LED light strips give Bilal the ick because they tend to look cheap, when that is not the desired effect. “They do not look expensive, they don’t look high-end, they don’t feel like elevated decor,” he says. “They literally just feel like you ordered an LED strip off Amazon and stuck it to your wall. And that’s exactly what it is.”
Vivien of Posh Pennies is particularly averse to battery-operated sconces, detesting the fact that they require remotes and batteries, and that they eventually stop getting used because they require recharging. “If you’re serious about where you want your light, then get it wired, pop in a smart bulb, put it on a schedule, and call it a day! So worth it,” the interior design blogger and YouTuber explains. Bilal agrees that smart light bulbs are a much better alternative, especially if you’re looking for the ability to easily change the mood of a room with lighting.
Focusing on the screen, rather than the big picture of your space
As sharing interior design on social media gains more and more traction, and we become accustomed to seeing beautiful rooms on the reg, it can be tempting to focus only on what looks good onscreen. Imani Keal, a design blogger who specializes in renter-friendly decor and DIY, often wonders what’s going on beyond the frame of a quirky DIY space she sees on TikTok. “They sometimes don’t show the project in the context of the rest of the room or apartment, and it’s often because that project only looks good from one angle or as a vignette,” she explains.
It’s important to make sure a fun project actually works with the rest of your living space, rather than just conforming to the latest trend. “The purpose of creating a beautiful space is so that it looks and feels warm and welcoming in real life and on the internet, not just in five-second clips,” she adds. Garrett Le Chic fully agrees. As an interior designer, he’s all about making updates to your home that are consistent with its architecture.
“Renovating to change the style of your house in the long term doesn’t always make the most sense because it just requires a lot more effort, a lot more money, a lot more work than is really necessary,” he says. “When, if you took the core elements, the backbone of what the architectural style of your house is, and you apply that, it works better in the long term.”
Bland dust-collecting decor
There’s nothing like a good knickknack or piece of art to really liven up a room. With so many affordable online and brick-and-mortar home-goods stores, it’s easier than ever to find what you need to add in a space. This is both a blessing as a curse, as it means that now more than ever, there’s a plethora of mass-produced items with no personality taking up space and collecting dust over time.
On the subject of word art, Phoenix has one question: “Who is buying this?” He continues, “I know the ‘Live, Love, Laugh’ signs of the early 2000s have faded out, but now it’s like very weird quotes on boards that people are spending between 10 and 20 dollars on. The amount of staged homes that I’ve seen from real estate agents that have those too.”
Have you been wondering, “Should I move to Baltimore, MD?” Located along the Chesapeake Bay, Baltimore offers a blend of historic charm and urban experiences. Yet, like any city, it comes with its share of complexities. In this article, we’ll dive into the pros and cons to consider before making the move to Baltimore, helping you weigh its unique offerings against potential challenges to make an informed decision about your future home. Let’s get started.
Baltimore at a Glance
Walk Score: 64 | Bike Score: 53 | Transit Score: 53
Median Sale Price: $200,000 | Average Rent for 1-Bedroom Apartment: $1,400
Baltimore neighborhoods | Houses for rent in Baltimore | Apartments for rent in Baltimore | Homes for sale in Baltimore
Pro: Great historical significance
From the cobblestone streets of Fells Point to the historic ships in the Inner Harbor, Baltimore offers a unique glimpse into America’s past. For example, the city is home to the Fort McHenry National Monument. This monument is renowned for its role in the War of 1812 and was the inspiration for the writing of “The Star-Spangled Banner.” Additionally, the Baltimore and Ohio Railroad Museum preserves the legacy of America’s first common-carrier railroad. The museum showcases historic locomotives, rolling stock, and artifacts that tell the story of railroading in America. Whether exploring historic neighborhoods or visiting museums and monuments, you’re sure to find a historical treasure in this city.
Con: Concerns over infrastructure
Baltimore faces challenges with aging infrastructure, from roads and bridges to public buildings and utilities. This can lead to frequent disruptions in services and necessitates ongoing maintenance and upgrades. The impact on daily life, including potential delays and increased commuting times, is a significant concern for some residents.
Pro: Dynamic arts and culture scene
The city is a haven for art lovers and culture enthusiasts. The Baltimore Museum of Art and the American Visionary Art Museum showcase vast collections that celebrate both classical and contemporary art. Annual events like Artscape, the country’s largest free arts festival, highlight the city’s commitment to the arts. This vibrant cultural scene fosters a strong sense of community and provides endless entertainment and inspiration.
Con: High property taxes
One of the financial challenges of living in Baltimore is the high property tax rate, which is among the highest in Maryland. This can significantly increase the cost of homeownership, affecting affordability for residents. The high taxes can also deter potential homebuyers and investors which could impact the city’s housing market and overall economic growth.
Pro: Exceptional educational institutions
Baltimore is home to world-renowned institutions such as Johns Hopkins University and the University of Maryland, Baltimore. These institutions not only contribute to the city’s prestige but also attract a diverse population of people from around the globe. The presence of these educational giants fosters a vibrant intellectual community and drives innovation in various fields, including health and science.
Con: Limited green spaces
Compared to other cities, Baltimore struggles with providing ample green spaces for its residents. While there are notable exceptions like Patterson Park and Druid Hill Park, the city’s urban planning has not prioritized green areas. This scarcity affects people’s ability to easily access outdoor recreational activities and contributes to the urban heat island effect, making the city warmer during the hot summer months.
Pro: Foodie’s paradise
Baltimore’s culinary scene is a delightful exploration of flavors, with an emphasis on seafood that reflects its Chesapeake Bay location. The city’s signature dish, Maryland blue crabs seasoned with Old Bay, is a must-try. Neighborhoods like Little Italy and the emerging culinary hotspot in Hampden offer diverse dining experiences.
Con: Occasional flooding issues
Parts of Baltimore, especially those close to the water, are prone to flooding. Heavy rains can overwhelm the city’s drainage system, leading to waterlogged streets and basements. This issue not only causes immediate inconvenience but also raises concerns about long-term property damage and the costs associated with flood mitigation and insurance. It’s a significant consideration for anyone looking to live or invest in certain areas of the city.
Baltimore is known for its strong sense of community and active engagement in social and environmental issues. Neighborhood associations, community groups, and activists work tirelessly to address challenges and improve the city for all its residents. One example of this is the annual “Mayor’s Spring Cleanup,” where locals come together to clean up litter and spruce up their neighborhoods. The strong community spirit in Baltimore not only enhances the quality of life for everyone, but also contributes to the city’s resilience and sense of collective identity.
Con: Varied housing market
While Baltimore offers a diverse range of housing options, from historic row houses to modern apartments, navigating the market can be daunting. The disparity in housing quality and prices across different neighborhoods can make finding the right home challenging. This variance requires thorough research and consideration, especially for those unfamiliar with the city’s geography and real estate landscape.
Pro: Thriving nightlife and entertainment
The city’s nightlife and entertainment scene is vibrant and diverse, catering to a wide range of tastes. From live music venues in the arts district to bustling bars and clubs in the Inner Harbor, there’s always something happening after dark. This thriving nightlife enhances the city’s cultural appeal and contributes to the local economy, making Baltimore a lively place to live and visit.
Jenna is a Midwest native who enjoys writing about home improvement projects and local insights. When she’s not working, you can find her cooking, crocheting, or backpacking with her fiancé.
Whether you’re seeking the adrenaline rush of hiking through the Red Rock Canyon or the tranquility of kayaking along the crystal-clear waters of the Colorado River, Nevada delivers an array of outdoor experiences that cater to every adventurer’s desire. Moreover, the state’s vast expanses of desert terrain provide the perfect backdrop for stargazing under the clear night skies or embarking on off-road expeditions through rugged terrain.
2. Con: Water scarcity
Water scarcity is a significant issue in Nevada, particularly in densely populated areas like Las Vegas. The state’s reliance on the Colorado River and underground aquifers means that water conservation measures are a part of daily life.
3. Pro: Entertainment and leisure
Nevada is home to Las Vegas, the entertainment capital of the world. Attracting millions each year, residents and visitors can enjoy world-class shows, dining, and nightlife any day of the week. Beyond Las Vegas, cities like Carson City, the state capital, provide those with a rich history evident in museums like the Nevada State Museum. Additionally, smaller towns and communities throughout Nevada offer their own unique charm.
4. Con: Extreme heat
Summers in Nevada can be brutally hot, with temperatures often soaring above 100 degrees Fahrenheit. This extreme heat can be uncomfortable and necessitates high energy costs due to air conditioning needs. If you’re moving to the state, you’ll need time to adjust to these soaring temperatures.
5. Pro: No state income tax
Nevada is one of the few states that does not impose a state income tax, allowing residents to keep more of their earnings. This financial benefit is a significant draw for people moving to the state. The absence of a state income tax in Nevada not only attracts individuals seeking to maximize their earnings but also appeals to businesses looking to establish operations in a tax-friendly environment.
6. Con: Limited public transportation
Outside of the major urban centers, Nevada’s public transportation options are limited. This can make it challenging for those without personal vehicles to navigate the state, especially in rural areas. For instance, Spring Valley has a transit score of 38, indicating that most errands require a car.
7. Pro: Proximity to natural wonders
Nevada’s proximity to natural wonders such as the Grand Canyon, Lake Tahoe, and Death Valley providing residents unparalleled opportunities for outdoor exploration and adventure. Whether it’s hiking through majestic canyons, skiing on pristine slopes, or marveling at breathtaking landscapes, living in Nevada means easy access to some of the most iconic natural destinations in the country.
8. Con: High tourism traffic
Nevada’s high tourism traffic, particularly in cities like Las Vegas, can lead to congestion on roads, crowded public spaces, and increased noise pollution for residents. Additionally, the influx of tourists may result in higher demand for goods and services, potentially driving up prices for everyday essentials.
9. Pro: Minimal rain throughout the year
Nevada’s status as the least rainy state in the U.S. offers residents a predominantly dry climate with abundant sunshine, ideal for outdoor activities and recreation year-round. The low rainfall levels contribute to a lower risk of weather-related disruptions and natural disasters such as flooding, making it a more stable environment to live in.
10. Con: Air quality issues
Nevada’s air quality issues, particularly in urban areas like Las Vegas, can pose health risks due to elevated levels of pollution from vehicle emissions, industrial activities, and natural dust. Prolonged exposure to poor air quality may exacerbate respiratory conditions and contribute to long-term health concerns for residents.
11. Pro: Relatively low cost of living
12. Con: Risk of natural disasters
Nevada faces a range of natural disasters, including earthquakes, flash floods, and wildfires, which pose risks to residents and property. The state’s proximity to seismic zones increases the potential for earthquakes, with recent tremors reminding residents of the ongoing seismic activity. Additionally, flash floods, especially common in desert regions, can occur suddenly during heavy rainstorms.
Methodology : The population data is from the United States Census Bureau, walkable cities are from Walk Score, and rental data is from ApartmentGuide.
Residential Construction Fall and Builder Confidence Flattens in Uncertain Rate Environment
While builder confidence in the market for new residential construction improved in March, it remained flat in April and residential construction numbers showed a decline in momentum as well.
Residential construction starts, which had surged in February, gave back all of those gains in March. The U.S. Census Bureau and the Department of Housing and Urban Development (HUD) report that construction began at a seasonally adjusted annual rate of 1.321 million housing units during the month, a decline of 14.7 percent from February’s level of 1.549 million units. Starts were 4.3 percent lower than their level in March 2023.
Single-family starts fell 12.4 percent to an annual rate of 1.022 million and multifamily starts dived 20.8 percent to 290,000 units. The two categories were down 21.2 percent and 43.7 percent respectively year-over-year.
Permits also declined. The annual rate was 4.3 percent lower at 1.458 million units compared to 1.523 million in February. Permits increased 1.5 percent on an annual basis. Single-family authorizations dropped from 1.032 million to 973,000, a 5.7 percent decline. This was still a 17.4 percent improvement from March of last year. Multifamily permits were unchanged at 433,000 units, down 22.1 percent year-over-year.
Analysts polled by Econoday had forecast starts at 1,480 million and permits at 1.510 million, substantially overshooting both numbers.
The National Association of Home Builders (NAHB) said the NAHB/Wells Fargo Housing Market Index (HMI) broke a four-month string of gains this month, remaining at the 51 level, unchanged from March, but still above the key breakeven point of 50.
Robert Deitz, NAHB’s chief economist, said the flat reading suggests the potential for demand growth is there, but buyers appear to be waiting until there is more clarity on the direction of rates. “With the markets now adjusting to rates being somewhat higher due to recent inflation readings, we still anticipate the Federal Reserve will announce future rate cuts later this year, and that mortgage rates will moderate in the second half of 2024,” he said.
The HMI gauges builder perceptions of current single-family home sales and sales expectations for the next six months as “good,” “fair” or “poor” and asks builders to rate traffic of prospective buyers as “high to very high,” “average” or “low to very low.” Scores for each component are then used to calculate a seasonally adjusted index where any number over 50 indicates that more builders view conditions as good than poor.
The HMI index charting current sales conditions in April and the index gauging buyer traffic each increased 1 point to 57 and 35, respectively. The component measuring sales expectations in the next six months fell 2 points to 60.
Looking at the three-month moving averages for regional HMI scores, the Northeast increased 4 points to 63, the Midwest gained 5 points to 46, the South rose 1 point to 51 and the West registered a 4-point gain to 47.
The April survey also showed that 22 percent of builders cut home prices this month, down from 24 percent in March and 36 percent in December 2023, while the average price reduction held steady at 6 percent for the 10th straight month. Fifty-seven percent of builders used some form of sales incentives. The share was 60 percent in March.
On an unadjusted basis, the Census/HUD report shows housing starts in March are estimated at 110,900 including 87,100 single-family units. The totals in February were 110,100 and 81,700. There were 123,500 permits issued during the month compared to 119,100 in February. The single-family totals rose from 79,400 to 84,300.
Homes were completed during the month at an annual rate of 1.469 million units. This was a decline of 13.5 percent from February and 13.9 percent from the previous March. Single-family completions dropped 10.5 percent and were 8.5 percent lower than a year earlier while multifamily completions were down 19.9 percent.
For the year to date (YTD) housing starts total 318,800, up 1.3 percent from the same period in 2023. Single-family starts have risen 27.1 percent to 239,100 while multifamily starts have fallen by 38.0 percent to 76,400 units.
YTD permits are up 3.8 percent, entirely due to a 24.9 percent increase in single-family permits which helped offset a drop of 25.2 percent in the multifamily sector.
Completions total 347,300 thus far in 2024, an increase of 4.3 percent from 2023. There have been 5.8 percent fewer single-family homes completed but multifamily completions have risen 27.4 percent.
At the end of the reporting period, there were 1.646 million homes under construction, 689,000 of which were single-family homes. in addition, there were 273,000 permits available 141,000 for single-family houses.
Starts dropped by double digits in three of the four major regions and permits also drifted lower.
Starts In the Northeast were down 36.0 percent compared to February and 56.8 percent on an annual basis. Permits dropped 20.8 percent but increased 8.1 percent for the year.
In the Midwest, starts were down 23.0 percent for the month but were 18.0 percent above the March 2023 pace. Permits dropped 14.7 percent from February and 3.4 percent on an annual basis.
The South’s starts fell by 17.8 percent and 11.0 percent from February and from March 2023, respectively. Permits fell 0.6 percent but increased by 0.4 for the year.
The only positive changes were in the West, up 7.1 and 48.1 percent for the month and year. Permitting increased 5.1 percent and 4.1 percent from the two earlier periods.
Our goal here at Credible Operations, Inc., NMLS Number 1681276, referred to as “Credible” below, is to give you the tools and confidence you need to improve your finances. Although we do promote products from our partner lenders who compensate us for our services, all opinions are our own.
Home equity loan
Home equity line of credit (HELOC)
Interest rate
Fixed
Variable
Monthly payment amount
Fixed
Variable
Closing costs and fees
Yes
Yes, might be lower than other loan types
Repayment period
Typically 5-30 years
Typically 10-20 years
FAQ
What is a rate lock?
Interest rates on mortgages fluctuate all the time, but a rate lock allows you to lock in your current rate for a set amount of time. This ensures you get the rate you want as you complete the homebuying process.
What are mortgage points?
Mortgage points are a type of prepaid interest that you can pay upfront — often as part of your closing costs — for a lower overall interest rate. This can lower your APR and monthly payments.
What are closing costs?
Closing costs are the fees you, as the buyer, need to pay before getting a loan. Common fees include attorney fees, home appraisal fees, origination fees, and application fees.
If you’re trying to find the right mortgage rate, consider using Credible. You can use Credible’s free online tool to easily compare multiple lenders and see prequalified rates in just a few minutes.
The Federal Housing Finance Agency (FHFA) this week announced a new product proposal for government-sponsored enterprise (GSE) Freddie Mac that would allow the agency to purchase certain single-family, closed-end second mortgages.
This would offer borrowers an alternative way to access their home equity without surrendering a first mortgage with a more favorable interest rate than is currently available.
The proposal, published in the Federal Register, recognizes that existing borrowers “face limited options” if they seek to access equity on their primary residence, particularly if they have a mortgage rate from a loan originated during the low-rate environment of the COVID-19 pandemic.
“[A] traditional cash-out refinance today may pose a significant financial burden, as it requires a refinancing of the entire outstanding loan balance at a new, and likely much higher, interest rate,” FHFA said in its proposal. “Homeowners may also use second mortgages to access the equity in their homes, [where] only the smaller, second mortgage would be subject to the current market rate, as the original terms of the first mortgage would remain intact.”
Second mortgages are also typically offered at a lower interest rate than certain alternative products like personal loans, so Freddie Mac’s proposal is to purchase “certain closed-end second mortgage loans from primary market lenders” that are already approved to sell mortgages to Freddie Mac, the proposal states.
“In a closed-end second mortgage loan, the borrower’s funds are fully disbursed when the loan closes, the borrower repays over a set time schedule, and the mortgage is recorded in a junior lien position in the land records,” FHFA stated. “Freddie Mac has indicated that the primary goal of this proposed new product is to provide borrowers a lower cost alternative to a cash-out refinance in higher interest rate environments.”
FHFA Director Sandra Thompson explained that such options are needed in the current mortgage rate environment.
“The proposed activity is intended to provide homeowners with a cost-effective alternative for accessing the equity in their homes,” Thompson said in an announcement of the proposal. “Reviewing and considering comments from the public will be a critical component of our review as the agency exercises its statutory responsibility to evaluate new enterprise products.”
This is specifically designed to benefit consumers during the high rate environment, the agency said.
“In the current mortgage interest rate environment, a closed-end second mortgage may provide a more affordable option to homeowners than obtaining a new cash-out refinance or leveraging other consumer debt products,” the proposal explained. “A significant portion of borrowers have low interest rate first mortgages, and the proposal would allow those homeowners to retain this beneficial interest rate on the first mortgage and avoid resetting to a higher rate through a cash-out refinance.”
The Federal Housing Enterprises Financial Safety and Soundness Act of 1992, as amended by the Housing and Economic Recovery Act (HERA) of 2008, requires the GSEs to provide advance notice to FHFA of any potential actions or products they aim to pursue. This notice demonstrates that FHFA is fulfilling its mandate and seeks public comments on the proposal.
The comment period lasts 30 days from the publication of the proposal in the Federal Register, making May 16, 2024, the end of the comment period. Interested parties can submit comments to the agency on its website or via email.
The Sunshine City, Tampa, FL, is known for its beautiful beaches along the Tampa Bay, vibrant arts culture, and neighborhoods full of historic Spanish architecture. There are many reasons to consider moving to Tampa, from attractions like the Tampa Riverwalk, the Henry B. Plant Museum, countless historic districts, and professional sports teams.
With an average rent of $1,895 for a studio and $1,742 for a one-bedroom apartment, Tampa may not fit into your rental budget. If you’re looking to rent an apartment in Tampa, we’ve got you covered. ApartmentGuide has compiled a list of the most affordable neighborhoods in Tampa to help you find the perfect place that fits your budget.
9 Affordable Neighborhoods in Tampa, FL
From North Tampa to University Square, these Tampa neighborhoods offer affordable options that won’t break the bank. Let’s dive in and explore the best neighborhoods for renters in Tampa.
1. North Tampa 2. University Square 3. Temple Crest 4. 40th Street Corridor 5. Terrace Park 6. Ybor City Historic District 7. Wellswood 8. Tampa Heights 9. North Hyde Park
Read on to see what each neighborhood has to offer its residents.
1. North Tampa
Average studio rent: $895 Average 1-bedroom rent: $1,000 Apartments for rent in North Tampa
North Tampa is the most affordable neighborhood in Tampa, as the average rent for a one-bedroom unit is $1,000. There are many reasons to love living in North Tampa, from attractions like Busch Gardens and the University Mall to green spaces like Copeland Park. If you’re looking for a taste of the neighborhood, there are a variety of local restaurants to explore, showcasing Tampa’s food scene. For renters living in Tampa without a car, there are a few bus stops close to North Tampa.
2. University Square
Average studio rent: $1,200 Average 1-bedroom rent: $1,050 Apartments for rent in University Square
University Square is a bustling area next to North Tampa. This affordable neighborhood has many attractions, such as the University Mall and Copeland Park. Busch Gardens, a popular theme park with rollercoasters, zoo exhibits, and more, is also nearby.
3. Temple Crest
Average studio rent: $990 Average 1-bedroom rent: $1,162 Apartments for rent in Temple Crest
With an average one-bedroom rent of $1,162, Temple Crest is the third-most affordable neighborhood in Tampa. This neighborhood is a fantastic option to consider as it’s near attractions like Rowlett Park and Busch Gardens. There are also picturesque views of the Hillsborough River, so this area is great for exploring and enjoying Tampa. If you’re looking for a relaxing afternoon, you can find Temple Crest Center Playground in the area.
4. 40th Street Corridor
Average studio rent: $1,015 Average 1-bedroom rent: $1,187 Apartments for rent in 40th Street Corridor
40th Street Corridor is the fourth-most affordable neighborhood in Tampa and encompasses areas like Temple Crest. This neighborhood is a great option if you’re looking for access to plenty of shops and restaurants. For example, you can easily access the University Mall, Lettuce Lake Park, and the Museum of Science and Industry.
5. Terrace Park
Average studio rent: $1,000 Average 1-bedroom rent: $1,300 Apartments for rent in Terrace Park
Just about 10 miles from downtown, Terrace Park is a stellar neighborhood if you want to live near downtown. Terrace Park is home to attractions like Busch Gardens, the Museum of Science and Industry, and Takomah Trail Park. There are also plenty of restaurants and bars in the area, such as the Yuengling Brewing Company and Petra Restaurant.
6. Ybor City Historic District
Average studio rent: $1,699 Average 1-bedroom rent: $1,390 Apartments for rent in Ybor City Historic District
Next up is Ybor City Historic District, the sixth-most affordable neighborhood in Tampa. Ybor City is full of history and charm, with tree-lined streets, historic buildings, and museums. This area also has plenty of parks, restaurants, and attractions, so you’ll have lots of explore. Make sure to enjoy the outdoors at Centennial Park, explore Ybor City Museum State Park, see a show at The Ritz Ybor, or grab a meal at one of the neighborhood restaurants. There’s something for everyone living in Ybor City.
7. Wellswood
Average studio rent: $1,225 Average 1-bedroom rent: $1,400 Apartments for rent in Wellswood
Northwest of downtown, Wellswood is the seventh-most affordable neighborhood in Tampa. Wellswood has a friendly atmosphere and community feel, with plenty of local cafes and restaurants along Armenia Avenue, such as Mambos Cafe and La Cabana Restaurant. You can also check out some of Wellswood’s green spaces, such as Wellswood Park. There are also several bus stops in the area, so living in the neighborhood without a car is possible.
8. Tampa Heights
Average studio rent: $1,275 Average 1-bedroom rent: $1,450 Apartments for rent in Tampa Heights
Tampa Heights takes the eighth spot on our list of most affordable neighborhoods in Tampa. It’s a great area for renters new to the city, as it’s just north of downtown. Also, the average rent for a one-bedroom unit is roughly $1,450, making Tampa Heights a less expensive area. It has several attractions like Water Works Park, Armature Works, a famous food hall by the water, and Robles Park Center.
9. North Hyde Park
Average studio rent: $1,395 Average 1-bedroom rent: $1,495 Apartments for rent in North Hyde Park
A well-known Tampa neighborhood, North Hyde Park takes the last spot on our list of affordable neighborhoods in Tampa. North Hyde Park near the Tampa Riverwalk and the Straz Center for the Performing Arts, meaning there’s plenty to do throughout the week. You’ll find there are countless historic buildings in North Hyde Park, so make sure to explore the area’s charm. If you need to commute to work, there are lots of options as Kennedy Boulevard is nearby.
Methodology: Affordability based on whether a neighborhood has average studio and 1-bedroom rent prices under the city’s average. Average rental data from Rent.com in March 2024.
“Housing costs are high across the board, but renting is a more affordable and realistic option for many Americans right now—especially those who have never owned a home and aren’t able to tap into equity from a previous sale,” said Redfin chief economist Daryl Fairweather. To afford a typical starter home, first-time buyers must now … [Read more…]
Mortgage rates jumped for all types of loans compared to a week ago, according to data compiled by Bankrate. Rates for 30-year fixed, 15-year fixed, 5/1 ARMs and jumbo loans edged higher.
While mortgage rates are still on track to gradually come down this year, the path might be bumpy. Lenders price mortgages based on many variables, but overall, fixed mortgage rates follow the 10-year Treasury yield, which moves as investor appetite fluctuates with the state of the economy and Federal Reserve decisions.
The Fed indicated it’d cut rates in 2024, but policymakers held off at its latest meeting, citing the need for more promising economic data. The Fed has been working to bring inflation back to its 2 percent target since 2022.
“The Fed is not in a hurry to start cutting interest rates as the progress toward 2 percent inflation has encountered some turbulence,” says Greg McBride, CFA, chief financial analyst for Bankrate.
For now, the Fed expects to issue three rate cuts in 2024. When that happens, the rates on a variety of financial products, including mortgages, should follow suit.
Whether mortgage rates move up or down, though, it’s tough to time the market. Often, the decision to buy a home comes down to needs. Depending on your situation, it might make sense to take a higher rate now and hope to refinance later — buying a home at today’s prices rather than a higher price in the future, while building equity that much sooner.
Rates last updated April 15, 2024.
The rates listed above are averages based on the assumptions here. Actual rates displayed across the site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Monday, April 15th, 2024 at 7:30 a.m.
30-year mortgage rate climbs, +0.08%
Today’s average rate for the benchmark 30-year fixed mortgage is 7.05 percent, up 8 basis points from a week ago. A month ago, the average rate on a 30-year fixed mortgage was lower, at 6.90 percent.
At the current average rate, you’ll pay $668.66 per month in principal and interest for every $100,000 you borrow. That’s $5.37 higher compared with last week.
15-year mortgage rate moves higher, +0.16%
The average rate for a 15-year fixed mortgage is 6.54 percent, up 16 basis points over the last week.
Monthly payments on a 15-year fixed mortgage at that rate will cost approximately $873 per $100,000 borrowed. The bigger payment may be a little harder to find room for in your monthly budget than a 30-year mortgage payment, but it comes with some big advantages: You’ll come out several thousand dollars ahead over the life of the loan in total interest paid and build equity much faster.
5/1 ARM rate increases, +0.02%
The average rate on a 5/1 adjustable rate mortgage is 6.58 percent, up 2 basis points over the last 7 days.
Adjustable-rate mortgages, or ARMs, are mortgage loans that come with a floating interest rate. To put it another way, the interest rate will change at regular intervals, unlike fixed-rate mortgages. These loan types are best for people who expect to refinance or sell before the first or second adjustment. Rates could be substantially higher when the loan first adjusts, and thereafter.
While borrowers shunned ARMs during the pandemic days of super-low rates, this type of loan has made a comeback as mortgage rates have risen.
Monthly payments on a 5/1 ARM at 6.58 percent would cost about $637 for each $100,000 borrowed over the initial five years, but could increase by hundreds of dollars afterward, depending on the loan’s terms.
The average rate for the benchmark jumbo mortgage is 7.21 percent, up 12 basis points from a week ago. Last month on the 15th, the average rate for jumbo mortgages was below that at 7.04 percent.
At today’s average jumbo rate, you’ll pay principal and interest of $679.47 for every $100,000 you borrow. That’s up $8.11 from what it would have been last week.
Refinance rates
30-year fixed-rate refinance increases, +0.08%
The average 30-year fixed-refinance rate is 7.07 percent, up 8 basis points from a week ago. A month ago, the average rate on a 30-year fixed refinance was lower at 6.85 percent.
At the current average rate, you’ll pay $670.01 per month in principal and interest for every $100,000 you borrow. That’s an increase of $5.38 over what you would have paid last week.
Where are mortgage rates heading?
With mortgage rates buffeted by many factors, it’s impossible to predict exactly when they’ll rise or fall. With the Fed still aiming for three rate cuts this year, it’s possible we’ll see lower rates sooner rather than later.
Keep in mind: The rates on 30-year mortgages mostly follow the 10-year Treasury, which shifts continuously as economic conditions dictate, while the cost of variable-rate home loans mirror the Fed’s moves.
These broader factors influence overall rate movement. As a borrower, you could be quoted a higher or lower rate compared to the trend.
What today’s rates mean for your mortgage
While mortgage rates change daily, it’s unlikely we’ll see rates back at 3 percent anytime soon. If you’re shopping for a mortgage now, it might be wise to lock your rate when you find an affordable loan. If your house-hunt is taking longer than anticipated, revisit your budget so you’ll know exactly how much house you can afford at prevailing market rates.
You could save serious money on interest by getting at least three loan offers, according to Freddie Mac research. You don’t have to stick with your bank or credit union, either. There are many types of mortgage lenders, including online-only and local, smaller shops.
“All too often, some [homebuyers] take the path of least resistance when seeking a mortgage, in part because the process of buying a home can be stressful, complicated and time-consuming,” says Mark Hamrick, senior economic analyst for Bankrate. “But when we’re talking about the potential of saving a lot of money, seeking the best deal on a mortgage has an excellent return on investment. Why leave that money on the table when all it takes is a bit more effort to shop around for the best rate, or lowest cost, on a mortgage?”
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The disco ball, while always beautiful, has undergone a glow-up in the 21st century. No longer relegated to the nightlife scene that birthed it, the mirrorball crept into our weddings, our homes, our earlobes. Then it escaped its spherical form entirely—now martini glasses, cowgirl boots, even mushrooms gleam with silver-tiled radiance. What could they possibly disco next?
Sofie Berarducci has some ideas.
The 24-year-old entrepreneur honed her design savvy building furniture in her parents’ garage during the pandemic. When she returned to college in San Francisco, she had to settle for smaller projects. One night, while watching The Bachelor, she and a handful of friends covered a Styrofoam mushroom from Michaels in shiny, mirrored tiles. “Anytime someone would come over and see it in my room, they’d love it,” Berarducci recalls. “It was such a showstopper.”
After graduating in 2019, Berarducci started crafting more disco mushrooms as Christmas presents. She posted surplus ’shrooms on Facebook Marketplace, where they sold out overnight. “People were messaging me, ‘Where can I buy more?’” Berarducci recalls.
Berarducci capitalized on the disco fever with an Etsy shop and, eventually, a business account on Instagram. She developed new products, pivoting from Styrofoam bases to 3D-printed fruit, liquor bottles, and other fun shapes. Berarducci was still working full-time at a San Diego marketing agency, running her side hustle with help from family. “In the morning, my mom and I would pack orders together, go drop them off at UPS, and go do our nine-to-five,” she says. “Five would hit, and we would turn on a movie and get to tiling.”
Six months in, she decided to launch the brand’s e-commerce site and quit her job to focus on Sofiest Designs. “It was kind of a huge risk,” she adds, “but I haven’t looked back.” After all, the gamble paid off handsomely: In addition to 80,000 Instagram followers, Sofiest Designs boasts partnerships with Urban Outfitters, Free People, Dormify, and Aerie. Berarducci has designed custom disco doodads for celebs such as Lizzo, Kourtney Kardashian, and Shania Twain, and outlets like Architectural Digest, HGTV, Apartment Therapy, and Time have taken notice.
Though her company ships out 15 to 20 orders per day, Berarducci continues to hand-make each product in a San Marcos warehouse with the help of a small team of family and friends. “My business is part e-commerce manufacturer and part art,” she explains. “It’s still really time intensive. I’m touching every single [piece].”
All those hours tiling haven’t stopped her from pushing Sofiest Designs forward. She added additional, less shiny homewares in the form of surreal shelving and pastel lamps and partnered with other woman-owned small businesses to expand the company’s e-commerce offerings. You can shop seven other makers’ products on Berarducci’s site.
Nevertheless, what Berarducci calls “disco therapy” remains core to her company’s ethos. “The disco ball is timeless and gorgeous, but it hadn’t been remodeled in, like, 50 years,” she says. “We wanted to make something more appropriate for Gen Z. Our goal is to make disco items that double as art for your home that you can have forever.”
We tapped Berarducci to share some of her favorite home décor products from small businesses (including her own). Here are 10 fun finds to spruce up your bedroom, bar cart, or coffee table.
10 Unique Room Décor Accents to Spice Up Your Space
Big Night Clock, $110
Big Night
This cheeky clock is “so cute for your kitchen area—I love the pop of red,” Berarducci says. “The martini at the five o’clock hand is the perfect little detail.” The timepiece captures two trends: the fervor for food-centric décor and, of course, Gen Z’s love for disco-inspired details.
Glass Tile Decorative Tray, $65
Subtle Art Studio
“This tray makes for the most stunning accent piece on your vanity or bar cart,” Berarducci says. “It’s an easy way to elevate your space.” San Jose–based Subtle Art Studio slings several products made with retro-inspired glass tiles, including coasters, incense holders, and photo stands.
Olive Candle, $21
Nata Concept Store
“Why not add an olive candle to your home décor?” Berarducci suggests. “Style with your martini glasses and mixers on a bar cart. So cute!” Novelty candles have made a splash as a playful, affordable way to accessorize your house, and this one stands out for its lovely floral scent.
Checkered Ceramic Vase, $120
Alicja Ceramics
Another of Berarducci’s small business partners, Alicja Ceramics crafts and paints each of her funky vases by hand. “These are my go-to for all my flower arrangements,” Berarducci adds. “The checkered print against the florals makes for the coolest contrast.”
Disco Strawberry, $52.50
Sofiest Designs
TikTok’s beloved “unexpected red” theory holds that introducing a touch of crimson will enliven any room. Try out the technique with Berarducci’s sparkly strawberry. “My favorite way to show off this strawberry is to style it on a kitchen shelf or use it as a dining-table centerpiece,” she says.
Custom Icons Pillow, $155
Abbode
New York embroidery shop Abbode is all about customization. This pillow case takes things a step beyond monogramming, allowing customers to select and request symbols that represent their most formative experiences or favorite things. “These make for the perfect customized housewarming gift—for your friend or for yourself,” Berarducci says.
Buns Out, $40
Piecework Puzzles
“Boring puzzles are out,” Bararducci declares. “Challenge your brain and create a masterpiece with Piecework’s ‘Buns Out’ puzzle.” After you’ve put the final piece in place, brush Mod Podge over the lot and frame it as a conversation-starting work of art.
Custom Neon Sign, from $159
Yellowpop
Whatever your catchphrase is, immortalize it in neon lights. Yellowpop offers one-of-a-kind LED signs with 14 different color options. “This is a great way to personalize your space in a unique and timeless way,” Berarducci says. “I created a custom ‘Sofiest Designs’ sign for my warehouse and absolutely love it!”
Wobble Table Lamp, $120
Sofiest Designs
This wiggly lamp from Sofiest Designs comes in four easy-to-style colors: powder pink, muted orange, soft green, and creamsicle orange. You can select a lampshade in one of those same hues to mix and match. “This is my favorite of our lamps,” Berarducci says. “It looks good in any space and any colorway.”
Concrete Shelf, $650
Concrete Cat
This eye-catching shelf is an art piece in itself. “The concrete coloring brings [it] to the next level,” Berarducci adds. A groove at the back of the shelf helps secure thin items like records, photos, and (SDM’s personal favorite) magazines for display.