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We’ve all heard the famous adage that “no publicity is bad publicity,” and while it tends to be accurate, there are certainly exceptions. But what about those few stars who stay out of the limelight and get along without a hint of trouble? 

These 7 Celebrities are Genuinely Good People

These 10 Activities Are an Immediate Red Flag

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Have you ever known someone and thought you liked them—until you learned about their hobbies? Then you get to know them and then you’re like, “Wow, red flag.” Well, you’re not alone.

These 10 Activities Are an Immediate Red Flag

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Some celebrities definitely seem to enjoy the limelight and keep working to stay in the public eye. While others quickly move out of the spotlight. Many of these actors and actresses stepped out of the spotlight to live a more private life without constant media pressures.

10 Celebrities That Made the Big Times Then Disappeared Off The Face of the Earth

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Source: financequickfix.com

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When Caleb Pepperday and his wife secured a 2.75% mortgage rate on their home in Pittsburgh in 2021, the young couple couldn’t believe their luck. Buying when interest rates were at historically low levels in the U.S., the Pepperdays received one of the most enviable loans in home ownership.

Just two years later, the couple sold to move to Montana—losing the rate and becoming renters again in the process. “We thought we were going to stay in that house for a long time,” Pepperday, 27, tells Fortune. “But things change.”

While he and wife don’t regret the move one bit—they and their entire generation are wishing there was a way to turn back the clock to the glory days of low mortgage rates. Right now the 30-year fixed rate hovers around 7.7%, which is not historically high, as many members of older generations are quick to point out. But when coupled with the outrageous price of the median home, now standing at over $412,000, many would-be homebuyers feel locked out of the market. In fact, affordability hit a 38-year low in September.

Millennials were late to home ownership for myriad reasons, including higher student debt burdens, wedding later in life, and rapidly rising rents. When rates dropped, it felt like a once-in-a-lifetime opportunity for some to finally get into the market and buy their dream home. Now that rates have doubled, that dream is fading once again: One in five millennials now says they will never own a home, according to real estate brokerage Redfin.

But Pepperday, a certified financial planner (CFP), encourages his fellow millennials who believe they lost their last shot at home ownership to reframe their thinking.

“The mindset of, if you don’t buy now you’ll miss out forever, I don’t think that’s true,” he says. “Interest rates are simply out of your control, so fretting about them doesn’t really do you much good. It’s easy to second-guess yourself and say what could have been, but focus on what you can control.”

Here’s the advice he and other financial experts have for millennials who feel they missed out on a golden housing opportunity.

1. Take your time

There’s likely a good reason you didn’t buy when rates were low, even if you had the funds to do so, says Sean Williams, a Maryland-based CFP. You might not have known where you wanted to live, or you couldn’t find the right space, especially given the tight inventory.

Remember those reasons. It’s a mistake to compare yourself to others, rush into making one of the biggest financial decisions of your life, and potentially force something that could put you in a huge long-term financial bind, he says.

Don’t get caught up in the should-haves or would-haves and make a rash decision—do what makes sense for your household. If you need a cautionary tale, Fortune previously reported upwards of 40% of recent buyers regret their decision, but feel locked in due to their low mortgage rate. (And that low rate doesn’t preclude you from shelling out for a ton of other unexpected costs you wouldn’t have renting.)

“Patience isn’t fun, but it can yield great dividends,” Williams says. “Something greater could await you, and you’ll miss it if you keep looking back.”

2. Use this time to prepare

Those are set on buying shouldn’t be dissuaded by higher rates, Williams says. Though inventory is low, housing hopefuls can use this time to build their credit, scope out mortgage lenders, explore neighborhoods, and better understand what they want in a home and what they can afford.

“Take the time to understand the transaction,” Williams says. “It won’t be a waste of time if you’re incrementally bettering your position for when the time is right.”

And remember all that regret? While owners may not want to sell now, they won’t hold out forever if they aren’t happy in their home, no matter how low their interest rate, Williams says. That will open up more inventory, which buyers can snap up—if they’re prepared.

“Home values can move. And so can interest rates,” he says. “It’s sort of like investing in the market. You can look back and say, ‘Oh, I could have timed it.’ But it really makes sense to put yourself in the best financial position possible no matter the season.”

3. Look into alternatives

Though a 30-year mortgage is the most traditional option—and typically the headline figure—Dottie Herman, vice chair and former CEO of Douglas Elliman Real Estate, advises homebuyers to look into alternatives, such as five-year ARMs, which can offer lower introductory interest rates than conventional loans, or other forms of “creative financing.”

“I tell so many young people, it’s kind of a cliché that people use 30-year mortgages, because people don’t live in houses for 30 years anymore,” Herman says. “Go sit with your mortgage broker or banker and educate yourself on the different mortgages available.”

There are also grants and first-time homebuying programs that can make the process easier and more affordable. And Herman says to remember that you can always refinance in the future. If you find a home you like now that you can afford, it can still make sense to buy. You won’t get a sub-3% rate, but that doesn’t mean it’s not a worthwhile purchase. There will never be a perfect time.

Higher rates “would not stop me from buying a home. If you’re looking, you should not stop looking,” she says. “No one can time the market, so you just have to wait for a time that you can refinance.”

Finally, Pepperday says to consider whether home ownership is right for you at all, or if you just want to buy because it seems like the socially acceptable thing to do. Yes, it can help build wealth—but so can plenty of other financial moves, he says. Don’t put your life on hold for one financial choice.

“We are spending less on housing costs as a renter than when we owned,” Pepperday says. “Of course over time we’re not building any equity, but we have additional cash flow that we can use to put toward other investments that have more flexibility to get to the money than what a home has.”

The worst thing you can do, according to Pepperday, is stretch yourself to buy a home you can’t afford, just because you think it’s something you “should” do. “Don’t make yourself house-poor.”

Source: fortune.com

Apache is functioning normally

Affordability headwinds continued in the mortgage industry with mortgage rate lock volume remaining virtually flat in October. Both purchase and refinance volumes continued to wane in the face of the highest mortgage rates in over two decades, according to Optimal Blue’s originations market monitor report.

Rate-lock-dollar volume was also flat in October, ticking up 0.5% month over month. However, when adjusting for the extra business day, volume fell 4%. 

Purchase-dollar volume rose 1% but slumped 3% after the same adjustment. Refinance-dollar volume declined, with cash-outs falling 3% and rate-and-term refinances down 6%.

Purchase lock counts – which exclude the impact of rising/falling home prices – fell 23% year over year and 43% from pre-pandemic levels in 2019. The refinance share of lock volume remained at current-cycle lows of 12%.

“In October, we saw conventional, conforming volume fall to its lowest point since March, dropping to 56% of the total lock production,” said Brennan O’Connell, data solutions manager at Optimal Blue.

“The lost market share was primarily picked up by FHA production, which rose to 22% of total volume. FHA market share is now at the highest level seen since 2017. Non-agency and VA production finished October at 11.5% and 10.3%, respectively,” O’Connell added.

According to Optimal Blue’s mortgage market indices (OBMMI), the 30-year conforming rate peaked at 7.83% in October before clawing back to 7.78%, climbing 37 basis points (bps) from the end of September, the report showed.

“The mortgage rate spread to Treasuries also grew in October as investors sought safe-haven assets amongst geopolitical concerns in Europe and the Middle East. The spread widened by 8 basis points to finish the month at 290 basis points,” O’Connell said.

Jumbo mortgage rates climbed above 8% before finishing the month at 7.94%, up 35 bps month over month. FHA and VA loan rates rose 26 bps and 40 bps, respectively, both finishing the month at 7.4%. 

The steep surge in mortgage rates pushed more borrowers toward adjustable-rate mortgages (ARMs) in October, with the share of adjustable-rate locks rising to 7.9%, up from 6.8% in September.

The average loan amount dropped slightly to $352,500 in October from $353,200 the month prior, and the average purchase price fell to $449,000.

Although production trended lower nationally, certain warmer or more temperate markets saw month-over-month growth due to less seasonality in those climates, the report noted.

The Austin-Round Rock, Texas and Tampa-St. Petersburg-Clearwater, Florida metropolitan statistical areas (MSAs) both showed double-digit, month-over-month growth in mortgage rate lock volume in October.

Source: housingwire.com

Apache is functioning normally

Average mortgage rates came down on all loan terms from a week ago, according to rate data compiled by Bankrate. Rates for 30-year fixed, 15-year fixed, 5/1 ARMs and jumbo loans all dropped.

The average rate on the popular 30-year fixed-rate loan at times exceeded 8 percent in recent weeks, following a jump in 10-year Treasury yields. After a period of record lows, mortgage rates climbed in 2022 as inflation spiked and the Federal Reserve responded aggressively. The Fed last hiked its key interest rate in July, which brought up borrowing costs on a variety of financial products, including mortgages.

The central bank held firm on another rate hike this month, indicating it expects rates to stay on the higher side for the foreseeable future.

“To have the full effect of keeping interest rates higher for longer, the Fed will maintain a posture that rates could go higher and that any rate cuts are quite a ways off,” says Greg McBride, CFA, Bankrate chief financial analyst.

The rise in mortgage rates comes alongside appreciating home prices, both of which have kept homebuyers on the sidelines. More than half of home purchase mortgages originated in July had a monthly payment over $2,000, according to Black Knight. Twenty-three percent of originations in July had a payment over $3,000. The affordability squeeze is stretching budgets, and keeping many first-time homebuyers out of the market altogether.

Rates as of November 9, 2023.

The rates listed above are Bankrate’s overnight average rates and are based on the assumptions shown here. Actual rates available on-site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Thursday, November 9th, 2023 at 7:30 a.m.

30-year mortgage declines, -0.19%

Today’s average 30-year fixed-mortgage rate is 7.83 percent, down 19 basis points from a week ago. This time a month ago, the average rate on a 30-year fixed mortgage was higher, at 7.89 percent.

At the current average rate, you’ll pay a combined $721.95 per month in principal and interest for every $100,000 you borrow. That’s down $13.21 from what it would have been last week.

Use the loan widgets on this page or head to our primary rates page to see what kind of rates are available in your situation. You just need to give us a little information about your finances and where you live. With that data, Bankrate can show you real-time estimates of mortgages available to you from a number of providers.

15-year mortgage rate retreats, -0.08%

The average 15-year fixed-mortgage rate is 7.12 percent, down 8 basis points since the same time last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost roughly $906 per $100,000 borrowed. That may squeeze your monthly budget than a 30-year mortgage would, but it comes with some big advantages: You’ll come out several thousand dollars ahead over the life of the loan in total interest paid and build equity much more rapidly.

5/1 adjustable rate mortgage declines, -0.14%

The average rate on a 5/1 ARM is 6.97 percent, ticking down 14 basis points over the last week.

Adjustable-rate mortgages, or ARMs, are mortgage loans that come with a floating interest rate. To put it another way, the interest rate will change at regular intervals, unlike fixed-rate mortgages. These loan types are best for people who expect to refinance or sell before the first or second adjustment. Rates could be materially higher when the loan first adjusts, and thereafter.

While borrowers shunned ARMs during the pandemic days of super-low rates, this type of loan has made a comeback as mortgage rates have risen.

Monthly payments on a 5/1 ARM at 6.97 percent would cost about $663 for each $100,000 borrowed over the initial five years, but could increase by hundreds of dollars afterward, depending on the loan’s terms.

Jumbo mortgage rate declines, -0.17%

The average rate for the benchmark jumbo mortgage is 7.83 percent, down 17 basis points from a week ago. This time a month ago, the average rate for jumbo mortgages was higher, at 7.92 percent.

At the current average rate, you’ll pay $721.95 per month in principal and interest for every $100,000 you borrow. That represents a decline of $11.81 over what it would have been last week.

Interested in refinancing? See rates for home refinance

30-year mortgage refinance trends down, -0.12%

The average 30-year fixed-refinance rate is 7.96 percent, down 12 basis points compared with a week ago. A month ago, the average rate on a 30-year fixed refinance was higher, at 8.08 percent.

At the current average rate, you’ll pay $730.98 per month in principal and interest for every $100,000 you borrow. That’s a decline of $8.37 from last week.

Where are mortgage rates heading?

Most rate watchers polled by Bankrate predict mortgage rates will rise this upcoming week. Looking to the remainder of the year, some forecasters still expect to see rates decrease, but the state of the U.S. economy and rising 10-year Treasury yields will be key factor.

30-year fixed mortgage rates mostly follow the 10-year Treasury yield, which shifts continuously as economic conditions dictate, while the cost of variable-rate home loans mirror the Fed’s moves.

“Economic data that is not too hot and not too cold would be helpful to mortgage rates and could get rates back down below 7 percent,” says Greg McBride, chief financial analyst for Bankrate, adding, “but that has to be true for inflation, job growth, wages and consumer spending.”

What these rates mean for you and your mortgage

While mortgage rates move up and down on a daily basis,, there is some consensus that we won’t see rates return to 3 percent for some time. If you’re shopping for a mortgage now, it might be wise to lock your rate when you find an affordable loan. If your house-hunt is taking longer than expected, revisit your budget so you’ll know exactly how much house you can afford at prevailing market rates.

You could save serious money on interest by getting at least three loan offers, according to Freddie Mac research. You don’t have to stick with your bank or credit union, either. There are many types of mortgage lenders, including online-only and local, smaller shops.

“All too often, some [homebuyers] take the path of least resistance when seeking a mortgage, in part because the process of buying a home can be stressful, complicated and time-consuming,” says Mark Hamrick, senior economic analyst for Bankrate. “But when we’re talking about the potential of saving a lot of money, seeking the best deal on a mortgage has an excellent return on investment. Why leave that money on the table when all it takes is a bit more effort to shop around for the best rate, or lowest cost, on a mortgage?”

More on current mortgage rates

Methodology

Bankrate displays two sets of rate averages that are produced from two surveys we conduct: one daily (“overnight averages”) and the other weekly (“Bankrate Monitor averages”).

The rates on this page represent our overnight averages. For these averages, APRs and rates are based on no existing relationship or automatic payments.

Learn more about Bankrate’s rate averages, editorial guidelines and how we make money.

Source: bankrate.com

Apache is functioning normally

As a Homes writer and interior design obsessive, I love nothing more than spending my downtime decorating or sprucing up our family home. And whether you live in a cozy apartment or palatial house, we all want to create our ideal abode. Trouble is, when you don’t know where to start, it all can all seem rather overwhelming. 

While pulling a room together may seem easy on Instagram or social media, there are some basic rules and tips I’ve learned over the years. These top tips will help you achieve the right balance of functionality yet still look stylish. What’s more, these clever design ideas will instantly transform your space, regardless of size, without having to spend a fortune on an expensive renovation!

I’m obsessed with home makeover shows — and these are the 3 mistakes people always make. 

1. Go big with mirrors  

Large mirror in bedroom (Image credit: Shutterstock)

One of my favorite tricks is the power of mirrors. I absolutely love using mirrors in my home, and the bigger the better. Mirrors are a great way to reflect the natural light across the room,  make a small room look bigger, and feel airy and more open. For effective results, lean a large mirror against a wall opposite a window so the light will bounce off it. In small spaces, opt for mirrors that go from floor to ceiling to maximise the light. 

In addition, if you want to brighten a dark room, a mirrored wall will also do the trick. Wall-mounted mirrors work well to reflect light, give the illusion of a bigger space, and instantly make your room feel open and airy. More importantly, it will give your blank wall a stylish and contemporary makeover.  

While glass can often be problematic if you have children and pets running around, you can choose plexiglass acrylic mirror. Bendable acrylic wall mirrors much like this Shatterproof Wall Mirror ($29, Amazon), are designed to be safer and won’t get accidentally broken or damaged. 

Alternatively, if you don’t have a mirror, any reflective surface such as stainless steel, glass and metallic accessories will do the job.

2. Buy the right-sized furniture for the space

Big sofa in small space (Image credit: Shutterstock)

Have you ever bought something for your home, only to find out that it’s way too big (or small) for the room? That’s why it’s important to always check the dimensions of furniture before buying, and find a style that’s in proportion to the room. So if your space is too compact for a conventional, rectangular dining table, a circular table will take up less room. 

Getting the proportion right can be tricky if you’re buying furniture/decor online, and the reality is far different from the pictures! You may find it helpful to use an AR app such as IKEA Place to get a better idea of how an item of furniture will fit into the space you have.

Another top tip is to elevate your furniture. Instead of heavy-set pieces of furniture, and cumbersome sofas — especially in compact rooms, choose sofas and armchairs with narrow arms, and raised on taller legs. The trick here is when you see more floor underneath, it will give the illusion of a bigger room, and allow natural light to flow better.

In fact, buying the wrong-sized furniture is one of the top decor mistakes that are making your home look smaller than it is.  

3. Make use of vertical space 

Bathroom items in storage boxes (Image credit: Shutterstock)

Furniture doesn’t always have to be spread out. Another top tip is to utilize vertical space — especially if you lack floor space or have a compact room. Depending on how strong your walls are, you can easily wall mount floating wall shelves, vertical cabinets, or clever storage units to free up valuable floor space. 

For home offices, hanging smaller things on wall-mounted rails can be handy, as you’ll have more desk space making it less cluttered. And for small bathrooms, wall-mounted storage is one of the things organized people keep in their bathrooms. Just don’t forget to check what’s behind the wall before you start drilling holes everywhere! 

There are also plenty of stackable storage ideas to keep everything in order. For instance, if you want to keep children’s toys tidy, storage organizers like this Humble Crew Extra-Large Toy Organizer ($79, Amazon), will save you valuable space.  

4. Layer your fabrics 

Sofa with throws and cushions (Image credit: Shutterstock)

There’s nothing better than coming back to a warm and relaxing home to snuggle in. And layering up with chunky throws, soft blankets and plush cushions on sofas and beds work well to achieve that cozy factor. 

In addition, it’s good to mix-and-match the textures and color scheme so that everything doesn’t look the same. You want to create an inviting feeling that is also aesthetically pleasing. 

Interestingly, soft furnishings are one of the clever ways to reduce noise in your home. Plush furniture like an upholstered sofa, bench or even plump cushions work well to ‘soften’ an area — diffusing unwanted sounds. Thick rugs on hardwood floors can also help to block out some noise, and also prevents furniture from making much noise when it’s moved around. So it’s a win-win! 

5. Conceal the clutter  

Storage stool and basket in living room (Image credit: Shutterstock)

When designing a space, we often forget about functionality, and practical storage solutions. To avoid cluttered spaces, conceal the clutter with multi-purpose furniture such as ottoman benches, blanket boxes or woven baskets. These are clever ways of hiding clutter, as well as doubling up as extra seating or a handy footstool for your guests. Plus, if you have cluttered shoes piling up by the front door, here’s 7 space-saving ways to organize shoes in your entryway.

In addition, if you have unsightly cables or items lying around, there are plenty of creative ways to disguise ugly items in your home. These include things like cable management organizers or sleeves, soap dispensers, or attractive tissue box covers. 

And if you have one of the best TVs for family entertainment, cozy movie nights or a decent gaming session, check out these clever ways to decorate around a TV. 

6. Don’t overcrowd your walls 

Gallery wall in living room (Image credit: Shutterstock)

Whether it’s family photographs, abstract wall art, or stylish posters, pictures on the walls can add a personal touch. However, there is a danger of going overboard with the gallery wall — making your walls look like an eyesore. 

When learning ways to decorate a blank wall, it’s advisable to stick to the ‘odd number rule’ when displaying pictures. So rather than hanging in even numbers, stick to three or five on one wall, or even one large frame. This rule is considered to be more visually appealing, and looks less cluttered. If you want to hang two pictures side by side however, make sure the frames are identical, and hung at the same height. Although this should really be 57 inches, generally, pictures should be hung at eye-level. 

Secondly, if you just want to hang one large wall art, position it so that the center of the artwork is approximately 48-56 inches from the floor. However, if it’s positioned above a sofa or table, the bottom of the frame should begin at least 6-12 inches above the back of the sofa or tabletop.

Peacock chair in room  (Image credit: Shutterstock)

If you follow decor trends on social media or TV shows, it can be easy to get carried away with buying things on impulse. By definition, trends come and go, and just because everyone is doing wood panelling, doesn’t mean it will look good in your home! 

Define your personal style, and keep your interior scheme simple and classy. After all, less is more! It’s always best to stick to neutral styles, tones or accessories, and incorporate bursts of bold color in soft furnishings, accessories or even lush houseplants. This way, you can change it up whenever you feel like it, or style your home according to the changing seasons.

What’s more, splurging on the latest trends and new furnishings just for the sake of it can make your home look cheap, according to interior designers. 

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Source: tomsguide.com