State officials have revived a popular grant program to help lower-income California homeowners build accessory dwelling units by covering some of the upfront costs. But funding is limited, so demand for aid may soon outstrip the supply of dollars.
The California Housing Finance Agency’s ADU Grant Program offers up to $40,000 to qualified homeowners to cover pre-construction costs of an ADU, including planning and permit fees for the structure. The program exhausted its initial $100 million months ago, causing the agency to stop taking applications; now, $25 million more is available for homeowners seeking help.
Obtaining a grant is not as simple as filling out a form online, however. For starters, applicants have to meet the program’s new income limits. Household income must be less than 80% of the area median income, which translates in Los Angeles County to $84,160. That’s down from 150% of the area median income in the initial round of grants.
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Applicants also need to work through a state-approved lender or “special financing participant” because the grants aren’t paid to homeowners — they’re paid to lenders. The CalHFA website lists 18 participating lenders as well as 10 governmental or nonprofit agencies, including Neighborhood Housing Services of Los Angeles County, which specializes in affordable housing.
Typically, homeowners must obtain a construction loan for an ADU from a participating lender before seeking an ADU grant. The loan will cover the costs that the grants will reimburse, including architectural designs, permits, soil tests, impact fees, property surveys, energy reports and utility hookups, the agency says. These expenses can make up a sizable portion of the cost of a new ADU, especially one built by converting a garage or other existing structure.
If you haven’t started work on an ADU yet, let alone obtained a loan, you can still get in line for a state grant. Neighborhood Housing Services, which provides construction loans for ADUs, says it will try to reserve a potential grant for anyone who emails it two pieces of information: a current mortgage statement and one month’s worth of pay stubs or other proof of income. The information, which should be sent to [email protected], should also include the person’s legal name, address and Social Security number.
A homeowner who meets the income limits but can build an ADU without a loan can still apply for a grant through NHSLA. But the agency’s construction team would have to manage the project and the grant funds, said Iris Cruz of Neighborhood Housing Services.
Grant applicants will have to sign and submit an affidavit to CalHFA attesting to several things about themselves and their plans, including that they are a U.S. citizen or legal resident; they own and have their primary residence on the property where the ADU is being built; they will use the ADU for permanent housing or long-term rentals; and the ADU will conform to local building and zoning codes. If any of those statements prove to be false, the applicant could face a prison term and a fine of up to $10,000.
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The lender, meanwhile, will have to attest that the grant applicant meets the program’s income limits.
As Florida’s insurance crisis makes hurricane hardening more important than ever, consumer advocates have pressed to reign in a popular — but controversial — loan program that allows homeowners to pay for new roofs or impact windows through their property tax bills.
Some counties and tax collectors across the state have pushed for clearer disclosures for a program that has generated hundreds of complaints from people who say they were misled on costs or didn’t understand that the loan amounts to a long-term tax lien on their home.
Now, one agency that bankrolls construction projects for the Property Assessed Clean Energy program, known commonly as PACE, is pushing back — arguing that individual counties have no legal right to force it to follow additional rules or even decide where it can operate.
The fight has led to a high-stakes lawsuit that includes nearly half the counties in the state, several of which have blasted the continued operations of a single quasi-governmental agency in Northeast Florida as “an immediate danger to the health, safety or welfare” of residents. Tax collectors from Alachua County to Palm Beach have complained in emails and court records that the Florida PACE Funding Agency’s statewide expansion is “running roughshod” over local government rights. For now, Broward and Miami-Dade are staying out of it, but the outcome has big implications for two counties that lead the state in PACE contracts.
The case in Tallahassee shapes up as a major legal test for the few but hard-won consumer protections already in place across the state, including new ones in Miami-Dade County, and, perhaps, the future of Florida’s PACE program.
And it could also impact nearly 13,000 property owners across Florida who’ve recently signed agreements with Florida PACE Funding Agency for more than $500 million in home improvement projects — with no guarantee that the tax-lien arrangement they agreed to will stick. Potentially, they could be hit with big bills from contractors or lenders instead.
The Florida PACE Funding Agency, meanwhile, has launched its own public relations offensive, taken multiple tax collectors to court and vowed to take the case to Florida’s Supreme Court if the judge doesn’t rule its way.
Mike Moran, executive director of Florida PACE, strongly defends his agency’s actions as well as the industry itself. He argues his quasi-governmental agency has its own authority to levy property taxes. He paints the agency’s statewide expansion as a plus for the state and consumers, an opportunity for people who might not otherwise qualify for conventional loans to make crucial home repairs at a cheaper price (usually 9 to 11% interest) than a credit card.
“I can’t finance because you don’t like your kitchen counter top. It has to be a public purpose, home hardening and energy efficiency,” he said. “If you take this option away, they’re just going to put it on a 29% credit card.”
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Going rogue
Up until last year, the PACE program worked like this: groups like the Florida PACE Agency, which serve as middlemen between homeowners and loan companies like FortiFi and Home Run Financing, needed a county’s permission to work within its boundaries.
Unlike a traditional bank loan, which is based on credit and financial records, PACE agreements are based on home equity. In exchange for the cash to complete a construction project, PACE providers put a lien on the property and collect annual payments through the property tax bill, which is gathered by a county property tax collector.
The bump to the tax bill can be steep, in some cases a 200% to 300% rise, and unlike a loan from a bank, failing to pay a tax bill can lead to foreclosure.
As the program grew in popularity across Florida in the last decade, tax collectors started hearing complaints from residents who didn’t understand why their tax bills had risen so steeply, or believed they had been signed up for the program under false pretenses by contractors.
In response, several counties passed new consumer protections like limiting loans to the lifespan of the product, requiring recorded phone calls and more thorough disclosure forms. Others did nothing, leaving a patchwork of protections across the state.
Then, starting in January, the Florida PACE Funding Agency abruptly announced that it no longer had to follow any of those rules, thanks to a Leon County judge’s ruling.
A ruling changes landscape
It was supposed to be a routine hearing, the same kind PACE agencies across Florida regularly attend to ensure they’re checking the right financial boxes. But instead of just asking the judge if his bond documents were in order, Moran asked the judge to rule on whether Florida PACE needed permission from a local government to operate within its borders.
In his ruling, the judge said no, they didn’t need permission.
Moran said that gives Florida PACE Funding Agency the right to operate in any county in Florida, including those that have explicitly banned the program.
“We do all of those consumer protections. There’s not a single one that someone asked us to do that we aren’t doing,” he told the Miami Herald. In court records, however, Alachua County said Moran “vehemently” fought a new consumer protection it tried to enact in 2022, and Leon County said Moran negotiated with the county to tweak some of its proposed protections the same year.
Tax collectors stop collecting
Tax collectors across the state have fought Moran’s moves. They sent cease and desist letters, passed county commission resolutions and called in county attorneys and legislators. At least 30 tax collectors have joined a lawsuit against Florida PACE over the issue.
“What a judge did in Tallahassee should never have happened in a bond-type hearing,” said Mike Fasano, Pasco County’s tax collector and a longtime vocal critic of PACE. “That’s not what the Legislature had any intent of happening. There was always supposed to be this interlocal agreement.”
As the fight spread to new counties, Florida PACE continued to sign up thousands of homeowners in counties across the state without their permission, including Alachua, Hillsborough and Palm Beach.
In response, some tax collectors said they weren’t going to collect the PACE assessments tacked on to their residents’ tax bills.
“I believe the responsibility tax collectors have is we’re only going to collect what is proper and authorized on the tax rolls. As it stands right now, these assessments are not proper or authorized, so they’re not getting collected,” Rob Stoneburner, Collier County’s tax collector, told the Herald.
That left Florida PACE scrambling to recoup its investments and quell questions from its investors. In an October news release, Moran said bondholders and private investors withdrew funding from Florida.
“The consequences of this withdrawal are far-reaching, impacting tens of millions of dollars that were to be used to pay contractors who have recently completed or are currently working on renovation projects. Furthermore, many ongoing projects face uncertainty, potentially leaving homeowners in a precarious financial situation,” he wrote.
At that, Moran sued.
He took multiple tax collectors to court to force them to collect the assessments he insists are legally valid, based on the Leon County ruling. So far, judges have agreed with his argument in some counties, including Hernando and Sarasota, where he is chairperson of the county commission and is running for tax collector, and disagreed in others, including Alachua, Bradford and Hillsborough.
“We don’t do ‘mother may I’ to another governmental authority to tell them to put it on the tax bill, we are the governmental authority,” Moran said. “There are a billion dollars of bondholders on the street in Florida that need to be paid back, and property tax collectors need to put this on the tax bill. That is not a complicated discussion.”
What the courts say
Experts say this drama will end in two ways. Either a judge rules that Moran is right or wrong, or the Florida Legislature tweaks the rules of PACE to resolve the dispute.
Stoneburner, the tax collector from Collier, said tax collectors across the state need “a clear answer” on whether or not Florida PACE needs permission from a county to operate there.
“Either they’re right or they’re not right. If they’re right, OK, in my mind it’s going to be the Wild West because then all the other PACE providers will do the same type of thing, they’re going to operate however they want,” he said.
But Moran said that even if the Legislature moves to fix the issue in the upcoming session — or get rid of PACE entirely — he still wants the courts to weigh in.
“If that curtain went down and PACE is gone, you still have that billion dollars of bondholders that need to get paid back,” he said.
That decision could come as soon as February, when the same Leon County judge whose ruling set off the crisis has agreed to revisit the discussion, after a legal push from at least 30 tax collectors across the state.
Colorado Springs is a charming mountain city with access to some of the most scenic hiking trails in the Front Range. Home to Garden of the Gods, the Air Force Academy and the Olympic Training Center, this growing burg is brimming with culture and amenities.
With an average of 300 sunny days per year, Colorado is an understandably desirable place to live and has seen steady growth in population for years. Despite the influx of new residents, Colorado Springs still maintains the welcoming vibe of a small town and is consistently ranked as one of the best places to live in the Centennial State. But does its small-town charm translate to small-town prices?
Right now, the cost of living in Colorado Springs is 3.4 percent above the national average. This number continues to grow. Compared with the nearby city of Denver, housing prices in Colorado Springs are currently 32.1 percent lower than the Mile High City.
Explore the costs of living in Colorado Springs, from housing to food and healthcare, and discover if a move to the Front Range is right for you.
Housing costs in Colorado Springs
The housing market in Colorado Springs is competitive and fast-paced, but renters are in luck.
The average price of a one-bedroom in Colorado Springs is currently $1,024 per month, a decrease of 24.6 percent from the previous year. Of course, this number is dependent mainly on the neighborhood.
Among the most expensive neighborhoods are Kissing Camels, Norwood and Wagon Trails. The average cost-per-month of a one-bedroom apartment ranges from $1,548 to $1,723.
Areas that price out closer to the city’s average are East Colorado Springs, Garden Ranch and Ivywild, with the average cost of a one-bedroom falling between $1,000 and $1,068 per month in these areas.
If you’re looking for a centrally located home close to downtown, you’ll find the most affordable apartments in Stratton Meadows, where a one-bedroom averages $887 per month, or Shooks Run at $846 per month.
Currently, the median sale price for a home in Colorado Springs is $377,643. As of May 2021, home prices are up 21.6 percent since last year, according to Redfin. The local housing market is highly competitive, meaning that most homes receive multiple offers. Homes are also selling for about 4 percent more than the list price, on average.
Food costs in Colorado Springs
Colorado Springs boasts a wide array of international cuisine — from authentic Mexican and Indian to German and British fare. There’s an abundance of culinary opportunities with dining options ranging from casual family dining to luxurious special-occasion restaurants.
Outdoor dining is another popular choice here; between the city’s breathtaking views of the Rocky Mountains and the famously sunny weather, there’s no shortage of patio seating.
Groceries in Colorado Springs will cost you around 3.4 percent less than the national average. You can expect to pay $3.57 for a loaf of bread, $1.27 for a dozen eggs and $4.33 for ground beef.
Locals often hunt for bargains and ultra-fresh produce at one of the many farmer’s markets in the city.
Utility costs in Colorado Springs
Colorado has some of the best skiing in the world, but all that snow means your heating bill will see a jump in the winter.
Overall, the utility costs in Colorado Springs are just 0.9 percent below the national average. You can expect your total energy cost to come in around $165.12 per month.
Transportation costs in Colorado Springs
Traffic in Colorado Springs is surprisingly uncongested for a city of its size.
Commuters spend an average of four extra minutes per 30 minutes of commute-time during the morning rush hour and seven more minutes in the evening, with an average commute of around 22 minutes.
Heavy congestion on major roads is rare, and many members of the community choose to drive. You can expect to pay $2.41 for a gallon of regular unleaded at the pump.
Downtown Colorado Springs and Old Colorado City employ parking meters, with the parking charge per hour starting at $1.25 closest to the city center. Meters on the periphery of downtown will cost you $0.75 per hour. City-operated garages downtown charge a daily maximum of $9 or $70 per month. Parking outside of the city center is typically free.
Colorado Springs public transportation
Those who prefer public transit can take the Mountain Metro Transit, the city’s bus system, with a comprehensive route traversing most of the town. The basic cash fare for adults is $1.75, while youths, seniors and Medicaid or disabled folks will pay $0.85. Transfers are free and issued upon request with paid fare and are good for 2 hours or three rides on one-way trips.
Discount Metro tickets can also be purchased. Unlimited ride Day Passes coming in at $4 and unlimited 31-Day Tickets at $63. The city’s transit score is 20.
Colorado Springs has a bike score of 46 and a walk score of 37, with miles of paved bike paths inside and around the city for recreational cycling and walking. The mostly-paved Pikes Peak Greenway runs through the center of town, connecting to the Santa Fe Trail in the north and the Fountain Creek Regional Trail in the south. Other inner-city bike paths include the Cottonwood Creek Trail, Shooks Run Trail and the Midland Trail. Interactive bike maps make planning your commute or joyride a breeze.
Overall, the cost of living for transportation in the city is 9 percent above the national average.
Healthcare costs in Colorado Springs
Colorado Springs has been a destination for health-seekers since its early days as a haven for tuberculosis patients. Many doctors in the 19th century believed that high altitude and sunshine were a cure for TB. Coincidentally, the influx of wealthy TB patients to the then-resort town of Colorado Springs was instrumental in putting the small city on the map.
Today, Colorado Springs is home to the award-winning UCHealth Memorial Hospital and Penrose-St. Francis Health Services. Kids can receive high-quality care at the new Children’s Hospital Colorado Springs location.
Calculating average healthcare costs is difficult because these costs vary widely depending on each person’s health situation. The local healthcare costs are 4.6 percent higher than the national average.
A regular doctor’s visit might cost an average of $126.71, while a trip to the dentist will cost $105.77 on average. Prescription drugs, without insurance, cost an average of $471.44, and a bottle of ibuprofen will cost around $9.03.
Goods and services costs in Colorado Springs
Colorado Springs boasts a wide selection of fitness facilities and opportunities, whether you’re a CrossFit aficionado or more of a Pilates person. Yoga enthusiasts can expect to pay a little more than $15 per class.
If you want to save a few bucks and still be healthy, check out the nearby hiking trails. Colorado Springs boasts several open spaces within the city limits, many of which contain trail systems for easy access hiking.
Garden of the Gods, located on the west side of town, is an iconic landmark and recreation hotspot for locals and tourists alike. Admission is free for this city-owned National Natural Landmark.
If you’re a pet owner, you can expect to pay an average of $56.54 per routine vet visit. Pet licensing —required for all dogs and cats over the age of 4 months — can cost anywhere from $10 to $75 depending on a variety of factors.
Overall, the cost of goods and services in Colorado Springs is about 3 percent more than the national average.
Taxes in Colorado Springs
Colorado Springs resides entirely within El Paso County. The Colorado sales tax rate is currently 2.9 percent, while the El Paso County sales tax is 1.23 percent.
Colorado Springs recently reduced its sales tax to 3.07 percent. Therefore, the minimum combined sales tax for Colorado Springs is now 8.2 percent. So, when you spend $100 at the Promenade Shops at Briargate, for example, you’ll pay $8.20 in sales tax.
Colorado does not tax most groceries.
How much do you need to earn to live in Colorado Springs?
The average rent for a one-bedroom apartment in the city is $1,024.
Most financial advisors recommend spending no more than 30 percent of your annual income on rent. This means you would need to earn around $40,960 per year to comfortably afford a one-bedroom apartment in Colorado Springs.
To give these numbers some context, the median household income in Colorado Springs is about $65,000 and the per capita median income is around $34,000.
Use our rent calculator to quickly discover how much you can afford to spend on rent with your current salary.
Living in Colorado Springs
Recently ranked fourth Best Place to Live by U.S. News & World Report, Colorado Springs is a mountain oasis. Gorgeous weather and miles of surrounding natural beauty make this city a unique treasure in the heart of the American West.
With a growing economy and an increasing demand for tech-talent labor, there’s never been a better time to relocate. Find your ideal Colorado Springs apartment to rent today.
Cost of living information comes from The Council for Community and Economic Research.
Rent prices are based on a rolling weighted average from Apartment Guide and Rent.’s multifamily rental property inventory of one-bedroom apartments in April 2021. Our team uses a weighted average formula that more accurately represents price availability for each individual unit type and reduces the influence of seasonality on rent prices in specific markets.
The rent information included in this article is used for illustrative purposes only. The data contained herein do not constitute financial advice or a pricing guarantee for any apartment.
For a third day, average mortgage rates barely moved yesterday. But that’s good because it means last week’s big falls remain effectively uneroded.
First thing, it was again looking as if mortgage rates today might fall, perhaps modestly or moderately. However, that could change as the hours pass.
Current mortgage and refinance rates
Find your lowest rate. Start here
Program
Mortgage Rate
APR*
Change
Conventional 30-year fixed
7.125%
7.14%
-0.075
Conventional 15-year fixed
6.385%
6.415%
-0.1
Conventional 20-year fixed
6.975%
7%
-0.045
Conventional 10-year fixed
6.12%
6.145%
-0.065
30-year fixed FHA
5.98%
6.88%
-0.095
30-year fixed VA
6.165%
6.315%
-0.13
5/1 ARM Conventional
6.425%
7.675%
-0.035
Rates are provided by our partner network, and may not reflect the market. Your rate might be different. Click here for a personalized rate quote. See our rate assumptions See our rate assumptions here.
Should you lock your mortgage rate today?
Every day that passes makes a corrective bounce (when mortgage rates rise as markets think they’ve got carried away) less likely. And it reinforces my hope that those rates are in a downward trend that could last well into next year.
So, my personal rate lock recommendations are:
LOCK if closing in 7 days
FLOAT if closing in 15 days
FLOAT if closing in 30 days
FLOAT if closing in 45 days
FLOATif closing in 60days
However, with so much uncertainty at the moment, your instincts could easily turn out to be as good as mine — or better. So let your gut and your own tolerance for risk help guide you.
>Related: 7 Tips to get the best refinance rate
Market data affecting today’s mortgage rates
Here’s a snapshot of the state of play this morning at about 9:50 a.m. (ET). The data are mostly compared with roughly the same time the business day before, so much of the movement will often have happened in the previous session. The numbers are:
The yield on 10-year Treasury notes edged lower to 3.90% from 3.92%. (Good for mortgage rates.) More than any other market, mortgage rates typically tend to follow these particular Treasury bond yields
Major stock indexes were mostly falling this morning. (Good for mortgage rates.) When investors buy shares, they’re often selling bonds, which pushes those prices down and increases yields and mortgage rates. The opposite may happen when indexes are lower. But this is an imperfect relationship
Oil prices climbed to $75.14 from $73.12 a barrel. (Bad for mortgage rates*.) Energy prices play a prominent role in creating inflation and also point to future economic activity
Goldprices held steady at $2,049 an ounce. (Neutral for mortgage rates*.) It is generally better for rates when gold prices rise and worse when they fall. Gold tends to rise when investors worry about the economy.
CNN Business Fear & Greed index — ticked down to 77 from 78. (Good for mortgage rates.) “Greedy” investors push bond prices down (and interest rates up) as they leave the bond market and move into stocks, while “fearful” investors do the opposite. So lower readings are often better than higher ones
*A movement of less than $20 on gold prices or 40 cents on oil ones is a change of 1% or less. So we only count meaningful differences as good or bad for mortgage rates.
Caveats about markets and rates
Before the pandemic, post-pandemic upheavals, and war in Ukraine, you could look at the above figures and make a pretty good guess about what would happen to mortgage rates that day. But that’s no longer the case. We still make daily calls. And are usually right. But our record for accuracy won’t achieve its former high levels until things settle down.
So, use markets only as a rough guide. Because they have to be exceptionally strong or weak to rely on them. But, with that caveat, mortgage rates today look likely to decrease. However, be aware that “intraday swings” (when rates change speed or direction during the day) are a common feature right now.
Find your lowest rate. Start here
What’s driving mortgage rates today?
The Federal Reserve
This morning’s Wall Street Journal (paywall) observed: “After their policy meeting last week, Fed officials released projections of at least three rate cuts [in general interest rates] next year. They have since been flummoxed that investors expect even faster and deeper cuts. The result: Confusion over when and how quickly the Fed might cut as the central bank tries to bring inflation down without a painful recession.”
This could turn into a real issue that could push mortgage rates higher, probably in the new year. Wall Street has a long and inglorious record of hearing what it wants the Fed to say rather than what the Fed actually says. And we’ve seen quite recently examples of sharp rises in mortgage rates when markets’ wishful thinking collides with reality.
Still, last week’s Fed meeting did deliver genuinely good news. And, even if mortgage rates rise when investors face the cold light of dawning reality, I’m optimistic that we’ll keep at least most of the recent gains. Just be aware that the path to lower mortgage rates is unlikely to be smooth.
Today
This morning’s economic reports cover existing home sales in November and consumer confidence in December. They’re both published too late for me to assess their likely impact on markets and mortgage rates.
They could push mortgage rates a little higher or lower, but they rarely move them far or for long.
Tomorrow
Tomorrow brings gross domestic product (GDP) figures for the third quarter of this year. This will be the third and final estimate for this number.
The second estimate put GDP growth at 5.2%, up from 2.1% in the second quarter. MarketWatch says that market expectations for tomorrow’s figure have recently been slightly scaled down to 5.1%.
If the actual number tomorrow is lower than 5.1%, that could drag mortgage rates lower. But, if it’s higher, that could push those rates upward.
Friday
We’re due November’s personal consumption expenditures (PCE) price index on Friday. Markets might get nervous if that shows inflation rising more than expected because that could destroy the Fed’s new-found optimism.
More on what to expect from the PCE report tomorrow.
Don’t forget you can always learn more about what’s driving mortgage rates in the most recent weekend edition of this daily report. These provide a more detailed analysis of what’s happening. They are published each Saturday morning soon after 10 a.m. (ET) and include a preview of the following week.
Recent trends
According to Freddie Mac’s archives, the weekly all-time low for mortgage rates was set on Jan. 7, 2021, when it stood at 2.65% for conventional, 30-year, fixed-rate mortgages.
Freddie’s Dec. 14 report put that same weekly average at 6.95%, down from the previous week’s 7.03%. Freddie’s data are almost always out of date by the time it announces its weekly figures.
Expert forecasts for mortgage rates
Looking further ahead, Fannie Mae and the Mortgage Bankers Association (MBA) each has a team of economists dedicated to monitoring and forecasting what will happen to the economy, the housing sector and mortgage rates.
And here are their rate forecasts for the current quarter (Q4/23) and the following three quarters (Q1/24, Q2/24 and Q3/24).
The numbers in the table below are for 30-year, fixed-rate mortgages. Fannie’s were updated on Dec. 19 and the MBA’s on Dec. 13.
Forecaster
Q4/23
Q1/24
Q2/24
Q3/24
Fannie Mae
7.4%
7.0%
6.8%
6.6%
MBA
7.4%
7.0%
6.6%
6.3%
Of course, given so many unknowables, both these forecasts might be even more speculative than usual. And their past record for accuracy hasn’t been wildly impressive.
Important notes on today’s mortgage rates
Here are some things you need to know:
Typically, mortgage rates go up when the economy’s doing well and down when it’s in trouble. But there are exceptions. Read ‘How mortgage rates are determined and why you should care’
Only “top-tier” borrowers (with stellar credit scores, big down payments, and very healthy finances) get the ultralow mortgage rates you’ll see advertised
Lenders vary. Yours may or may not follow the crowd when it comes to daily rate movements — though they all usually follow the broader trend over time
When daily rate changes are small, some lenders will adjust closing costs and leave their rate cards the same
Refinance rates are typically close to those for purchases.
A lot is going on at the moment. And nobody can claim to know with certainty what will happen to mortgage rates in the coming hours, days, weeks or months.
Find your lowest mortgage rate today
You should comparison shop widely, no matter what sort of mortgage you want. Federal regulator the Consumer Financial Protection Bureau found in May 2023:
“Mortgage borrowers are paying around $100 a month more depending on which lender they choose, for the same type of loan and the same consumer characteristics (such as credit score and down payment).”
In other words, over the lifetime of a 30-year loan, homebuyers who don’t bother to get quotes from multiple lenders risk losing an average of $36,000. What could you do with that sort of money?
Verify your new rate
Mortgage rate methodology
The Mortgage Reports receives rates based on selected criteria from multiple lending partners each day. We arrive at an average rate and APR for each loan type to display in our chart. Because we average an array of rates, it gives you a better idea of what you might find in the marketplace. Furthermore, we average rates for the same loan types. For example, FHA fixed with FHA fixed. The end result is a good snapshot of daily rates and how they change over time.
How your mortgage interest rate is determined
Mortgage and refinance rates vary a lot depending on each borrower’s unique situation.
Factors that determine your mortgage interest rate include:
Overall strength of the economy — A strong economy usually means higher rates, while a weaker one can push current mortgage rates down to promote borrowing
Lender capacity — When a lender is very busy, it will increase rates to deter new business and give its loan officers some breathing room
Property type (condo, single-family, town house, etc.) — A primary residence, meaning a home you plan to live in full time, will have a lower interest rate. Investment properties, second homes, and vacation homes have higher mortgage rates
Loan-to-value ratio (determined by your down payment) — Your loan-to-value ratio (LTV) compares your loan amount to the value of the home. A lower LTV, meaning a bigger down payment, gets you a lower mortgage rate
Debt-To-Income ratio — This number compares your total monthly debts to your pretax income. The more debt you currently have, the less room you’ll have in your budget for a mortgage payment
Loan term — Loans with a shorter term (like a 15-year mortgage) typically have lower rates than a 30-year loan term
Borrower’s credit score — Typically the higher your credit score is, the lower your mortgage rate, and vice versa
Mortgage discount points — Borrowers have the option to buy discount points or ‘mortgage points’ at closing. These let you pay money upfront to lower your interest rate
Remember, every mortgage lender weighs these factors a little differently.
To find the best rate for your situation, you’ll want to get personalized estimates from a few different lenders.
Verify your new rate. Start here
Are refinance rates the same as mortgage rates?
Rates for a home purchase and mortgage refinance are often similar.
However, some lenders will charge more for a refinance under certain circumstances.
Typically when rates fall, homeowners rush to refinance. They see an opportunity to lock in a lower rate and payment for the rest of their loan.
This creates a tidal wave of new work for mortgage lenders.
Unfortunately, some lenders don’t have the capacity or crew to process a large number of refinance loan applications.
In this case, a lender might raise its rates to deter new business and give loan officers time to process loans currently in the pipeline.
Also, cashing out equity can result in a higher rate when refinancing.
Cash-out refinances pose a greater risk for mortgage lenders, so they’re often priced higher than new home purchases and rate-term refinances.
Check your refinance rates today. Start here
How to get the lowest mortgage or refinance rate
Since rates can vary, always shop around when buying a house or refinancing a mortgage.
Comparison shopping can potentially save thousands, even tens of thousands of dollars over the life of your loan.
Here are a few tips to keep in mind:
1. Get multiple quotes
Many borrowers make the mistake of accepting the first mortgage or refinance offer they receive.
Some simply go with the bank they use for checking and savings since that can seem easiest.
However, your bank might not offer the best mortgage deal for you. And if you’re refinancing, your financial situation may have changed enough that your current lender is no longer your best bet.
So get multiple quotes from at least three different lenders to find the right one for you.
2. Compare Loan Estimates
When shopping for a mortgage or refinance, lenders will provide a Loan Estimate that breaks down important costs associated with the loan.
You’ll want to read these Loan Estimates carefully and compare costs and fees line-by-line, including:
Interest rate
Annual percentage rate (APR)
Monthly mortgage payment
Loan origination fees
Rate lock fees
Closing costs
Remember, the lowest interest rate isn’t always the best deal.
Annual percentage rate (APR) can help you compare the ‘real’ cost of two loans. It estimates your total yearly cost including interest and fees.
Also, pay close attention to your closing costs.
Some lenders may bring their rates down by charging more upfront via discount points. These can add thousands to your out-of-pocket costs.
3. Negotiate your mortgage rate
You can also negotiate your mortgage rate to get a better deal.
Let’s say you get loan estimates from two lenders. Lender A offers the better rate, but you prefer your loan terms from Lender B. Talk to Lender B and see if they can beat the former’s pricing.
You might be surprised to find that a lender is willing to give you a lower interest rate in order to keep your business.
And if they’re not, keep shopping — there’s a good chance someone will.
Fixed-rate mortgage vs. adjustable-rate mortgage: Which is right for you?
Mortgage borrowers can choose between a fixed-rate mortgage and an adjustable-rate mortgage (ARM).
Fixed-rate mortgages (FRMs) have interest rates that never change unless you decide to refinance. This results in predictable monthly payments and stability over the life of your loan.
Adjustable-rate loans have a low interest rate that’s fixed for a set number of years (typically five or seven). After the initial fixed-rate period, the interest rate adjusts every year based on market conditions.
With each rate adjustment, a borrower’s mortgage rate can either increase, decrease, or stay the same. These loans are unpredictable since monthly payments can change each year.
Adjustable-rate mortgages are fitting for borrowers who expect to move before their first rate adjustment, or who can afford a higher future payment.
In most other cases, a fixed-rate mortgage is typically the safer and better choice.
Remember, if rates drop sharply, you are free to refinance and lock in a lower rate and payment later on.
How your credit score affects your mortgage rate
You don’t need a high credit score to qualify for a home purchase or refinance, but your credit score will affect your rate.
This is because credit history determines risk level.
Historically speaking, borrowers with higher credit scores are less likely to default on their mortgages, so they qualify for lower rates.
For the best rate, aim for a credit score of 720 or higher.
Mortgage programs that don’t require a high score include:
Conventional home loans — minimum 620 credit score
FHA loans — minimum 500 credit score (with a 10% down payment) or 580 (with a 3.5% down payment)
VA loans — no minimum credit score, but 620 is common
USDA loans — minimum 640 credit score
Ideally, you want to check your credit report and score at least 6 months before applying for a mortgage. This gives you time to sort out any errors and make sure your score is as high as possible.
If you’re ready to apply now, it’s still worth checking so you have a good idea of what loan programs you might qualify for and how your score will affect your rate.
You can get your credit report from AnnualCreditReport.com and your score from MyFico.com.
How big of a down payment do I need?
Nowadays, mortgage programs don’t require the conventional 20 percent down.
In fact, first-time home buyers put only 6 percent down on average.
Down payment minimums vary depending on the loan program. For example:
Conventional home loans require a down payment between 3% and 5%
FHA loans require 3.5% down
VA and USDA loans allow zero down payment
Jumbo loans typically require at least 5% to 10% down
Keep in mind, a higher down payment reduces your risk as a borrower and helps you negotiate a better mortgage rate.
If you are able to make a 20 percent down payment, you can avoid paying for mortgage insurance.
This is an added cost paid by the borrower, which protects their lender in case of default or foreclosure.
But a big down payment is not required.
For many people, it makes sense to make a smaller down payment in order to buy a house sooner and start building home equity.
Verify your new rate. Start here
Choosing the right type of home loan
No two mortgage loans are alike, so it’s important to know your options and choose the right type of mortgage.
The five main types of mortgages include:
Fixed-rate mortgage (FRM)
Your interest rate remains the same over the life of the loan. This is a good option for borrowers who expect to live in their homes long-term.
The most popular loan option is the 30-year mortgage, but 15- and 20-year terms are also commonly available.
Adjustable-rate mortgage (ARM)
Adjustable-rate loans have a fixed interest rate for the first few years. Then, your mortgage rate resets every year.
Your rate and payment can rise or fall annually depending on how the broader interest rate trends.
ARMs are ideal for borrowers who expect to move prior to their first rate adjustment (usually in 5 or 7 years).
For those who plan to stay in their home long-term, a fixed-rate mortgage is typically recommended.
Jumbo mortgage
A jumbo loan is a mortgage that exceeds the conforming loan limit set by Fannie Mae and Freddie Mac.
In 2023, the conforming loan limit is $726,200 in most areas.
Jumbo loans are perfect for borrowers who need a larger loan to purchase a high-priced property, especially in big cities with high real estate values.
FHA mortgage
A government loan backed by the Federal Housing Administration for low- to moderate-income borrowers. FHA loans feature low credit score and down payment requirements.
VA mortgage
A government loan backed by the Department of Veterans Affairs. To be eligible, you must be active-duty military, a veteran, a Reservist or National Guard service member, or an eligible spouse.
VA loans allow no down payment and have exceptionally low mortgage rates.
USDA mortgage
USDA loans are a government program backed by the U.S. Department of Agriculture. They offer a no-down-payment solution for borrowers who purchase real estate in an eligible rural area. To qualify, your income must be at or below the local median.
Bank statement loan
Borrowers can qualify for a mortgage without tax returns, using their personal or business bank account. This is an option for self-employed or seasonally-employed borrowers.
Portfolio/Non-QM loan
These are mortgages that lenders don’t sell on the secondary mortgage market. This gives lenders the flexibility to set their own guidelines.
Non-QM loans may have lower credit score requirements, or offer low-down-payment options without mortgage insurance.
Choosing the right mortgage lender
The lender or loan program that’s right for one person might not be right for another.
Explore your options and then pick a loan based on your credit score, down payment, and financial goals, as well as local home prices.
Whether you’re getting a mortgage for a home purchase or a refinance, always shop around and compare rates and terms.
Typically, it only takes a few hours to get quotes from multiple lenders — and it could save you thousands in the long run.
Time to make a move? Let us find the right mortgage for you
Current mortgage rates methodology
We receive current mortgage rates each day from a network of mortgage lenders that offer home purchase and refinance loans. Mortgage rates shown here are based on sample borrower profiles that vary by loan type. See our full loan assumptions here.
There are many changes you can make to reduce the environmental impact your home and your daily life has on the planet. Even simple adjustments like using green cleaning products, finding ways to reuse your kitchen scraps, or locking your windows shut, can lead to less waste and energy savings. Whether you just bought a house in Miami, Los Angeles, or anywhere in between, here are some great ways to save energy, reduce your carbon footprint, and save money all from the comfort of your own home.
Reconsider your grocery shopping habits
To reduce waste and save energy at home, adopt eco-friendly grocery shopping habits.
“Subscribing to a milk delivery service with reusable glass bottles, reusing bags at a bulk grocery store, and selecting glass or metal packaging can make a tremendous difference in reducing our consumption of plastics,” says Lyons, CO-based BrightHeart Decor.
These simple adjustments in your grocery shopping routine can make a significant difference in promoting sustainability at home.
Save energy with LED lighting
In addition to upgrading the look of your home’s interior, changing up the lighting can make your home more efficient. LED bulbs are much more energy-efficient than other alternatives, and incorporating them throughout your home is an easy way to conserve energy.
“The easiest DIY way to save energy is to install LED lighting and click the thermostat one to two degrees up or down,” according to Edge Energy “Another way to conserve energy is to get an energy audit and do basic installations of any cost-effective retrofits.”
Reduce your household’s consumption of water
A common area of waste in many households is water usage. The average US household consumes over 300 gallons of water per day, and much of this is unnecessary. If you’re looking for ways to save water, simply being mindful of when the water is running unnecessarily can go a long way.
“Try cutting down on your daily water usage at home by saving six liters of water a minute by turning off your tap while you brush your teeth,” suggests Bamboodu, an online store that specializes in eco-friendly products. “Use natural biodegradable cleaning products that don’t contain chemicals, and install taps and showers with automatic shut-off.”
Use smart home technology to save energy and avoid expensive repairs
We all know that technology has made our lives easier, but it can also save money by reducing energy waste. Sensors on home appliances can not only prevent food and energy waste, but also alert homeowners to potential issues that could prove costly if missed.
“Smart homes enable homeowners to save energy and money by automatically regulating lights and thermostats using geofencing and motion sensor technology,” says Agile Home Automation. “Leak detectors can notify homeowners of problems before they become costly repair situations. Freezer and refrigerator sensors can notify homeowners if a door is not closed properly, or if the unit is beginning to fail before the food is ruined.”
“Using automation for lighting, temperature control, and window coverings is the most cost-effective way to reduce waste, and manage and save energy use in your home,” adds Brad Smith, president of Audio Video Design. “Today’s products sync with circadian rhythms and the astronomical clock for personal and precise customization.”
Be friendly to the environment (and your pocket) by going solar
With recent improvements in solar technology, saving money on electricity with solar panels is easier than it’s ever been. Take advantage of clean energy and save yourself some money in the process.
“Homeowners can install solar on their roof or property and pay no more than they were paying for electricity before, and hedge against rising electric costs while making the planet a cleaner place to live,” says Madison, NJ -based Green House Solar. “Not only will solar save energy, but it will also increase the resale value of your home.”
“Homeowners can save energy and get a greater return on investment by pairing their solar system with a smart home system,” adds Freedom Forever, a Temecula, CA-based company that combines solar and smart technology. “These systems enable homeowners to schedule when appliances consume electricity, allowing you to use more of your solar power and send less to the grid.
Find ways to save and reuse your produce
A great way to prevent food waste is by getting the most out of your produce scraps. Get more out of your veggies by using the scraps for a homemade vegetable broth.
“To make the most of your produce, save your vegetable scraps,” says blogger Nutti Nelli. “Once you fill up a half-gallon of scraps, bring five cups of water to a boil and add your veggie scraps, one teaspoon of salt, and one teaspoon of black pepper, and simmer for one hour. Drain the scraps, and now you have four cups of vegetable broth to use for cooking, soups, curries, or stews.”
Think twice about the cleaning products you’re using
When it comes to eco-friendly cleaning products, the first thing that probably comes to mind is biodegradable products. While these are great, you can go a step further by eliminating plastic packaging entirely.
“Save space and eliminate plastic from your cleaning routine when you use USDA certified biobased products,” says Beyond Clean Products, a company that specializes in eco-friendly cleaning products. “Consider incorporating detergent sheets and auto dish tabs that are 100 percent plastic-free.”
Keep windows locked to avoid any air leaks
Whether you’re running the AC during the summer or heating your home in the chilly winter months, the last thing you want is to run up your bill because of air leaks. Locking your windows not only secures your home, but also the air inside it.
“Keep your windows locked to save energy in your home, says Home Energy Saving Solutions. “The lock is not only for security, but it also keeps the window close-packed and creates a seal along the weather-stripping of the window. An unlocked window is an open window.”
Recycle your leftover household paint
If you’ve got leftover paint lying around after a recent home project, you may be wondering how exactly you’re supposed to get rid of it. Product Care Recycling cautions against simply throwing old paint in the trash.
“A fresh coat of paint can give your home new life,” they say. “However, leftover paint, like other hazardous household products, does not belong in the trash. It should be recycled to avoid contaminating our soil and water sources and to divert landfill waste.”
Enrich your soil and decrease landfill waste
Whether you already have a home garden or just want to help the environment, composting is a great way to get the most out of your food waste. The planet will appreciate it and so will your plants.
“Composting is one of the most impactful actions you can take to both reduce household waste heading to landfills and create an ultra-nourishing natural resource that your garden will love,” says Sustainable Jungle, a website that shares sustainability tips and tricks. “Some cities even offer discounts on composters to help encourage this community supporting activity.”
Use dimmable indoor lighting
Home lighting is another area where energy waste can take place. Since most light bulbs operate at full capacity when turned on, you may end up using more energy than you need to keep your home lit, especially during the day. Dimmable lights give your home a more natural glow, saving energy in the process.
“One of the most effective ways to reduce your electricity bill is to install a lighting control system or smart lighting,” says TSP Smart Spaces. “We’re all used to running our lights at 100 percent, but the reality is that not only do we not need to use 100 percent of the energy of a bulb all the time. Dimmable LEDs create a much more enjoyable living experience, and natural lighting that costs 20 to 50 percent less to run compared to regular switches.”
Although our early 20’s are an exciting era full of new-found freedom, there are a lot of ways that the choices we make in our early adulthood affect the trajectory of the next few decades. Occasionally, someone finds the right teachers, mentors and friends to really set them up well for their 20’s and 30’s, but often we look back after several years and wish there were things we’d known how to do differently. From finance strategies to mental health awareness, savvy knowledge can make all the difference as young adults take their first steps towards forging their futures. Below are the 20 surprising things everyone wishes they knew at age 21.
1. Find Someone Who Shares Your Values
Whether you’re dating, getting married, or just trying to find friends, finding people who share your values is crucial. Of course you’ll always have differences with the people around you, but if you share the same core values, like kindness, being fiscally responsible, etc., you’ll find it much easier to remain together.
One user shared, “Find someone who shares your values and wants the same things as you when finding a partner. Whatever that is, everyone else is a placeholder at best and a waste of time and energy at worst.”
Another user replied, “That’s why I’m not dating right now.”
2. Invest Money as Soon as You Can
Investing even a small amount early in your life will drastically change your ability to retire comfortably later. No amount is too small: open some type of retirement account and put in even just ten dollars a month. Bonus points if you can put in your bonuses from work, your tax return, and other cash that’s not part of your regular income!
One Redditor commented, “Invest money as soon as you’re able to while making sure you have enough money to survive on. The plan you may have for your life now may change. Be okay with that. My life is way different than I thought it would be. Stay physically active and eat healthy. Come 30s, it catches up to you if you stop being active and [don’t eat well].”
3. How Interest Rates Work
Interest rates work differently for you on different types of account; credit cards are different from loans, regular savings accounts are different from high-interest savings accounts.
One online user posted, “How interest rates work. What is a stock, and what to do with them. Impact of having children very early. Taxes. Keep making your dream a reality.”
4. How Precious Time Is
Time is one thing we’ll never get back once we give it away. That’s not to scare you; it’s not as if we should feel guilty for watching a movie we only slightly enjoyed. But time is a resource, and a really precious one. You can use time for social media, and if it’s relaxing to you that might be a good use of your hours. But don’t forget about relationships, education (even just learning hobbies counts!) and recreation that really refreshes you.
Another user added to the thread, “How precious time is.”
5. Everyone Has Their Own Issues: Do Not Expect Help
One user pointed out that, among other things, there won’t always be somebody who wants to listen to you vent or moan about your life, or to lend you money if that’s what you need. Plan ahead for yourself, don’t always assume your community will be your safety net.
One user broke down his own learnings and shared, “I wish I would have taken my credit seriously. Never stop being active; it greatly helps your mental and physical health. Learned a skill. I’m in IT now, but I should have been making way more at 35 if I had taken it seriously at 21.
“Who you choose as a partner matters a lot. Unless you have parents that love and have the means to help you, it’s just you against the world, and that’s okay. Everyone has their issues and do not expect help from anyone.”
Another user responded, “5 hit hard.”
6. Everything Is Going to Work Out Great
While you may have been launched into your 20s unprepared, wishing you knew a whole lot more than you did, don’t freak out. You know a lot more now. You’ve made it this far and you’re going to be ok.
“That regardless of how it looks right now, everything is going to work out great,” one user stated.
The OP replied, “My therapist reminds me of this during every session.”
7. Understand Monthly Installments
Lots of big-ticket items will offer you the chance to make several small payments instead of paying in one lump sum, but don’t assume it’s an easy way out of paying all at once. Double check how much the smaller payments actually add up to. Are they charging you interest, or hiking up the price just by making it look easier? Pay all at once if you can; it’ll save you some money, and help you to only buy things you can really afford.
Another commenter shared, “Okay, now take that monthly payment fee, multiply it by the number of months for the payment plan, and finally compare that result to the cost of them before the payment plan. Only had to learn that lesson once.”
8. Save as Much as You Can
One user commented, “Save as much money as you can; always split your checks into savings, bills, and for fun!! Just always those 3; just because you’re saving doesn’t mean you can’t have fun; limit yourself so you’re not spending so much money just on that. Putting these three categories together will save you a headache in the future. I started saving when I was 16 because I got my first job! By 20, I had saved 30k through work and financial aid.”
9. Find High-Paying Jobs
While everyone tells us in high school that we should follow our dreams, there’s a lot of wisdom in making sure you’ll be able to get a higher paying job too. If you put in several years with a higher paying job while you’re younger, imagine how much more freedom you could have to go after your hobbies when you have a good amount saved up?
One commenter added, “Find high-paying jobs that give you a 401k or retirement fund if you work full time. My job matches up to 4% of what I put in.”
10. Drinking Is Fun, but It’s Costly
We all know that the hard partying often starts in our 20’s, but how many of us have stopped to consider the cost of that? We’re not suggesting you don’t go out at all, but consider setting a budget for your evenings out, and plan how many times you go based on what you know you can afford.
One Redditor posted, “Drinking is fun, but it’s costly; I spent a lot of my money going out, and now that I’m 23 those ‘friends’ are nowhere to be found. Except for like 2.”
11. Find Friends That Will Stick With You
“Find friends that will stick with you no matter what. Watch out for jealous people who want your downfall. Not everyone will be happy with your achievements, and that’s okay, but don’t let them suck your energy and shine. Cut anyone that’s not making you a better person or pushing you to do better,” one user commented.
12. True Friends Will Always Be Honest
There will come a time in each our lives when when we need to be called out. It’s not comfortable or fun, but if you have friends who are willing to lovingly point out your flaws, consider yourself lucky. True friends will be honest with you and tell you when your habits have become hurtful. But true friends will also remain your friends afterwards; they’ll call you out and then stick around for the fallout and still love you on the other side.
One user shared, “True friends will always be honest even when it hurts … and they will be supportive and want what’s best for you. Don’t settle for less.”
13 Relationships Are Hard, but Dating Is Fun
One user posted, “Relationships [are hard], but dating is fun! As long as you are staying safe and setting boundaries. Relationships are fun when they work, and you feel fulfilled. Don’t settle for anything half-a-. If you spend 70% of your time unhappy and communicate that and nothing changes, it’s not worth it.”
14. Pick a Better College Degree
It’s true: your college degree can make or break your income earning potential. College isn’t necessary for everyone, but if you’re going to college, make sure that you’re choosing a really functional degree. If you want to get an education for fun, then be sure you can really afford to do that.
“Pick a better college degree. INVEST YOUR MONEY. Live frugally. Keep away from my dysfunctional family. Let my first boyfriend break up with me when he wanted to,” one user commented.
15. You Don’t Need to Do It All Tonight
Some of us need a serious pep-talk just to get up off our couches and get things done … and others need permission to just rest. So if that’s you, remember it’s ok not to get everything done at once. You may feel like you have to juggle everything, but a big key to “keeping it all together” is knowing which things you can drop and which things you actually need to get done.
One user shared, “You don’t need to do it all tonight.”
16. Forge Lots of Strong, Healthy Friendships
We’re made to live in community, and it shows. All of us will feel lonely from time to time, but having really strong friendships around you to support you in those times will help immensely. And sure, finding high-quality friends is really hard, but it will always pay off.
One Redditor highlighted friendship; “Forge as many strong, healthy friendships as possible.”
17. Take Care of Your Skin
Beyond taking care of your finances, your menta health and community, and your career, don’t forget your skin. Adjust your skin care to your climate and skin type, drink lots of water, and eat lots of whole foods. Those things together will probably make up ninety percent of a poppin’ skin care regime.
“I wish I’d taken better care of my skin. There’s a texture difference as you get older,” one commenter stated.
Another user replied, “Second this! Wearing sunscreen is always worth it (decades) later!”
18. Put Some Stock in Your Career
One user posted, “Wish I had taken more stock in my career. I wish I had taken college more seriously. I wish I hadn’t lost myself in another person so young. This destroyed my ability to have real relationships. Wish I had never stayed in upstate NY.”
19. How Fast You Become Yesterday’s News
Another Redditor shared, “How fast you forget about yesterday’s news. How eventually we all fade away and how nothing in this world lasts. So, all these fleeting pursuits of happiness lead to emptiness in the end. How quickly your body gives out on you as you age. How the older I am, the more I want to sleep as if I’m always catching up on a never-ending sleep debt. Or save money … lol.”
20. Bet on Apple Stock
One user commented, “To bet on Apple stock.in 1994, it was .24 cents a share. Sigh.”
Sure, it’s impossible to know which investments are going to really take off, but do yourself a favor and invest in what you can while you’re young. You might get a few duds, but hopefully there will be some winners among them. You have more ability to take chances while you’re young since you’re less likely to need the financial security yet, so take some time to learn what you’re doing or consult a professional.
What do you think of the things listed above? Share your thoughts down in the comments!
Source: Reddit.
10 Actors Perfectly Cast for Their Character Roles
Have you ever watched a movie or show and been completely lost in it because of how well an actor or actress became their character? Check out this article for a whole list of actors who were perfectly cast!
11 Vampire Movies That Will Make You Thirst for More
You know that feeling where you’re on a movie kick in a certain genre, but you seem to run out of good movies to watch? Well, if you’re down for a vampire movie or three, check out this article for the best ones out there!
10 Incredible Movies That People Rated 10 Out of 10
It’s pretty hard to replicate the experience of watching your favorite movie for the first time, but we’ve put together a list of movies that people have rated at a perfect 10/10. Next time you need a good movie to watch, check this out!
10 Famous People Who Canceled Themselves With Their Own Stupidity
We’ve all been there: you make a comment you haven’t thought through at all, and the whole room goes silent at what you’ve just said. But can you imagine doing that as a famous person—and getting canceled? Check out this list of celebrities who did just that!
13 Things You Shouldn’t Do When You’re in the US
Are you planning a trip to the US? Culture varies a lot between countries, even countries that share borders. So if you’re headed to the good old U. S. of A, here are a few pointers to make your travels go more smoothly!
Moving is part of most people’s lives. Maybe you’re heading to grad school a couple of towns away. Or perhaps you have a job offer hundreds of miles away that you’re excited to accept.
Whatever the reason, the logistics of getting your stuff from the old place to the new one will need wrangling. Here, you’ll learn more about your options for moving, how much it may cost (from a couple of hundred dollars to thousands), and how to afford the expense.
DIY Moving Costs
Yes, you could move yourself. This could be a smart move for a small, local move, and it can help keep costs within your budget.
Exactly how much this might cost will be based on several factors:
• Cost of transportation (can you borrow a friend’s van or do you need to rent one)?
• Cost of the packing materials you use (recycled boxes and old newspapers vs. the pros’ higher-end and job-specific supplies
• How much stuff you’re moving (and if you need to figure out insurance for any pricey items)
• How far you’re going
• Whether you need to store some things temporarily.
As you might guess, packing up the contents of a dorm room and moving it half a mile away to the apartment you’re renting with friends will cost one amount. Supplies might cost, say, $65.
Loading up the contents of the sweet bungalow you’ve been living in for a couple of years and depositing your worldly possessions at a new place 1,000 miles away will be a much more involved and expensive undertaking. Packing materials alone could be a few or several hundred dollars, and renting a moving truck could be anywhere from $20 to $100 per day, depending on your local cost of living. Also, you will likely have to pay to stay somewhere overnight and also spend at least a couple of hundred dollars on gas, dollies, and insurance. 💡 Quick Tip: Some personal loan lenders can release your funds as quickly as the same day your loan is approved.
Full Service Moving Costs
If you decide a full-service move best meets your needs, you’re probably going to want to gather some estimates, so you can nail down the details and be ready when it’s time to go. Some pointers as you do so:
• Also, do check ratings and references carefully. There are plenty of instances of fraud and scams in this realm, and it’s wise to protect yourself.
• Booking your truck four to eight weeks in advance is typically a good rule of thumb — maybe even further out if you’re moving in the busy summer months.
• Professional moving companies can give you an estimate based largely on how many rooms of furniture you have. Most have websites, so you can often get a quick estimate online. A typical local (or fairly local, not long-haul) move for a three-bedroom home is about $2,100.
The average moving costs if you relocate cross-country can easily be twice that, or $4,300 for a distance of about 1,225 miles. Keep in mind, specifics will vary. Oversized or extremely heavy items might cost you extra — as could lots of stairs, or things that need to be taken apart and put back together.
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Extra Moving Costs to Think About
Then there are the extras that go along with getting out of one place and into another.
• Transportation: If you’re taking your car across the country, you’ll probably want to get a tune-up before you go. And then there’s gas, hotel stays, and eating on the road. Having a car transported instead of driving it yourself could cost anywhere from $700 to $2,000.
If you’re in a hurry and decide to fly, that’s another expense. And if you’re taking a pet, you may have to add a little bit more to your overall bill, depending on the mode of transportation you choose for your furry friend.
• Getting into your new home: Don’t forget about deposits you might have to make at your new location. That could be anything from first and last month’s rent and a pet deposit at a new apartment, to utility deposits at a new house.
• Home repairs and cleaning: Be ready to pay for some home repairs on both ends of your move. You may have to make some quick fixes to get out of your rental without losing the deposit or maybe even major repairs if you’re selling a home. When you get to your new location, you could find some unexpected problems. Or you may just want to hire someone to come in and clean so you can cross that off your ever-growing moving to-do list.
• Starting out fresh: You’ll probably need to buy some things at your new home (like curtains, curtain rods, hangers, bedding, etc.) that are easily overlooked. Then there’s that fridge to fill. All those little costs can add up.
• Cash for tips: You will likely need to withdraw money from an ATM to thank people for their help when you move. Tips for the movers. Tips for the handyman or housekeeper who helps you get things in shape. Tips at your hotel. Tips for waitstaff at the restaurants you’ll be eating at until you get your new place up and running—or at the very least, tips for the pizza delivery guy.
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Financing Your Move
If you have enough room on multiple credit cards, you could go that route, but should you? Interest rates can be considerable.
Or would a personal loan make more sense for you to cover all those costs, big and small?
Remember, even if you’ll be reimbursed by your employer or plan to take some moving deductions when you file your tax return, it’s very likely you’ll be paying at least some moving costs up front. And the longer those expenses sit on a credit card, the more interest racks up.
The Takeaway
Even if you have a small amount of stuff and aren’t moving very far, moving takes time, energy, organization, and money. With the average professional move costing a couple of thousand dollars, you may want to plan carefully for this expense. It’s likely not a good reason to dip into your emergency fund, so you may want to save in advance or consider a personal loan. If you qualify for a personal loan, your interest rate may be lower than a credit card, which can free up some cash and reduce your money stress.
Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. Checking your rate takes just a minute.
SoFi’s Personal Loan was named NerdWallet’s 2023 winner for Best Online Personal Loan overall.
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Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .
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[Note from editor: The “Mastermind Showcase” highlights companies and news from members of the GEM. Today’s showcase: Assembly OSM]
In an effort to modernize the AEC industry, Assembly OSM is a modular construction company that utilizes aerospace precision technology to streamline and enhance the construction of high-rise buildings. Operating through a distributed supply chain, Assembly OSM solution handles architecture, design, fabrication, assembly operations, and construction. Starting with multifamily residential projects in New York City, Assembly OSM’s systems are flexible for project types as diverse as hotels, dormitories, healthcare facilities, factory housing, and office complexes, in a variety of geographies.
They are committed to all-electric buildings with energy efficiency and reduced embodied carbon thanks to passive design techniques such as insulated facades. They are also actively participating in the International WELL Building Institute’s WELL for Residential Program to further innovations in holistic sustainability prioritizing the well-being of building occupants.
What we like: Assembly OSM is creating a practical standard for urban development by promoting access to high-quality, environmentally conscious living.
If you own a home, you probably always have a list of improvements you’re considering. Maybe you desperately want to replace those dated kitchen appliances that scream year 2000, or you want to focus on ways to lower your energy bills, whether that means some strategic air sealing or adding solar panels.
Chances are, you also want any upgrades you pay for to increase the value of your home. You want to know that if and when it comes time to sell your place, you’ll recoup a good percentage of what you invested.
So, whether you have the cash saved up for home investment or you are looking to borrow for your next home project, consider these wise investments.
1. Improve Your Attic Insulation
We get it: You’re not going to invite friends over to see your new attic insulation.But it’s one of the best ways to increase your home’s energy efficiency.
You’ll not only profit when it’s time to sell, but you’ll also see immediate savings from the ongoing energy efficiency this upgrade provides. A properly insulated attic, combined with sealing air leaks throughout your home, cuts an average of 15% off your heating and cooling costs, allowing you to pocket the savings month after month. And who doesn’t want a lower energy bill?
Cost: $600 to $1,200 for blown-in insulation for a 1,000-square-foot attic. You may also need to rent the machine that blows in the fiberglass if you’re a DIY type. If you hire a pro, labor will run about $40 to $70 an hour. 💡 Quick Tip: Before choosing a personal loan, ask about the lender’s fees: origination, prepayment, late fees, etc. SoFi personal loans come with no-fee options, and no surprises.
2. Treat Yourself to New Windows
New windows can do double duty. Not only do they update a room’s tired appearance, they can also have energy-efficiency benefits. Depending on how many windows you replace, this can be a very big-ticket item. The average cost for a vinyl window replacement is $850, and a whole-home job can ring in at $20,091, according to Remodeling magazine. (Wood windows are pricier still.)
But here’s some good news: Replacing those windows adds value to your home. Typically, to the tune of 69% of the cost of the window-replacement project.
Cost: Anywhere from $850 per vinyl window to $20,000+ for the whole house. Again, if you go for wood vs. vinyl windows or need custom size ones (or several French doors), the price can ratchet up significantly. In that case, you might want to look at home improvement loan options.
3. Build a Deck
You and likely anyone who might buy your home in the future will love what a deck can do, lifestyle-wise. Weather permitting, you can have your AM coffee there, type away on your laptop during the day, and host friends, read, or just listen to the birdsong during off-hours. Here’s another nice thing about adding a deck: Your ROI is typically around 68% of the money you pay.
Cost: A new wood deck will cost on average $16,766. A composite one can cost more; on average, these are $22,426.
Read Next: How to Create a Renovation Plan to Match Your Budget
4. Refresh Your Bathroom
Who doesn’t love a beautiful new bathroom, whether your style is sleek and all white or if you prefer a warmer country cottage vibe? A bath remodel will cost, on average, between $6,627 and $17,494, according to Angi, the home renovation site. While an updated bath can definitely add to your home’s value, keep in mind that the sky’s the limit with the price tag. If you move the fixtures around and add one of those egg-shaped soaking tubs or a spa shower that has half-a-dozen mist settings, you may go well beyond the average range of costs.
Also, keep in mind that if you do something really singular (say, you pick tile in a super-bright shade), it may be harder to get your money out if and when you sell your property.
Cost: The average cost is $11,944, with cabinets and shelving accounting for 25% of the total, the shower and tub eating up 22% of costs, and your contractor’s fees usually being about 13% of your total expense. Of course, you can do a small bathroom remodel, perhaps repainting, adding some new artwork and a fresh shower curtain. 💡 Quick Tip: Home improvement loans typically offer lower interest rates than credit cards. Consider a loan to fund your next renovation.
5. Cook up a Cooler Kitchen
If you’re stuck with outdated appliances or hideous cabinets, a kitchen remodel is likely high on your list of improvements. It’s a great way to refresh your kitchen’s style and function.
But increasing home value with a new kitchen can fry your bank account: A remodel typically runs $14,612 and $41,392 according to Angi, but can cost much more if you move appliances’ position, opt for marble countertops, or fall in love with custom cabinetry. On average, you’ll recoup about 60% in ROI.
To update for less and wow your kitchen in a weekend, make some wallet-friendly upgrades: fresh paint, a new faucet, updated lighting (pendant lights are a good choice), and new cabinet pulls.
Cost: While you could just swap out cabinet pulls, which start at about $2 each, and repaint (plan on around $200), a larger kitchen remodel averages $26,849. Again, however, it’s worth noting you could spend multiples of that, depending on how large a project, how luxe the details, and where you live (cost of living can impact the price of goods and services in your area).
Recommended: Secured vs. Unsecured Personal Loans
The Easy Way to Finance HGTV-Worthy Upgrades
Even budget-friendly home improvements can set you back quite a bit. If you haven’t set aside the budget to bring more value to your home, you don’t necessarily have to dip into your retirement account or pay less on your student loans each month. You might want to consider a personal loan.
Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. Checking your rate takes just a minute.
SoFi’s Personal Loan was named NerdWallet’s 2023 winner for Best Online Personal Loan overall.
SoFi Loan Products SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
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Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
From high prices to low inventory, potential home buyers know it’s gnarly out there. But if you’re ready for homeownership, the long-term benefit of buying often outweighs the pain of toughing out the search — even these days.
Think of it like your 5 a.m. spin class: You know it’s good for you, even if it takes grit (and leaves you feeling sore).
With some market savvy, you can make the most of today’s challenging conditions. Here’s your game plan for buying a house in 2024.
The challenge: Stubbornly high mortgage rates squeeze shoppers’ buying power
Buyers have been at the mercy of mortgage rates’ meteoric rise, holding on as the average 30-year fixed rate climbed from 3% to nearly 7% in 2022. In October 2023, rates topped 8% for the first time since 2000 — a surprise even many top economists didn’t predict. But throughout November, they dropped slightly, landing at an average of 7.03% for the week ending Dec. 7.
Higher interest rates make it more expensive to get a mortgage. To put that in perspective: Let’s say you can afford $1,800 per month in principal and interest. At a 3% interest rate, you could afford to borrow $426,900. But at a 7% interest rate, you could afford to borrow only $270,600. Why? Because you’d pay a full $156,300 more in mortgage interest with the higher rate.
For now, economic signals suggest more positive news for buyers in 2024. Dan Moralez, regional vice president at Dart Bank in Holland, Michigan, points to a cooling economy and the pause on Fed interest rate hikes. “All of that stuff really lends itself to mortgage rates getting better and the cost to borrow getting cheaper,” Moralez says.
Let’s set realistic expectations, though: No experts are forecasting a return to 3% rates anytime soon. More likely, we’ll see the 30-year mortgage rate decline modestly below 7% in the second half of 2024, according to forecasts from the Mortgage Bankers Association and the National Association of Realtors.
Your strategy: Do your research to find the best deal
Don’t let high rates keep you on the sidelines for too long. When rates go down, competition goes up — another reason there’s no time like the present to start house hunting.
And whichever way rates move in 2024, you’ll save money if you shop around. Aim to get an estimate from at least three mortgage lenders. The Consumer Financial Protection Bureau estimates borrowers can save $100 per month (or more) this way. And look at the annual percentage rate, or APR, to understand the total cost of the loan, which includes fees and other charges.
With buyers wincing at high rates, some lenders are advertising “buy now, refinance later” offers. Others are offering temporary buydowns, where the buyer’s effective monthly payment is reduced for a year (or a few). Before signing up for a discount, ask questions to understand how it works. Each option could potentially save money, but Moralez says it could also be “smoke and mirrors” if the flashy deal is offset by higher fees.
“It’s one of those things where I tell folks, ‘There’s no free lunch, OK?’” he says. “You know, somebody is paying for it somewhere.”
The challenge: Low inventory means slim pickings for buyers
The rate of existing home sales is the lowest it’s been in 13 years, according to October 2023 data from the National Association of Realtors (NAR). The current market has a 3.6-month supply of unsold home inventory, meaning it would take listed homes 3.6 months to sell at the current sales pace. A balanced market has a supply of five to six months.
So why aren’t sellers selling? Octavius Smiley-Humphries, a real estate agent with The Smiley Group in Apex, North Carolina, points to higher prices and the “rate lock-in effect.”
“At this point, you’d be paying either double your mortgage for the same price house that you have, or a similar mortgage if you’re trying to even downsize,” he says. “So I think the more intelligent buyer is kind of thinking, ‘What’s the benefit?’ unless you absolutely have to move.”
Some hope: Single-family construction permits are on the rise, with more issued in October 2023 than at any other time in the past year, according to the Federal Reserve Bank of St. Louis, so we’ll see more new houses boosting supply soon. And despite larger shortages, 92% of markets have seen modest inventory growth over the last three months, according to a November 2023 report from ICE Mortgage Technology.
Your strategy: Cast a wider net
You can’t control who puts their house on the market. So focus on what you can change: your expectations.
Let go of the fantasy of finding the perfect home when a “good enough” home can get your foot in the door sooner. That’s especially true for first-time home buyers who are eager to build equity.
“Real estate has always been a really solid investment,” Smiley-Humphries says. “So what you essentially lose by waiting six months or a year could mean tens of thousands of dollars.”
For now, maybe you expand your search to include condos or townhouses. Maybe you settle for fewer bathrooms or a dated interior. Keep your chin up — even if you have to tolerate less square footage or weird linoleum floors for a while, you’ll have equity to remodel or sell in a few years.
The challenge: High prices push affordability to the worst it’s been in almost 40 years
Housing is the least affordable it’s been since 1984, according to a November 2023 report from ICE Mortgage Technology. Why? Home prices are growing faster than income, and on top of that, higher mortgage rates increase the cost of borrowing.
In October 2023, the median existing home sales price climbed to a record high of $391,800, according to the NAR. To buy a median-priced home at that time, buyers would need to shell out $2,567 per month just in principal in interest, ICE estimates. That’s another all-time high since ICE has been keeping track — and nearly double the median monthly payment of $1,327 just two years ago.
Until supply catches up to demand, prices are unlikely to fall. Realtor.com estimates prices will fall less than 2% next year. That’s another reason to jump in now: A big drop in prices could trigger more competition.
Your strategy: Make a budget and stick to it
If you’re Zillow-stalking houses you can’t afford, stop. Instead, channel that energy toward your plan to shop for a house in real life — starting with setting a realistic budget.
First, talk to a financial advisor or use an online calculator to see how much house you can afford. Understand how mortgage lenders will determine your eligibility, including analyzing your credit score, cash savings and monthly debt payments.
Next, find a buyer’s agent who knows how far your budget can go in your local market. An experienced agent can advocate for you and help you snag a good deal.
One bargain-hunting tip: Start searching in the winter, suggests Ellie Kowalchik, a real estate agent who leads the Move2Team with Keller Williams Pinnacle Group in Cincinnati, Ohio.
“There are good houses on the market now that aren’t getting the attention they may get in the spring with more buyer activity,” she says. “Less competition is good for buyers.”
The challenge: Multiple offers are common, and first-time buyers have less cash
More than one in four homes are still selling for above list price, according to October 2023 data from the NAR: 28% of homes sold for above list price that month. Homes for sale spent a median of 23 days on the market and saw an average of 2.5 offers, a sign that competition remains tough.
“Limited housing inventory is significantly preventing housing demand from fully being satisfied,” Lawrence Yun, NAR chief economist, said in a press release. “Multiple offers, of course, yield only one winner, with the rest left to continue their search.”
In general, first-time buyers come to the negotiating table with less cash than repeat buyers, reports the NAR. First-time buyers make a median down payment of 8%, while repeat buyers put down a median 19%.
And nearly one in three (29%) of sales were made in cash, reports the NAR, up slightly from 26% in 2022.
Your strategy: Use leverage where you have it
A good real estate agent can help you craft a strong offer, even if other buyers flash more cash.
Aziz Alhees, a real estate agent with Compass in Pasadena, California, has seen his share of wealthy investors making cash offers. He notes that they tend to bid below asking price since cash sales close faster. The promise of a quick closing is enough to get some sellers to turn down higher offers that ask for more time.
So Alhees competes on speed: With a mortgage preapproval and all other paperwork in hand, he prepares his buyers to close in 14 days.
“We’re not afraid of cash offers anymore,” he says.
On the flip side, if the sellers need more time to move out, a flexible closing timeline can sweeten some deals, too. But don’t waive the home inspection when you’re negotiating. It can be tempting, but you’re only hurting yourself if you later discover expensive problems.
The bottom line: Set realistic expectations
It’s fair to feel bummed out about high costs and low inventory. That’s especially true for first-time buyers who have been putting off their search, only to see the market remaining rough.
The solution: Think long term. Holding out for lower rates likely means you’ll face steeper prices and more competition. So if you’re determined to buy, find a place that suits your needs and budget as-is. Expecting perfection often means setting yourself up for disappointment.
“Sometimes I have clients that think they’re going to hit a home run the very first house they buy,” Moralez says. “And a lot of times I tell clients, well, sometimes it’s OK to be happy just getting on base.”