Inside: Are you looking for a way to help your kids learn about money? If so, Cash App for kids is the ideal answer. This guide will teach you how to manage money simply by using apps.
Ever wondered why it’s crucial for your kids and teens to have a cashless payment option?
In this digital age, teaching money management skills early to our younger generation is vital.
Having features likeCash App for kids is a great way to introduce them to responsible spending. Not only does it provide a secure method for purchases without the need for carrying physical money, but it also serves as an excellent tool for setting spending limits and tracking budgeting habits.
Plus, it’s a win-win for parents and teens as you can visually monitor transactions while they enjoy a sense of financial independence.
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What is Cash App?
Cash App is a user-friendly financial services platform that allows users to instantly send, receive, and invest money.
It offers a range of services including a free custom Visa debit card and the option to receive paychecks up to two days earlier.
Additionally, with the Cash App, users can instantly buy and sell stocks commission-free and even trade in bitcoin.
Can a child have Cash App?
Yes, a child can have a Cash App account if they are 13 years old or older. However, it requires parental approval.
Remember, this gives your child the opportunity to learn money management, but it also comes with the responsibility of overseeing their spending.
Why would kids need Cash App?
Well, we are moving to a cashless world. There are thousands of stores and restaurants that only offer cash. We learned this when our son went to an MLB baseball game with his middle school. No cash. Only debit or credit cards were accepted as well as Visa gift cards.
So, we needed to give our kids an introduction to modern, simple, and secure ways of money management.
Cash App might be the perfect solution. Another great option is Greenlight for kids.
Cash App – Do More with Your Money
Cash App is a user-friendly financial services platform that allows users to instantly send, receive, and invest money.
Simple way to save on everyday spending and back the way you want.
What are the benefits of using Cash App for kids?
Education: Cash App can be an effective way to teach your children about responsible money handling and the dynamics of a digital economy.
Control: You have the flexibility to set spending limits and disable certain features, ensuring responsible use of the application.
Security: Cash App’s encrypted connection adds an extra layer of security, keeping your kid’s transactions and personal data secure.
Emergencies and convenience: It’s an incredibly handy tool for sending cash to your kid during emergencies. No need to rush, just a tap on your phone, and you can send money.
What cash apps can 13 year olds use?
In today’s cashless society, it’s more important than ever for kids to learn how to manage money digitally.
Below are some alternatives to Cash App that serve well for 13-year-olds:
Description:
The Greenlight debit card is a kid-friendly financial tool designed for comprehensive money management education.
Parents can monitor and control card usage, set spending limits, and track your child’s spending and saving habits.
Learn to earn, save, and invest together. The banking and investing app for kids and teens.
Comes with a debit card
Allows kids to make savings goals.
Limited deposit methods
Monthly fee
Starts at $4.99/month
Description:
Prepaid cards and a family finance app for kids, teens, and parents.
More than money.
A financial education.
If you want your child to learn money habits that match your values, you’re in the right place.
Description:
Cash App is a user-friendly financial services platform that allows users to instantly send, receive, and invest money.
Simple way to save on everyday spending and back the way you want.
Description:
The Greenlight debit card is a kid-friendly financial tool designed for comprehensive money management education.
Parents can monitor and control card usage, set spending limits, and track your child’s spending and saving habits.
Learn to earn, save, and invest together. The banking and investing app for kids and teens.
Comes with a debit card
Allows kids to make savings goals.
Limited deposit methods
Monthly fee
Starts at $4.99/month
Description:
Prepaid cards and a family finance app for kids, teens, and parents.
More than money.
A financial education.
If you want your child to learn money habits that match your values, you’re in the right place.
No bank account needed.
No fancy phone needed.
Affordable for all! Plus free trial!
Mobile setup is not user friendly.
No investing option.
$5.99 month or $3.33/month for 12 months
Description:
Cash App is a user-friendly financial services platform that allows users to instantly send, receive, and invest money.
Simple way to save on everyday spending and back the way you want.
Only able to spend what is loaded on Card.
Free CashApp debit card.
No maintenance or annual fees.
Not FDIC insured.
No parental controls.
Remember, each app has its own unique strengths and weaknesses. Do some research and try out a few to see which one best suits your teen’s financial needs.
How do I create a Cash App account for my child?
Teaching kids about money management is vital for their financial future.
One excellent way to do this effectively is by setting up a Cash App account for children, giving them practical experience in handling finances while under a parent’s supervision. Also, known as a sponsored account.
This guide will walk you through the process of creating a Cash App account for your child and highlight the numerous benefits it offers.
Step 1: Download Cash App
To download Cash App, click this Cash App link to make sure you are in the right spot. Both you and your teen will need to do this step.
It’s easily recognizable – look for the white dollar sign on a green background. Once you’ve found it, simply hit ‘Install’ and sit back while your phone does the work.
Remember, this green goodness is only accessible to users in the United States.
When learning which payment type is best when trying to stick to a budget, you will be pleasantly surprised at how well Cash App works.
Step 2: Create an Account
This is a simple process. Both the teen and the adult will need to do this step separately. If as the parent you don’t have a Cash App account, then you will need to do this step.
To create a Cash App account, follow these steps:
Once installed, open the application and follow the on-screen instructions to set up your account.
You will have to enter your phone number or email address.
For security certification, the Cash App will send you a secret code to verify you. Enter it.
Select a $cashtag, which is a unique username to send and receive money (similar to Venmo)
Step 3: Connect a Bank Account
For the parent account, you need to complete this step and the teen will need to wait.
Remember, in “My Cash” you’ll spot the “Add Money” option for funding.
Open Cash App; it’s the icon with a white dollar sign on a green background.
Tap the top-right profile icon.
Navigate to “My Cash” – it’s a tab on the home screen.
Click “Link a Bank,” nestled within the options.
Follow the prompts to add your bank account or debit card info.
Once your card is linked, you’re all set.
Learn where can I load my Cash App card.
Step 4: Authorization Request of a Family or Sponsor Account
Now, you must link the two accounts together. Cash App calls this a sponsored account. There are one of two ways to accomplish this.
Option #1 – Parents Initiate the Request
To invite someone 13-17, then open the app:
Tap the Profile Icon on your Cash App home screen
Select Family
Tap Invite a teen
Follow prompts to share links using text or email
Option #2 – By the Teen
On the Home Screen, tap the Cash App profile icon.
Proceed to Family Accounts and choose the option “I’m a Teen”.
Complete the Cash App for Kids application form with your details including your name and birthday.
Hit the Request Approval button.
Enter the name, email, phone number, or $CashTag of your parent/guardian.
Lastly, tap Send. This will send an authorization request to your parent or guardian’s Cash App account. They need to approve this request before you can start using the app.
Note: You can’t add funds, send payment, or request a Cash Card until this authorization is approved.
Step 5: Have Your Child Design and Order a Free Cash Card
Now, the fun part! Ordering your own Cash App Card.
Designing and ordering your Cash Card is packed with creativity and ease.
Customize your card to represent your unique personality, with choices ranging from the material, font size, and base design, to text lines.
You can seek inspiration from an array of cool Cash App Card design ideas. Notably, the glow-in-the-dark cards are quite popular among minors.
The whole process is about making your debit card unmistakably yours.
Step 6: Limitations on Certain Features
Certain financial apps cater to teens by setting limits on transactions.
For example, a teen on Cash App can send and receive up to $1,000 every 30 days. This safeguard is designed to prevent overspending and encourage smart budgeting practices.
Furthermore, parents and guardians have the option to impose their own customized spending limits through the app according to their teen’s financial maturity. However, it’s essential to keep in mind, that these apps are not recommended to be used by teens just like regular accounts due to the risks of misspending and overspending.
Be aware that certain transactions are blocked, including bars, dating services, and rental car services
Encourage your kids to use robust, unique passwords and activate features like PIN lock and facial ID to enhance security.
You can ensure safety by setting a PIN, turning on notifications, and limiting money requests to ‘contacts only’.
This is similar to understanding the advantages of mobile phones for kids.
Step 7: Pick a unique $Cashtag
Tell your child to select a unique and fun $Cashtag for their Cash App account. It’s like a username and can be used in transactions.
Emphasize the originality of the $Cashtag as it needs to be unique.
Expert Tip: To secure their $Cashtag, avoid using personal information like birthdate or social security number. Instead, opt for quirky, fun, and uncommon word combinations.
Step 8: Send & receive money
Cash App provides an easy-to-use platform for instantly transferring money between friends and family at no cost.
A few quick taps allow users to request, receive, or send money, presenting a convenient method for paying a dinner, settling rent with roommates, or any other financial interactions.
In addition, users get a free custom Visa debit card, which they can order directly from the Cash App for both virtual and physical use. The card enables users to make purchases from any merchant accepting Visa cards.
Plus, with the Cash Boost feature, users gain from immediate discounts at select restaurants, stores, applications, and websites when they use their Cash App card.
An Alternative – Use Greenlight Debit Card for Kids
Looking for an all-in-one alternative to the Cash App for your kids?
Explore the Greenlight Debit Card for kids – a superb choice for money management and financial education.
The Greenlight debit card is a kid-friendly financial tool designed for comprehensive money management education.
Parents can monitor and control card usage, set spending limits, and track their child’s spending and saving habits.
Plus it offers 1% cash back on all purchases and up to 2% interest on savings, this card is accepted anywhere MasterCard is used and comes with built-in features that include educational programming and real-time notifications for every transaction.
Greenlight
The Greenlight debit card is a kid-friendly financial tool designed for comprehensive money management education.
Parents can monitor and control card usage, set spending limits, and track your child’s spending and saving habits.
Pros:
Offers a comprehensive financial education pathway
Broad acceptance due to affiliation with Mastercard
Parents retain control over spending limits
Real-time notifications improve security
Cashback rewards are an added bonus
Cons:
Greenlight charges a monthly fee starting from $4.99
Limitations on direct deposits
No possibility for payments from Paypal, Venmo or Apple Cash
Kids under 13 require parental access
Some transaction types are blocked
It’s an innovative and secure financial platform for kids, with plans starting at $4.99 a month.
Safety Measures for Using Cash App for Kids
Educating children about safety measures while using cash apps and debit cards is crucial in today’s digital age.
With increased online scams, it’s important that kids understand the equivalence of digital cash to real money and how to protect their accounts.
This brief overview will highlight key practices to ensure your child’s safety when handling digital transactions.
1. Know the App’s Safety Features
Knowing the app’s safety features is crucial for maintaining security while using cash apps.
These features can include password protection, two-step verification, and biometric scans such as fingerprint or facial ID. Many apps also offer robust encryption to secure data and transactions.
Keeping abreast of the app’s safety protocols not only helps safeguard against potential scams but also instills a better understanding of digital literacy. Understanding these safety measures and functionalities can greatly lessen the likelihood of falling victim to fraudulent activities.
Make sure they don’t learn how to unlock borrow on CashApp!
2. Talk to Your Kids About Money
It is essential to talk to your children about financial literacy from an early age especially if your parents never spoke about money.
Start by making them aware of the concept of saving by using tools like a piggy bank and elucidate the value of delayed gratification.
As they mature, introduce them to the functionalities of debit cards and apps like Cash App that provide hands-on experience in managing finances. Teach them about budgeting, saving, and investing in an age-appropriate manner.
Above all, impart the message that money doesn’t just grow on trees and that every purchase needs to be evaluated against future needs and plans.
3. Use Account Alerts to Stay Up to Date
Account alerts on Cash App are not only handy but critical to your kid’s financial safety. Setting them up is a breeze.
Firstly, head to the “Notification” tab in your app settings.
Thereafter, opt for “Account alerts” and switch it on. This will ensure you’re notified of all transactions.
For an added layer of security, enable “Suspicious activity” alerts; this helps to flag any odd movements swiftly.
4. Set Up a Strong Account Passwords
It is crucial to ensure that your online accounts are secured with robust and unique passwords.
Complex passwords that incorporate a mix of uppercase and lowercase letters, numbers, and special characters can provide a strong line of defense against unauthorized access. Also, you should look at changing these passwords regularly, which further enhances security.
Using a password manager, either online or paper-based, can assist in maintaining and keeping track of different account credentials, maximizing security while minimizing the risk of forgetting passwords.
However, if opting for a paper-based version, it is crucial to store it in a secure and confidential location to prevent unauthorized access.
5. Have a Conversation About Scams and Fraud
The proliferation of digital transactions and cash transfer apps has given rise to numerous scams, making it critical for users to look out for fraud.
Online scams can result in financial loss, with cash apps often not assisting in the recovery of misdirected funds due to errors or fraudulent activities.
Additionally, cybercriminals use these scams to steal personal data, leading to issues like identity theft and fraudulent transactions. Furthermore, the anonymity of digital platforms enables scammers to disappear without a trace after executing a scam, sometimes befriending and exploiting minors.
Therefore, everyone must stay vigilant about potential scams to protect their money, personal information, and overall digital safety.
Key Tips to Watch for:
Discuss current scams happening. Use reliable resources to educate them about how fraud works and precautions to take.
Teach them to *slow down* during transactions to avoid sending money to the wrong contacts.
Advise against sending money to strangers to avoid being scammed.
6. Check Bank Accounts for Any Unauthorized Payments
As a parent, it is essential to regularly check your teen’s checking accounts linked to their mobile wallet for unauthorized payments.
By staying vigilant, you can detect suspicious activity early and prevent possible instances of fraud.
Tracking their spending patterns also helps you understand if they are managing their digital money wisely or if there are sudden changes in their spending habits.
Remember, it is better to be proactive in monitoring these accounts, as most money transfer app funds are not FDIC insured, making the recovery of accidental transfers or payments a challenging task.
7. Ability to Give Your Kids an Allowance
If you choose to do so, giving your kids an allowance on Cash App is a safe and effective way to teach them about responsible money management. It provides hands-on experience while putting the power of monitoring in your hands.
To set this up, simply create an account for your minor and periodically send money to it as an allowance. They can spend or save it, while you observe their spending habits.
This is a simple way for kids and teens to start managing a small amount of money.
Cash App – Do More with Your Money
Cash App is a user-friendly financial services platform that allows users to instantly send, receive, and invest money.
Simple way to save on everyday spending and back the way you want.
Which cash app will you choose for your kids
To sum it up, equipping your kids with financial responsibility via Cash App or Greenlight is an intelligent move.
These apps provide a platform for learning about savings, investments, and the value of money.
Although risk exists its potential scams, with proper guidance, your teen can safely navigate this. The added perks of trading, direct cash exchanges, and options like BusyKid and Bankaroo can further enrich their financial literacy journey.
So, which digital wallet will you pick for your kid’s first leap into financial independence?
Know someone else that needs this, too? Then, please share!!
After more than 2 weeks of relentless selling that took yields to their highest levels since 2007, bonds have increasingly been sitting on dry powder–at least from a technical standpoint. Today’s PMI data provided the spark. The explosion of bond buying began in Europe where PMIs were much weaker across the board in the services sector. US numbers weren’t as bad by comparison, but far enough below consensus to greenlight the rally. Interestingly, and perhaps importantly, the rally didn’t let up ahead of the 20yr Treasury auction, but the auction was decent nonetheless. This increases the temptation to conclude “the top is in” for rates, but that top is only as good as the forthcoming data is bad. We also need to see if Powell has anything interesting to say on Friday (or at least if enough of the market was waiting on Jackson Hole before making even bigger moves).
S&P Global PMI
Services: 51.0 vs 52.2 f’cast, 52.3 prev
Manufacturing: 47.0 vs 49.3 f’cast, 49.0 prev
09:33 AM
Big gains on EU PMI data. 10yr down 9bps at 4.24 and MBS up nearly half a point.
12:58 PM
Sideways at stronger levels, despite some volatility in MBS due to illiquidity. UMBS up half a point and 10yr yields down 12.4bps at 4.208
03:59 PM
10yr down 15bps at lows of the day, 4.184. MBS up 18 ticks (.56).
Download our mobile app to get alerts for MBS Commentary and streaming MBS and Treasury prices.
Current mortgage rates are moving a little higher this morning after some better than expected economic data.
We could see mortgage rates continue to adjust tomorrow morning when we get the monthly jobs report for December.
Anyone looking to buy or refinance should pay attention to what happens after that release. Read on for more details.
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Market Outlook 1.2.18 from Total Mortgage on Vimeo.
Where are mortgage rates going?
Rates up a little today
It’s a snowy day for most of the East Coast, but that’s not stopping financial markets from getting on with the day’s events.
Click here to get today’s latest mortgage rates (Aug. 1, 2023).
If we take a look at the yield on the 10-year Treasury note (which is the best market indicator of where mortgage rates are going), we can see that it’s up about three basis points from where it started the day.
That rise seems mostly due to a stronger than expected headline reading in the ADP employment report this morning. That report showed that 250,000 jobs were added in December, compared to the 180,000 that analysts had expected.
The ADP report is always the precursor the the main event, the Employment Situation report, which gets released the following day. The two reports don’t always align, but that doesn’t stop investor optimism after a strong ADP report.
If we do get a strong monthly jobs report tomorrow morning that would certainly put further upward pressure on Treasury yields and mortgage rates as market participants move out of bonds and into riskier assets such as stocks.
Rate/Float Recommendation
Lock now while rates are low
Mortgage rates are gradually moving higher, which is something we’ve been expecting, and believe will continue to to happen over the coming weeks and months.
Given this expectation, we believe that it makes the most sense for anyone trying to buy a home or refinance their current mortgage to lock in a rate sooner rather than later.
Click here to head to our Mortgage Builder and figure out how much you could save.
Today’s economic data:
ADP Employment Report
The ADP employment report showed that 250,000 jobs were added in December.
Jobless Claims
Applications for U.S. unemployment benefits came in at 250,000 for the week of 12/30. The four-week moving average is now at 241,750.
PMI Services Index
The PMI services index hit a 53.7 for December.
EIA Petroleum Status Report
For the week of 12/29:
Crude oil: -4.6 M barrels
Gasoline: 0.6 M barrels
Distillates: 1.1 M barrels
Fedspeak
St. Louis Fed President James Bullard will speak at 1:30pm.
Get the GreenLight and close in 21 days*
Notable events this week:
Monday:
Markets Closed: New Year’s Day
Tuesday:
PMI Manufacturing Index
Wednesday:
ISM Mfg Index
Construction Spending
FOMC Minutes
Thursday:
ADP Employment Report
Jobless Claims
PMI Services Index
EIA Petroleum Status Report
Fedspeak
Friday:
Employment Situation
International Trade
Factory Orders
ISM Non-Mfg Index
Fedspeak
*Terms and conditions apply.
Carter Wessman
Carter Wessman is originally from the charming town of Norfolk, Massachusetts. When he isn’t busy writing about mortgage related topics, you can find him playing table tennis, or jamming on his bass guitar.
Here comes the first week of 2018. Mortgage rates are dealing with some mild upward pressure today after some positive economic data. The biggest thing to keep your eye on this week is the monthly jobs report on Friday. That report always has the potential to cause some ripples in the mortgage market. Read on for more details.
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Market Outlook 1.2.18 from Total Mortgage on Vimeo.
Where are mortgage rates going?
Rates up a little
Here we go with another week and another year. Mortgage rates are dealing with some mild upward pressure as we kick things off, but it’s by no means a major shift higher.
Click here to get today’s latest mortgage rates (Aug. 1, 2023).
The adjustment seems to be happening in part because of the PMI Mfg index for December, which came in at a 55.1. That’s a couple points higher than the prior month’s reading, increasing investors optimism.
Optimistic market participants are more likely to take money out of government bonds and put it into riskier assets such as stocks. This pushes Treasury yields, which are closely tied to mortgage rates, higher.
If we take a look at the yield on the 10-year Treasury note (the best market indicator of where mortgage rates are going), we can see that it’s up almost four basis points today.
Mortgage rates typically move in the same direction as the 10-year yield, and so they’re dealing with some upward pressure this morning. Looking at the economic calendar for the rest of the week, we do have several opportunities for mortgage rates to adjust.
The most likely adjustment will occur on Friday morning when the Employment Situation (a.k.a. the monthly jobs report) gets released. That report is always one of the most closely watched data releases every month, and there’s little reason to believe this time around will be different.
Analysts are expecting the report to show that 190,000 private sector jobs were added in December. So that’s the benchmark that investors will be looking for the headline reading to hit.
The thing to watch out for here is a reading that comes in well below or above the target of 190,000. Since financial market participants try to position themselves according to these forecasts, if the number doesn’t align with the outcome, they’re forced to reevaluate and readjust their positions.
Rate/Float Recommendation
Lock now
Mortgage rates are expected to rise throughout 2018. Given that expectation, we think that it makes sense for most borrowers to try and lock in a rate sooner rather than later. You can get started online by following the link below, or on the phone with a quick call to one of our mortgage specialists.
Click here to head to our Mortgage Builder and figure out how much you could save.
Today’s economic data:
PMI Manufacturing Index
The PMI Mfg Index came in at 55.1 for December.
Get the GreenLight and close in 21 days*
Notable events this week:
Monday:
Tuesday:
PMI Manufacturing Index
Wednesday:
ISM Mfg Index
Construction Spending
FOMC Minutes
Thursday:
ADP Employment Report
Jobless Claims
PMI Services Index
EIA Petroleum Status Report
Fedspeak
Friday:
Employment Situation
International Trade
Factory Orders
ISM Non-Mfg Index
Fedspeak
*Terms and conditions apply.
Carter Wessman
Carter Wessman is originally from the charming town of Norfolk, Massachusetts. When he isn’t busy writing about mortgage related topics, you can find him playing table tennis, or jamming on his bass guitar.
The week continues to march onward and mortgage rates continue to stay in a pretty tight range. Right now, they’re down a little bit as financial market participants wait for the release of the FOMC minutes this afternoon.
Depending on what we get in those notes, we could see current mortgage rates adjust in afternoon trading. Read on for more details.
[embedded content]
Market Outlook 1.2.18 from Total Mortgage on Vimeo.
Where are mortgage rates going?
Rates down as investors wait for FOMC minutes
Financial market participants are in wait and see mode ahead of the release of the minutes from the FOMC meeting a few weeks ago.
Click here to get today’s latest mortgage rates (Jul. 31, 2023).
Those notes tend to shed a little more light on the inner-workings at the Fed, which is something that investors will of course want to tune in and check out.
We know that the FOMC decided to raise rates, but how the actual discussion unfolded is something that could cause investors to alter their positions.
After all, the rate hike outlook for 2018 is not set in stone so market participants will continue to look for clues wherever they may be found.
The FOMC minutes will get released at 2:00pm and the market reaction, if there is one, will happen very quickly after that. The more likely it looks like the Fed is willing and able to raise rates, the more likely it is that mortgage rates will increase.
If for some reason it seems as though the rate hike outlook will get softened, then we could see mortgage rates continue to decline.
Rate/Float Recommendation
Lock now
For now, mortgage rates are still poised to continue their gradual ascent through 2018. That’s why we’re recommending that anyone looking to buy a home or refinance locks in a rate sooner rather than later.
Click here to head to our Mortgage Builder and figure out how much you could save.
Today’s economic data:
ISM Mfg Index
The ISM Mfg Index came in at 59.7 for December. That’s a little higher than the 58.1 that was expected. Notably, the report shows a 14-year high for new orders.
Construction Spending
Construction spending for November rose 0.8%. That brings the year over year change to 2.4%.
FOMC Minutes
The minutes from the FOMC meeting a few weeks ago will be released today at 2:00pm.
Get the GreenLight and close in 21 days*
Notable events this week:
Monday:
Markets Closed: New Year’s Day
Tuesday:
PMI Manufacturing Index
Wednesday:
ISM Mfg Index
Construction Spending
FOMC Minutes
Thursday:
ADP Employment Report
Jobless Claims
PMI Services Index
EIA Petroleum Status Report
Fedspeak
Friday:
Employment Situation
International Trade
Factory Orders
ISM Non-Mfg Index
Fedspeak
*Terms and conditions apply.
Carter Wessman
Carter Wessman is originally from the charming town of Norfolk, Massachusetts. When he isn’t busy writing about mortgage related topics, you can find him playing table tennis, or jamming on his bass guitar.
The monthly jobs report for December fell a little short of what was expected, so that took some upward pressure off of mortgage rates today.
We still think, however, that mortgage rates will continue to rise over the coming weeks and months. If you’re thinking of a purchase or refinance, you should try to act soon. Read on for more details.
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Market Recap 1.5.18 from Total Mortgage on Vimeo.
Where are mortgage rates going?
Rates flat after soft jobs report
Well, we made it to the first Friday of the month and that means the monthly jobs report got released. According to the Bureau of Labor Statistics, 148,000 private sector jobs were added in December.
Click here to get today’s latest mortgage rates (Jul. 31, 2023).
That’s well below the 191,000 that analysts had expected, but the report isn’t a total disappointment, with the unemployment rate staying at 4.1%, and average hourly earnings increasing by 0.3%.
In the end, it’s kind of a wash with the good and bad adding up to a big nothing-burger in the markets. The yield on the 10-year Treasury note (the best market indicator of where mortgage rates are going) is up a little over one basis point right now.
Mortgage rates typically move in the same direction as the 10-year yield, so rates are flat to ever so slightly higher as we approach the weekend.
Rate/Float Recommendation
Lock now while rates are low
Today’s monthly jobs report showed enough strength to push Fed officials into raising rates at upcoming FOMC meetings. Therefore, our outlook remains for mortgage rates to rise over the coming months.
It only makes sense then, that anyone looking to buy a home or refinance should try to lock in a rate sooner rather than later.
Click here to head to our Mortgage Builder and figure out how much you could save.
Today’s economic data:
Employment Situation
The monthly jobs report for December showed 148,000 jobs were added. The unemployment rate remained unchanged at 4.1%.
International Trade
The nation’s trade deficit widened to $50.5 billion in November.
Factory Orders
Factory orders for November rose 1.3%.
ISM Non-Mfg Index
The composite index for December came in at a 55.9. That’s a little lower than expectations.
Fedspeak
Cleveland Fed President Loretta Mester at 12:30pm.
Get the GreenLight and close in 21 days*
Notable events this week:
Monday:
Markets Closed: New Year’s Day
Tuesday:
PMI Manufacturing Index
Wednesday:
ISM Mfg Index
Construction Spending
FOMC Minutes
Thursday:
ADP Employment Report
Jobless Claims
PMI Services Index
EIA Petroleum Status Report
Fedspeak
Friday:
Employment Situation
International Trade
Factory Orders
ISM Non-Mfg Index
Fedspeak
*Terms and conditions apply.
Carter Wessman
Carter Wessman is originally from the charming town of Norfolk, Massachusetts. When he isn’t busy writing about mortgage related topics, you can find him playing table tennis, or jamming on his bass guitar.
Here we go with another week. We’ve got several speaking engagements from Federal Reserve officials this week as well several important economic reports out.
That means there will be multiple chances for current mortgage rates to adjust this week. If you’re looking to buy a home or refinance, our recommendation is to take action soon. Read on for more details.
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Market Outlook 1.8.17 from Total Mortgage on Vimeo.
Where are mortgage rates going?
Fed speakers in focus today
It’s been a while since we’ve had a heavy week of speaking engagements from Federal Reserve officials, but that’s what we’re getting this week with at least one speaking event every day.
Click here to get today’s latest mortgage rates (Jul. 30, 2023).
Kicking things off for the week we have three speaking engagements from the Boston, Atlanta, and San Francisco Fed Presidents.
Of course, financial market participants will be looking for clues about the next increase to the nation’s benchmark interest rate, the federal funds rate.
That rate got increased by a quarter point at their previous meeting in December, and the expectations are currently for multiple increases in 2018.
However, any projections about future monetary policy decisions are subject to being altered and adjusted as fresh data makes its way into the equation.
Last Friday, we did get the monthly jobs report for December. That report is always a key event each month that investors and policymakers alike turn to when reassessing what course of action should be taken.
While the headline reading came in well under the mark that analysts had expected, we did see some strength in average hourly earnings, resulting in a bit of a give and take report that didn’t have much effect on the markets.
It will be interesting to see how exactly Fed officials react to the current economic situation.
Aside from the many Fed speaking engagements, we also have a few notable economic reports out later this week including the Producer Prices, Consumer Price Index, and Retail Sales.
Rate/Float Recommendation
Lock now while rates are low
Mortgage rates are expected to rise in the long-run, which means that most borrowers will be better off by locking in a rate sooner rather than later.
It only takes a few minutes online or a quick phone call to a mortgage specialist to get started.
Click here to head to our Mortgage Builder and figure out how much you could save.
Today’s economic data:
Fedspeak
Boston Fed President Eric Rosengren at 4:00pm
Atlanta Fed President Raphael Bostic at 12:40pm
San Francisco Fed President John Williams at 1:35pm
Get the GreenLight and close in 21 days*
Notable events this week:
Monday:
Tuesday:
Fedspeak
JOLTS
Wednesday:
Import and Export Prices
Fedspeak
EIA Petroleum Status
10-Yr Note Auction
Thursday:
Jobless Claims
PPI-FD
Friday:
Consumer Price Index
Retail Sales
Business Inventories
*Terms and conditions apply.
Carter Wessman
Carter Wessman is originally from the charming town of Norfolk, Massachusetts. When he isn’t busy writing about mortgage related topics, you can find him playing table tennis, or jamming on his bass guitar.
The yield on the 10-year Treasury note surpassed a notable marker for investors today. As a result, we’re seeing some upward pressure on mortgage rates today.
If you’ve been considering getting a refinance or purchasing a home, we strongly recommend that you take action now in order to try and get the best rate. Read on for more details.
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Market Outlook 1.8.17 from Total Mortgage on Vimeo.
Where are mortgage rates going?
Treasury yields move higher
We’ve got some overseas news that’s affecting the domestic bond market today.
The Bank of Japan announced that they are reducing their bond buying program, which investors anticipate as a first step in a new direction for the BOJ. With less demand for bonds, yields are rising.
The yield on the 10-year Treasury note (the best market indicator of where mortgage rates are going), has now crept up almost five basis points on the day, bringing it to 2.52%. This is the first time that its moved over 2.50% since March.
Mortgage rates typically move in the same direction as the 10-year yield, so we’re seeing some upward pressure on rates today. The way things are going, it seems as though this trend could continue into the weekend.
Click here to get today’s latest mortgage rates (Jul. 29, 2023).
Federal Reserve
It’s a big week for the Federal Reserve with a handful of speaking engagements from Fed officials. Yesterday, we started off the week hearing from three different Fed Bank Presidents.
Boston Fed President Eric Rosengren made some interesting inflation comments, stating that “My own view is that we should be focused on an inflation range, with the potential to move within the range as the optimal inflation rate changes.”
This is in contrast to the current policy, in which the Fed has a set target of 2.00% inflation.
We also heard from the Atlanta Fed President Raphael Bostic yesterday who said that the Fed might actually only need to increase the federal funds rate two or fewer times in 2018. That goes against the current belief that the Fed will hike four or more times this year.
Rate/Float Recommendation
Lock now while rates are low
Mortgage rates moving higher, which is something we’ve been anticipating for some time. We expect them to continue rising over the coming weeks and moving, so it makes sense for most borrowers to try to lock in a rate now.
Getting a free rate quote is simple and fast with our Mortgage Builder. If you don’t feel like filling out a form, you can always call one of our loan specialists for a quick conversation.
Click here to head to our Mortgage Builder and figure out how much you could save.
Today’s economic data:
Fedspeak
Minneapolis Fed President Neel Kashkari at 10:00am.
JOLTS
The Labor Department is reporting 5.879 million job openings in November. That’s almost 1% lower than the prior month.
Get the GreenLight and close in 21 days*
Notable events this week:
Monday:
Tuesday:
Fedspeak
JOLTS
Wednesday:
Import and Export Prices
Fedspeak
EIA Petroleum Status
10-Yr Note Auction
Thursday:
Jobless Claims
PPI-FD
Friday:
Consumer Price Index
Retail Sales
Business Inventories
*Terms and conditions apply.
Carter Wessman
Carter Wessman is originally from the charming town of Norfolk, Massachusetts. When he isn’t busy writing about mortgage related topics, you can find him playing table tennis, or jamming on his bass guitar.
Some positive economic data this morning is creating some upward momentum for current mortgage rates. The day is young, though, and we still have several economic reports to deal with that could cause rates to adjust.
However, the long term trend remains for rates to rise, which means borrowers will likely get a better deal on a purchase or refinance by taking action now. Read on for more details.
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Market Outlook 1.16.18 from Total Mortgage on Vimeo.
Where are mortgage rates going?
Rates up a little
Mortgage rates are moving a little higher this morning as investors get ready for some economic data to come out.
Click here to get today’s latest mortgage rates (Jul. 28, 2023).
The yield on the 10-year Treasury note (the best market indicator of where mortgage rates are going) is up about two and a half basis points from where it started the day.
Mortgage rates typically move in the same direction as the 10-year yield, so rates are trending higher right now.
It’s not unbearable upward pressure but the momentum is definitely there. We did already get the Industrial Production report, which showed that production increased by 0.9% in December–much higher than the 0.4% that analysts had expected.
This is certainly helping to carry the upward push for current mortgage rates and Treasury yields. Later on this afternoon we will get the Fed’s Beige Book, which has anecdotal evidence from the various Fed regions about how the U.S. economy is performing.
Rate/Float Recommendation
Lock now while rates are low
Mortgage rates are moving a littler higher this morning. There is still plenty of time left in the day, however, so we could still see them move around some more before the day is over.
The long term trend continues to be for rates to move higher, so we’re still recommending that borrowers take action on a purchase or refinance sooner rather than later.
Click here to head to our Mortgage Builder and figure out how much you could save.
Today’s economic data:
Industrial Production
Industrial Production rose 0.9% in December. Manufacturing increased by 0.1%. The capacity utilization rate is now at 77.9%.
Housing Market Index
Beige Book
Fedspeak
Chicago Fed President Charles Evans at 3:00pm
Dallas Fed President Robert Kaplan at 3:15pm
Cleveland Fed President Loretta Mester at 4:30pm
Get the GreenLight and close in 21 days*
Notable events this week:
Monday:
Nothing: Markets Closed for Martin Luther King Jr. Day
Tuesday:
Empire State Mfg Survey
Wednesday:
Industrial Production
Housing Market Index
Beige Book
Fedspeak
Thursday:
Housing Starts
Jobless Claims
Philadelphia Fed Business Outlook Survey
EIA Petroleum Status Report
Friday:
Consumer Sentiment
*Terms and conditions apply.
Carter Wessman
Carter Wessman is originally from the charming town of Norfolk, Massachusetts. When he isn’t busy writing about mortgage related topics, you can find him playing table tennis, or jamming on his bass guitar.
The government shutdown continues to dominate headlines in the U.S. but the actual market reaction has been fairly muted so far today.
There will be a vote at noon on whether or not to reopen the government with funding for three more weeks. There is definitely the possibility of a mortgage rate adjustment after the results of that vote are in.
Read on for more details.
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Market Outlook 1.22.18 from Total Mortgage on Vimeo.
Where are mortgage rates going?
Government shutdown still center stage
Unless you’ve been under a rock for the past 72 hours you’re no doubt aware that the U.S. government went into a shutdown after Republican and Democratic lawmakers failed to agree on funding by midnight last Friday.
Click here to get today’s latest mortgage rates (Jul. 28, 2023).
The hectic scene down in Washington, D.C. continues this morning as a vote at noon is now the key focus. If the vote passes, the government will reopen and have funding for three more weeks.
The outcome is still clouded with uncertainty as a few crucial issues remain unresolved between the two parties. At any rate, the markets aren’t really showing much concern at the moment with all the major U.S. indexes trading higher.
If we take a look at the yield on the 10-year Treasury note (the best market indicator of where mortgage rates are going), we can see that it’s just about two basis points lower from where it started the day.
Mortgage rates typically move in the same direction as the 10-year yield, so rates are flat to slightly lower right now.
Rate/Float Recommendation
Lock now while rates are low
Mortgage rates moved higher last week. There’s a lot up in the air right now with the government shutdown so it’s hard to say where mortgage rates will go this week; however, we do still expect that current mortgage rates will rise in the long-term.
Given this expectation, we believe the smart decision for anyone looking to buy a home or refinance is to lock in a rate sooner rather than later.
Click here to head to our Mortgage Builder and figure out how much you could save.
Today’s economic data:
Chicago Fed National Activity Index
The Chicago Fed National Activity Index came in at a 0.27 for December, which is just a touch higher than the 0.27 that analysts had expected. The 3 month moving average is now at 0.42. It’s a mixed report that isn’t doing anything for investors today.
Get the GreenLight and close in 21 days*
Notable events this week:
Monday:
Chicago Fed National Activity Index
Tuesday:
Richmond Fed Manufacturing Index
Fedspeak
Wednesday:
FHFA House Price Index
PMI Composite Flash
Existing Home Sales
EIA Petroleum Status Report
Thursday:
International Trade in Goods
Jobless Claims
New Home Sales
Kansas City Fed Manufacturing Index
Friday:
Durable Goods Orders
GDP
*Terms and conditions apply.
Carter Wessman
Carter Wessman is originally from the charming town of Norfolk, Massachusetts. When he isn’t busy writing about mortgage related topics, you can find him playing table tennis, or jamming on his bass guitar.