If you’re a local to the grand strand, or thinking about moving to Myrtle Beach, SC, and planning to rent an apartment or buy a home, this city has a lot to offer. But with so much to see and do, it can be overwhelming for new residents to know where to start. To help you make the most of your time living in Myrtle Beach, we’ve put together a list of must-try experiences and unique things to do from locals to the area. So grab your walking shoes and your sense of adventure, and get ready to dive into the ultimate Myrtle Beach bucket list experience.
1. Visit the Marshwalk of Murrells Inlet
The Marshwalk in Murrells Inlet is a captivating waterfront boardwalk that offers a unique blend of natural beauty, coastal charm, and lively entertainment. “Not only will you find 9 amazing seafood restaurants but the views of the inlet are spectacular,” states South Carolina local Corina Whitehead of Carolina Food Tours. “Visit during the day and participate in some of the fun activities, including paddle boarding, jet skis, dolphin watch tours, seakart adventures, and more. Visit in the evening for a sunset cruise, listen to local bands playing at each of the restaurants or my favorite, enjoy delicious, fresh, local seafood at any of the restaurants along our Marshwalk.”
2. Spend the day at Broadway at the Beach
Broadway at the beach is the largest walkable entertainment venue in South Carolina. It overlooks Broadway, has many unique shops, dining and entertainment. According to local travel planner Kimberly McCord of Myrtle Beach SC Travel,“I highly recommend grabbing a meal at The Grumpy Monk, it is locally owned and operated and serves anything from burgers to sushi and has great local beers on tap.” She shares, “if you are looking for fun attractions and entertainment check out Teal Nation for shopping and visit Ripley’s Aquarium to see Sea Creatures, Sharks, Rays, Jellyfish, Penguins and the new Sloth Exhibit.”
3. Attend a Myrtle Beach Pelicans Baseball game
“Attending a Myrtle Beach Pelican baseball game is one of the more unique things to do in Myrtle Beach that should be on everyone’s bucket list,” states travel blogger Tori Mitchell. “It’s a great family-friendly event with all of the hands-on activities for kids, but is also perfect for those looking to enjoy some of the many drink specials offered throughout the week. The baseball team is so much fun to watch as they play against many other teams in the area.”
4. Go Shark tooth hunting
Myrtle Beach is known for its beautiful shoreline and abundant marine life, including sharks. Over time, fossilized shark teeth wash up onto the beaches, making it an ideal destination for shark tooth hunting. To hunt for shark teeth, visitors can stroll along the sandy shores, particularly in areas where the waves crash and expose new layers of sediment. The best time for hunting is usually after high tide or during low tide when more treasures are revealed.
“Myrtle Beach is very special to our hearts. There is nowhere else that we have enjoyed more at the ocean during our annual spring vacation,” shares travel blogger Barbara Robinson of Inspirational Travel Adventures. “The competitions, the fresh air, the ocean breezes, the early mornings and late nights searching for shark teeth, there is nothing better.”
5. Enjoy the sunshine at Springmaid Beach
Springmaid Beach is a serene coastal retreat along the shores of Myrtle Beach. It offers a beautiful sandy coastline, clear waters, and a variety of activities such as swimming and surfing. Nature enthusiasts can appreciate the diverse wildlife and coastal ecosystem. The beach features Springmaid Pier, which provides panoramic views and fishing opportunities. Visitors will find amenities like beach access, parking, restrooms, showers, and nearby dining and shopping options.
“A must-do activity while visiting the beach is to have your family’s photo taken,” says local photographer Tanya Brunson of Myrtle Beach Family Photography. “Capture your family’s vacation memories in beautiful beach portraits that your family will cherish forever.”
6. Learn how to surf
Taking surf lessons in Myrtle Beach offers an exhilarating and enjoyable experience for individuals of all ages and skill levels. Whether you’re a beginner eager to catch your first wave or looking to refine your surfing technique you are bound to have a great time. With the beautiful backdrop of the sea and sand combined with experts to help you along the way you could become a surfing pro in no time. Jack’s surf lessons experts have all the local knowledge you need to enjoy your time on the ocean. Jack’s Surf lessons general manager Paige Hannigan also offered us some local expertise on where you should get dinner after you finish your lesson. “The best spot for fine dining is Bistro 90 out in Longs- it’s absolutely worth the quick drive and you have to try the pinwheel steak and whatever cakes they have for dessert that day. If you decide to hit the water on a boat and go out on the waterway, make sure you stop by Crab Catchers for some super fresh seafood and their homemade coconut cream pie.”
7. Schedule a round of Putt-putt golf
According to lifestyle blogger Whitney Rife Becker of Whitney Rife Blog, “if you’re planning a trip to Myrtle Beach, South Carolina, there are a few must-do activities that you simply have to put on your bucket list. For starters, you really can’t visit Myrtle Beach without going putt-putting. There’s a putt-putt course on every corner, and it’s an activity that’s fun for all ages. Beyond putt-putt, make sure to carve out at least one evening for dinner on the inlet at Marshwalk in Murrells Inlet. There’s nothing quite like enjoying a delicious dinner while taking in the stunning views of the inlet – it’s the perfect way to unwind after a busy day of beach-going and exploring, you can even catch my favorite local bands at Dead Dog Saloon or Wahoos.”
A final note on the ultimate Myrtle Beach bucket list
Living in Myrtle Beach, SC offers a plethora of exciting experiences to add to your bucket list. This coastal city provides endless opportunities for adventure and relaxation. So, whether you’re a resident or planning to visit, get ready to immerse yourself in the ultimate Myrtle Beach bucket list experience and create lifelong memories.
It’s been a wild week in the markets but mortgage rates are on track to finish out the week at levels very close to where they were on Monday. With current mortgage rates continuing to move higher overall, the smart decision for most borrowers is to lock in a rate soon. Read on for more details.
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Market Recap 2.9.18 from Total Mortgage on Vimeo.
Where are mortgage rates going?
Treasury yields move higher to end the week
Volatility was the name of the game this week with the big crash on Monday in the markets, and then a series of ups and downs that ultimately have brought long-term Treasury yields, which is what’s most important to mortgage rates, back to about where they started the week.
Click here to get today’s latest mortgage rates (Jul. 15, 2023).
The yield on the 10-year Treasury note (the best market indicator of where mortgage rates are going) is up almost three basis points (one basis point = 0.01) on the day, putting it at 2.85%. It peaked briefly during early trading on Monday at 2.88% and bottomed out later that day at 2.65%.
The situation, in the bond market at least, quickly corrected itself with the 10-year yield moving higher on Tuesday, and continued on an overall upward trajectory for the rest of the week.
Mortgage rates typically move in the same direction as the 10-year yield, and are on the rise from where they were a week ago.
Here are the numbers from the latest Freddie Mac Primary Mortgage Market Survey, which is the most comprehensive mortgage rates survey for the United States:
The average rate on a 30-year fixed rate mortgage moved up ten basis points to 4.32% (0.6 points)
The average rate on a 15-year fixed rate mortgage went up nine basis points to 3.77% (0.5 points)
The average rate on a 5-year adjustable rate mortgage increased four basis points to 3.57% (0.4 points)
Here is what Freddie Mac’s Economic & Housing Research Group had to say about current mortgage rates this week:
“The U.S. weekly average 30-year fixed mortgage rate rocketed up 10 basis points to 4.32 percent this week. Following a turbulent Monday, financial markets settled down with the 10-year Treasury yield resuming its upward march. Mortgage rates have followed. The 30-year fixed mortgage rate is up 33 basis points since the start of the year. Will higher rates break housing market momentum? It’s too early to tell for sure, but initial readings indicate housing markets are sustaining their momentum so far. The MBA reported that purchase applications are up 8 percent from a year ago in their latest Weekly Mortgage Applications Survey.”
Rate/Float Recommendation
Lock now before rates rise further
Mortgage rates continued to move higher this week. This is a trend that has persisted for five straight weeks with no end in sight. If you’re considering locking in a rate on a purchase or refinance, our recommendation is to take action sooner rather than later in order to try and get the best possible deal.
Find out how to get the best rate possible with our in-depth video series.
Today’s economic data:
Nothing
Sorry, folks. Nothing to see here today.
Get the GreenLight and close in 21 days*
Notable events this week:
Monday:
PMI Services Index
ISM Non-Mfg Index
Tuesday:
International Trade
Fedspeak
JOLTS
Wednesday:
Fedspeak
EIA Petroleum Status Report
10-Yr Note Auction
Thursday:
Fedspeak
Jobless Claims
Friday:
*Terms and conditions apply.
Carter Wessman
Carter Wessman is originally from the charming town of Norfolk, Massachusetts. When he isn’t busy writing about mortgage related topics, you can find him playing table tennis, or jamming on his bass guitar.
New research from Zillow shows that recessions typically don’t have a negative impact on home values, contrary to what many experts have always said.
Other than the housing-led Great Recession of the late 2000s, Zillow’s analysis shows that home values have typically continued to grow through national and statewide recessions over the past quarter-century.
The U.S. reached its longest-ever economic expansion this summer, though growth is slowing. A recent survey sponsored by Zillow and conducted by Pulsenomics found that a panel of housing experts and economists expect a new recession to begin in Q3 2020. Demand for homes is expected to cool during the next recession, but few believe a housing slowdown will be a significant factor in causing it.
As some market observers predict a recession on the horizon, an analysis of recessions from the recent past shows that they often have a limited effect on the housing market. In the past 23 years, there have been two national recessions – the dot-com crash from March to November 2001 and the Great Recession from December 2007 to June 2009 – and several statewide or regional recessions. Home values broadly fell across the country during the Great Recession, but in most other cases annual home value growth remained positive.
Excluding the Great Recession, there have been 1,039 instances since 1997 of states being in a recession during a given month. Annual home value appreciation was positive 81% of the time in these months – an identical rate to months in which states were in economic expansion. Appreciation averaged 4.6% during economic growth and 4% during recessions. This indicates that while recessions do have an impact on the housing market, the widespread collapse of home values during the Great Recession is an outlier.
“The housing crash during the Great Recession left a lasting impression on our collective memory,” said Zillow Economist Jeff Tucker. “But as we look ahead to the next recession, it’s important to recognize how unusual the conditions were that caused the last one, and what’s different about the housing market today. Rather than abundant homes, we have a shortage of new home supply. Rather than risky borrowers taking on adjustable-rate mortgages, we have buyers with sterling credit scores taking out predictable 30-year fixed-rate mortgages. The housing market is simply much less risky than it was 15 years ago, and our experience in recent localized recessions shows how home prices can weather normal economic headwinds.”
As an example, several states with large energy sectors – Alaska, Louisiana, North Dakota, Oklahoma and Wyoming – experienced local recessions starting in 2015 when oil prices fell dramatically. Home value growth was positive year-over-year across all five states and only Alaska turned negative month-over-month during this time period – the largest monthly loss in value for the median home in Alaska was $700. Nationwide, annual home value growth averaged 4.3% during these recession months compared to 5.2% average growth during months of economic expansion in 2015 and 2016.
Mike Wheatley is the senior editor at Realty Biz News. Got a real estate related news article you wish to share, contact Mike at [email protected]
Beyonce and Jay Z were recently in San Francisco on their On The Run tour, but you knew that because you went. We, apparently, were the only ones in the entire city who DIDN’T go and oh, we felt the sting. While everyone was jammin’ to “Drunk in Love” we were stuck in the left over concert traffic only to be proceeded by an equally monotonous night. And to top off a serious case of Tuesday night FOMO, if the rumors are true, the power couple is headed for the dreaded “D” word and we just. can’t. handle. it.
So in honor of Queen Bey and Jay, we rounded up our favorite surfboard inspirations, or should we say surfbort inspirations? We’ve been seeing these dudes everywhere, from decor to editorials and we can only believe that it was partly Beyonce’s doing. After all, she runs the world, right? On her surfbort.
We’re in love with the idea of surfboards as decor, especially when they’re not your typical “surf’s up, bro” board. A gorgeous blond wood with a vintage-inspired shape is so cool leaning against a blank wall and the Gray Malin photography infused board is literally a work of art. Obsessed.
Speaking of art, fashion and interior designers have definitely received the surf delivered memo. We can’t decide if we’d rather break waves on Kelly Wearstler’s beautifully crafted wooden boards or Alexander Wang’s marble beauties. Probably Kelly’s, right? Marble sinks- in the literal sense of the word only!
And just in case you’re planning to ride this trend as long as we are, we present a surfbort moodbort. <– We had to!
Have you caught the surfboard wave too? Or are you ready for this trend to crash and break? Us? Oh, we’re prepared to ride this baby till the final days of summer are gone! —Bianca
image 1 via Home Adore // 2 via Fast Co. // 3 via One Kings Lane // 4 via Kelly Wearstler // 5 via Alexander Wang // moodboard images via
When you throw a Halloween party (or any party for that matter) in a small apartment, there are a couple of minor challenges. But, where most people see limits, the true party planning expert sees possibilities. Like, Frankenstein-sized possibilities.
Here are some helpful tips on how to throw a Halloween party in an apartment. No doubt you want the guests to get a treat, rather than a rotten egg-like trick.
1. Choose between a chilling or chill theme
There are two main types of Halloween to celebrate, so it’s a good idea to choose your party’s motif before landing the old broomstick on anything else. The first type of Halloween is the kid-friendly sort, filled with décor featuring pumpkins, whimsical fake tombstones and not-so-spooky ghosts.
The other type of Halloween aims to terrify, with realistically gruesome zombies, jump-scares galore and probably more than one Stephen King character on site (Pennywise, we’re looking at you). Whichever route you take, it pays to choose one and see it through. Continuity is key! The cast of “It’s the Great Pumpkin, Charlie Brown” doesn’t really belong side by side with “The Walking Dead,” you know?
2. Get some ghoulish guests
To that end, make sure to iron out exactly what sort of audience you want. If families are coming, dial down the scary. But, if it’s adults only, feel free to go all out.
Most apartment-based events are also best kept to a limited number of attendees. Although it might be terrifyingly tempting to invite everyone you ever met, there’s only so much space to go around, which could cause the party to crash and burn prematurely. Shoot for around 30 attendees (not everyone will come, so invite a few more than that).
Also, strongly consider including nearby neighbors on the guest list. Otherwise, you might wind up with a flaming bag of poo on your doorstep. No one likes excessive noise without warning or being left out of the fun, for that matter. At the very least, a heads up on the upcoming event, plus saying “you’re welcome to stop by” goes a long way.
3. Set a not-so-dangerous date
Choose the date and time to suit your guest list, as well. Nothing petrifies parents of toddlers quite like a late evening party because that’s when the real monsters might threaten to come out. So, if kids are coming, opt for earlier in the day, and definitely not on actual Halloween night when they’ll be out trolling for candy. Otherwise, adults tend to prefer spooky soirees in the evening hours.
4. Clear the place out
If you’re tight with the next-door neighbors, ask them if you can store some extraneous furniture in their unit during the party. Or, choose a room that you don’t want people going in anyway (like the bedroom) and relocate some bits and pieces in there temporarily. Most parties need only be standing-room only, with maybe a couch or some chairs pushed up against the wall.
5. Set up a haunted micro-house
Lucky enough to have an extra bedroom or office? Transform that space into a miniature haunted “house” of sorts. It doesn’t have to go too over the top, either. Scary music, strobe light and a friend or two jumping out of the closet in zombie gear go a long way toward adding ambiance to an event.
6. Curate a creepy playlist
Nothing sets the tone for a party like a playlist. There are a ton of seasonal songs out there, but don’t feel like you have to limit the playlist to Halloween-specific tunes. Mix those in with other songs that lend the appropriate vibe, be it creepy, mysterious or scary.
Consider tunes from well-known horror flicks, like the theme from “Psycho,” pretty much anything from “The Shining” soundtrack or even classical music often featured in scary movies, such as Bach’s “Toccata & Fugue in D Minor” (you’ll know it when you hear it). Then, branch out into other pop culture favorites, like songs from the “Stranger Things,” “Us” or “Twilight” soundtracks, or even bands that lend themselves ever so slightly to the dark side, such as Marilyn Manson, Metallica, KISS, Black Sabbath and more.
At any point, you can pop in “A Nightmare on My Street” by DJ Jazzy Jeff and the Fresh Prince for brevity.
7. Decorate safely and sparingly
Nothing says Halloween quite like flickering candles, but for the sake of safety, opt instead for battery-powered candlelight. With a lot of people rubbing elbows in a small space the real deal is far too dangerous.
Also, don’t clutter the space with too many decorations. Focus on high-impact areas, like the front door, the balcony or the previously mentioned haunted house. Otherwise, dim lights, string lights, battery-operated candles and maybe a cobweb or two are plenty. You don’t want anyone tripping over life-sized mummies, or whatever.
8. Choose space-appropriate games
An apartment is not the place to bob for apples. Leave that to the outdoor festivities. Instead, plan some activities to keep guests engaged that aren’t too space-consuming. Halloween costume contests are popular, and really encourage guests to step up their game if you give prizes. A Halloween-themed scavenger hunt, Halloween trivia or even a full-blown murder mystery are all easy to pull off with minimal extra stuff required.
9. Serve foods that won’t scare people away
Throwing a Halloween party in an apartment is not the time to serve sticky ribs or bowls of pumpkin soup, no matter how appropriate they might be for the motif. Such options are simply too messy and uncomfortable to eat standing up. Instead, offer a smattering of finger foods for guests to graze on. That way, utensils and other extra pieces aren’t necessary for people to get their nosh on. This will minimize the upfront cost and the back-end mess, both of which are good things.
Feel free to whip up a themed app or two, like meatballs that look like eyeballs or strawberry ghosts, but don’t feel obligated to get too cutesy. Instead, put a little extra effort into a signature drink or two, like Frankenpunch or Black Magic Jell-O shots. Also, don’t put all of the food and beverages in the exact same spot, unless you enjoy a logjam. Instead, designate a sideboard in the living room for certain apps, a kitchen counter for more and yet another spot for drinks.
10. Make the party literally chilling
A regular party can easily ramp the temperature way up in an apartment, but a party with people wearing costumes, makeup and even masks will really do some damage. Keep your guests from sweating their zombie faces off by cranking up the air conditioning and providing plenty of cold beverages.
Time to eat, drink and be scary
You can have a lot of fun in a small space if you know how to throw a Halloween party in an apartment. So, don’t be a scaredy-cat — start planning a ghostly event today!
A freelance writer based out of the Atlanta area, Alia has penned articles during her decade+ career for such sites as HowStuffWorks, TLC, Animal Planet, Zillow and many more. Her favorite things to write about include fitness, nutrition, travel, healthcare and general lifestyle topics. A graduate of the University of Georgia, Alia’s an avid Dawg, but she also loves reading, sewing, eating all things chocolate and playing sports with her husband, three boys and beloved border collie, Flash.
The 10-year yield and mortgage rates have done a slow dance together since 1971, moving in tandem. Recently they have drifted apart because the mortgage market is stressed, but they’re still bound to each other. I always look at where I believe the 10-year yield will range in a year and the inflation growth rate wasn’t the main driver this year: It was the labor market.
Last year the bond market had a crazy ride while trying to digest all the Federal Reserve rate hikes and dramatic world events. In addition, the inflation growth rate was the highest in recent history last year while the 10-year yield was lower than mortgage rates. That can be confusing, but sometimes the growth rate of inflation isn’t the main driver of mortgage rates.
In my 2023 forecast, I said if the economy stays firm, the 10-year yield range should be between 3.21% and 4.25%, equating to mortgage rates between 5.75% and 7.25%. Of course, the spreads with the mortgage rate and the 10-year yield have worsened since the banking crisis, which is the big story of 2023. However, outside of that, the 10-year yield looks right as the labor market hasn’t broken yet and the inflation growth rate is falling. I define the labor market breaking as jobless claims getting over 323,000 on the four-week moving average, and we aren’t there yet.
The CPI data
The CPI data from BLS: The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.2 percent in June on a seasonally adjusted basis, after increasing 0.1 percent in May, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 3.0 percent before seasonal adjustment.
The headline inflation growth rate is slowing down as everyone anticipated, and if any Fed member says no progress has been made on inflation, I need to come up with a term stronger than old and slow. The growth rate of headline CPI has collapsed, as you can see in the chart below.
Last year on CPI day in September, I went on CNBC to explain that the shelter inflation portion of CPI data, which is 44.4% of the weighting, was going to lag reality and that in 2023 it would be a positive story as the growth rate of inflation would cool. We are now seeing this process take its course, which will help cool down core inflation over the next 6-12 months.
In real time, the biggest component of core CPI — shelter — is already cooling off, but it’s still lagging in the data.
The most frustrating inflation aspect has probably been car prices: the shortage of chips and supply of cars boosted inflation because of the pandemic lags and other issues. However, the growth rate of car inflation is falling and the used car price index should be cooler over the next few months, which will help. We now have two positive stories looking out 6-12 months on core inflation which will cool the growth rate of inflation down.
All in all, today’s report is positive but one that the markets have expected for some time. If inflation was taking off like the 1970s as the Fed fears, rent inflation would be skyrocketing and honey, that story is dead.
The Federal Reserve over-hiked for no reason the last three rate hikes and if they hike again, the only purpose at this stage would be to target American workers so they lose their jobs. But the 1970s are dead, and the Fed doesn’t need to create a job-loss recession to bring down the inflation growth rate. The Fed needs to endure, let the supply side of certain items come to place and not crash the plane.
If you wonder why the Fed is still talking about more rate hikes with all the data we have now, the best answer I can give you is this: The Fed believes it needs to make real yields higher. As the inflation growth rate falls, it is being more restrictive, which will help it get the unemployment forecast of 4.5%. If it seems like they want to hike more or not even talk about cutting rates, that’s because it was always about attacking the labor market, which is still too strong for them.
What steps could government take to help mortgage borrowers?
As interest rates rise, cash-strapped households need speedy solutions to meet monthly payments
As rising interest rates put a squeeze on millions of mortgage borrowers there have been calls for the government to intervene. But what could it do to help cash-strapped households?
Improve help with monthly payments
There is government help for those who are really struggling, called support for mortgage interest (SMI). This is available to people who are getting one of a list of other benefits including universal credit and income support. It is not available as soon as you go on benefits and is not a payout but a loan – when you eventually sell your house you will have to repay it. You might also need to repay it if you go bankrupt or enter an insolvency plan. The government could change the terms of this help – it could be available more quickly, or to a wider group of people. Nevertheless, it will probably remain targeted at only the very worst off.
Reintroduce tax relief on mortgage payments
More than 25,000 people have signed a petition calling on the government to let people make mortgage repayments from their salary before it is taxed – a move that could reduce some of the pain by reducing wages taxes. This would not be unprecedented – throughout the 80s and 90s borrowers could claim mortgage interest relief at source (Miras), which gave them tax relief on their interest payments. But the government has already ruled out its reintroduction, saying it does not believe it to be the most effective way to target support to those who need it most. “The tax relief would be of greater benefit to those paying higher rates of tax with the most expensive properties and would only benefit those in employment,” it says.
Ease rules on interest-only mortgages
Borrowers could cut their monthly costs by switching from a repayment mortgage, which includes paying off the some of the original loan each month, to an interest-only loan. The government and regulators could make this an easy option by scrapping rules which mean that borrowers have to show how they will repay the mortgage at the end of the term. They are unlikely to do this across the board: the rules were brought in after the financial crash to stop people taking on mortgages they could not afford to repay and are considered to have prevented reckless lending. However, regulators have been allowing some borrowers to switch to interest-only without a repayment plan and this is likely to continue to be a strategy (see below).
Continue insisting lenders help borrowers
In December the government told lenders they must do everything they can to support borrowers, including letting them move to interest-only payments temporarily if necessary or switch to a new rate without an affordability check as long as they are up-to-date on repayments. After the 2008 banking crash and during the Covid crisis, lenders exercised this kind of forbearance and repossession rates were kept down as a result. “It is likely the government and regulators will continue with having underlying forbearance measures and encouraging lenders to take an individual approach to borrowers,” says David Hollingworth of brokers L&C Mortgages.
Target certain groups
The government could target the borrowers most at risk of falling into arrears, says Neal Hudson, a housing market analyst at consultancy BuiltPlace. He suggests these might include those in shared ownership properties who have rising rents to pay alongside their mortgage, those with Help to Buy equity loans who face interest payments on that debt alongside their home loan (currently set at 1.75% in the fifth year and rising each year), and those caught up in the cladding scandal and facing high service charges. In these cases it might not be the mortgage payments that are reduced but the other costs on top could be capped. Many housing associations have agreed to cap shared ownership rent rises at 7%, but the government could choose to make this compulsory and even lower it.
Introduce a mortgage protection fund
Sir Ed Davey, leader of the Liberal Democrats, has revived his call for a £3bn emergency mortgage protection fund, which he first called for in the aftermath of Liz Truss’s disastrous mini-budget. The fund would allow homeowners whose mortgage payments have risen by more than 10% of their income to apply for a £300-a-month grant. “If we don’t give that sort of help to those people, you’d see a spiral down and it will hit the whole economy,” Davey said on Friday. Opponents argue that such a scheme would unfairly help wealthier people who can afford to own a home, to the detriment of tax paying renters.
Order the Bank of England to hold rates
For more than two decades the Bank has been independent of the government – one of Gordon Brown’s first acts as chancellor was to set it free, and since then it has been responsible for setting interest rates. To step in and force its hand would be a big intervention, and is probably the least likely action the government will take at this point.
Among North America‘s best-known national parks, Glacier Bay is a bit of an outlier.
Unlike Yellowstone or Yosemite, you can’t visit Glacier Bay on a road trip. There are no roads leading into the park, and the only way to reach it is by small plane, boat or ship.
There’s also little infrastructure within the park. It does have a visitor center and lodge, located at its very edge. But its biggest attractions — its giant tidewater glaciers — are viewable only from the deck of a vessel. At its essence, Glacier Bay is a giant, fjordlike body of water lined with snowcapped mountains, forests and glaciers, and it’s best seen from the water.
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It is for this reason that a large percentage of Glacier Bay’s nearly 700,000 visitors a year arrive on a cruise ship. Indeed, you could almost call Glacier Bay a cruise ship park.
Only by arriving by cruise vessel (or another boat, including the park tour boat) can you fully experience the park by traveling up the 65-mile-long waterway to a glacier and back.
Even so, you’ll only see a small portion of the park. Established as a national monument in 1925 and elevated to national park status in 1980, Glacier Bay covers more than 5,200 square miles — an area about the size of Connecticut. That makes it nearly as big as Yellowstone and Yosemite combined — though much of this area is relatively inaccessible.
As a longtime travel writer specializing in cruising, I’ve been to Glacier Bay many times, and it’s one of my favorite places in Alaska. Its glaciers are its star attractions, for sure. But it also offers spectacular mountain scenery, wildlife and — for those who make an effort to come for a multinight stay — wonderful hiking, kayaking and other outdoorsy pursuits.
Related: How to find the right Alaska cruise for you
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Getting to Glacier Bay
As noted above, most of Glacier Bay’s visitors arrive by cruise ship. The typical cruise that includes a visit to Glacier Bay is a seven-night Alaska voyage out of Vancouver, British Columbia, or Seattle that also includes stops at the Alaskan towns of Juneau, Skagway and Ketchikan. The visit to Glacier Bay fills just one day of the seven-night trip.
Two major lines with historic ties to the park — Princess Cruises and Holland America — offer the most sailings with a visit to Glacier Bay. The National Park Service allows just two ships a day into the park, and arrivals are governed by a permitting system that gives preference to lines that operated in the park before the permitting system began.
Norwegian Cruise Line, Seabourn, Cunard Line and Viking also have ships that visit the park, as do small-ship operators UnCruise Adventures, Alaskan Dream Cruises, Lindblad Expeditions and American Cruise Lines.
A trip on a cruise ship isn’t the only way to get into Glacier Bay. Would-be visitors can also fly or take a ferry to Gustavus, a tiny town (population 642) on the edge of the park near the access point for a tour boat that travels into the park daily. Dubbed Baranof Wind and operated by park concessionaire Aramark, the tour boat departs from Bartlett Cove, which is just inside the park boundary and the home to the park’s visitor center.
During the summer tourist season, Alaska Airlines offers daily service to Gustavus Airport (GST) from Juneau International Airport (JNU), 48 miles to the southeast. An air taxi company, Alaska Seaplanes, offers small-plane flights to Gustavus from Juneau year-round. Ferry service to Gustavus is through the Alaska Marine Highway System, which sends a ferry to the town regularly from Juneau.
The two main airlines that fly to Juneau are Alaska Airlines and Delta Air Lines.
Park visitors also can arrive at the park by private or chartered boat.
Related: How to get to Alaska with points and miles
When to go
While Glacier Bay is open year-round, visitor services are extremely limited outside of the summer season, and nearly everybody who visits comes between May and September.
Most cruises that include a stop in Glacier Bay take place between April and September, and the Glacier Bay tour boat only runs in the summer months. The park’s visitor center and only lodge (Glacier Bay Lodge), which share a building, also are open only in the summer.
Summer is the most pleasant time to be in Glacier Bay, temperature-wise. But even at the height of summer, it can be chilly, with temperatures topping out between 50 and 60 degrees during daylight hours. Rain is also common, with the area around Gustavus getting around 70 inches a year.
April, May and June are often the driest months. September and October tend to be the wettest. The bottom line is that, even at midsummer, you should be prepared for any sort of weather. Pack good rain gear, waterproof boots, wool or fleece layers and a warm hat and gloves.
No matter when you go, there’s no fee to enter Glacier Bay, which is unusual for national parks. Nor are there fees for camping or boating permits. So you can leave your national park annual pass at home.
Related: Best time to cruise Alaska
What to see and do
As the name suggests, Glacier Bay is a park all about glaciers. It’s home to more than 1,000 of them, and seeing a glacier up close is the big draw for most visitors.
Specifically, tourists come to view one of the park’s seven-ish giant tidewater glaciers, which flow down from the mountains to the water. I say seven-ish as the park’s rangers in the past couple of years have noted that some of the tidewater glaciers have melted back so much that they may not be interacting with the ocean water anymore. That’s the definition of a tidewater glacier. The park rangers these days like to say there are “no more than seven” of the tidewater glaciers now, maybe fewer.
The reduction in the number of tidewater glaciers at the park is an ongoing trend. When I wrote an earlier version of this guide a few years ago, the number of tidewater glaciers at the park was nine.
Whatever the exact number, for those visiting Glacier Bay by cruise ship, the experience will revolve heavily around a stop at one of these glaciers to watch giant chunks of ice crash down from its face — a magnificent show.
Cruise ships arrive in the park for the better part of a day, and the experience goes beyond a stop at one of the park’s glaciers. Sightings of puffins, harbor seals, Steller sea lions and even the occasional humpback whale or brown bear are part of the allure — all while traveling by water through an immense, glacier-carved landscape.
If you come on a big cruise ship, you’ll be doing your Glacier Bay viewing from the deck of your vessel. Big cruise ships in Glacier Bay never dock, and nobody gets off them. Still, you’ll get the full National Park Service experience. Park rangers and often a local Huna Tlingit cultural guide will board the vessel for the day to offer presentations and shipwide commentary over loudspeakers, lead activities for kids and answer questions.
Some small cruise vessels that spend the night in Glacier Bay do allow passengers to disembark.
For those visitors who travel by plane or ferry to Gustavus, more options are available. In addition to taking the Glacier Bay Day Tour up the bay on the park tour boat ($262.44 per adult; $137.11 for children ages 3 to 12), visitors will find opportunities to hike, kayak and camp.
The day tour on the park tour boat includes stops at two glaciers — Margerie and Grand Pacific. Each towers nearly 250 feet above the ocean and stretches another 100 feet beneath the water. The ice that calves from their faces is, on average, 200 years old.
Hiking trails within the park near Gustavus range from the 1-mile Forest Trail, which offers a leisurely meander through a lush forest, to the 8-mile-long Bartlett Lake Trail, a rugged trek to a tranquil lake. Most visitors head down one of the trails on their own, but for those looking for interpretation, park rangers based at Bartlett Cove offer a daily guided forest loop walk (at 1:30 p.m., as of the publication of this story).
Kayak rentals are available at Bartlett Cove, where the park service visitor center is located, for both day trips around the area and multiday outings deep into the park. Kayakers can go off on their own or sign up for a guided tour.
Birdwatching also is a popular activity in Glacier Bay. The park’s diverse habitat allows for a wide variety of species (at last count, 281), including rainforest species such as the American three-toed woodpecker and neotropical migrant warblers, thrushes and other songbirds. There also are island and cliff seabird colonies of gulls, guillemots, puffins and cormorants.
In addition, daily cultural activities are available at Xunaa Shuka Hit (the tribal house) in Bartlett Cove. Unveiled in 2016, this is the first permanent Huna Tlingit clan house since the original Huna Tlingit villages of the area were destroyed by a glacier over 250 years ago. Located within a short walking distance of Glacier Bay Lodge, it offers the chance to learn firsthand about Huna Tlingit history, culture and life from tribal elders. Visitors can also experience dance performances and native foods and see historical photographs. Hand-carved totem poles tell the Huna Tlingit story.
A National Park Service visitor center is located on the second level of Glacier Bay Lodge. Park rangers are available much of the day to answer questions, and films on the park are available for watching in the visitor center’s auditorium. A ranger program is presented in the auditorium each evening.
Visitors also can get an overview of Glacier Bay’s mountains, ice and water from a flightseeing tour out of Gustavus or even the Alaskan towns of Yakutat or Haines.
Where to stay
If you’re arriving at Glacier Bay on a cruise, you don’t have to worry about a place to stay. You’ll be spending the night on your ship.
Those planning to visit the park by way of Gustavus will find several places to bed down. Many visitors stay at the 48-room Glacier Bay Lodge, which is within the park about 10 miles from the town (rooms from $270.40 a night). Cozy and rustic, the lodge is nestled among Sitka spruce on the shores of Bartlett Cove, which also is home to the park’s headquarters and the jumping-off point for daily tours on the park boat. Glacier Bay Lodge is the only lodging within the park.
Back in Gustavus, you’ll find a handful of small inns, guesthouses and bed-and-breakfasts. They include the 14-room Bear Track Inn (from $495 per person per day, including meals and ground transportation) and the five-room and five-cabin Glacier Bay Country Inn ($319 per person per day, including meals and ground transportation). Gustavus is not a big place; some venues here offer just a few rooms.
You also may face a bit of sticker shock when seeing the rates for lodging in Gustavus. In many cases, this is driven by the fact that the properties operate on a semi-all-inclusive basis, with all meals and transportation from the airport included in the base price.
Unfortunately for points and miles devotees, there are no points hotels in Gustavus. You can find a few points hotels back in Juneau, such as the Four Points by Sheraton Juneau (rooms in the summer start at $389, or 50,000 points) and a trio of Wyndham Rewards-affiliated properties (a Ramada, Travelodge and Super 8).
The park also maintains a free, walk-in campground in a rainforest setting at Bartlett Cove. Available on a first-come, first-served basis, it offers bear-proof food storage caches, composting toilets, a fire pit on the beach and a small warming shelter. Firewood is provided.
That said, most camping in Glacier Bay takes place in the wilderness. The park offers more than 700 linear miles of shorelines, beaches and islands open to camping. Campers can arrange for the park’s tour boat to drop them off at one of several designated locations within the park and pick them up days later.
Campers must register upon arrival at the Visitor Information Station near the Bartlett Cove dock. Campers can call 907-697-2627 prior to arrival to inquire about space availability at the campground at Bartlett Cove.
Related: How to use points and miles to stay near national parks
Where to eat
Again, if you’re arriving by cruise ship, you’ll be eating on board your vessel.
If you’re staying in the Gustavus area, you’ll probably be eating at the lodge or inn where you’re staying or at another one of the lodging properties in town. The town is so small that its dining establishments generally are tied to its lodging outlets. They’re also only open in the summer.
Many of the lodging options offer a “full board” plan that includes three meals each day. Be warned that a la carte pricing at eateries can be high in the Gustavus area, as is true in many places in Alaska. This partly has to do with the high cost of getting supplies to remote parts of the state.
For those staying at Glacier Bay Lodge, the in-house restaurant, the Fairweather Dining Room, is open for breakfast, lunch and dinner for both lodge guests and outsiders. The dinner menu includes local Alaska salmon and halibut. Lunch brings burgers and sandwiches (including a halibut sandwich).
Also open to guests and outsiders is the restaurant at Glacier Bay Country Inn. It serves Alaskan cuisine, such as salmon, typically offered en croute with a green peppercorn sauce.
Bottom line
A visit to Glacier Bay is one of the iconic experiences of a trip to Alaska, and something you should try to do at least once in your life — if only to see the giant calving glaciers. For most visitors, experiencing the park will involve a voyage on a cruise ship that brings just a day in the park. But for those who want to explore deeper in the park, there are ways to do that, too.
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On Monday, a trio of researchers from the San Francisco Fed released an economic letter pondering what was different about the latest housing boom.
The reason they’re asking this question is because home prices are now nearly back to their pre-recession peak. Uh oh?
In some states, they’re actually higher, but I suppose nationally they’re still below.
Obviously this has some folks worried we could be in for another housing crisis seeing that the peak prices seemed ridiculous back in 2006, less than 10 years ago.
The good news, in their eyes, is that this time things are different. Famous last words? Probably, but let them tell you why.
During the prior housing boom, both the home price-to-rent ratio and household leverage (as measured by mortgage DTI) increased together in what they refer to as “a self-reinforcing feedback loop.”
Basically, home prices kept climbing and credit kept loosening to keep up. So you had home prices that were out of reach that could only be purchased with increasingly flexible financing terms.
So we saw zero down mortgages, stated income mortgages, option arms, which allowed borrowers to make a negative amortization payment, and other exotic loan features.
Of course it all came crashing down, but we were able to bounce back over the past decade thanks to reduced housing inventory, super low mortgage rates, better underwriting, and so on.
This Time It’s Different
The researchers claim it’s a lot different this time around because there’s a “less-pronounced increase in housing valuation” coupled with a decline in household leverage.
In other words, home prices haven’t risen as much relative to rents, which are skyrocketing, and those who do buy homes are putting more money down and taking on healthier monthly payments.
While there are zero down options kicking around, most new homeowners put down more money when buying these days.
Interestingly, even though there are low-down payment options, such as FHA loans, which require just 3.5% down, or the new Fannie/Freddie 3% down option, the market might actually demand higher.
You see, it’s hard to get your offer accepted these days, so coming to the negotiating table with your 3% or 3.5% down payment might not get much notice.
Instead, the sellers might favor the buyer willing to put down 10% or 20%.
Additionally, even though there are low-down payments programs available, borrowers actually need to qualify these days.
You can’t just say you make $10,000 a month working the drive through window anymore. Yes, that probably happened a lot in 2006.
But even the researchers are quick to point out in their own paper that, “the phrase “this time is different” should be met with a healthy degree of skepticism.”
It seems they know themselves that it’s foolish to think like this, though they go on to talk about how things appear a lot better than prior to the earlier crash.
For instance, the home price-to-rent ratio reached an all-time high in early 2006, but currently sits about 25% below the bubble peak. You can partially thank surging rents for that.
Front-end DTI ratios (housing payments relative to income) also hit an all-time high in late 2007, meaning homeowners were highly leveraged at a time when home prices were topping out.
We all know what happened next.
Where Do We Go From Here?
Now things get interesting. While it’s great that this latest boom has kept home prices in check relative to rents, and household mortgage debt isn’t completely out of control, it doesn’t mean we’re good to go.
I’m sure there was a time during the prior boom (and other booms for that matter) when everything looked peachy.
Then a few short years later, we’re all asking ourselves how this could have happened again.
As the researchers aptly point out, “policymakers and regulators must remain vigilant to prevent a replay of the mid-2000s experience.”
But will they? We recently introduced 3% down payments and Fannie and Freddie are pushing lenders to offer the product more to cash strapped borrowers.
There’s also chatter about another FHA premium cut to spur lending as if anyone is holding back for that reason at the moment.
Home prices are also creeping higher and higher to a point where we’re at the very least facing an “affordability crisis.”
In fact, some parts of the country won’t be affordable for a full 30 years to some prospective home buyers.
And how exactly will we unload all these pricey homes in the next several years, especially if mortgage rates go up, as they’re projected to?
Perhaps raising acceptable LTVs again will be the answer. Or maybe non-QM lending will finally get legs with some new form of fancy stated income underwriting.
I don’t know, but it sure feels like we’re headed down the very same path we just got off a few years ago.
But maybe this just isn’t your father’s (or mother’s) housing market any longer. Gone are the days of 20% down payments, a mortgage that is held by your local bank, and slow but steady appreciation.
Today, it’s rampant speculation, hedge funds, booms and busts followed by more booms and busts, perhaps because real estate has become such an investment obsession as opposed to a place to lay your head.
Mortgage rates continue to rise in the United States. On June 9, the average annual percentage rate on 30-year fixed mortgages was 7.07%. Meanwhile, the average 15-year fixed mortgage APR is 6.48%, according to the latest survey from Bankrate, one of the nation’s largest mortgage lenders.
READ ALSO: What are the best interest rates for a home and which banks offer them?
Will mortgage rates continue to rise in the US in 2023?
In recent months, mortgage rates have risen to their highest level in 20 years, causing a slowdown in buying activity. Where is the housing market headed in 2023? Bankrate questioned several real estate experts to come up with a five-year forecast for the real estate market.
According to Lawrence Yun, chief economist at the National Association of Realtors, mortgage interest rates could continue to rise. According to Yun’s forecasts, 7% could be the level of mortgage rates for the rest of this year and most of 2024. Within two years, he forecasts the rate should return to 5.5 or 6%.
Because rates are high, Yun expects higher interest on adjustable-rate mortgages over the next year. After that, however, he predicts that 90% of Americans will return to the traditional 30-year fixed-rate mortgage.
Danushka Nanayakkara-Skillington, assistant vice president of forecasting and analysis at the National Association of Home Builders predicts that rates will fall to around 6% by mid-2024.
Average 30-Year Mortgage Rate in the US… 1970s: 8.9% 1980s: 12.7% 1990s: 8.1% 2000s: 6.3% 2010s: 4.1% 2020s: 4.1% — All-Time Low (Jan 2021): 2.65% Today’s Rate: 6.79% pic.twitter.com/NkC2n7YiV0
— Charlie Bilello (@charliebilello) June 1, 2023
Home Price Predictions
According to NAR, the median sales price for existing homes in the country in April of this year was $388,800. For newly built homes, the NAHB data shows that the April median sales price across the country was slightly above $420,800.
Looking ahead, Yun doesn’t see any major changes in price tags nationwide next year and predicts fluctuations of about 5 percent one way or the other. However, in five years, he expects prices to have appreciated a total of 15-25%.
READ ALSO: These are the most overpriced housing markets in the US in 2023
Will the housing market crash?
According to Yun, although there are some characteristics similar to a housing bubble, the residential real estate market is not expected to burst. Several experts point out that there is no danger of an imminent housing market crash, as inventory is too scarce. Also, the standards for obtaining a loan today are much stricter compared to the Great Recession.