curve

Apache is functioning normally

Adaptive cruise control (ACC) is similar to standard cruise control in that it maintains a driver’s preset speed once engaged. But unlike basic cruise control, ACC also automatically adjusts a car’s speed based on traffic conditions.

For example, if the car in front of you slows, the system will automatically engage the car’s brakes to slow your speed and maintain a safe distance between you and the car ahead. Once the car in front of you speeds up, the system will resume the set speed.

While not federally mandated, most new cars come with ACC technology.

🤓Nerdy Tip

ACC is an advanced-driver assistance system, or ADAS. ADAS use in-vehicle technological features to help increase safety while driving. Other ADAS technologies include antilock brakes, lane departure warning and forward collision warning, among others. Some ADAS technologies are paired together in some newer vehicles, but this isn’t always the case.

How does adaptive cruise control work?

ACC systems use cameras, sensors and radar technology — or a combination of the three — to monitor the distance between your car and the car in front of you. This technology also automatically accelerates or slows your car, based on your settings and the speed limit.

You can set your speed and following distance, or how much space you want between the car in front of you and your car, with controls typically located on the steering wheel. ACC systems automatically keep your car at the preset speed and distance unless traffic ahead slows or you brake. You can reset your speed and distance at any time while driving.

What to know about adaptive cruise control

Adaptive cruise control systems are also often referred to as active cruise control, dynamic cruise control, radar cruise control and intelligent cruise control, among other names. And like its names, the specifics of how the system functions can also vary between vehicle makes and models.

For example, most ACC systems can bring your car to a complete stop if traffic around you stops, then accelerate once traffic picks up again. Other systems, however, don’t have this capability or may not work below certain speeds.

Some ACC systems can anticipate curves and adjust a car’s speed when it’s approaching a curve. However, some ACC systems may not be able to anticipate traffic on curving roads as well as they would on straight ones, and therefore may not be able to adjust a car’s speed accordingly.

Like similar advanced safety features that use cameras and sensors, ACC functionality can be affected by weather conditions like rain or snow, which means that drivers should remain vigilant even when the system is activated.

Source: nerdwallet.com

Apache is functioning normally

The new week is one day less new today, but no less sideways so far.  Yields rose microscopically in the overnight session, but even that is a generous assessment considering the range in the 10yr was less than 3bps.  Domestic hours are off to a sleepy start with yields in an even narrower 1bp range (essentially 4.29 to 4.30).

MBS have been a bit more willing to move with 6.0 coupons back into positive territory after a weaker start. 

The Treasury yield curve helps explain the outperformance with 2yr yields unchanged and 10yr yields up 1.5bps on the day. 

Against this boring backdrop, there’s nothing to do but wait to see if Powell has something interesting to say in the 10am congressional testimony.  Apart from that, the Treasury auction cycle is another source of potential volatility starting at 1pm, but tomorrow’s 10yr auction is far more capable than today’s 3yr auction in that regard.

Source: mortgagenewsdaily.com

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Mortgage interest rates moved in different directions compared to last week, according to rate data compiled by Bankrate. See below for a detailed breakdown of how different loan types moved.

Inflation has cooled somewhat, but homebuyers are still feeling limited by high prices and rates. At the close of the Fed meeting on June 12, policymakers chose to hold rates at current levels.. The next Fed meeting concludes July 31.

“With [the June 12] announcement, the Fed confirms its higher-for-longer position on interest rates,” says Dr. Selma Hepp, chief economist at CoreLogic. “But the stance is looking more untenable as more American households continue to pull back on spending. As more economic indicators begin to confirm this and unemployment begins to rise, the Fed will then look to cut rates. What’s not clear yet is when exactly the disinflation signs will be consistent enough for the first rate cut — we hope it’s still this year.”

Often, though, the decision to buy a home isn’t based on what’s happening in the economy — it’s more personal. Depending on your situation, it might make sense to take a higher rate now and refinance later. This way you can start building equity, rather than hoping for a future of more favorable rates and home prices that might not materialize.

Rates accurate as of July 9, 2024.

The rates listed here are marketplace averages based on the assumptions shown here. Actual rates listed within the site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Tuesday, July 9th, 2024 at 7:30 a.m. ET.

Current 30 year mortgage rate flat for the week

The average rate you’ll pay for a 30-year fixed mortgage today is 7.07 percent, unchanged over the last seven days. A month ago, the average rate on a 30-year fixed mortgage was higher, at 7.09 percent.

At the current average rate, you’ll pay principal and interest of $670.01 for every $100,000 you borrow.

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 fixed mortgage rate moves lower, -0.03%

The average 15-year fixed-mortgage rate is 6.56 percent, down 3 basis points over the last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost approximately $874 per $100,000 borrowed. That’s clearly much higher than the monthly payment would be on a 30-year mortgage at that rate, 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 faster.

5/1 ARM moves upward, +0.03%

The average rate on a 5/1 adjustable rate mortgage is 6.68 percent, rising 3 basis points over the last week.

Adjustable-rate mortgages, or ARMs, are mortgage terms 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 types of loans are best for people who expect to sell or refinance 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 6.68 percent would cost about $644 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 loan interest rate moves up, +0.08%

The average rate for a jumbo mortgage is 7.23 percent, up 8 basis points since the same time last week. A month ago, the average rate on a jumbo mortgage was lower at 7.16 percent.

At today’s average rate, you’ll pay principal and interest of $680.82 for every $100,000 you borrow. That’s $5.41 higher compared with last week.

Refinance rates

30-year fixed-rate refinance eases, -0.03%

The average 30-year fixed-refinance rate is 7.03 percent, down 3 basis points over the last week. A month ago, the average rate on a 30-year fixed refinance was higher at 7.12 percent.

At the current average rate, you’ll pay $667.32 per month in principal and interest for every $100,000 you borrow. That’s down $2.02 from what it would have been last week.

Where are mortgage rates going?

The rates on 30-year mortgages mostly reflect the 10-year Treasury yield, which changes with the market. The yield curve is a tool used by investors to predict where interest rates could be headed.

“The yield curve remains inverted — no surprise here,” says Ken Johnson of Florida Atlantic University. “Until the yield curve reverts to its normal upward slope, we will not see significant downward pressure on mortgage rates.”

Besides bond yields, the Federal Reserve’s key benchmark rate also has an impact. The Fed has held this rate at a 23-year high since July 2023.

If and when the Fed cuts interest rates depends on evolving economic data, such as inflation and the jobs market. While inflation has fallen since its peak in 2022, it’s still well above the Fed’s target rate of 2 percent. Unemployment is still low, though in May it hit 4 percent for the first time since 2022.

“Much like that flight where departure keeps getting delayed 15 minutes at a time with no end in sight, the timetable for when the Fed begins to cut rates is equally uncertain,” says Greg McBride, CFA, Bankrate’s chief financial analyst.

While the Fed bases its decisions on rate changes due to broader economic factors, your rate is also affected by personal finances. Depending on your credit score, down payment, debts and income, you could be quoted a rate that’s higher or lower than the trend.

What today’s rates mean for you and your mortgage

Mortgage rates fluctuate daily, but it appears that, for now, they will remain above the historical lows of recent years. If you’re shopping for a mortgage, it might be wise to lock your rate when you find an affordable loan. If your house-hunt is taking longer than anticipated, revisit your budget so you’ll know exactly how much house you can afford at current market rates.

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

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

More on current mortgage rates

Methodology

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

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

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

Source: bankrate.com

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Mortgage rates were mostly higher versus last week, according to rate data collected by Bankrate. Average rates for 30-year fixed, 15-year fixed and jumbo mortgages moved higher, while 5/1 ARM rates decreased.

Inflation has cooled somewhat, but homebuyers are still feeling crunched by high prices and rates. At the close of the Fed meeting on June 12, policymakers chose to hold rates at current levels.. The next Fed meeting concludes July 31.

“With [the June 12] announcement, the Fed confirms its higher-for-longer position on interest rates,” says Dr. Selma Hepp, chief economist at CoreLogic. “But the stance is looking more untenable as more American households continue to pull back on spending. As more economic indicators begin to confirm this and unemployment begins to rise, the Fed will then look to cut rates. What’s not clear yet is when exactly the disinflation signs will be consistent enough for the first rate cut — we hope it’s still this year.”

Often, though, the decision to buy a home isn’t based on what’s happening in the economy — it’s more personal. Depending on your situation, it might make sense to take a higher rate now and refinance later. This way you can start building equity, rather than hoping for a future of more favorable rates and home prices that might not materialize.

Rates last updated July 5, 2024.

The rates listed above are Bankrate’s overnight average rates and are based on the assumptions indicated here. Actual rates displayed within the site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Friday, July 5th, 2024 at 7:30 a.m. ET.

Today’s 30-year mortgage rate goes up, +0.08%

The average rate for a 30-year fixed mortgage for today is 7.08 percent, an increase of 8 basis points over the last seven days. Last month on the 5th, the average rate on a 30-year fixed mortgage was lower, at 7.05 percent.

At the current average rate, you’ll pay $670.68 per month in principal and interest for every $100,000 you borrow. That’s up $5.38 from what it would have been last week.

The 30-year mortgage is the most popular home loan, and it has a number of advantages. Among them:

  • Lower monthly payment: Compared to a shorter term, such as 15 years, the 30-year mortgage offers lower, more affordable payments spread over time.
  • Stability: With a 30-year fixed mortgage, you lock in a set principal and interest payment, making it easier to plan your housing expenses for the long term. Remember: Your monthly housing payment can still change if your homeowners insurance premiums and property taxes go up or, less likely, down.
  • Buying power: With lower payments, you might qualify for a larger loan amountor a more expensive home.
  • Flexibility: Lower monthly payments can free up some of your monthly budget for other goals, like building an emergency fund, contributing to retirement or college tuition, or saving for home repairs and maintenance.

Learn more: What is a fixed-rate mortgage and how does it work?

15-year mortgage rate moves up, +0.06%

The average rate for the benchmark 15-year fixed mortgage is 6.53 percent, up 6 basis points over the last seven days.

Monthly payments on a 15-year fixed mortgage at that rate will cost roughly $873 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 save thousands of dollars over the life of the loan in total interest paid and build equity much faster.

5/1 ARM moves down, -0.07%

The average rate on a 5/1 adjustable rate mortgage is 6.52 percent, falling 7 basis points from a week ago.

Adjustable-rate mortgages, or ARMs, are mortgage terms 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 those who expect to sell or refinance 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 6.52 percent would cost about $633 for each $100,000 borrowed over the initial five years, but could ratchet higher by hundreds of dollars afterward, depending on the loan’s terms.

Current jumbo mortgage rate moves upward, +0.04%

Today’s average rate for jumbo mortgages is 7.14 percent, an increase of 4 basis points over the last week. Last month on the 5th, the average rate on a jumbo mortgage was higher at 7.16 percent.

At the current average rate, you’ll pay a combined $674.73 per month in principal and interest for every $100,000 you borrow. That’s an additional $2.70 per $100,000 compared to last week.

Mortgage refinance rates

Current 30 year mortgage refinance rate climbs, +0.12%

The average 30-year fixed-refinance rate is 7.11 percent, up 12 basis points compared with a week ago. A month ago, the average rate on a 30-year fixed refinance was lower at 7.08 percent.

At the current average rate, you’ll pay $672.71 per month in principal and interest for every $100,000 you borrow. That’s up $8.08 from what it would have been last week.

Where are mortgage rates going?

The rates on 30-year mortgages mostly mirror the 10-year Treasury yield, which changes with the market. The yield curve is a tool used by investors to predict where interest rates could be headed.

“The yield curve remains inverted — no surprise here,” says Ken Johnson of Florida Atlantic University. “Until the yield curve reverts to its normal upward slope, we will not see significant downward pressure on mortgage rates.”

Besides bond yields, the Federal Reserve’s key benchmark rate also has an impact. The Fed has held this rate at a 23-year high since July 2023.

If and when the Fed cuts interest rates depends on evolving economic data, such as inflation and the jobs market. While inflation has dropped from its height in 2022, it’s still well above the Fed’s target rate of 2 percent. Unemployment is still low, though in May it hit 4 percent for the first time since 2022.

“Much like that flight where departure keeps getting delayed 15 minutes at a time with no end in sight, the timetable for when the Fed begins to cut rates is equally uncertain,” says Greg McBride, CFA, Bankrate’s chief financial analyst.

While the Fed bases its decisions on rate changes due to broader economic factors, your rate is also affected by personal finances. Depending on your credit score, down payment, debts and income, you could be quoted a rate that’s higher or lower than the trend.

What current rates mean for you and your mortgage

Mortgage rates fluctuate daily, but it appears that, for now, they will remain above the historical lows of recent years. If you’re shopping for a mortgage, it might be wise to lock your rate when you find an affordable loan. If your house-hunt is taking longer than anticipated, revisit your budget so you’ll know exactly how much house you can afford at prevailing market rates.

Keep in mind: You could save thousands over the life of your mortgage by getting at least three loan offers, according to Freddie Mac research. You don’t have to stick with your bank or credit union, either. There are many types of mortgage lenders, including online-only and local, smaller shops.

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

More on current mortgage rates

Methodology

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

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

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

Source: bankrate.com

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Quick menu

Create unforgettable spaces with the best interior design software. Whether you’re a professional interior designer or a home design enthusiast, these are the top tools for bringing 2D and 3D spaces to life. 

Our expert team of reviewers have tested the best architecture software or the best 3D modeling software, so we know what you want to check out when choosing your next interior design app, and which ones really measure up. 

best landscape design software for crafting eye-catching exterior spaces. 

The best interior design software of 2024 in full:

Why you can trust TechRadar

We spend hours testing every product or service we review, so you can be sure you’re buying the best. Find out more about how we test.

Below you’ll find full write-ups for each of the entries on our best interior design software list. We’ve tested each one extensively, so you can be sure that our recommendations can be trusted.

The best interior design software overall

(Image credit: Floorplanner)

Best interior design software overall

Specifications

Operating system: Browser

Plan: Free, Subscription

Reasons to buy

+

Free plan available

+

Intuitive and easy to use

+

Broad use from interior designers to real estate

+

Numerous customization options

Reasons to avoid

–

Some limitations with the free account

–

No desktop app

Floorplanner is an online interior design app for individuals and companies, letting you redesign everything from a single room to an entire floor, or even a whole building. You can also plan out how your furniture will fit in your new home. 

This is a web-based home interior design tool, so you can achieve dazzling designs through the browser. There’s also online collaboration for editing and presenting projects in the cloud.

In our hands-on review, we felt the best home design software “is an excellent online service, designed to help you create rooms and furnish them with great accuracy. Working with it is fluid and easy, and we didn’t observe any discernible glitches. The fact there’s a free option means many amateur designer will happily use it to configure a room, but there are limitations to that option.”

Working in Floorplanner is fluid and simple – allowing you to create and furnish rooms with real accuracy. Best of all, if your needs are modest, using the program is free. 

That makes it ideal for amateur designers or those learning the art of interior design. If you find the free account too limiting, there are several subscription options available to you. Business pricing starts at $59 a month for teams. Individual pricing starts at $5. You’ll also find a credit system. As you earn credits, you can unlock extra features not typically associated with your plan.

It’s all browser-based designing, however, so needs a constant inter connection. There is an Android app available, but this is designed for presenting designs created on the website. 

Read our full Floorplanner review.

The best interior design software for architects

(Image credit: Chief Architect)

Best interior design software for architecture

Specifications

Operating system: Windows, macOS

Plan: Subscription, Perpetual license

Reasons to buy

+

Easy to learn 

+

Multi-platform

+

Limitless possibilities

Reasons to avoid

–

Can appear daunting at first

–

3D views don’t always respond as expected

Home Designer Suite delivers professional-style interior design software – which makes it powerful but also increases the learning curve. It’s not too steep as to be unnavigable, although it might overwhelm first-timers. Stick with it.

If you’re looking for meticulous planning, precise editing and customizing tools, and everything else, right down to the material required for specific jobs, this is the best interior design software for you. 

We praised the home design software in our review for its “highly detailed customisation options while at the same time, automating many processes to ease the creation process. It’s a great balance that help you create detailed environments quickly and easily.”

The interior design program is very full featured. You have full control over pretty much everything, including landscaping your dream garden. Despite its apparent complexity, there are many automatic tools that do a lot of the work for you, enabling you to focus on the details, to turn a design into a house.

Available for both Mac and Windows, you have in your digital hands everything you need to build the home of your dreams.

Read our full Home Designer Suite review.

The best interior design software for indoor/outdoor spaces

(Image credit: NCH Software)

Best interior design software for indoor and outdoor spaces

Specifications

Operating system: Windows, Mac

Plan: Subscription, Perpetual license

Reasons to buy

+

Easy to use

+

Multi-platform

+

Work on multiple levels

+

Can easily import 3D objects

Reasons to avoid

–

Not all objects installed initially

–

Occasionally awkward navigation

DreamPlan is the best home design software if you want powerful tools and simplicity of use. 

The interior design program, out for Windows and Mac, helps you create buildings on multiple levels, furnish them with a library of 3D models, and customize homes inside and out. Yes, that even includes landscape design. It’s built to let you easily make modifications and alterations.

But, in our review, what we really liked about one of the best home design software tools is that it’s “designed to make it easy to make modifications, and even goes out of its way to help you understand the app’s inner workings.”

Trace Mode will be especially handy for those with existing floorplans. These can be imported into the home design software and turned into a 3D model.   

DreamPlan features commercial and home licensing options – priced at $50 and $40 respectively, but check for regular discounts. So, it has a powerful enough toolset to use on a professional basis. But it’s intuitive enough for beginners. 

For those just starting out with the best interior design software, the built-in video tutorials help you understand the inner workings of the app – just look for the subtle blue camera icon. 

Read our full DreamPlan review.

The best browser-based interior design software

(Image credit: Dassault Systemes)

The best interior design app when you’re on-the-go

Specifications

Operating system: Browser, Android, iOS

Plan: Free, Subscription

Reasons to buy

+

Simple to use

+

Huge customisation

+

Can design an entire house for free

Reasons to avoid

–

3D pan can make some objects temporarily disappear

–

Long rendering times for low res photorealistic images 

HomeByMe is one of the best interior design apps for when the ideas are racing. It’s browser-based – even mobile browsers are supported – and has Android and iOS apps, so you can map out thoughts for your home whenever and wherever inspiration strikes.

Since the interior design tool is cloud-only, you’ll need to stay connected to use it. During our time with the home design software, we were impressed that “HomeByMe offers a very affordable service with a myriad of options. We particularly appreciated the fact that the free plan doesn’t appear to limit your design options, and lets you work on up to three different projects.” 

However, we were less impressed with the time it took to render low-res images. Worse, we found the free account pastes a giant watermark all across the image, rendering the effect pointless. HD images are rendered in minutes, and don’t have that watermark.

The platform offers three packages: free, one-time purchase, and monthly subscription. It’s a good way to see which works for you, as the free plan doesn’t appear to limit your design options, and lets you work on up to five projects. 

The limit on the number of HD photorealistic images (1920x1080px) is somewhat compensated by offering an unlimited number of lower quality ones (640x360px). You can also place real-world, branded products in your rooms for extra realism. 

HomeByMe has a lot to offer. If you’re not too fussed about those images, you can explore and create very complex designs with ease.

Read our full HomeByMe review.

The best interior design software for mobile

(Image credit: MagicPlan)

Best interior design software for Android and iOS

Specifications

Operating system: Browser, Android, iOS

Plan: Subscription

Reasons to buy

+

Easy to use

+

Free mobile app

+

Two free projects

+

Professional Report and Estimate tools

Reasons to avoid

–

AR appears to struggle when furniture is in the way

–

No desktop app

MagicPlan is one of the best interior software kits for busy creatives and contractors. 

When we reviewed the home design app, we liked its “easy to use features, an interesting AR option, and an original way of generating estimates for work needed to be done. The monthly subscriptions could pay for themselves if designing if your business, and it also offers you two free projects for casual users to explore as well.” 

Like HomeByMe, it lets you build designs from your browser, or within the Android and iOS apps. The free solution lets you design two projects. A monthly subscription is needed to unlock MagicPlan’s full capabilities.

You’ll find three tools in one: Sketch, Report, and Estimate. Essentially, tiered subscription packages that offer additional features. 

Sketch lets you create interior designs – and, for home users, that’s likely enough. Professional designers will appreciate the inclusion of reporting and estimating tools. Enterprise licensing is also available. 

One of the best interior design software tools here is the AR-enabled ‘Scan with Camera’. This lets you scan and measure the room you’re in – although we suspect this augmented reality feature would function a lot better in an unfurnished space. 

Read our full MagicPlan review.

Best interior design software: FAQs

What is interior design software?

best 3D printers. 

Time is a considerable factor. Even some of the best interior design software takes a long time to render concepts, especially when using photorealistic images. It’s a natural price to pay for high-resolution 3D designs. For some, speed may trump quality.

Check the system requirements for the software  In certain cases, highly professional interior design computer programs require high-performance computers. In this case, you may need a machine comparable to the best laptops for architecture students or the best laptops for engineering students.  These are build to smoothly run complex CAD designs. 

Check the price (and pricing model), too. Some options, like HomeByMe, offer free, paid-for, and subscription versions of its home design software. Others offer only one pricing model, so choose the one that best suits your creative budget.

How we test the best interior design software

We’ve tested a massive range of creative apps, including the best digital art and drawing software and the best graphic design software. But whether we’re testing out the top tools for 3D design or the best software for interior decorating, we follow the same fair and rigorous review process. 

When testing the best interior design software for homes, we’re looking to see how easy the experience is, how powerful the tools are, and how well the software performs. Designing in 3D can often take its toll on computers, after all. 

Asset library sizes are a factor — interior design tools should make your creative ideas a reality, not just a loose approximation. We’re also reviewing these design apps based on use. Unlike consumer software, professional-grade tools offer more advanced features, but might also have steeper learning curves and more expensive pricing models. So, we assessed how well the interior design program delivers for its intended market – whether they’re professionals or personal users. 

Essentially, when we test the very best interior design software for ourselves, we expect to see it work for its intended audience — whether they’re professional interior designers or creative enthusiasts. 

During our tests across the best home design software tools, we first set up an account with the relevant software platform, whether as a download or online service. We then tested each app using a handful of files to see how the software for interior design could be used for creating indoor spaces from scratch, bearing in mind issues such as ease-of-use, professional viability, and performance.

Get in touch

Source: techradar.com

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We may earn revenue from the products available on this page and participate in affiliate programs.

Home Front is a twice-weekly deep dive into the rising—and returning—trends, decor, and teeniest of design details fresh on our radar. Last week, Sam, Domino’s managing editor, looked back at her whirlwind work trip to Denmark.

Subscribe now to get the next Home Front newsletter, and read the full edition here.

“I don’t know what they’re going to do about the name.” This was the chorus I heard again and again last week while I was in Copenhagen for the annual 3 Days of Design festival. With over 400 exhibitions this year (50 percent more than in 2023!), 3 Days has started to look a lot more like 4 or 5, with previews beginning a day early and parties proliferating into the weekend. With the expansive mix of heritage brands and startups, plus a growing international presence, it was impossible to visit every showroom and store in 72 hours. But whether by boat, taxi, bike, or on foot, I hightailed it to as many exhibitions as possible—here’s my recap.

On Board: Danish Download

  1. NYC-based Ladies & Gentlemen Studio presented its Altostratus lighting collection, made with a mix of textured and silky-smooth Kvadrat textiles, in Danish designer Signe Hytte’s group show, Enter the Salon. Appropriately cloudlike!
  2. At Rue Verte, I poked around Faye Toogood’s Assemblage 8 installation of new pieces, which included a mossy-hued Gummy chair and lilac-adorned Palette table. Linde Freya Tangelder, founder of Antwerp-based Destroyers/Builders, was also showing her lacquered furniture, which she revealed is actually made of wood (!).
  3. German designer Sebastian Herkner was everywhere, but I most love his work with Kaufmann Keramik, the newest of which is the Yuma ceramic bench, which can curve around a stove or fireplace.
  4. Pinch took over the Mark Kenley Domino Tan store near the picturesque Nyhavn waterfront district to present its latest additions to its cocoonlike sofa system. Would have taken a nap in the armchair if my schedule allowed.
  5. At Framing, a curated group exhibition of brands held at Odd Fellow Palace, I spotted several reissues of rugs by designer Eileen Gray. As a former museum worker, I was drawn to the geometric De Stilj, named after a Dutch art movement in the early 20th century.
  6. The newly formed Objective Studies platform brought together several designers in a small showcase in the Østerbro neighborhood. Juhl & Lange’s basketry and Sébastien El Idrissi’s Stack planter both stayed with me. Simple and functional, yet in elegant forms. 
  7. I will be enrobing my bed in the new Tekla x Artek collection, which is splashed in Aino Aalto’s Kirsikankukka pattern. It was originally inspired by a scarf she was gifted by the Japanese ambassador to Finland.
  8. Everyone was ogling a fuzzy desk at the House of Nordic Design, but I couldn’t stop staring at Swedish designer Gustav Carlberg’s perforated steel Skir chair. 
  9. I wish I had the time to make the trek to Salem Charabi’s studio exhibition, A Thousand Moons, which featured 38 pieces of furniture crafted over a two-year period for a single residence.
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Source: domino.com

Apache is functioning normally

This morning’s most notable scheduled event and biggest potential market mover was the release of May’s PCE price index, the Fed’s favorite inflation metric. Indeed the biggest volume spike and most directional movement of the day followed that data faithfully, helping yields move to the lowest levels of the past 3 days.  But things changed a short while later with a reasonably big sell-off to the highest yields of the week, all without any overt justification in terms of data or new news.  Combine it with the fact that Treasury performance is vastly different across the yield curve and this is a classic symptom of month/quarter-end trading.

To visualize the yield curve movement mentioned above, consider a chart of10yr and 2yr yields with equal y axes. Note the 10yr spiking much quicker than 2s during this morning’s sell-off.

Some smart people are considering the possibility that bonds are reacting to the presidential debate and that the improved odds of a Trump victory somehow precipitated this selling.  In our view, that’s hard to justify considering the random mid-morning timing despite an absence of similar trading earlier in the day.  It’s not as if traders changed their minds about the debate implications during this time.  On the other hand, it lines up quite well with past examples of month/quarter end trading on Fridays.

What does this mean for the future?  Nothing.  It’s just an explanation of this morning’s otherwise perplexing volatility.

Source: mortgagenewsdaily.com

Apache is functioning normally

Mission Score Execution, Pet-Centric Marketing, Website Compliance Tools; STRATMOR on Refi Biz; Webinars and Events

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Mission Score Execution, Pet-Centric Marketing, Website Compliance Tools; STRATMOR on Refi Biz; Webinars and Events

By:
Rob Chrisman

Thu, Jun 27 2024, 11:55 AM

“What did people from the Midwest call a small can of pop? A Minnesota.” (Say it out loud to your 3rd grader.) While we’re on a “pop,” lenders in the nation’s midsection are cheering the numbers as large cities in the Northeast and Midwest popped in 2023, reversing earlier population declines, according to Vintage 2023 Population Estimates from the U.S. Census Bureau. The South still rocks, however. Cities with populations of 50,000 or more grew by an average of 0.2 percent in the Northeast and 0.1 percent in the Midwest after declining an average of 0.3 percent and 0.2 percent, respectively, in 2022. Those in the West went up by an average of 0.2 percent from 2022 to 2023. Cities in the South grew the fastest, by an average of 1.0 percent, and 13 of the 15 fastest-growing cities were in the South, with eight in Texas alone. (Today’s podcast is found here and this week’s is sponsored by Candor. Candor’s authentic Expert System AI has powered more than 2 million flawless, hands off underwrites. Every credit risk decision Candor makes is backed by a warranty, eliminating repurchase worries. Hear an interview with American Pacific’s Bill Lowman on motivating people, change management during M&A, and retaining origination staff.)

Software, Products, and Services for Lenders and Brokers

With Truv, Revolution Mortgage saves 70 percent on verifications (+5 BPS savings per loan). What does Femi Ayi, EVP Operations, Revolution Mortgage, have to say about Truv? “Since we started our partnership, we’ve taken our costs for verifications from 8 basis points per loan down to 3 basis points per loan.” Truv has helped hundreds of lenders, from the biggest banks, IMBs, and Credit Unions, to the smallest, greatly improve their income, employment, asset, and insurance verifications strategy. You could be one of them: Get started!

ActiveComply, a leader in social media monitoring and virtual office inspections for the financial industry, recently announced that it has officially launched its highly anticipated website monitoring tool: WebCompass. WebCompass will automatically Discover custom employee websites, co-marketing pages, corporate websites, blog posts, news articles, event pages, and other brand mentions. Similar to ActiveComply’s social media monitoring tool used by many institutions today, ActiveComply’s WebCompass tool will not only monitor for compliance and brand reputation concerns, but will also scan for ADA compliance, SEO scoring, provide automated archival to meet record retention requirements, and more. WebCompass is leveraged by financial institutions for ongoing monitoring of corporate and employee-controlled websites alike. Learn more about managing your compliance confidently with ActiveComply or schedule a demo today to see real findings for your institution.

“PDF Insights and Thumbprint® are a powerful combination that helps lenders streamline their loan analysis, speed up their underwriting, and enhance fraud prevention, helping them get to “Yes” or “No” faster and more confidently. Our product is well-suited for alternative mortgage and commercial lenders who rely on bank statements to underwrite loans. MoneyThumb’s tools are faster, more accurate, and significantly lower cost than other solutions. Plus, our customer service is second to none and we don’t require contracts. PDF Insights is a comprehensive financial document evaluation and data extraction tool that enables mortgage lenders to process and analyze hundreds of pages of bank statements accurately and in under 5 seconds. Our patent-pending fraud detection tool, Thumbprint®, uses AI algorithms and machine learning to evaluate and score the authenticity of PDF bank statements. Each document is given a fraud score from 1 to 1000 that indicates the likelihood of fraud.”

Picture this… your borrower completes their mortgage application and shortly after, receives a text asking if they have any pets. When the loan closes, their furry friends get a welcome package including new customized pet tags featuring your brand. The best part? Operation Fido runs automatically from Encompass® by ICE Mortgage Technology™ and you don’t even have to lick the envelope! What would you spend to deliver that kind of joy to your borrower?

STRATMOR on Preparing for the Tough-to-Find Refis

“Rising tides lift all boats.” And many lenders believe that the next wave of refinances will be the surge they need to lift their business back above water. However, some of them may be wrong. In STRATMOR Group’s June Insights Report Senior Partner Garth Graham explains why. “The latest industry forecast predicts a rising tide of refinancing, but there are reasons that the coming wave, when it appears, will be very different from the past,” says Graham. “The typical mortgage banking firm has been taking on water, with the industry showing losses for eight quarters. Many have been selling off servicing rights and stopped retaining servicing on new production because they need the cash. This will put them at risk because while having the cash is good, it also means you have likely sold off the client relationship and the potential refinance when the rate drops in the future.” Check out STRATMOR’s June InFocus article, “Why a Refi Wave Won’t Save Every Lender and How to Prepare,” for more from Garth on what smart lenders are doing now to ensure they survive and thrive when the market improves.

Events, Training, and Webinars

A good place for longer term conference planning is to start is here for in-person events in the future.

Today will be another episode of The Big Picture at 3PM ET… Rich Swerbinsky is interviewing Tabrasa’s Bill Bodnar about the economy and its impact on lenders

Join A&D Mortgage today for an exclusive webinar designed for mortgage brokers and broker owners. Titled “Next-Level Brokerage: Harnessing the Power of Self-Securitizing Lenders,” this session, in collaboration with Jared Neale, Associate at Imperial Fund, will explore the significant benefits of partnering with self-securitizing lenders. Discover how these partnerships can streamline your operations, enhance service offerings, and drive business growth.

Tonight, in San Francisco, CAMP presents, “An Evening with Rob Chrisman.” It should be a fun, informal event if you’re in the area!

Tomorrow, Friday the 28th, will see an episode of The Mortgage Collaborative’s Rundown with Melissa Langdale and me covering current events in the mortgage market for 30 minutes starting at noon PT, 3PM ET. Tomorrow features Dan Cantinella, Chief Lending Officer for Total Expert.

Class Valuation is hosting a webinar on Friday, June 28, titled “Navigating New Reconsideration of Value (ROV) Requirements for Lenders.” Expert panelists will provide a clear and actionable guide to understanding what changes need to be made and how to make them. You will learn the impact of the new ROV guidelines on lenders, how the borrower-initiated ROV process works, and your responsibilities as a lender under the new guidelines.

Next week is July already…

National MI upcoming July 2024 webinar sessions. Leading a Team​​with Andrew Oxley – July 11th at 2pm ET. How to Plan and Attack the Week for Loan Officers with Dr. Bruce Lund – July 18th at 1pm ET. Become an Open House Success Partner​​​​​with Rebecca Lorenz – July 23rd at 1pm ET. Mortgage Industry Updates Impacting the Balance of 2024 and Beyond ​​​​​with Scott Weghorst, July 25th at 2pm ET.

Newrez Correspondent offers a comprehensive training curriculum on Newrez products and processes, to keep your staff informed of the latest developments in products, technology solutions, compliance issues and process improvements. Each of these programs is offered by its training and development staff on a monthly basis and is updated regularly to reflect recent changes in the industry.

Tuesday the 2nd at 11am PT, two veteran LOs discuss all things mortgage with Industry Leaders. Mortgage Pros 411 with Audrey Boissonou and Kevin Casey.

Now Next Later Mondays at 10 a.m. PT/1 p.m. ET (45 minutes). Hosted by Jeremy Potter and Sasha Stair. Now Next Later is a show intended to provoke thoughtful challenges to the assumptions and strategies common to the housing finance industry. The show believes that looking at the mortgage businesses from a different perspective is critical to staying ahead of constant changes. The show’s goal is to get to better answers by asking better questions. Join each week for new insight and perspective on some of the industry’s most persistent problems. The show includes expertise in product development, go-to-market, data analytics and innovation, and answers well to the high expectations we’ve set for ourselves and our colleagues.

The Last Word Fridays at 10 a.m. PT/1 p.m. ET with two of the following four hosts. Kevin Peranio, Brian Vieaux. The Last Word is your ultimate destination for incisive analysis and spirited discussions on the hottest topics affecting the mortgage sector each week. Hosted by industry veterans, the show delivers expert opinions, forecasts, and critical insights to keep you informed and ahead of the curve. The show offers a comprehensive and engaging analysis of the week’s most important mortgage industry news, providing viewers with the knowledge and insights they need to make informed decisions in a rapidly changing market.

SAVE THE DATE for NMMLA’s upcoming event, The current and future state of Digital Mortgages, on Wednesday, July 10 at 11:00 AM.

The Ultimate Mortgage Expo returns to New Orleans July 10 – 11 and it’s bigger and better than ever before. Join OCN in the beautiful and historic Hotel Monteleone for a jam-packed event featuring 2 days of sessions and 2 days of exhibition hall opportunity. Also, come earlier on July 10 to enjoy complimentary access to the Mortgage Star Conference for women. Enjoy free access to this can’t-miss event using the code OCNFREE.*

MSR holders know that a great subservicing relationship can help reduce costs, lower delinquency rates, and improve borrower relationships. But the fear of a rocky transfer process keeps many from realizing all these benefits. Join Servbank’s cohosted webinar with the Mortgage Bankers Association on July 11 at 1-2p ET to learn how handling thousands of service transfers has gotten Servbank’s transfer plan down to a science. With a battle-tested plan and a laser-focus on customer experience, the painless service transfer is a reality. Register for the webinar today! The webinar is free for non-members by creating an account and entering the campaign code “SERVBANK100” at checkout.

Join ACES EVP, Nick Volpe and ACES President, Phill McCall on July 17, 11:00 AM – 11:45 AM PDT for a QC NOW webinar as they take a deeper dive into these analytics and how it aligns with the current state of the industry and how to best navigate through the volatile financial landscape.

Monday, 5 August 9:00 AM – Tuesday, 6 August at 6:00 PM PDT join the California Association of Mortgage Professionals on August 5th -August 6th for our Annual Summer CAMP at Hyatt Regency Newport Beach, 1007 Jamboree Road, Newport Beach, California.

Capital Markets

Have you heard about the Fannie Mae Mission Score product grids? MCT announced today that they are the first to integrate with the Mission Score API, which empowers originators to take advantage of market incentives for mission-oriented lending. “Fannie Mae changed the market in 2016 by bringing spec programs to the cash window,” said Phil Rasori, COO of MCT. “Now they have done it again by pushing the Mission Score pay-ups available on the securitization side toward front-end borrower pricing.” Learn how you can improve margins and price competitiveness in the upcoming webinar featuring Olga Gorodetsky, Director, Capital Markets at Fannie Mae as well as Phil Rasori of MCT.Pete Skarnulis, Single-Family Business Account Management Solutions – Vice President at Fannie Mae, shared, “through close partnership and collaboration with our industry partners, we’re able to introduce innovative solutions to the market at scale, helping to promote positive change across the mortgage industry.”

When I’m asked about the FHFA encouraging the “release” of Freddie Mac and Fannie Mae from conservatorship, I ask, name one government agency that voluntarily ceased operations. The Federal Housing Finance Agency (FHFA) released the latest report on the sale of non-performing loans (NPLs) by Fannie Mae and Freddie Mac (the Enterprises). The Enterprise Non-Performing Loan Sales Report includes sales information about NPLs sold through December 31, 2023. Borrower outcomes reflect NPLs sold through June 30, 2023. This report shows that the Enterprises sold 168,364 NPLs with a total unpaid principal balance (UPB) of $30.9 billion from program inception in 2014 through December 31, 2023. The loans included in the NPL sales had an average delinquency of 2.8 years and an average current mark-to-market loan-to-value (LTV) ratio of 83 percent (not including capitalized arrearages).

While chatter about the Fed and its decisions does have slight bearing on overall mortgage rate movement, events directly tied to the housing market are of arguably higher importance to readers of this commentary. We learned yesterday that the New Home Sales report for May missed expectations, coming in at 619k versus 650k expectations. New home sales fell 11.3 percent month-over-month to the weakest pace in six months as the new home market has softened recently alongside higher mortgage rates, increased availability of existing homes, and moderating economic growth.

Despite hawkish tones continuing to emanate from the Fed, Treasury security prices have rebounded recently due to bets that cooling prices will convince the Fed to cut rates sooner, and by more, than officials have signaled. More accommodative conditions are at odds with recent Fed rhetoric suggesting it’s still too early to consider policy easing. However, hope springs eternal, and investors continue to price in nearly two full 25 basis point rate cuts for the year, including a nearly 60 percent chance of a cut in September. As a reminder, the Fed’s latest dot-plot predicted one 25 basis point cut in 2024.

Today sees a busy calendar in terms of data and supply, and is already under way with the final look at Q1 GDP +1.4 percent (versus expectations of 1.1 percent), durable goods orders for May was +.1 percent (when it was supposed to be unchanged at +0.6 percent), weekly jobless claims (233k), and core PCE. Later today brings pending home sales for May, KC Fed manufacturing, several Treasury auctions that will be headlined by $44 billion 7-year notes (after yesterday’s solid $70 billion 5-year note sale), and Freddie Mac’s Primary Mortgage Market Survey. Before the open, Sweden’s Riksbank held rates steady, but forecast two to three rate cuts for later this year. We begin Thursday, after the salvo of numbers, with Agency MBS prices roughly unchanged from Wednesday’s close, the 10-year yielding 4.31 after closing yesterday at 4.32 percent, and the 2-year at 4.73.

Jobs and Transitions

This week, Lower, LLC announced the hiring of industry veteran Craig Montgomery in the role of Chief Strategy Officer. This move signifies a milestone moment in the company’s history as they have added another all-star industry leader to their executive team. In their release, Co-Founder & CEO Dan Snyder commented, “Getting someone with Craig’s experience and proven track record is a big win for the company.” Adding to the celebration, Randell Gillespie, Chief Production Officer for Lower, also commented, “Craig is a consummate pro with a reputation born from success and he is a stellar fit for the Lower community. Couldn’t be more thrilled for him to join our team!” When asked about his transition, Montgomery stated, “I’m so impressed by the Lower platform. I know what originators need to achieve the success they desire… and Lower has it.” Visit Join.Lower.Company for more information about “Life at Lower” and available growth opportunities.

“Join our family-owned Midwest lender as an Account Executive! Operating in 40+ states with a wide-open territory and unlimited growth potential. Ideal for seasoned mortgage pros, or those looking to break into Wholesale Sales. Enjoy competitive pay, benefits, and a supportive team environment. Develop new business opportunities, build strong client relationships, and deliver exceptional service. Interested? Please submit your confidential resume to Chrisman LLC’s Anjelica Nixt for forwarding.”

“Leadership changes for Chase Correspondent Lending! Chase Correspondent Lending is a relationship-driven, forward-looking investor focused on helping our clients and the communities we serve. Kim Salvo, our East Division Manager and a 33-year veteran of Chase, retired in May. We thank Kim for her years of service and wish her the best. With Kim’s departure, we’re excited to announce several changes to our Client Management Leadership team. Effective July 1, Tim Yezbick, current CFO for Correspondent Lending, will be our new East Division Manager. Lisa Plaien, current Director of Client Strategy & Support, will now lead our newly formed Central Division. Chris George will continue as our West Division Manager. Lisa, Tim, and Chris will report to our Head of Client Management, Bhavesh Patel. Please join us in congratulating our new leaders who will continue our commitment to providing a best-in-class experience for our clients. Visit us at www.chaseb2b.com.”

(Remember: employers can view posted resumes for several months for a nominal charge and job seekers can post their resumes for free on www.lendernews.com.)

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

Source: mortgagenewsdaily.com

Apache is functioning normally

Inside: Learn how much your 60k salary is hourly. Plus find tips to make more money and live the lifestyle you want.

You want to know to look into this… 60k salary is a good hourly wage when you think about it.

When you get your first job and you are making just above minimum wage like $15 an hour, making over $60,000 a year seems like it would provide amazing opportunities for you. Right?

The median household income was $70,084 in 2021 not much different from the previous year (source). Think of it as a bell curve with $70 at the top; the median means half of the population makes less than that and half makes more money.

The average income in the U.S. is $55,350 for a 40-hour workweek; that is an increase of 1.1% from the previous year (source). That means if you take everyone’s income and divide the money out evenly between all of the people.

But, the question remains… Can you truly live off 60,000 per year in today’s society? The question you want to ask all of your friends is $60000 per year a good salary.

In this post, we are going to dive into everything that you need to know about a $60000 salary including hourly pay and a sample budget on how to spend and save your money.

These key facts will help you with money management and learn how much per hour $60k is as well as what you make per month, weekly, and biweekly.

Just like with any paycheck, it seems like money quickly goes out of your account to cover all of your bills and expenses, and you are left with a very small amount remaining. You may be disappointed that you were not able to reach your financial goals and you are left wondering…

Can I make a living on this salary?

$60000 a year is How Much an Hour?

When jumping from an hourly job to a salary for this first time, it is helpful to know how much is 60k a year hourly. That way you can decide whether or not the job is worthwhile for you.

For our calculations to figure out how much is 60K salary hourly, we used the average five working days of 40 hours a week.

60000 salary / 2080 hours = $28.85 per hour

$60000 a year is $28.85 per hour

Let’s breakdown how that 60000 salary to hourly number is calculated

Typically, the average work week is 40 hours and you can work 52 weeks a year. Take 40 hours times 52 weeks and that equals 2,080 working hours. Then, divide the yearly salary of $60000 by 2,080 working hours and the result is $28.85 per hour.

That number is the gross hourly income before taxes, insurance, 401K, or anything else is taken out. Net income is how much you deposit into your bank account.

You must check with your employer on how they plan to pay you. For those on salary, typically companies pay on a monthly, semi-monthly, biweekly, or weekly basis.

What If I Increased My Salary?

Just an interesting note… if you were to increase your annual salary by $3K to 63000 a year, it would increase your hourly wage by $1.44 per hour.

To break it down – 63k a year is how much an hour = $30.29

That isn’t a huge amount of money, but every dollar adds up to $30 an hour.

How Much is $60K salary Per Month?

On average, the monthly amount would be $5,000.

Annual Salary of $60,000 ÷ 12 months = $5,000 per month

This is how much you make a month if you get paid 60000 a year is 5000 a month.

$60k a year is how much a week?

This is a great number to know! How much do I make each week? When I roll out of bed and do my job of $60k salary a year, how much can I expect to make at the end of the week for my effort?

Once again, the assumption is 40 hours worked.

Annual Salary of $60000/52 weeks = $1,154 per week.

$60000 a year is how much biweekly?

For this calculation, take the average weekly pay of $1,154 and double it.

$1,154 per week x 2 = $2,308

Also, the other way to calculate this is:

Annual Salary of $60000 / 26 weeks = $2,308 biweekly.

How Much Is $60K Salary Per Day

This depends on how many hours you work in a day. For this example, we are going to use an eight hour work day.

8 hours x 52 weeks = 260 working days

Annual Salary of $60000 / 260 working days = $231 per day

If you work a 10 hour day on 208 days throughout the year, you make $288 per day.

$60000 Salary is…

$60000 – Full Time Total Income
Yearly Salary (52 weeks) $60,000
Monthly Salary $5,000
Weekly Wage(40 Hours) $1,154
Bi-Weekly Wage (80 Hours) $2,308
Daily Wage (8 Hours) $231
Daily Wage (10 Hours) $288
Hourly Wage $28.85
Net Estimated Monthly Income $3,817.50
Net Estimated Hourly Income $22.02
**These are assumptions based on simple scenarios.

60k a year is how much an hour after taxes

Income taxes is one of the biggest culprits of reducing your take-home pay as well as FICA and Social Security. This is a true fact across the board with a salary range of up to $160,200.

When you start getting into a higher salary range, the more you make, the more money that you have to pay in taxes.

Every single tax situation is different.

On the basic level, let’s assume a 12% federal tax rate and a 4% state rate. Plus a percentage is taken out for Social Security and Medicare (FICA) of 7.65%.

So, how much an hour is 60000 a year after taxes?

Gross Annual Salary: $60,000

  • Federal Taxes of 12%: $7,200
  • State Taxes of 4%: $2,400
  • Social Security and Medicare of 7.65%: $4,590

$60k Per Year After Taxes is $45,810.

This would be your net annual salary after taxes.

Hourly Wage after Taxes

To turn that back into an hourly wage, the assumption is working 2,080 hours.

$45,810 ÷ 2,080 hours = $22.02 per hour

After estimated taxes and FICA, you are netting $45,810 per year, which is $14,190 per year less than what you expect.

Plus budgeting on $22 an hour is much different!

***This is a very high-level example and can vary greatly depending on your personal situation and potential deductions. Therefore, use a tax calculator to help you figure out how much your net paycheck would be.***

Taxes Based On Your State

In addition, if you live in a heavily taxed state like California or New York, then you have to pay way more money than somebody who lives in a no tax state like Texas or Florida. This is the debate of HCOL vs LCOL.

Thus, your yearly gross $60000 income can range from $41,010 to $48,210 depending on your state income taxes.

That is why it is important to realize the impact income taxes can have on your take home pay. It is one of those things that you should acknowledge and obviously, you need to pay taxes.

But, it can also put a huge dent in your ability to live the lifestyle you want on a $60,000 income.

My 60000 Salary to Hourly

More than likely, your salary is not a flat 60k, here is a tool to convert your salary to hourly calculator.

Many teachers are hovering in this range, which may make you wonder do teachers get paid in the summer.

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If you are looking to change industries, you need to check out the freight broker salary.

60k salary lifestyle

Every person reading this post has a different upbringing and a different belief system about money. Therefore, what would be a lavish lifestyle to one person, maybe a frugal lifestyle to another person?

And there’s no wrong or right, it is what works best for you.

One of the biggest factors to consider is your cost of living.

In another post, we detailed the differences between living in an HCOL vs LCOL vs MCOL area. When you live in big cities, trying to maintain your lifestyle of $60,000 a year is going to be much more difficult because your basic expenses, housing, transportation, food, and clothing are going to be much more expensive than you would find in a lower cost area.

To stretch your dollar further in the high cost of living area, you would have to probably live a very frugal lifestyle and prioritize where you want to spend money and where you do not. Whereas, if you live in a low cost of living area, you can live a much more lavish lifestyle because the cost of living is less. Thus, you have more fun spending left in your account each month.

As we noted earlier in the post, $60,000 a year is just below the median income that you would find in the United States. Thus, you can live a modest lifestyle here in America.

What a $60,000 lifestyle will buy you:

If you are debt-free and utilize smart money management skills, then you are able to enjoy the lifestyle you want.

When A $60,000 Salary Will Hold You Back:

However, if you are riddled with debt or unable to break the paycheck to paycheck cycle, then living off of 60k a year is going to be pretty darn difficult.

Two factors will keep holding you back:

  • You must pay off debt and cut all fun spending until that happens.
  • Break the paycheck-to-paycheck cycle.

It is possible to get ahead with money!

It just comes with proper money management skills and a desire to have less stress around money. That is a winning combination regardless of your income level.

$60K a year Budget – Example

As always, here at Money Bliss, we focus on covering our basic expenses plus saving and giving first, and then our goal is to eliminate debt. The rest of the money is left for fun spending.

If you want to know how to manage 60k salary the best, then this is a prime example for you to compare your spending.

You can compare your budget to the ideal household budget percentages.

recommended budget percentages based on $60000 a year salary:

Category Ideal Percentages Sample Monthly Budget
Giving 10% $250
Savings 15-25% $1000
Housing 20-30% $1200
Utilities 4-7% $200
Groceries 5-12% $350
Clothing 1-4% $50
Transportation 4-10% $200
Medical 5-12% $250
Life Insurance 1% $25
Education 1-4% $50
Personal 2-7% $93
Recreation / Entertainment 3-8% $150
Debts 0% – Goal $0
Government Tax (including Income Taxes, Social Security & Medicare) 15-25% $1183
Total Gross Income $5,000
**In this budget, prioritization was given to basic expenses and no debt.

Is $60000 a year a Good Salary?

The short answer is “yes.” However, there are several factors that go into determining the appropriate salary for you and your field.

As we stated earlier if you are able to make $60,000 a year, that is a good salary. You are making more money than the average American and slightly less on the bell curve on the median income.

You shouldn’t be questioning yourself if is 60000 a good salary.

However, too many times people get stuck in the lifestyle trap of trying to keep up with the Joneses, and their lifestyle desires get out of hand compared to their salary. And what they thought used to be a great salary actually is not making ends meet at this time.

This $60k salary would be considered a middle class salary. This salary is something that you can live on very comfortably.

Check: Are you in the middle class?

In fact, this income level in the United States has enough buying power to put you in the top 91 percentile globally for per person income (source).

The question you need to ask yourself with your 60k salary is:

  • Am I maxed at the top of my career?
  • Is there more income potential?
  • What obstacles do I face if I want to try to increase my income?

In the future years and with possible inflation, in some expensive cities, 60,000 a year is not a good salary because the cost of living is so high, whereas these are some of the cities where you can make a comfortable living at 60,000 per year.

If you are looking for a career change, you want to find jobs paying at least a $70000 salary.

Is 60k a good salary for a Single Person?

Simply put, yes.

You can stretch your salary much further because you are only worried about your own expenses. A single person will spend much less than if you need to provide for someone else.

Your living expenses and ideal budget are much less. Thus, you can live extremely comfortably on $60000 per year.

And… most of us probably regret how much money was wasted when we were single. Oh well, lesson learned.

Deep Dive: What Is A Good Salary For A Single Person in Today’s Society?

Is 60k a good salary for a family?

Many of the same principles apply above on whether $60000 is a good salary. The main difference with a family, you have more people to provide for than when you are single or have just one other person in your household.

The costs of raising children are high and will steeply cut into your income. As you can tell this is a huge dent in your income, specifically $12,980 annually per child. Plus this does not include college.

That means that amount of money is coming out of the income that you earned.

So, the question really remains… Can you provide a good life for your family making $60,000 a year? This is the hardest part because each family has different choices, priorities, and values.

More or less, it comes down to two things:

  1. The location where you live in.
  2. Your lifestyle choices.

You can live comfortably as a family on this salary, but you will not be able to afford everything you want.

Many times when raising a family, it is helpful to have a dual-income household. That way you can provide the necessary expenses if both parties were making 60,000 per year, then the combined income for the household would be $120,000. Thus making your combined salary a very good income.

Learn how much money a family of 4 needs in each state.

Can you Live on $60000 Per Year?

As we outlined earlier in the post, $60,000 a year:

  • $28.85 Per Hour
  • $231-288 Per Day (depending on length of day worked)
  • $1154 Per Week
  • $2308 Per Biweekly
  • $5000 Per Month

Next up is making $65,000 a year.

Like anything else in life, you get to decide how to spend, save and give your money.

That is the difference for each person on whether or not you can live a middle-class lifestyle depends on many potential factors. If you live in California or New Jersey you are gonna have a tougher time than Oklahoma or even Texas.

In addition, if you are early in your career, starting out around 39,000 a year, that is a great place to be getting your career. However, if you have been in your career for over 20 years and making $60K, then you probably need to look at asking for pay increases, pick up a second job, or find a different career path.

Regardless of the wage that you make, if you are not able to live the lifestyle that you want, then you have to find ways to make it work for you. Everybody has choices to make.

But one of the things that can help you the most is to stick to our ideal household budget percentages to make sure you stay on track.

Learn exactly how much do I make per year…

Know someone else that needs this, too? Then, please share!!

Did the post resonate with you?

More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!

Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.

Source: moneybliss.org

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HELOC, Live Pricing Data, VOIE Tools; LO Survey, Webinars and Training

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HELOC, Live Pricing Data, VOIE Tools; LO Survey, Webinars and Training

By:
Rob Chrisman

Tue, Jun 25 2024, 11:54 AM

Everyone’s above average, right? If you are a lender and making money, you’re in the majority. It’s not that you’re not special, it’s just that with cuts and servicing income, and unprofitable companies going away, most companies are in the black: In the first quarter, 59 percent off all mortgage banking companies were profitable per the MBA Performance Report, buy it for details. Is our government profitable? Of course not, almost regardless of Administration. The federal budget deficit is expected to swell to around $1.9 trillion this year, according to the Congressional Budget Office, which was higher than its previous estimate of $1.5 trillion. This takes into account increased spending for student loans and Medicaid as well as the recently passed $95 billion foreign aid package. National debt is even poised to top $56 trillion over the next 10 years, or 122 percent of GDP, surpassing the 106 percent seen in 1946 after World War II. Meanwhile, the eurozone is facing debt issues of its own, with the ECB warning eight of its members (including Belgium, France, and Italy) over their excessive budget deficits. Today’s podcast is found here and this week’s is sponsored by Candor. Candor’s authentic Expert System AI has powered more than 2 million flawless, hands off underwrites. Every credit risk decision Candor makes is backed by a warranty, eliminating repurchase worries. Hear an interview with FinLocker’s Brian Vieaux on bringing consumer permission data to property searches and originations.

Software, Products, and Services for Lenders and Brokers

“Truv is the only consumer-permissioned VOIE platform approved with both GSEs, solidifying our commitment to delivering top-notch verification services tailored for mortgage lenders, banks, and credit unions. What does this mean for your business? Faster turn times, lower buyback risks, compliance assurance, and reduced operational costs. Read about why this matters for your business here.”

“Did you know that Polly is the rate engine for HousingWire’s Mortgage Rates Center? We offer the same capability to display live rates on lender websites, helping borrowers better assess your competitive edge against other lenders. This live data ensures that as the market fluctuates, prospects get real-time insights into your rates. Because in the current rate environment, having accurate, up-to-date rate intel on your homepage is crucial. It signals transparency, allowing potential borrowers to make informed decisions faster, without needing to supply personal information. This convenience can significantly increase your site’s engagement and drive more volume your way. On the flip side, NOT displaying live rates may deter potential borrowers, as they could perceive higher costs or simply prefer quick access to this information. Now, let’s take it several steps further; Polly’s Lender Intelligence will help you keep your rates competitive, ensuring you stay at the forefront of your peers. Let’s talk about it.”

“Calling all loan originators: We need your insights! Take the annual Loan Originators Survey from MGIC and Loan Officer Hub to weigh in on how you handled the challenges and opportunities of the past year. Get a head start on comparing your strategies to your peers’: Complete the survey by June 30 and you’ll receive exclusive early access to the full survey report this fall!”

Optimal Blue announced its new Competitive Data License today. In a news release, the company described its new data solution as a collection of key national mortgage pricing data that empowers lenders to price products competitively, operate more profitably, and react swiftly to changing market conditions. This product from Optimal Blue includes loan-level data from the industry’s most widely used product, pricing, and eligibility engine, providing a full price trace from borrower/buy-side to investor/sell-side pricing. Optimal Blue’s new data solution equips lenders with the ability to benchmark every aspect of their pricing strategy, providing extensive insights into markups, loan-level price adjustments (LLPAs), servicing-released premiums (SRP), concessions, loan officer compensation, base price, and PAR rate. Optimal Blue will be hosting a webinar on July 10 for those interested in learning more about Competitive Data License and its other data solutions.

HELOC borrowers can pay off debt to qualify and still close in as little as 1 day! With trillions of dollars in accessible home equity nationwide, there’s never been a better time to become a REMN Partner. REMN Wholesale, leading the way in Wholesale Digital HELOCs nationally, now provides the DEBT ELIMINATOR feature to its EQUITY ACCESS Digital HELOC. DEBT ELIMINATOR gives borrowers the ability to pay off debt to qualify. With loan amounts from $25k to $400k and recent rate reductions, REMN’s Digital HELOC is designed for fast closings. Additional features: Instant Income Verification for the vast majority of W-2 borrowers; automated analysis of bank statements to determine Income for both W-2 and Self-employed borrowers; single AVM up to $400k (appraisal options available); Broker Portal with robust functionality and real-time detailed status on all pipeline loans. Minimum FICO 640 and max 80% CLTV (see rates/guides). Flexible: Hybrid platform is digitally fast with humans to solve real-life complexities! And they provide fast payout (utilizing ACH). White Label: Brand your company/MLO. REMN is only wholesale! Contact Carl Markman.

Webinars and Shows

“Unlock the key to closing more loans in a competitive market. Join us on Thursday, June 27 at 2 pm ET / 11 am PT for the NMP Webinar “Build Your Personal Brand (and Close More Loans) by Optimizing Borrower Credit Scores.” Hosted by Mike Darne, a seasoned marketing executive who has led branding efforts at Capital One and Marriott, this webinar will share proprietary research from CreditXpert on what borrowers seek in a lender and how credit optimization meets those needs. Discover how you can help borrowers qualify, access better loan programs, lower their cost of homeownership, and reduce LLPA premiums. Learn to leverage credit optimization to build your personal brand, stand out in the marketplace, and ultimately close more loans. Don’t miss this chance to enhance your skills and grow your business: Register for the webinar here.”

Podcast: How the NAR Ruling Will Impact Lenders (& the Entire Home-Buying Process). The groundbreaking NAR settlement has real estate agents, lending professionals, and home buyers scrambling to understand its ramifications. Here to weigh in is Maxwell’s Clear to Close crew: In this conversation, Alan, Bryan, and Anthony channel their experience in the industry to walk through possible outcomes of the ruling. Specifically, this episode explores how new policy changes are likely to impact lead generation, methods to earn borrower business, and more—and how lenders can get ahead of the major ways the home-buying process is about to change. Click here to listen to How the NAR Ruling Will Impact Lenders (& the Entire Home-Buying Process).

A good place for longer term conference planning is to start is here, and click on “Conference List” for in-person events in the future.

Join Kristin Messerli and Robbie Chrisman today at 10am PT/1pm ET for the latest episode of Mortgages with Millennials as they share some new research on NextGen money trends, this time based on a personality quiz she developed to better understand the mindset, planning style, and behaviors of millennials when it comes to money and homebuying. sharing some new research on NextGen money trends, this time based on a personality quiz she developed to better understand the mindset, planning style, and behaviors of millennials when it comes to money and homebuying.

Every Tuesday at 11am PT, two veteran LOs discuss all things mortgage with Industry Leaders. Mortgage Pros 411 with Audrey Boissonou and Kevin Casey.

Register for Silicon Valley CAMP’s Free Marketing Presentation: “AI for Dummies via Zoom,” today at 9:30 AM (PDT).

In support of the Credit Score Models and Credit Reports Initiative, FHFA has announced a new stakeholder forum, an “Overview of Historical Credit Scores,” that will take place today from 3-4 p.m. (ET). FHFA, Freddie Mac and Fannie Mae will provide details regarding the Enterprises’ forthcoming publication of historical credit scores to support the implementation of the VantageScore® 4.0 credit score model.

MBA’s Single Family Research Showcase 2024 Virtual Meeting, June 25 & 26, 1:00 – 5:00 pm. MBA’s Research & Economics team will take you on a deep dive behind the data during our one-of-a-kind Single-Family Research & Economics Showcase. Led by MBA’s Chief Economist, Mike Fratantoni, Ph.D., this two-day online event highlights the most current results and insights from our popular residential surveys, forecasts, and reports. For those unable to attend, meetings will be recorded on both days. Register to receive the recordings.

Capital Markets

As optimism about a US Treasury rally grows among investors, a key bond market indicator suggests high interest rates could persist, potentially hampering the Federal Reserve’s ability to cut rates. Market forecasts indicate that the economy’s neutral rate, crucial for balancing growth, is significantly higher than the Fed’s current projection, hinting at long-term elevated borrowing costs.

While we do have some significant data later this week (GDP, inflation, consumer sentiment, home prices, etc.), this final week of June began yesterday on a quiet note without much market movement. This week also brings the quarterly refunding, which sees an increased flood of Treasury issuance that investors will be asked to absorb: $211 billion in new debt this week alone, with all of it coming on the front end of the curve. Today, markets will receive $69 billion 2-year Treasury notes.

Today’s economic calendar kicked off with the non-market moving Chicago Fed National Activity Index for May (better than expected) and Philadelphia Fed non-manufacturing for June. Later today brings Redbook same store sales for the week ending June 22, April house price indices from FHFA and Case-Shiller, the Consumer Confidence report for June, Richmond Fed manufacturing and services/revenues in June, and Dallas Fed Texas services for June, followed by the aforementioned Treasury note auction. Two Fed Governors are scheduled to make appearances: Governor Bowman and Governor Cook. We begin the day with Agency MBS prices little changed from Monday’s close, the 10-year yielding 4.22 after closing yesterday at 4.25 percent, and the 2-year at 4.72.

Employment

Mortgage Equity Partners (“MEP”), a mid-cap IMB headquartered in Massachusetts, is proud to be recognized as the fastest-growing IMB in the state measured in both units closed and volume funded in 2023 and YTD 2024. MEP has added production in many of its 22 states over the last 12-14 months. “As a mid-cap, we inherently have a flatter management structure, are more nimble, and can adapt to change quicker. Consistently, we see LOs migrate from large-cap IMBs because, as architects of their own businesses, LOs want quicker access to decision-makers. Those LOs want to operate at their own cadence and not be bogged down with layers of management. Our environment has a positive impact on LOs as strong business partners to support their referral sources,” said Sean Riley, CEO and General Counsel. To learn more about MEP, visit meploans.com or contact John Cabral, National Sales Director.

A seasoned Mortgage Executive is seeking a new opportunity to help lead a mortgage lender or vendor toward achieving their growth goals. Are you a mortgage lender or vendor (established or new) in need of leadership to navigate the current market and drive future growth? This executive has extensive sales leadership experience in all production channels (TPO, Retail, and DTC) and is an expert in all product types (Agency, Non-QM, and Private Money Lending). They also have deep knowledge of the vendor and technology space. Please send inquiries to Anjelica Nixt to pass along to the candidate and specify the listing.

(Remember: job seekers can post their resumes for free on www.lendernews.com where employers can view them for several months for a nominal charge.)

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Source: mortgagenewsdaily.com