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
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
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
“‘You’re Gonna Go Far’—Noah Kahan,” one user posted.
3. Songs by Coldplay
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
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
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
An online Redditor shared, “‘Broadripple is Burning’ by Margot and the Nuclear so and so’s.”
7. “18 and Life” by Skid Row
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
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
“‘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
One user shared, “Remember to forget me by Blink-182. Hits hard.”
11. “The A Team”
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
“Break You Open (Airplay version). Who knows, knows,” another user posted.
13. “Long Long Time” by Linda Ronstadt
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
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
Another Redditor commented, “‘Dance With My Father’—Luther Vandross.”
16. “Mama’s Arms” by Joshua Kadison
“‘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
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
“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.
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.
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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
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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.
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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.”
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.
“STAR makes it very easy for someone to upload a loan,” Edwards said. They can upload their 3.2 or 3.4 forms – the system accepts both – and “the system does the rest. It’s all about ease of use. In mortgages, in new tech, the bar is high, and you’ve got to rise to it … [Read more…]
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.
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
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
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
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
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
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
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.
7. Don’t go overboard with trends
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.
“The 30-year fixed mortgage rate dropped by 25 basis points to 7.61%, the largest single-week decline since July 2022,” said Kan, attributing the decline to several factors, including the latest Treasury issuance update, a dovish stance from the Federal Reserve, and signs of a slowing job market. Despite this positive movement, the year-over-year comparison paints … [Read more…]
Mortgage rates climbed for the fifth consecutive week Thursday, following recent jobs and inflation reports that surged past forecasts and set expectations that decades-high interest rates could stay higher for longer.
The persistently higher mortgage rates are putting added strain on today’s would-be homebuyers who are also confronting elevated home prices due to a lack of inventory of homes for sale.
The 30-year fixed-rate mortgage averaged 7.57% in the week ending October 12, up from 7.49% the week before, according to data from Freddie Mac. A year ago, the 30-year fixed-rate was 6.92%. The last time rates were this high was in December 2000.
“The good news is that the economy and incomes continue to grow at a solid pace,” said Sam Khater, Freddie Mac’s chief economist. “But the housing market remains fraught with significant affordability constraints. As a result, purchase demand remains at a three-decade low.”
The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. The survey includes only borrowers who put 20% down and have excellent credit.
Mortgage rates have spiked during the Federal Reserve’s historic inflation-curbing campaign — and while a good deal of progress has been made, it is not yet as low as the Fed would like.
The Fed’s preferred inflation measure, the core Personal Consumption Expenditures index, is currently 3.9%, which is nearly double the Fed’s target of 2%. But it is the lowest annual increase that index has seen in two years and is a positive step toward the Fed’s target.
Rates ‘higher for longer’
“Last week’s jobs report exceeded investor expectations, with 336,000 net new jobs, resulting in a late-week surge in the 10-year Treasury yield and a bump in mortgage rates,” said Hannah Jones, senior economic research analyst at Realtor.com.
But the incursion by Hamas into Israel this weekend created geopolitical uncertainty that brought mortgage rates lower: Investors sought out the safety of the bond market, sending the yield on the 10-year Treasury note falling earlier this week.
Mortgage rates tend to track the yield on 10-year US Treasuries, which move based on a combination of anticipation about the Fed’s actions, what the Fed actually does and investors’ reactions. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow. While the Fed does not set the interest rates that borrowers pay on mortgages directly, its actions influence them.
“Though the weekly movement settled from last week’s surge, rates remain near two-decade highs and more than 4 [percentage] points higher than two years ago,” said Jones.
“The Fed’s ‘higher-for-longer’ monetary policy keeps upward pressure on rates, making a descent unlikely until new data suggests that inflation is moving in the right direction.”
More applications for adjustable-rate mortgages
Even as rates were climbing last week, applications for mortgages ticked up slightly, mostly because of an increase in applications for adjustable-rate mortgages, or ARMs, according to the Mortgage Bankers Association.
“Mortgage applications increased for the first time in three weeks, pushed higher by a 15% jump in ARM applications,” said Bob Broeksmit, CEO of MBA. “With mortgage rates well above 7%, some prospective homebuyers are turning to ARMs to lower their monthly payment in the short term amidst these high mortgage rates.”
MBA’s average rate for a fixed-rate 30-year mortgage last week moved up to 7.67%, while the average rate for a 5/1 ARM, which has a fixed rate for the first five years and resets once per year after that, dropped to 6.33% from 6.49%. (Freddie Mac does not track average rates for adjustable-rate mortgages.)
Adjustable-rate mortgages accounted for 9.2% of all mortgages last week, according to MBA. That’s the highest share since November 2022, when rates on 30-year fixed rate loans also were over 7%.
Prospective buyers have had to get creative to prepare financially for homeownership, said Jones.
“Though buyers have shown signs of adjusting to the higher-rate environment, limited inventory has kept home prices elevated, cutting further into the buying power of shoppers hoping to find a suitable home,” she said.
While many repeat buyers can leverage their existing home equity in today’s expensive market, she said, younger homebuyers often have a harder time coming up with the money for a home purchase.
At today’s mortgage rate, a household typically needs an annual income of at least $120,000 to purchase a median-price US home, assuming a 20% down payment, Jones said.
2023 has been a difficult year for prospective homebuyers, who have faced soaring mortgage rates, expensive home prices and low housing inventory. But last week, several important mortgage rates began sliding downward in what could be an about-face in long-term highs. There was a marked improvement in 15-year fixed and 30-year fixed mortgage rates, and the 5/1 adjustable-rate mortgage also decreased.
Since early 2022, when the Federal Reserve kicked off aggressive interest rate hikes to combat inflation, mortgage rates have increased steadily from their historic pandemic-era lows. Mortgage rates are now at their highest peak in more than two decades. Home affordability is at the worst level in nearly four decades, and home loan applications have made new cyclical lows, according to the housing authority Fannie Mae.
While the central bank does not directly set mortgage rates, they’re affected by the Fed’s rate decisions. During its Nov. 1 policy meeting, the Fed held its key interest rate steady at a range of 5.25% to 5.5%. Historically, when the Fed stops hiking rates, mortgage rates tend to cool, according to Logan Mohtashami, lead analyst at HousingWire. However, inflation is still too high, and there’s a chance the Fed may carry out one more rate hike in December.
About these rates: Like CNET, Bankrate is owned by Red Ventures. This tool features partner rates from lenders that you can use when comparing multiple mortgage rates.
Fluctuations in the mortgage and housing markets are always going to happen. That’s why experts say it’s a good idea for homebuyers to focus on what they can control: getting the best rate for their financial situation.
Mortgage rate trends
With average mortgage rates around 8%, the question is what the rest of the year has in store for prospective homebuyers. Experts say mortgage rates will remain near their current levels in the coming weeks. Fannie Mae expects the average 30-year fixed mortgage rate to close out the year at 7.3%.
Moreover, wage growth hasn’t kept up with inflation, and household income hasn’t outpaced increased housing costs. According to a recent report by the real estate firm Redfin, homebuyers need an income of $114,627 in order to afford a median-priced house. That’s $40,000 more than what the typical US household earns.
“As long as prices stay elevated, the way to help ease housing affordability is for wages to grow and mortgage rates to fall,” Mohtashami said.
Over the long term, progress on inflation and other key economic indicators could potentially ease some of the upward pressure on mortgage rates. But even when the Fed stops hiking interest rates, it generally takes 12 months before mortgage rates see substantial declines, according to Niladri Mukherjee, chief investment officer at TIAA Wealth Management.
“Until mortgage rates drift back down to a reasonable level, let’s say 5.5% or 6%, I don’t think mortgage applications are going to pick back up again,” Mukherjee told CNET.
Average mortgage interest rates today
We use data collected by Bankrate to track daily mortgage rate trends. This table summarizes the average rates offered by lenders across the country:
Loan type
Interest rate
A week ago
Change
30-year fixed rate
7.79%
8.05%
-0.26
15-year fixed rate
7.15%
7.19%
-0.04
30-year jumbo mortgage rate
7.75%
8.02%
-0.27
30-year mortgage refinance rate
7.92%
8.15%
-0.23
Rates as of Nov. 6, 2023.
What homebuyers should know about mortgage rates
High mortgage rates discourage prospective homebuyers and potential sellers alike. Most homeowners have an interest rate well below 6% and aren’t willing to move because it would mean giving up their low mortgage rate, said Jason Walter, real estate agent at Realty One Group Complete. “That’s one of the main reasons why existing housing inventory remains 40% below pre-COVID levels,” he said.
While today’s housing market is especially intimidating for first-time homebuyers, it doesn’t mean it’s unrealistic to buy. That all depends on your financial situation and long-term goals.
The most important thing is to make a budget and try to stay within your means. Though mortgage rates and home prices are high, the housing market won’t be unaffordable forever. It’s always a good time to save for a down payment and improve your credit score to help you secure a competitive mortgage rate when the time is right for you.
What is a good loan term?
When picking a mortgage, remember to consider the loan term, or payment schedule. The most common mortgage terms are 15 years and 30 years, although 10-, 20- and 40-year mortgages also exist. Mortgages can either be fixed-rate and adjustable-rate mortgages. The interest rates in a fixed-rate mortgage are set for the duration of the loan. The interest rates for an adjustable-rate mortgage are only fixed for a certain amount of time (commonly five, seven or 10 years), after which the rate adjusts annually based on the current interest rate in the market.
When choosing between a fixed-rate and adjustable-rate mortgage, consider the length of time you plan to live in your home. If you plan on living long-term in a new house, a fixed-rate mortgage may be the better option. Fixed-rate mortgages offer more stability over time compared to adjustable-rate mortgages, but adjustable-rate mortgages may offer lower interest rates upfront. As a result, a growing share of homebuyers are leaning toward ARMs.
30-year fixed-rate mortgages
The average 30-year fixed mortgage interest rate is 7.79%, which is a decline of 26 basis points from one week ago. (A basis point is equivalent to 0.01%.) A 30-year fixed mortgage, the most common loan term, is a good option if you’re looking to minimize your monthly payment. A 30-year fixed rate mortgage will usually have a lower monthly payment than a 15-year one, but often a higher interest rate.
15-year fixed-rate mortgages
The average rate for a 15-year, fixed mortgage is 7.15%, which is a decrease of 4 basis points from seven days ago. Though you’ll have a bigger monthly payment compared to a 30-year fixed mortgage, a 15-year loan will usually be the better deal if you can afford the monthly payments. You’ll usually be able to get a lower interest rate, pay less interest in the long run and pay off your mortgage sooner.
5/1 adjustable-rate mortgages
A 5/1 ARM has an average rate of 7.08%, a slide of 4 basis points compared to last week. You’ll typically get a lower interest rate (compared to a 30-year fixed mortgage) with a 5/1 ARM in the first five years of the mortgage. But you could end up paying more after that time, depending on how the rate adjusts with the market rate. For borrowers who plan to sell or refinance their house before the rate changes, an ARM could be a good option. If not, changes in the market may significantly increase your interest rate.
How to find personalized mortgage rates
You can get a personalized mortgage rate by contacting your local mortgage broker or using an online calculator. To find the best home mortgage, take into account your goals and current finances. Be sure to look at the annual percentage rate, or APR, which reflects the mortgage interest rate plus other borrowing charges. By comparing the total cost of borrowing from multiple lenders, you can make a more accurate apples-to-apples comparison.
Your specific mortgage rate will vary based on factors including your down payment, credit score, debt-to-income ratio and loan-to-value ratio. Having a higher down payment, a good credit score, a low DTI and LTV or any combination of those factors can help you get a lower interest rate.
The interest rate isn’t the only factor that affects the cost of your home. Be sure to also consider fees, closing costs, taxes and discount points. You should shop around and talk to several different lenders from local and national banks, credit unions and online lenders to find the best mortgage for you.