Uncommon Knowledge
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
While mortgage rates remain higher than they were during the housing market’s booming pandemic years, Moody’s Ratings has predicted them to finally start declining over the next few years in a new report.
Exactly a week ago, the Federal Home Loan Mortgage Corporation, better known as Freddie Mac, reported that the average rate for a 30-year-fixed mortgage—the most popular among U.S. borrowers—had reached 7.1 percent, a record high for this year so far.
Read more: How to Find the Right Mortgage for You
Moody’s Ratings’ experts believe mortgage rates will come down—just not as quickly as homebuyers might wish for. The financial research company is currently estimating that mortgage rates will remain higher “than the extremely low levels during the decade of aggressive central bank stimulus that preceded the past two years” in the coming months, but will likely reach around 6 percent or somewhat less by the end of 2025.
This is good news for aspiring homebuyers who have been squeezed out of the market by skyrocketing home prices and high mortgage rates, which climbed as a direct consequence of the Federal Reserve’s aggressive rate-hiking campaign to combat the rise of inflation last year.
While most analysts expect the central bank to lower interest rates this year, the Federal Reserve has so far failed to do so, as the latest data on the cost of living show that inflation remains higher than expected at 3.48 percent in March. The Federal Reserve does not directly set mortgage rates, but any rise in interest rates impacts new mortgage lending.
Read more: Compare Low Rates With the Best Mortgage Lenders
Higher mortgage rates led to a drop in demand in late summer 2022 due to the unaffordability of buying a home for many Americans; but the price correction that followed this slide in demand was rather modest. In spring 2023, prices started climbing back up across the country, as the supply of homes remained low.
While the historic shortage of homes in the U.S. can primarily be traced back to the fact that the country has under-built following the bursting of the housing bubble and the financial crisis of 2007-2008, high mortgage rates have also caused many homeowners to hold on to their homes instead of putting them on the market.
“Many U.S. homeowners have low fixed-rate mortgages that they are reticent to give up, which is constraining existing property listings and sales,” Moody’s wrote in the report.
Faced with a growing demand for new constructions and mortgage interest rate buydowns, the company’s experts expect home prices to avoid significant decline in the coming months, sliding by a moderate 5 percent this year after falling 6.6 percent in 2023.
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
Source: newsweek.com
Birmingham is one of the most pivotal cities in American history. From the echoes of the civil rights movement to the fascinating history of Rickwood Field, there’s a place for everyone to feel at home in Birmingham.
Birmingham is a great place for history buffs, outdoorsy types, science enthusiasts, and sports fans. It’s a city that is quickly on the rise and gaining more things to brag about at a breakneck pace.
Let’s take some time to explore ten of the top things Birmingham is known for, and start to understand why so many people are hoping to find an apartment in Birmingham.
The Birmingham Civil Rights Institute is a cornerstone of the city, providing an in-depth look at the civil rights movement in the United States. Interactive exhibits and archives tell the stories of the struggle and triumph that occurred in Birmingham during the 1950s and 1960s. The institute commemorates the past while fostering an ongoing dialogue about civil rights and justice in the contemporary world.
Home to the largest cast iron statue in the world, Vulcan Park is a symbol of Birmingham’s roots in the iron and steel industry. The park has a museum that provides insights into the city’s industrial past, while the statue itself represents the Roman god of fire and forge. It’s a popular spot for locals and tourists looking to learn more about Birmingham’s development and soak in a stunning view at the same time.
The McWane Science Center takes a hands-on approach to learning, with interactive exhibits and activities that cover everything from dinosaurs to space exploration. It’s a favorite among families, providing fun and educational experiences that encourage children and adults alike to engage with science in a playful environment. The center also has an IMAX theater that brings exciting scientific discoveries to life on a massive screen.
Red Mountain Park is a sprawling 1,500-acre park that supports a ton of outdoor activities including hiking, biking, zip-lining, and more. This park is the ideal spot for fun in the Birmingham sun. Its trails and scenic overlooks provide a peaceful escape into nature, reflecting Birmingham’s commitment to preserving community spaces within its historical industrial landscape.
Sloss Furnaces is a national historic landmark where visitors can explore the preserved blast furnaces that made Birmingham a leading iron producer in the late 19th century. Today, it operates as a museum and venue for concerts and festivals. This site educates its visitors on the harsh working conditions of the Industrial Age and the evolution of manufacturing technologies.
For motorsports enthusiasts and motorcycle history buffs, the Barber Vintage Motorsports Museum is a rare attraction. Housing one of the largest collections of motorcycles in the world, the museum displays over 1,400 motorcycles that span over 100 years of production. The museum also includes a beautifully designed racetrack that hosts a few high-profile races throughout the year.
The Birmingham Botanical Gardens is an oasis that features over 67 acres of beautifully landscaped gardens. With over 12,000 different plants, an extensive library, and several picturesque walking paths, it’s a favorite spot for plant lovers throughout the state.
One of the finest regional museums in the United States, the Birmingham Museum of Art holds an impressive collection that spans continents and centuries. With over 24,000 paintings, sculptures, prints, drawings, and decorative arts, the museum offers a comprehensive look at diverse cultures and histories. Its extensive collection of Asian art is particularly noted for its quality and breadth.
As the oldest professional ballpark in the United States, Rickwood Field holds a special place in the hearts of baseball fans. It’s a living museum of America’s pastime and hosts annual games including the celebrated “Rickwood Classic,” which allows players and fans to experience baseball in its historical form. The field has seen legends like Babe Ruth and Willie Mays play between its bases, adding to its significance and allure.
Constructed in 1927, the Alabama Theatre is a restored movie palace that’s now a venue for films, concerts, and performances. This historic theater is known for its elaborate architecture and the “Mighty Wurlitzer” organ—one of the few remaining in the United States.
In the Midwest, Kansas is an American experience with its wide-open spaces, friendly communities, and rich cultural heritage. Living in Kansas means embracing a laid-back lifestyle amidst the sprawling plains and lively cities. From the bustling metropolis of Wichita, known for its aerospace industry and cultural attractions, to the charming college town of Lawrence, home to the University of Kansas, the Kansas offers various experiences for residents to enjoy. However, there are cons to living there. In This ApartmentGuide article, we’ll uncover the pros and cons of living in Kansas, so you can learn what life is like in the “Sunflower State.”
Kansas has a rich historical heritage, deeply intertwined with the story of the American West. From its role in the Civil War to its iconic cowboy culture depicted in countless tales, the state’s history is both diverse and captivating. Visitors can explore historic sites such as the Brown v. Board of Education National Historic Site in Topeka or the Old Cowtown Museum in Wichita, offering a glimpse into the past.
Kansas, situated in Tornado Alley, experiences a high frequency of severe weather events, which can pose a safety concern for residents. The state’s susceptibility to tornadoes, particularly during the spring and summer months, necessitates preparedness and vigilance among its inhabitants.
Kansas faces challenges in public transportation infrastructure, with limited options available for residents, particularly in rural areas. While major cities like Wichita and Kansas City have some public transit systems in place, they may not be as extensive or efficient as those found in larger metropolitan areas. Consequently, cities like Lawrence has a transit score of 35, meaning there is only some transit available.
Kansas is home to expansive natural beauty, characterized by its sweeping plains, rolling hills, and scenic landscapes. From the picturesque Flint Hills in the eastern part of the state to the rugged beauty of the Gypsum Hills in the west, Kansas offers residents abundant opportunities for outdoor recreation and exploration.
The “Sunflower State” experiences hot summers, with temperatures often soaring above 90°F and occasionally reaching triple digits, creating discomfort for some residents. The combination of high temperatures and humidity can make outdoor activities challenging, leading to increased risk of heat-related illnesses. If you’re moving to the area, you’ll want to take some time to adjust to the high temperatures in the summer.
Cities like Wichita host annual events such as the Wichita River Festival, featuring live music, food vendors, and cultural performances, while Lawrence’s eclectic arts scene includes galleries, theaters, and music venues like the iconic Liberty Hall. These are just a few examples of how Kansas has a great cultural scene that has something in store for all.
The economic dependence on agriculture can present challenges for residents, as fluctuations in crop prices and weather conditions directly impact the state’s economy. Reliance on agriculture can lead to economic instability during times of drought, floods, or market downturns, affecting job opportunities for some.
The state exudes small-town charm, with many communities offering tight-knit neighborhoods, friendly locals, and a relaxed pace of life. Towns like Lindsborg, known as “Little Sweden,” showcase unique cultural heritage through festivals, local artisans, and quaint Main Streets lined with shops and cafes.
Kansas’ predominantly flat terrain can be perceived as a drawback for some residents, lacking the dramatic landscapes found in other regions. The absence of geographical features such as mountains or coastlines may limit outdoor recreational opportunities and scenic views.
Residents often enjoy a laid-back atmosphere, where stress levels tend to be lower compared to more densely populated areas. Whether it’s leisurely conversations with neighbors on the front porch or enjoying outdoor activities like fishing in one of the state’s many lakes, Kansas fosters a sense of tranquility.
Kansas is renowned for its windy conditions, with gusts frequently sweeping across the plains, especially during the spring months. While wind can be invigorating, it also presents challenges such as blowing dust and debris, making outdoor activities like picnics or gardening more difficult.
Methodology : The population data is from the United States Census Bureau, walkable cities are from Walk Score, and rental data is from ApartmentGuide.
Source: apartmentguide.com
Despite being a city with a whole lot to offer, Toledo often flies under the radar. From its world-class art museum to its undeniably friendly people, there’s a place for everyone to feel at home in Toledo.
Home to a well-respected university, a handful of pristine parks, and a great local restaurant scene, Toledo is on the rise. From afternoons at Fifth Third Field to lunch at Tony Packo’s we’re here to find out what Toledo is really known for through ten of its top attractions. Enjoy!
The Toledo Museum of Art is a beacon for the arts in the city. Known for its extensive collection spanning all corners of the globe, the museum gives visitors a profound look at classical and contemporary works. Noteworthy is the Glass Pavilion, which houses a stunning collection of glass art, reflecting Toledo’s historic connection to the glass industry.
Toledo takes immense pride in the Toledo Mud Hens, the beloved Minor League Baseball team affiliated with the Detroit Tigers. The team’s games are held at Fifth Third Field, a state-of-the-art ballpark in downtown Toledo, which provides a perfect family-friendly atmosphere. The Mud Hens are a cornerstone of Toledo’s sports scene.
The University of Toledo is a stellar Ohio college, with a wide range of undergraduate and graduate programs. Known for its research and innovation, particularly in areas like engineering, medicine, and business, the university is a hotspot of academic activity and student life.
Oak Openings Preserve Metropark is a natural treasure of Toledo, covering over 5,000 acres. It is renowned for its unique sand dunes and oak savanna ecosystems. The park offers tons of trails for hiking, biking, and horseback riding, making it a favorite among outdoorsy types.
Wildwood Preserve Metropark is another stellar Toledo park. Known for its beautiful manor house and well-maintained trails, the park is a scenic escape with plenty of shade thanks to the lush foliage soaring overhead.
Tony Packo’s Cafe has been a Toledo staple since 1932, famously recognized for its Hungarian hot dogs and pickles. This iconic eatery gained national fame when mentioned in the television show MASH*. Visitors to Tony Packo’s can enjoy a taste of local history alongside their meals, which include a variety of Eastern European dishes, making it a must-visit for all foodies.
Home to the Toledo Mud Hens, Fifth Third Field is not just a ballpark but a centerpiece of downtown Toledo’s revitalization. This modern facility is designed with fan experience in mind, offering great views of the game and the skyline.
Imagination Station adds a scientific twist to Toledo. This interactive science museum engages all with hands-on exhibits and activities that make learning more fun than it is in the classroom. From physics to biology, the museum covers a broad spectrum of scientific fields, fostering curiosity in young Ohio minds.
The Maumee River is integral to Toledo’s identity. Fishing, boating, and riverside dining are popular here, drawing locals and tourists to enjoy the natural and scenic beauty of the river. The annual Walleye Run is a particularly exciting time to visit, attracting anglers from across the nation.
The Valentine Theatre is a historic venue in Toledo that hosts an array of performing arts. From ballets and musicals to dramatic plays, the theater is a destination that brings high-quality performances to the community.
In the Midwest, Ohio provides residents a unique blend of urban excitement, small-town charm, and picturesque landscapes. From the lively city life of Columbus, with its thriving arts scene and diverse culinary offerings, to the quaint charm of Cincinnati, known for its historic neighborhoods and iconic skyline views along the Ohio River, Ohio has a diverse array of experiences. In this ApartmentGuide article, we’ll uncover the pros and cons of living in Ohio, so you can learn what life is like in “The Buckeye State.”
Population | 11,785,935 |
Avg. studio rent | $724 per month |
Avg. one-bedroom rent | $933 per month |
Avg. two-bedroom rent | $1,109 per month |
Most affordable cities to rent in Ohio | Lorain, Elyria, Lima |
Most walkable cities in Ohio | Lakewood, Norwood, Cleveland |
Cities like Dayton and Toledo offer residents access to affordable housing options, with median home prices and rental rates below the national average. For instance, Toledo has a median home sale price of $105,500 and an average rental rate of $784 for a one-bedroom apartment. Additionally, everyday expenses such as groceries, utilities, and healthcare are generally more affordable, allowing residents to stretch their dollars further and enjoy a higher standard of living.
Ohio’s weather is notoriously unpredictable, with residents experiencing a wide range of climatic conditions throughout the year. From severe thunderstorms and tornadoes in the spring to heavy snowfall and freezing temperatures in the winter, Ohioans must be prepared for rapidly changing weather patterns. Cities like Cincinnati and Cleveland often face weather-related disruptions, such as flooding and power outages, which can impact daily life.
Ohio has a rich sports culture, with passionate fans rallying behind local teams and sporting events. Cities like Cleveland and Cincinnati are home to iconic sports franchises such as the Cleveland Cavaliers, Cleveland Browns, Cincinnati Reds, and the Cincinnati Bengals. Moreover, Ohio hosts major sporting events like the Cincinnati Masters tennis tournament and the Memorial Tournament in Dublin, attracting athletes and spectators from around the world.
Ohio offers a wealth of educational opportunities at all levels, from great universities to excellent public school systems. Institutions like The Ohio State University, Case Western Reserve University, and Miami University provide students with exceptional academic programs and research opportunities. Moreover, Ohio’s strong public school system ensures that students receive quality education from an early age.
Ohio faces infrastructure concerns, including aging roads, bridges, and public utilities, which can impact residents’ quality of life. The state received a C- on its Infrastructure Report Card in 2021, which further highlights its lacking infrastructure.
Ohio’s diverse landscapes offer residents ample opportunities for outdoor recreation and exploration. From hiking and biking trails in Cuyahoga Valley National Park to boating and fishing on Lake Erie, the state’s natural beauty provides endless possibilities for adventure. Columbus, one of Ohio’s largest cities, has an extensive park systems and green spaces, providing residents opportunities for picnicking, birdwatching, and outdoor sports year-round.
Ohio experiences high humidity levels, particularly during the summer months, which can create uncomfortable and sticky conditions for residents. The combination of heat and humidity can lead to discomfort, dehydration, and heat-related illnesses, prompting residents to seek relief indoors or in air-conditioned spaces during the hottest times of the year.
Ohio’s central location in the Midwest makes it an ideal base for travel and exploration throughout the region. Columbus and Cincinnati are within a day’s drive of major metropolitan areas such as Chicago, Detroit, and Pittsburgh, offering residents easy access to cultural attractions, entertainment, and dining experiences.
Ohio faces various environmental concerns, including pollution from industrial activities, agricultural runoff, and urban development, which can impact air and water quality. Additionally, Lake Erie and the Ohio River are susceptible to pollution and algae blooms, affecting drinking water sources and aquatic ecosystems.
Methodology : The population data is from the United States Census Bureau, walkable cities are from Walk Score, and rental data is from ApartmentGuide.
Source: apartmentguide.com
Fort Wayne is a growing Midwestern city with a lot to offer. From one-of-a-kind festivals to innovative breweries, the city has options for anyone looking to find a home in the Fort Wayne area.
As the second-largest city in Indiana, Fort Wayne has developed a distinctive identity through its kind people and unique attractions. Whether you’re exploring its scenic parks, tasting its local flavors, or meeting the people, there’s always something memorable to discover.
Below is a list of ten of the top things that Fort Wayne is known for so you can see a whole new side of this Midwestern gem.
Fort Wayne Children’s Zoo is a family-friendly spot in the heart of the city. Known for its well-maintained animal exhibits and child-friendly activities, the zoo spans over 40 acres and houses hundreds of animals from around the world. It’s particularly famous for its African Safari journey where children can get up close with giraffes and zebras.
Each year, Fort Wayne pays homage to John Chapman, better known as Johnny Appleseed, with a festival that transports visitors back to the 1800s. The Johnny Appleseed Festival features period crafts, food, and music, celebrating the legendary figure who planted apple trees across the United States. This event has historical reenactments that offer a glimpse into the pioneer life.
The Fort Wayne TinCaps, a Minor League Baseball team affiliated with the San Diego Padres, play their games at the modern Parkview Field. This ballpark is a centerpiece of downtown Fort Wayne and has a fantastic family-friendly atmosphere. The name “TinCaps” references the tin pot that Johnny Appleseed famously wore on his head, linking the team to local lore.
Since opening its doors in 1914, Fort Wayne’s Famous Coney Island has been a landmark for classic American cuisine. Known for its coney dogs, the nostalgia-inducing diner transports patrons back in time with its vintage décor.
Science Central is a hands-on science museum located in a former power plant. It has over 200 exhibits ranging from a high-rail bike to a giant slide that teaches physics through play. Science Central is instrumental in providing STEM education in a fun environment, making it a must-visit for families and school groups looking to ignite a passion for science.
Named after the fiery General “Mad” Anthony Wayne, whom the city is also named after, Mad Anthony Brewing Company is a cornerstone of Fort Wayne’s craft beer scene. This brewery is famed for its unique selection of beers and a vibrant atmosphere. Whether you’re trying the seasonal specialties or the year-round favorites, Mad Anthony’s embodies the spirit of innovation and community in every pint.
The historic Embassy Theatre is a beautifully restored vaudeville house that is now one of Fort Wayne’s prime venues for performing arts. Hosting a range of events from Broadway shows to concerts and films, the Embassy Theatre remains a true hub for the arts in Indiana.
The Allen County Public Library houses one of the largest genealogy collections in the nation. Its expansive archives attract researchers from all over the country, making it a center for historical study. The library’s commitment to community enrichment through educational programs and resources makes it a pillar of Fort Wayne society.
Lakeside Park & Rose Garden is one of Fort Wayne’s most picturesque places. With beautifully landscaped gardens, a reflective pond, and a massive display of over 2,000 roses, it’s a real hotspot for photographers.
DeBrand Fine Chocolates is a luxurious chocolate company based in Fort Wayne, known for its high-quality confections and beautiful presentation. A tour of DeBrand offers insights into the chocolate-making process and ends with a tasting of their exquisite creations. This chocolatier is a favorite for locals and visitors looking for a sweet treat or a gourmet gift.
Historically speaking, mortgage rates have remained relatively low since the Great Recession, with some fluctuation at times due to market conditions. As a result, a generation of homebuyers has become accustomed to a low 30-year fixed-rate mortgage.
But with mortgage rates on the rise, it can put a sour taste in the mouths of people trying to join the ranks of homeowners in the country. They may be thinking that they missed an opportunity to buy a home. However, it’s important to look at the history of mortgages and mortgage rates to put the current conditions into context.
The modern history of mortgage lending in the U.S. began in the 1930s with the creation of the Federal Housing Administration. From the 1930s through the 1960s, a combination of government policy and demographic changes made owning a home a normal part of American life. During this time, the 30-year fixed-rate mortgage became the standard for home mortgage loans.
When discussing the fluctuation of mortgage rate trends, analysts usually refer to the average 30-year fixed-rate mortgage. Here’s a look at the trend of these mortgage rates since the 1970s.
Throughout the 1970s, mortgage rates rose steadily, moving from the 7% range into the 13% range. This uptick in rates was due, in part, to the Arab oil embargo, which significantly reduced the oil supply and sent the U.S. into a recession with high inflation — known as stagflation.
As a result, Federal Reserve Chairman Paul Volcker made a bold change in monetary policy by the end of the decade, raising the federal funds rate to combat inflation. Though the Federal Reserve doesn’t directly set mortgage rates, its monetary policy decisions can still impact many financial products, including mortgages.
The average 30-year fixed-rate mortgage hit an all-time high in October 1981 when the rates reached 18.63%. The Federal Reserve’s tight monetary policy affected this high borrowing cost and put the economy into a recession. However, inflation was under control by the end of the 1980s, and the economy recovered; mortgage rates moved down to around 10%.
Mortgage rates continued a downward trend throughout the 1990s, ending the decade at around 8%. At the same time, the homeownership rate in the U.S. increased, rising from 63.9% in 1994 to 67.1% in early 2000.
Several factors led to a housing crash in the latter part of the 2000s, including a rise in subprime mortgages and risky mortgage-backed securities.
The housing crash led to the Great Recession. To boost the economy, the Federal Reserve cut interest rates to make borrowing money cheaper. Mortgage rates dropped from just below 7% in 2007 to below 5% in 2009.
Recommended: US Recession History: Reviewing Past Market Contractions
Mortgage rates steadily decreased throughout most of the 2010s, staying below 5% for the most part. The Federal Reserve enacted a zero-interest-rate policy and a quantitative easing program to prop up the economy during this time following the Great Recession. This helped keep mortgage rates historically low.
The Federal Reserve reduced the federal funds rate to near-zero levels in March 2020, causing a drop in rates of various financial products. The effects of the fallout from the Covid-19 pandemic pushed mortgage rates below previous historic lows. The average 30-year fixed-rate mortgage hit 2.77% in August 2021.
However, with inflation reaching levels not experienced since the early 1980s, the Federal Reserve reversed course. The central bank started to tighten monetary policy in late 2021 and early 2022, which led to a rapid increase in mortgage rates. In May 2022, the average mortgage rate was above 5%. While this was below historical trends, it was the highest rate since 2018. From there, the 30-year fixed rate mortgage crept upward, reaching a high of 7.79% in October 2023 before declining to 7.1% in April 2024.
Recommended: How Inflation Affects Mortgage Interest Rates
As we can see from looking at interest rate fluctuations, major economic events can significantly impact mortgage rates both in the short and long term. As noted above, this has to do primarily with the Federal Reserve.
Federal Reserve actions influence nearly all interest rates, including mortgages through the prime rate, long-term treasury yields, and mortgage-backed securities. The Federal Reserve sets the federal funds benchmark rate, the overnight rate at which banks lend money to each other.
This rate impacts the prime rate, which is the rate banks use to lend money to borrowers with good credit. Most adjustable short-term rate loans and mortgages use the prime rate to set the base interest rates they can offer to borrowers. So, after the Federal Reserve raises or lowers rates, adjustable short-term mortgage loan rates are likely to follow suit.
Longer-term mortgage rates have also risen and fallen alongside economic and political events with movement in long-term treasury bond yields. In the short term, a Federal Reserve interest rate change can affect mortgage markets as money moves between stocks and bonds, affecting mortgage rates. Longer-term mortgage rates are influenced by Fed rate changes but don’t have as direct an effect as short-term rates.
Recommended: Federal Reserve Interest Rates, Explained
If you have a mortgage with a variable interest rate, known as an adjustable-rate mortgage, changing rates can affect your loan payments. With this type of home loan, you may have started with an interest rate lower than many fixed-rate mortgages. That introductory rate is often locked in for an initial period of several months or years.
After that, your interest rate is subject to change — how high and how often depends on the terms of your loan and interest rate fluctuations. These changes are generally tied to the movement of interest rates, but more specifically, which index your adjustable-rate mortgage is linked to, which can be affected by the Fed’s actions.
However, most adjustable-rate mortgages have annual and lifetime rate caps limiting how high your interest rate and payments can change.
If you took out a fixed-rate mortgage, your initial interest rate is locked in for the entire time you have the home loan, even if it takes you 30 years to pay it off.
Recommended: What Is a Good Mortgage Rate?
If you are in the market to buy a home, it might be tempting to rush and buy when mortgage rates drop a bit, or to put off buying until rates hopefully decrease in the future. However, choosing the perfect time to buy a home based on the ideal rate can be difficult. You’re probably better off letting your need for a home and your personal financial situation drive your decision making. (Do you have a down payment saved up? Is your debt under control?) When it’s time to buy, do your research and choose the best mortgage available for your personal situation.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% – 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It’s online, with access to one-on-one help.
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*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
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.
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.
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Source: sofi.com
Known for its academic and medical prestige, Durham is also a growing powerhouse in sports, science, and entrepreneurship. With so much going on within the city limits, those lucky enough to find a home in Durham are reaping the benefits.
From the Durham Bulls to Eno River State Park, let’s take a closer look at ten of the top things Durham is known for and learn a bit more about why so many people are clamoring to lock down an apartment in Bull City.
Duke University is pivotal to Durham’s identity and a beacon of academia. This prestigious university attracts students and scholars from all corners of the world, contributing to its reputation as a center for academic excellence. The Gothic architecture of its West Campus and the university’s significant contributions to fields like medical research, public policy, and environmental science mark it as a cornerstone of Durham.
Durham is often referred to as the “City of Medicine” due to its many medical and health-related institutions. Home to over 300 medical companies and renowned healthcare systems, this designation highlights the city’s role as a leader in health innovation and services. The presence of the Duke University Medical Center helps spearhead research and advances in medical science and keeps highly skilled folks cycling through Durham.
Dubbed the “Startup Capital of the South,” Durham is a great spot for entrepreneurs. This startup-friendly environment is supported by a network of academic institutions, incubators, and venture capital firms. The city has become a magnet for tech startups and biotech research.
The Durham Bulls are a symbol of Durham’s commitment to community. This iconic minor league team, made famous by the movie Bull Durham, brings together families and fans from all over to enjoy America’s pastime. Their games are held at the Durham Bulls Athletic Park, a staple for entertainment in the city.
Once the home of one of the largest cigarette manufacturers in the world, the American Tobacco Historic District has been transformed into a center for entertainment and business. This revitalized area is full of charming old factories converted into offices, restaurants, and shops. Plus, you can’t beat the views of the old water tower and the Lucky Strike smokestack.
The Museum of Life and Science is a family favorite. With interactive exhibits and programs that ignite curiosity in the natural and physical sciences, this is a place that fosters scientific interest through interaction. Highlights include a butterfly conservatory, wildlife habitats, and aerospace exhibits.
Located near Durham, Research Triangle Park (RTP) is one of the largest research parks in the world. It hosts over 200 companies specializing in pharmaceuticals, biotechnology, information technology, and environmental sciences.
The Durham Performing Arts Center (DPAC) is a premier venue for entertainment in the city, hosting Broadway shows, concerts, comedy, and more. With state-of-the-art facilities, DPAC attracts major national tours and acts.
Eno River State Park offers a retreat into nature with its lush forests and rolling river. Visitors can enjoy hiking, picnicking, canoeing, and fishing within its extensive trails and scenic spots. The park is a testament to Durham’s commitment to preserving natural landscapes.
Brightleaf Square houses a collection of shops, restaurants, and boutiques. This shopping complex perfectly combines the historical with the contemporary. The area is known for its lively atmosphere during the evening, with frequent events and live music drawing a regular crowd.
Corpus Christi is a coastal city in Texas that serves as a gateway to adventure or peace. Known colloquially as the “Sparkling City by the Sea,” this charming city invites everyone lucky enough to lock down a home in Corpus Christi to immerse themselves in its distinct culture.
The city’s proximity to the Gulf of Mexico enhances its appeal, providing scenic views and unlimited recreational activities. Corpus Christi is not just a destination; it’s a starting point for explorers eager to find an apartment and discover the charm of South Texas.
Whether you’re a history buff, nature lover, or simply in search of relaxation by the sea, Corpus Christi has something special for you. Let’s dive a little deeper to learn more about ten of the top things Corpus Christi is known for.
Moored in Corpus Christi Bay, the USS Lexington is an awe-inspiring sight, serving as a naval museum and a tribute to military history. This World War II-era aircraft carrier, affectionately known as “The Blue Ghost,” offers visitors a glimpse into life at sea during wartime. Touring this historic vessel allows for exploration of the flight deck, aircraft, and crew quarters, providing an immersive experience that connects generations to the sacrifices of the past.
Padre Island, specifically the Padre Island National Seashore, stretches over 70 miles and is one of the longest undeveloped barrier islands in the world. This natural sanctuary offers miles of beautiful beaches where visitors can enjoy activities such as bird watching, fishing, and sea turtle spotting.
The South Texas Botanical Gardens are a colorful and fragrant oasis with extensive collections of orchids, plumerias, and native flora. This expansive garden serves as a peaceful retreat and an educational resource, emphasizing the importance of conservation and the diversity of plant life in the region. Visitors can stroll through themed gardens, enjoy bird watching, or participate in one of the many workshops and events held throughout the year.
Dedicated to the late Tejano singer Selena Quintanilla, Mirador de la Flor is a poignant landmark in Corpus Christi. This memorial features a life-size bronze statue of Selena and a mural depicting her life and career. The site is a touching tribute to the singer and her impact on the music industry and Latino community.
The Texas State Aquarium is a major attraction in Corpus Christi. Visitors can explore exhibits that include dolphin presentations, touch pools, and an impressive shark exhibit. This institution provides insights into aquatic creatures and plays a vital role in wildlife conservation and rehabilitation efforts.
Aransas National Wildlife Refuge is a crucial habitat for a variety of at-risk wildlife, including the rare whooping crane, which winters here. Spanning over 115,000 acres, this refuge offers opportunities for bird watching, hiking, and photography. The diverse ecosystems found within the refuge, from coastal prairies to salt marshes, provide crucial support for numerous species and make it a vital part of wildlife conservation in Texas.
The Corpus Christi Museum of Science and History offers a deep dive into the regional history and natural science of the Gulf Coast. Exhibits range from paleontology to local cultural heritage, including a replica of Columbus’ ship, the Pinta. This museum is a treasure trove for curious minds of all ages.
Home to the Corpus Christi Hooks, the Double-A affiliate of the Houston Astros, Whataburger Field incorporates local history with modern baseball culture. The stadium is located in the heart of Corpus Christi and offers a fantastic view of the as well as a glimpse of the Harbor Bridge and Corpus Christi Ship Channel. Attending a game here is about more than baseball; it’s about enjoying community in a small-town ballpark.
Harbor Bridge is an iconic structure in Corpus Christi, connecting the city to North Beach. Known for its impressive architecture and LED lights, the bridge has stunning views of the city skyline and Corpus Christi Bay. Whether driving over it or viewing it from a distance, the Harbor Bridge remains a symbol of the city’s connection and resilience.
Established by the Quintanilla family, the Selena Museum celebrates the life and career of Selena Quintanilla. Located within Q-Productions headquarters, the museum displays a collection of her stage costumes, awards, and personal items.
Should we elaborate further? Mortgage rates are now topping 7.5%, the highest levels seen this year. You’d think the sales rate would be slowing, but there aren’t signs of it. It’s possible that sales will slow, but maybe it takes a few more weeks to manifest than expected.
At Altos Research, where we track every home for sale in the country each week, the data so often defies expectations or changes very quickly. By tracking the pricing, supply and demand, sales and changes in the data, you can immediately understand it as it happens. Let’s look at the details of the U.S. housing market at the end of April 2024.
There are now 556,000 single-family homes on the market. That’s up 2.4% from last week, with slightly more than 13,000 additional properties on the market now than a week ago.
Unsold inventory now is almost 32% higher than at this time last year — and it’s 90% higher compared to the end of April 2022. Two years ago, inventory was jumping along with mortgage rates. But that’s not what’s occurring now as the increases are more steady.
This is one way to illustrate that consumers are more sensitive to changes in rates than to the actual levels. Rates are higher now, so unsold inventory is higher. But two years ago, rates were climbing by 20 basis points or so each week for much of the spring. Rates were climbing rapidly and so was inventory. Now the increase in both of these lines is slower.
In 2022, there were record-low numbers of unsold homes on the market, but the numbers were climbing rapidly, with 18,000 to 20,000 properties added each week. Today, we’re adding 13,000 per week. While interest rates and inventory are rising in 2024, they were doing so much more quickly two years ago. The change in rates is what drives change in behavior.
There were 72,000 new single-family listings unsold this week, Another 21,000 homes were newly listed and already under contract (what are known as immediate sales) for a total of 93,000 new sellers this week. That’s much more than at any point of 2023. You have to go back to July 2022 to find this much seller activity in a given week.
So, why is the seller volume increasing, where is it coming from and is it time to panic?
First, keep in mind that immediate sales are still at a reasonably healthy level. Plenty of homes are receiving offers and going into contract immediately upon being listed — 21,000 this week, or 22.5% of the market.
Next, keep in mind that there are still 20% fewer sellers each week than there would have been in a “normal” year prior to the COVID-19 pandemic. There are not a lot of sellers. It’s just that in the past decade as mortgage rates fell, more real estate began to be hoarded and fewer sales took place. In the accompanying video, you can see the relative levels of new weekly listings. Seller volume is still running pretty low because homeowners have such a good deal with their low mortgage rates that they don’t want to sell.
Fixed mortgage rates mean fixed costs for most homeowners. Fixed costs theoretically means they won’t ever have to sell. But in areas where costs are rising — due to higher property taxes, insurance hikes or other rising maintenance expenses — homes are more likely to hit the resale market.
Right now, this is most obvious in Texas and Florida. Over the past year, 40% of the inventory increase at the national level has come from these two states. Texas and Florida combine for 29% of the country’s active listings and 16% of its population, so outsized gains are happening in these place. For example, if you have a second home in southwest Florida that you only use occasionally and your insurance costs tripled this year, it’s very tempting to sell. And some people are doing so.
The opposite trend is happening in New York, which has the fewest available homes per capita right now. That dubious distinction is usually reserved for California. New York has slightly fewer homes on the market than at this time last year, whereas Florida now has 59% more.
The takeaway here is that inventory gains are happening pretty much everywhere but at a significantly higher rate in the Sun Belt states — from Florida to Texas and Arizona.
There are 398,000 single-family homes under contract now — a few percentage points more on a year-over-year basis. These homes in the pending-sales stage will mostly close in May.
This is slight seller growth but not a pullback, even with April’s mortgage rate increases.
Frankly, this pace could’ve been expected to reverse, but it hasn’t happened yet. In 2022, sales dwindled in the second half of the year and have yet to recover. The video above illustrates how quickly home sales slowed as mortgage rates rose — especially in June and September 2022.
This year, the trajectory is staying surprisingly positive. As the average rate jumped from 7% to 7.5%, that slowdown could’ve been expected to happen again. If the market gets lucky and rates don’t climb past 8%, then the sales rate might continue to slowly recover by later this summer. But rates could keep climbing. The macroeconomic data keeps coming in strong and we’ll just have to watch to see what happens.
There were 76,000 new contracts started this week for single-family homes in the U.S. That’s more than in any week for all of 2023. It’s strong growth — 9% more than the same week a year ago. Sales volume typically peaks at the end of June, so we likely have more growth to come in the spring market. And the weekly new pending sales count is already ahead of the best weeks posted last year.
The median price of homes under contract is now slightly more than $399,900, good for 5% year-over-year growth. What’s being tracked here is the final asking price for the homes that went into contract. This is the earliest proxy for the final sales price. Any given home may sell for more or less than asking price, but in aggregate, the actual sales price is very close to this pending sales price.
Altos Data watches several measurements of home prices. There’s asking prices, or what you’ll see if you’re shopping the market today. The median price of all homes on the market right now is just under $445,000 and is only 1% higher than in April 2023.
The price for a new listing is the best leading indicator, and there are the prices of the set that is being purchased, which is what we’re looking at here. These are all useful indicators of home prices.
Historic data shows, for example, precisely when home prices fell in June and September 2022. At that time, there were large jumps in seller inventory coupled with sudden, additional spikes in mortgage rates. So, homebuyers adjusted their expectations and prices dropped. We’re on the alert for these price declines today but have yet to see them.
While watching for leading indicators for changes in sales prices, we saw a meaningful uptick in price reductions. This week, 32.5% of the homes on the market included a price cut. That’s up 50 basis points from last week and is 340 bps more than at the end of April 2023.
This week last year was the final decline of the spring season. Pricing was much firmer last year, but the share of homes with price cuts in 2024 have increased for 10 weeks. It’s a much slower season compared to last year and spring is when the most upward pressure on home prices typically happens.
But price cuts are on the rise. The curve this year is following a very clear seasonal trend. Home prices are not crashing and there’s no signal anywhere in the data that a crash is imminent. But there are more homes with price cuts now than in April of any recent year, so that’s a pretty weak signal.
In the price reductions chart of the accompanying video, notice how this year’s curve is elevated above that of any recent year. There are more homes on the market with price cuts today than in any April in more than a decade — even though this rate is not climbing nearly as quickly as it did two years ago when the market changed.
If you look at the local data, you’ll see that the Florida markets are dominating in terms of price cuts. More than 50% of the homes on the market in most of the major Florida metro areas have had price cuts. Inventory is up and prices are lower on an annualized basis. Nationally, however, the data is balanced out by many markets, such as those in the Northeast, where inventory is still very low.
If mortgage rates keep climbing, we could more than 40% of U.S. listings with price cuts by the latter portion of summer. That would likely be a negative indicator for future sales prices — i.e., home price declines. As mentioned earlier, home prices today are higher than they were a year ago (by 1% to 5%, depending on which measurement is used). But the price-reductions trend seems like it is poised to slow down. It looks as if home prices in 2024 will remain flat, at best, although 2023 offered a surprise and that could happen again as this year unfolds.
Source: housingwire.com