Channel also noted that the surge in first-time buyers does not necessarily mean a flood of new entrants into the market. What this indicates is their relative comfort with entering a high-rate market, compared to repeat buyers. “First-time buyers were likely more comfortable seeking new mortgages, making them a bigger part of a smaller pool … [Read more…]
Let’s talk about how sublets work and outline everything you need to know about subletting.
What is subletting?
Subletting is a process where a tenant rents their apartment to someone else for the duration of the lease. The terms and conditions of the original lease stay the same and the original tenant’s name remains on the lease, but the new tenant moves in and becomes responsible for paying rent and utilities. Subletting allows the original tenant to move while renting out their old space to someone new.
A few helpful definitions
Before we explain how sublets work in more detail, here are a few keywords defined.
Subleasing: Subleasing is another term for subletting. Both words refer to the process of renting an apartment or room to someone else.
Lessor: A lessor is someone — commonly called a landlord or property manager — who owns the property and rents it out.
Lessee: The lessee is also known as the renter or tenant. A lessee rents a room or apartment from the lessor.
Sublessee: A sublessee, also called a subtenant, is the person who rents a room or apartment from the lessee when subletting.
Reasons to sublet an apartment
Ideally, when you rent an apartment, you can commit to the terms of the lease. However, life happens and you may find yourself needing to move out prior to the end of the lease. Some situations for moving out early and needing to sublet may include:
Getting married
Having a baby
Graduating college
Relocating for work
Needing more room
Cutting expenses
Moving back home
Regardless of the reason, subletting is a viable option to consider.
How do sublets work?
So, you’ve found yourself in a situation where you need to move, you don’t want to break the lease and you’ve decided to sublet your apartment. Here’s how to go about subletting an apartment.
1. Review your lease agreement
Before you start interviewing candidates for a sublessee, you need to take some time to thoroughly review your current lease agreement. You’ll want to check that subletting is allowed in the first place and fully understand what you can and can’t do.
If you need help understanding the legal jargon of your lease agreement, talk to a lawyer or your landlord. This is a scenario when the fine print matters.
2. Make sure subletting is legal in your state
In some states, subletting is legal, and in others, it’s not. Laws vary state by state so you’ll need to conduct research to understand if subletting is legal in your state.
3. Talk to your landlord
Once you’ve done your homework, reviewed the lease and state laws, it’s time to talk to your landlord and let them know you’d like to sublet the apartment. It’s polite to ask, and not tell them, what you’re doing. Schedule a meeting to let the lessee know your intentions and go over any and all details that are necessary to formally sublet the space.
You can also send them a formal letter requesting permission to sublet.
4. Find a sublessee
Once you’re in agreement with your landlord that you can sublet the apartment, it’s time to find a sublessee. This is your responsibility, not the landlords. You can place ads for a sublessee on social media groups or check out different apps that help you search for roommates or sublessees. Just make sure you find someone you trust as your name is still legally on the lease and your reputation is on the line.
5. Determine the details of your subletting agreement
When you’ve found someone to sublet the apartment, schedule a meeting to go over the details of the subletting agreement. How long will you sublet for? Will the sublessee be responsible for all rent and utilities? When can they move in? Do they need to pay you a security deposit? Get all of the details worked out ahead of time.
6. Get your subletting agreement in writing
Verbal agreements are not sufficient when it comes to subletting. Get all of the details written down so you have a paper trail should things go awry.
7. Coordinate the move with your new sublessee
Have everything in order with your landlord and sublessee? Now it’s time to coordinate the details of when the transition will happen.
Pros and cons to consider when subletting an apartment
As with everything in life, there are pros and cons to subletting an apartment. Because a lease is a legally binding contract, you want to take it seriously and really understand the repercussions — both good and bad — of subletting your apartment.
Pros of subletting an apartment
Keep your lease intact: Subletting allows you to keep your lease intact without breaking the terms and conditions or paying a penalty for breaking the lease early.
Keep your deposits: Subletting allows you to keep the security deposit and first and last month’s rent without forfeiting it. You can save a lot of money by subletting an apartment.
Ability to move as needed: When you find yourself needing to move quickly, subletting allows you to move and still keep your current place of residence. Perhaps you just need to move for three months and want to come back in 90 days? Subletting allows you that freedom.
Cons of subletting an apartment
Difficult to find a sublessee: It can be difficult to find someone trustworthy to take over your lease in a pinch. You want to make sure you trust the sublessee as the lease is still legally in your name.
Stressful to coordinate: Planning a move is difficult in and of itself, let alone trying to coordinate with a sublessee.
Potential of sublessee backing out: While you’ll want to get an agreement in writing with your sublessee, they still can back out of the agreement, leaving you in a bind.
Subletting is an option to keep in mind
Now that we’ve reviewed how sublets work, you’ll know how and what to do should you ever need to sublet an apartment yourself. Or, if you’re looking for a place to rent but don’t want to sign a lease yourself, being a sublessee may be the right option for you.
Sage Singleton is a freelance writer with a passion for literature and words. She enjoys writing articles that will inspire, educate and influence readers. She loves that words have the power to create change and make a positive impact in the world. Some of her work has been featured on LendingTree, Venture Beat, Architectural Digest, Porch.com and Homes.com. In her free time, she loves traveling, reading and learning French.
Editorial Note: Blueprint may earn a commission from affiliate partner links featured here on our site. This commission does not influence our editors’ opinions or evaluations. Please view our full advertiser disclosure policy.
Today’s home equity line of credit (HELOC) rates, if you borrow $100,000, are 9.11% with a 60% loan-to-value (LTV) ratio, 9.26% with 80% and 9.95% with 90%.
Today’s HELOC rates
*Data accurate as of February 2, 2024, the latest data available.
Current HELOC rate trends
Here is the average annual percentage rate (APR) for a $100,000 HELOC at different LTV ratios — 60%, 80% and 90%.
HELOC rates: 60% LTV ratio
The HELOC rate today for a borrower with an LTV ratio of 60% sits at 9.11%. This means it’s the same as last week, according to data from Curinos. Last month, the rate was at 9.13%.
HELOC rates: 80% LTV ratio
The average HELOC rate if you have an LTV ratio of 80% stayed the same as last week at 9.26%, according to data from Curinos. This is down from last month’s 9.28%.
HELOC rates: 90% LTV ratio
Today’s average HELOC rate is 9.95% with a 90% LTV ratio which is the same as last week, according to data from Curinos. This is about the same as last month’s 9.95%.
Before you borrow, compare the best HELOC lenders.
Frequently asked questions (FAQs)
During the COVID-19 pandemic, many banks stopped offering HELOCs due to uncertainty surrounding the economy. However, numerous banks have resumed offering HELOCs to customers today.
There are many reasons why you might not qualify for a HELOC. For example, a lender could deny your application if:
Your LTV ratio is too high.
Your DTI ratio is too high.
Your credit score is too low.
You don’t have a history of on-time payments.
You don’t have a stable source of income.
If you can’t qualify for a HELOC because of any of the above reasons, your best option is likely to work on paying down debt along with building more equity in your home.
There are also some alternatives to consider if you’re disqualified. For example, a home equity loan or personal loan could be a good option. Unlike HELOCs, both of these alternatives generally come with fixed interest rates, giving you predictable payments over the life of the loan. However, you might end up with a higher interest rate than you would with a HELOC.
Additionally, home equity loans and personal loans are paid out in lump sums — meaning you’ll need to know exactly how much you need to borrow before applying.
Explore the difference: HELOC vs. home equity loan
Repayment terms for HELOCs typically range from five to 30 years. This generally comprises a draw period of up to 10 years and then up to 20 years to repay what you’ve borrowed.
Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.
Blueprint has an advertiser disclosure policy. The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.
Jamie Young is Lead Editor of loans and mortgages at USA TODAY Blueprint. She has been writing and editing professionally for 12 years. Previously, she worked for Forbes Advisor, Credible, LendingTree, Student Loan Hero, and GOBankingRates. Her work has also appeared on some of the best-known media outlets including Yahoo, Fox Business, Time, CBS News, AOL, MSN, and more. Jamie is passionate about finance, technology, and the Oxford comma. In her free time, she likes to game, play with her two crazy cats (Detective Snoop and his girl Friday), and try to keep up with her ever-growing plant collection.
Ashley is a USA TODAY Blueprint loans and mortgages deputy editor who has worked in the online finance space since 2017. She’s passionate about creating helpful content that makes complicated financial topics easy to understand. She has previously worked at Forbes Advisor, Credible, LendingTree and Student Loan Hero. Her work has appeared on Fox Business and Yahoo. Ashley is also an artist and massive horror fan who had her short story “The Box” produced by the award-winning NoSleep Podcast. In her free time, she likes to draw, play video games, and hang out with her black cats, Salem and Binx.
Americans are tumbling deeper into debt, with the typical household paying $1,583 a month on various loans, a recent study found.
That’s a more than $300 increase from people’s average monthly debt payment in 2020, according to LendingTree. The report, based on the anonymized credit reports of roughly 310,000 users from July 1 to Sept. 30, 2023, focuses on active debt such as mortgages, auto loans, credit cards, personal loans, student loans and other categories.
Mortgages make up the lion’s share of debt, the study found, with property owners making average monthly payments of $1,855 on their home loans. Auto loans account for the second-largest share of debt, with payments averaging $690 a month — an amount that continues to climb as interest rates on auto loans jump. The third-largest category of debt is personal loans, with payments of $517 a month on average.
Generation Xers (ages 43 to 58) carry the most debt, with $1,974 in average monthly payments. Baby boomers (59 to 77) are No. 2 with payments of $1,529, followed closely behind by Millennials (ages 27 to 42) at $1,490. Not surprisingly, given their youth, Gen Zers (ages 18 to 26) have the lowest average monthly debt at $645.
according to the Education Data Initiative.
Around the U.S., Maryland residents have the highest average monthly debt payments, at $1,850, followed by New Jersey residents ($1,770) and Coloradans ($1,734). The states with the lowest average monthly debt payment Mississippi ($1,236), followed by and Missouri and Ohio ($1,288).
Roughly a third of Americans say they have higher balances on their credit cards than they do in emergency savings, according to Bankrate. Sixty-three percent of U.S. adults point to inflation as the main reason why they are unable to save for the unexpected.
California-headquartered LoanSnap was hit with a temporary order to cease and desist from Connecticut’s Department of Banking for “systemic” unlicensed mortgage loan origination activity.
Connecticut Banking Commissioner Jorge Perez alleged that LoanSnap violated the Truth in Lending Act (TILA) and Fair Credit Reporting Act (FCRA). But the crux of the commissioner’s findings focuses on unlicensed origination activities.
From at least August 29, 2022 to December 2, 2022, individuals who were not licensed as loan officers (LOs) in Connecticut acted as LOs by taking residential mortgage loan applications, soliciting Connecticut borrowers for mortgages and offering or negotiating terms of mortgages, according to the order issued earlier this month.
Unlicensed LOs made the first contact with a potential borrower by using purchased leads from lead generators, such as LendingTree, to make outbound calls to potential borrowers. These individuals also received inbound calls from individuals interested in obtaining mortgage loans, the order stated.
The commissioner alleged unlicensed LOs discussed the available products offered by SnapDoc based on the information obtained from the potential borrower. The individuals then made an initial determination as to whether there is a loan product available to the potential borrower.
Once an unlicensed LO deemed a potential borrower qualified for one of LoanSnap’s loan products based on the information gathered – via text, electronic mail, telephone call and additional verification documentation he or she required the potential borrower to submit – the unlicensed MLO then sent the file to a licensed LO.
The bulk of the origination work was performed by unlicensed LOs, generally titled as “sales development representatives” or “call center representatives,” according to commissioner Perez.
On LinkedIn, unlicensed individuals represented their job titles as a “mortgage loan officer” or included job descriptions including “prequalified inbound leads for the senior mortgage loan officers – over 100 calls per day” or “connection point between potential mortgage and refi-takers,” the order stated.
Connecticut’s Banking Department provided LoanSnap an opportunity to show compliance for the retention of its mortgage lender license in Connecticut before issuing the order but received a written response from the lender denying the allegations asserted in the compliance letter.
Perez directed LoanSnap to cease unlicensed LOs from taking any mortgage applications and for unlicensed LOs to disclose their Connecticut licensing status to a potential borrower, the regulator said.
A hearing – scheduled for March 14 – was granted to LoanSnap within 14 days following the lender’s receipt of the temporary order to cease and desist and a failure to request a hearing will result in the allegations deemed admitted, according to the order.
LoanSnap requested a hearing, according to Connecticut’s Department of Banking.
LoanSnap didn’t respond to HousingWire’s requests for comment.
The California-headquartered lender has 44 state licenses with 6 sponsored LOs, according to the Nationwide Multistate Licensing System (NMLS).
LoanSnap originated $3 million in production volume over the past year across 32 units, data from mortgage technology platform Modex showed.
In 2021, LoanSnap secured $30 million in series B financing led by True Ventures. Also participating in the funding included prior investors Baseline Ventures, Richard Branson’s Virgin Group, and MANTIS, according to the company’s previous release.
Editorial Note: Blueprint may earn a commission from affiliate partner links featured here on our site. This commission does not influence our editors’ opinions or evaluations. Please view our full advertiser disclosure policy.
The average rate on a 30-year fixed mortgage is 7.23%, and on a 15-year fixed-rate mortgage, it’s 6.43%. The average rate on a 30-year jumbo mortgage is 7.24%.
*Data accurate as of January 25, 2024, the latest data available.
30-year fixed mortgage rates
The average mortgage rate for 30-year fixed loans rose today to 7.23% from 7.17% last week, according to data from Curinos. This is up from last month’s 7.15% and up from a year ago when it was 5.69%.
At the current 30-year fixed rate, you’ll pay about $686 each month for every $100,000 you borrow — up from about $688 last week.
Ready to buy? Compare the best mortgage lenders
15-year fixed mortgage rates
The mortgage rates for 15-year fixed loans rose today to 6.43% from 6.42% last week. Today’s rate is up from last month’s 6.30% and up from a year ago when it was 4.96%.
At the current 15-year fixed rate, you’ll pay about $870 each month for every $100,000 you borrow, up from about $869 last week.
30-year jumbo mortgage rates
The mortgage rates for 30-year jumbo loans rose today to 7.24% from 7.21% last week. This is up from last month’s 7.09% and up from 4.61% last year.
At the current 30-year jumbo rate, you’ll pay around $685 each month for every $100,000 you borrow, down from about $686 last week.
Methodology
To determine average mortgage rates, Curinos uses a standardized set of parameters. For conventional mortgages, the calculations are based on an owner-occupied, one-unit property with a loan amount of $350,000. For jumbo mortgages, the loan amount is $766,550. These calculations assume an 80% loan-to-value ratio, a credit score of 740 or higher and a 60-day lock period.
Frequently asked questions (FAQs)
Mortgage rates are determined by a variety of factors, including the overall economy, inflation and the actions of the Federal Reserve. Mortgage lenders then set their loan rates based on these economic elements.
The rate you’re offered on a mortgage will also depend not only on the lender but also on your credit score, income, debt-to-income (DTI) ratio and other parts of your financial profile.
If you opt for a rate lock, you can typically do so for 30 to 60 days, depending on the lender. In some cases, you might be able to lock in your rate for up to 120 days.
Keep in mind that while some lenders allow you to lock in a mortgage rate for free, you’ll likely have to pay a fee for a longer lock period. This fee generally ranges from 0.25% to 0.5% of your loan amount. You could also be charged a fee if you want to extend the lock period — usually 0.375% of the loan amount.
There are several strategies that could help you qualify for the best mortgage rate, such as:
Checking your credit: When you apply for a mortgage, the lender will review your credit to determine your creditworthiness as well as your interest rate. In general, the higher your credit score, the lower your rate will be. So before you apply, it’s a good idea to check your credit to see where you stand. If you find any errors in your credit report, dispute them with the appropriate credit bureau to potentially boost your score.
Comparing lenders: Taking the time to shop around and compare your options from as many lenders as possible can help you find the best deal. In addition to rates, make sure to also consider each lender’s terms, fees and eligibility requirements.
Improving your credit score: If you have less-than-perfect credit and can wait to apply for a mortgage, it could be worth working to improve your credit beforehand to qualify for better rates in the future. Some possible ways to boost your credit include paying all of your bills on time and aiming to keep your credit utilization (the amount of credit you’ve used compared to your credit limits) on credit cards and lines of credit at 30% or less.
Reducing debt: Paying down debt could help lower your DTI ratio, which is how much you owe in monthly debt payments compared to your income. Having a lower DTI ratio can make you look like less of a risk in the eyes of a lender, which can result in a lower rate.
Choosing a shorter repayment term: Lenders typically offer lower rates to borrowers who opt for shorter terms. For example, you’ll likely get a lower rate on a 15-year mortgage compared to a 30-year loan.
Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.
Blueprint has an advertiser disclosure policy. The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.
Jamie Young is Lead Editor of loans and mortgages at USA TODAY Blueprint. She has been writing and editing professionally for 12 years. Previously, she worked for Forbes Advisor, Credible, LendingTree, Student Loan Hero, and GOBankingRates. Her work has also appeared on some of the best-known media outlets including Yahoo, Fox Business, Time, CBS News, AOL, MSN, and more. Jamie is passionate about finance, technology, and the Oxford comma. In her free time, she likes to game, play with her two crazy cats (Detective Snoop and his girl Friday), and try to keep up with her ever-growing plant collection.
Megan Horner is editorial director at USA TODAY Blueprint. She has over 10 years of experience in online publishing, mostly focused on credit cards and banking. Previously, she was the head of publishing at Finder.com where she led the team to publish personal finance content on credit cards, banking, loans, mortgages and more. Prior to that, she was an editor at Credit Karma. Megan has been featured in CreditCards.com, American Banker, Lifehacker and news broadcasts across the country. She has a bachelor’s degree in English and editing.
Ashley is a USA TODAY Blueprint loans and mortgages deputy editor who has worked in the online finance space since 2017. She’s passionate about creating helpful content that makes complicated financial topics easy to understand. She has previously worked at Forbes Advisor, Credible, LendingTree and and Student Loan Hero. Her work has appeared on Fox Business and Yahoo. Ashley is also an artist and massive horror fan who had her short story “The Box” produced by the award-winning NoSleep Podcast. In her free time, you can find her drawing, scaring herself with spooky stories, playing video games and chasing her black cat Salem.
When you live in an apartment, you most likely won’t have a backyard or lots of outdoor space. However, a lot of apartment complexes include a patio on the ground level so you can step outside and enjoy some fresh air. Even if a patio is small, it doesn’t mean it can’t be grand. If you are looking for ways to spruce up your patio and turn it into a luxurious outdoor space, here are some small patio ideas to consider.
Small patio ideas you’ll love
Whether you opt for all of these ideas or choose only a handful of these small patio ideas, you can turn any mundane patio into a place you’re dying to spend all your free time.
Just be sure to check with your landlord first before installing or building anything!
1. Add a table and chairs
First on the list is finding a set of chairs and a table. Patio furniture comes in all shapes and sizes. You can get wrought iron, plastic or rattan to name a few. No matter what kind of patio furniture you choose, a table and chairs are essential because it’ll be the place you sit to eat, drink, read or simply relax.
2. Consider multi-use furniture
If your patio is small, you’ll want to consider purchasing furniture that has multiple uses. For example, you could get a foot pedestal that also used as a small table, a footrest and a place to hold plants for decoration. If you can get each piece of furniture to serve more than one purpose, you’ll save money in the process, too.
3. Find foldable furniture
Are you short on space on your patio? This small patio idea is perfect for those with cramped quarters. Buy foldable furniture that you can easily store when you’re not using it. You can easily access and use it when you need to, otherwise, you can quickly fold it and store it to add more space to your patio.
4. Decorate with a mattress
Mattresses don’t just belong in a bedroom. Putting a mattress on your patio is a great way to create a Bohemian-style feel on your patio. Take a blow-up or regular mattress, put some sheets over it, add some blankets and you’ve got created a comfortable and chic patio.
5. Use pillows for comfort and decor
Pillows add both decoration and comfort to any patio space. Get some oversized pillows and add them to your patio, like this idea from Pinterest. You can put them on your chairs or use them as poofs to sit on. Pillows are a great way to add a pop of color to your patio as well as adding an element of comfort and design.
6. Get a blanket basket
Like pillows, blankets are another way to spruce up any patio. On summer nights as the sun sets and it starts to get cooler, people will want to grab a blanket to drape over their lap as they continue chatting and hanging out into the night. Get a basket to fill with outdoor blankets and you’ve got yourself some small patio decor that’s practical and cute.
7. Set up a speaker system
Music can set the mood on any occasion. From outdoor date nights to a casual gathering with friends on the patio, you need music to create ambiance. Invest in an outdoor speaker system for your patio. This could be a small speaker you plug your phone into, a smart home device like Alexa or even a full-blown speaker system. Regardless of what you choose, a speaker is a great small patio idea.
8. Watch movies on a movie projector
Movie projectors are a fun purchase to splurge on for your small patio. You can project a movie onto the wall of the apartment and watch it from the comfort of your patio. They don’t take up too much space but are a fun way to get outside more often.
9. String up a hammock
Opting out of traditional patio furniture? Consider hanging a hammock on your patio. If you’re cramped for space or simply like to hang from a hammock, this is a great small patio idea to go for.
10. Install a privacy screen
Given that patios are on the ground floor, you won’t have as much privacy as on a balcony. But, you can easily install a privacy screen, shutters or even curtains to your patio to create some privacy. Plus, you can have fun with the decorating process as you choose what color of the curtain you want or what color of paint to use on the privacy screen.
11. Burn some candles
Candles are a great small patio idea. They don’t take up much space but add a lot of ambiance to any patio. Get a variety of sizes, shapes and colors and use candles to both decorate and light up your patio.
12. String up lights
Strings of lights are another easy way to decorate your small patio. You can hang the lights from end-to-end, drape them around the table and chairs or hang them above the doorway. White string lights are cute, sparkly and practical and will make any patio feel like a fairy garden.
13. Add a rug
Rugs are a great way to decorate a small patio. First of all, they can add a pop of color to the patio. Second, they can cover up the ugly cement they likely were made of. And third, they make the space feel cozier.
14. Prop an umbrella
Your patio may already be shaded, but adding an umbrella is a great small patio idea. Umbrellas easily move so you can block out the sun anywhere it comes through on the patio. Umbrellas also come in a variety of shapes, colors and sizes.
15. Pot some plants
Potted plants add charm to any patio. You can buy pots of all sizes, depending on how large your patio is. From small pots that fit on a table as a centerpiece to giant ones that take up lots of space, using pots as a small patio idea is a great way to add greenery to your patio.
16. Get flower window boxes
If you don’t have a garden but want to plant some flowers, you can buy a few flower boxes for windows, ledges or gates. Add the window box and fill it with your favorite flowers.
17. Think vertically
Because patios often are small and short on space, think vertically when decorating. You can use ladders, tall planter boxes or racks and decorate upward instead of outward. This allows you to have lots of decorations without taking up too much space.
18. Buy a barbecue
Barbecues go hand-in-hand with summer nights. Barbecues are a great product to invest in and add to your small patio. They may take up some space but it’ll be well worth it when you’re cooking and entertaining all summer long.
Just make sure they are allowed at your property before investing the money. Some cities do not allow grills on patios due to fire codes.
19. Build up a bar cart
Bar carts are a fun item to have on your patio. You can choose a bar cart and start building up the contents over time. You can add different types of drinks, mixers, cups and ice containers to it. Not only is it a great small patio idea, but your friends will also love coming over and mixing themselves up a drink.
20. Splash some paint
If your landlord permits, you can paint your patio. Consider painting the floor a fun color or one of the walls. This takes up no space and allows you to add more color into the space.
Decorating with our small patio ideas
It doesn’t take a full-blown renovation to turn an ordinary patio into a place of relaxation and rest. Your patio can become your outdoor oasis with these easy ideas for decorating your small patio. Any one of these small patio ideas will surely turn it into a place you want to spend all your free time.
Sage Singleton is a freelance writer with a passion for literature and words. She enjoys writing articles that will inspire, educate and influence readers. She loves that words have the power to create change and make a positive impact in the world. Some of her work has been featured on LendingTree, Venture Beat, Architectural Digest, Porch.com and Homes.com. In her free time, she loves traveling, reading and learning French.
Outfitting a new place with pictures and paintings can get expensive, but nowadays, there are plenty of cheap wall art options for your apartment that are inexpensive yet chic.
Once you’ve found the perfect apartment to rent, signed the lease and moved in, the fun part of decorating your new home can begin. If you’re wondering where to buy art for an apartment, we’ve put together a list of 25 places to find cheap wall art online. Browse these galleries or peruse in person and find cheap wall art for your apartment that’ll give it personality and color.
Where to buy art for your apartment
One day, you may be able to afford an original painting by your favorite artist, but until then, there are lots of places to find cheap wall art that’ll spice up your apartment without breaking the bank. Here are some places to consider when looking for art for your apartment.
1. Etsy
Etsy is an online marketplace where vendors can sell their arts, crafts and vintage supplies directly to buyers. While you’ll have to search and filter through lots of options, Etsy has a huge collection of art available and is a great place to browse when looking for cheap wall art.
2. Thrift shops
Your local thrift shop is a great place to start when looking for art for apartments. Because of the nature of thrift shops where products are constantly being donated, each time you go to the local thrift shop, you’ll find different art available for purchase at an inexpensive price point. Thrift shops will offer a wide range of art genres and you’ll never know what you’re going to find when you walk in. This makes it a fun place to check out frequently and see what you’ll stumble upon
3. Yard and estate sales
Like thrift shops, local yard and estate sales are great places to go and browse for cheap wall art. You don’t know what you’re going to find, but it is a fun surprise when you find something unexpected that you love.
4. Antique stores
Looking for something vintage and antique to decorate your apartment with? Antique stores can offer one-of-a-kind pieces of art that’ll make your apartment stand out from other homes. Antique art hunting requires patience, but when you find a fabulous piece of art, the hunt is worth it.
5. Society 6
Society 6 is a website for independent artists to showcase their work. Here, you’ll find a variety of art options — from paper prints to framed art to tapestries — to buy and decorate your apartment with.
6. Target
Who doesn’t love going on a Target run? Whether you’re looking for cheap wall art online or looking to wander the aisles, Target offers a variety of art that’ll work when decorating anything from a nursery to the living room in your apartment.
7. Bed Bath and Beyond
Bed Bath and Beyond is another big-box store that offers a little bit of everything, including cheap wall art. Here you can purchase framed art or canvas prints that’ll look high-quality hanging in your home but won’t cost the same as a gallery piece would.
8. Art.com
Art.com is a great place to start when you’re looking for art for your apartment. This website offers thousands of pieces — from classics artists like Van Gogh and Picasso to unknown artists selling flowers or signs — Art.com is a great place to browse as you’ll find almost anything your heart desires.
9. Rifle Paper Co.
Rifle Paper Co. is a brand that features whimsical designs and sweet florals on a variety of products. From paper prints to licensed products, check out Rifle Paper Co. offers a nice selection of art to hang in your apartment.
10. Wayfair
Wayfair is where to look when you’re searching for anything from furniture to art to match. If you don’t know what style of art you like, Wayfair is a great place to start because you can match it to your furniture style.
11. Artfinder.com
Do you like to support local artists from around the world? If so, Artfinder.com is a great place to find cheap wall art online. You can find styles that you like and feel good about supporting local artists at the same time. Also, lots of times you’ll find art on sale, which is always a perk.
12. Minted.com
Minted.com offers limited edition prints, meaning the prints won’t always be available for purchase. If you like unique art at a stellar price point, check out Minted.com when browsing for cheap wall art online.
13. Overstock
If you’re in the mood to browse online at endless options, Overstock.com is the place for you. This online gallery offers thousands of options and you’re bound to find a piece of art (or two) that are great for your new apartment.
14. Christmas Tree Shops
Christmas Tree Shops offers so much more than holiday art. If you’re looking for canvas art that’ll look upscale and elegant in your home, this is a great website or store to check out.
15. Circle Graphics
Circle Graphics is a digital printing company and art vendor that can help you decorate your home with art or photos. Looking for art? Great. Looking to print your own photos on canvas? You can do that, too!
16. Home Goods
Home Goods is another place to browse online and in-store to find both cheap wall art and decorative elements for your apartment.
17. Great Big Canvas
Great Big Canvas is another online art gallery that allows you to search by subject, color, size or room. This is a great way to filter your art options and find the perfect piece for every wall in your apartment.
18. Abstract Art Gallery
If you want an original piece of art but don’t want to spend thousands of dollars, Abstract Art Gallery is a great place to find abstract-style art for under $500. Check out this site if you’re looking for an original piece for your apartment.
19. Paper Source
Paper Source is a boutique paper store that sells print art and fine paper that can easily be styled into wall art. Find a piece of paper or pattern that you love, buy a frame to match and voila, you’ve got yourself a cheap piece of wall art. This is a great option because you can easily swap the art out seasonally and have new art regularly.
20. Urban Outfitters
Looking for something a little more hipster? Check out Urban Outfitters art and decor section and you’ll find a wide selection of posters, prints and frames to decorate your apartment with.
21. iCanvas
iCanvas offers people a large selection of options to find cheap wall art online. You can purchase prints that feature iconic movie and TV scenes, abstract art or classics.
22. Uprise Art
If you’re the type of person who wants to spend money on one beautiful piece of art that is a statement piece, Uprise Art is a great source to check out. With art for under $800, you can get a wonderful piece of art that’ll last you forever.
23. Vertical Gallery
Vertical Gallery is a digital art gallery where people can browse and see a variety of artists month over month. This is a fun way to purchase cheap wall art because the collections change and provide you with new options.
24. Big Lots
Big Lots offers art and home decor for inexpensive prices. This is a great place to start looking for art if you aren’t sure about your style and don’t want to invest in an expensive piece yet. You can purchase a few pieces of art, see what you like, and then commit to a more expensive piece down the road.
25. Dollar Tree
Last but not least is Dollar Tree. If you’re looking for cheap wall art, try Dollar Tree. You can get prints for literally one dollar and outfit the entire apartment wall-to-wall if you want.
Decorate your apartment with cheap wall art
Whether you’re looking for one statement piece of art or multiple pieces you can swap out seasonally, there are plenty of places to find cheap wall art. These 25 places are a great place to start when looking for places to buy art for your apartment.
Sage Singleton is a freelance writer with a passion for literature and words. She enjoys writing articles that will inspire, educate and influence readers. She loves that words have the power to create change and make a positive impact in the world. Some of her work has been featured on LendingTree, Venture Beat, Architectural Digest, Porch.com and Homes.com. In her free time, she loves traveling, reading and learning French.
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The average rate on a 30-year fixed mortgage is 7.21%, and on a 15-year fixed-rate mortgage, it’s 6.37%. The average rate on a 30-year jumbo mortgage is 7.16%.
*Data accurate as of January 4, 2024, the latest data available.
30-year fixed mortgage rates
The average mortgage rate for 30-year fixed loans rose today to 7.21% from 7.05% last week, according to data from Curinos. This is down from last month’s 7.51% and up from a year ago when it was 5.76%.
At the current 30-year fixed rate, you’ll pay about $687 each month for every $100,000 you borrow — up from about $675 last week.
Ready to buy? Compare the best mortgage lenders
15-year fixed mortgage rates
The mortgage rates for 15-year fixed loans inched up today to 6.37% from 6.18% last week. Today’s rate is down from last month’s 6.77% and up from a year ago when it was 5.12%.
At the current 15-year fixed rate, you’ll pay about $868 each month for every $100,000 you borrow, up from about $857 last week.
30-year jumbo mortgage rates
The mortgage rates for 30-year jumbo loans rose today to 7.16% from 7.09% last week. This is down from last month’s 7.55% and up from 5.53% last year.
At the current 30-year jumbo rate, you’ll pay around $681 each month for every $100,000 you borrow, up from about $676 last week.
Methodology
To determine average mortgage rates, Curinos uses a standardized set of parameters. For conventional mortgages, the calculations are based on an owner-occupied, one-unit property with a loan amount of $350,000. For jumbo mortgages, the loan amount is $750,000. These calculations assume an 80% loan-to-value ratio, a credit score of 740 or higher and a 60-day lock period.
Frequently asked questions (FAQs)
Mortgage rates are determined by a variety of factors, including the overall economy, inflation and the actions of the Federal Reserve. Mortgage lenders then set their loan rates based on these economic elements.
The rate you’re offered on a mortgage will also depend not only on the lender but also on your credit score, income, debt-to-income (DTI) ratio and other parts of your financial profile.
If you opt for a rate lock, you can typically do so for 30 to 60 days, depending on the lender. In some cases, you might be able to lock in your rate for up to 120 days.
Keep in mind that while some lenders allow you to lock in a mortgage rate for free, you’ll likely have to pay a fee for a longer lock period. This fee generally ranges from 0.25% to 0.5% of your loan amount. You could also be charged a fee if you want to extend the lock period — usually 0.375% of the loan amount.
There are several strategies that could help you qualify for the best mortgage rate, such as:
Checking your credit: When you apply for a mortgage, the lender will review your credit to determine your creditworthiness as well as your interest rate. In general, the higher your credit score, the lower your rate will be. So before you apply, it’s a good idea to check your credit to see where you stand. If you find any errors in your credit report, dispute them with the appropriate credit bureau to potentially boost your score.
Comparing lenders: Taking the time to shop around and compare your options from as many lenders as possible can help you find the best deal. In addition to rates, make sure to also consider each lender’s terms, fees and eligibility requirements.
Improving your credit score: If you have less-than-perfect credit and can wait to apply for a mortgage, it could be worth working to improve your credit beforehand to qualify for better rates in the future. Some possible ways to boost your credit include paying all of your bills on time and aiming to keep your credit utilization (the amount of credit you’ve used compared to your credit limits) on credit cards and lines of credit at 30% or less.
Reducing debt: Paying down debt could help lower your DTI ratio, which is how much you owe in monthly debt payments compared to your income. Having a lower DTI ratio can make you look like less of a risk in the eyes of a lender, which can result in a lower rate.
Choosing a shorter repayment term: Lenders typically offer lower rates to borrowers who opt for shorter terms. For example, you’ll likely get a lower rate on a 15-year mortgage compared to a 30-year loan.
Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.
Blueprint has an advertiser disclosure policy. The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.
Jamie Young is Lead Editor of loans and mortgages at USA TODAY Blueprint. She has been writing and editing professionally for 12 years. Previously, she worked for Forbes Advisor, Credible, LendingTree, Student Loan Hero, and GOBankingRates. Her work has also appeared on some of the best-known media outlets including Yahoo, Fox Business, Time, CBS News, AOL, MSN, and more. Jamie is passionate about finance, technology, and the Oxford comma. In her free time, she likes to game, play with her two crazy cats (Detective Snoop and his girl Friday), and try to keep up with her ever-growing plant collection.
Megan Horner is editorial director at USA TODAY Blueprint. She has over 10 years of experience in online publishing, mostly focused on credit cards and banking. Previously, she was the head of publishing at Finder.com where she led the team to publish personal finance content on credit cards, banking, loans, mortgages and more. Prior to that, she was an editor at Credit Karma. Megan has been featured in CreditCards.com, American Banker, Lifehacker and news broadcasts across the country. She has a bachelor’s degree in English and editing.
Ashley is a USA TODAY Blueprint loans and mortgages deputy editor who has worked in the online finance space since 2017. She’s passionate about creating helpful content that makes complicated financial topics easy to understand. She has previously worked at Forbes Advisor, Credible, LendingTree and and Student Loan Hero. Her work has appeared on Fox Business and Yahoo. Ashley is also an artist and massive horror fan who had her short story “The Box” produced by the award-winning NoSleep Podcast. In her free time, you can find her drawing, scaring herself with spooky stories, playing video games and chasing her black cat Salem.
Mortgage rates barely changed this week, but experts still expect further declines in 2024.
The average rates for 30-year loans inched up to 6.62% from 6.61% a week ago, according to tracking by Freddie Mac on Thursday. Aside from this week’s minuscule rise, rates have been declining for weeks since late October, falling nearly 117 basis points from a 12-month high of 7.79% at the end of October.
Those recent declines have boosted homebuyers’ ability to purchase homes, but further affordability improvement could be curbed by a continual supply shortage, especially if lower rates bring back sidelined demand.
“While mortgage interest rates are expected to overall decline in 2024, minor fluctuations in weekly mortgage interest rates are to be expected,” Jessica Lautz, National Association of Realtors’ deputy chief economist, wrote to Yahoo Finance.
“The biggest demand is likely to come from those who had been priced out of the homebuying market. For spring, there will likely be competition among the steady share of all-cash homebuyers and first-time buyers trying to edge in,” Lautz added.
Read more: Mortgage rates decline. Is 2024 a good time to buy a house?
Rate drop improving affordability
The national median monthly mortgage payment on purchase applications fell by $62 to $2,137 in November from the month prior, according to the Purchase Application Payments Index (PAPI).
“Homebuyer affordability improved in November, with a decline in mortgage rates, providing relief to prospective homebuyers,” Edward Seiler, MBA’s associate vice president, said in a press release. “MBA expects that affordability conditions will continue to improve as mortgage rates decline, which should generate increased demand heading into the spring homebuying season.”
A decrease in PAPI — indicating stronger affordability — can be attributed to a reduction in borrowed loan amounts, a drop in mortgage rates, and an increase in incomes.
However, homebuyers’ ability to afford homes is still lower than a year ago. Mortgage applicants are paying $160 more, or 8.1% higher, each month compared to the national median mortgage 12 months ago. While rates didn’t increase substantially this week, homebuyers today are still paying 14 basis points more than 12 months ago, when the average 30-year mortgage rate was 6.48% on Jan. 5, 2023, according to Freddie Mac rates archive.
Read more: How to buy a house in 2024
Many experts are predicting further rate drops in 2024, though. As the US economy is expecting a soft landing — where inflation curbs without a national recession — rates are poised to drop to around 6% or potentially lower by the end of 2024.
“If inflation continues to show signs of improvement and the bond market remains less turbulent than during much of 2023, mortgage rates should at the very least stabilize this year, if not show sustained declines,” Jacob Channel, LendingTree’s senior economist, predicted for 2024 housing and economic market.
Affordability curbed by lack of listing
Housing experts warned that limited inventory could restrain affordability improvement achieved by declining rates. Without adequate supply, sidelined prospective buyers returning to the market could outpace the housing supply and increase competition.
“Homeowners may still be reticent to move from low interest rate mortgages, which may be in the 2.5% to 3.5% range, until they are in a situation where a life or job change occurs forcing them to reconsider their living situation,” Lautz said.
Total inventory of unsold existing homes, not including new constructions, declined 1.7% from the previous month to 1.13 million units at the end of November, according to the National Association of Realtors. This is the equivalent of 3.5 months of supply on the market, nearly 2.5 months lower than what experts believe to be a balanced and healthy market of 6 months.
For context, today’s existing home inventory levels are relatively close to the record low of 860,000 units in January 2022 compared to the record high of 4.04 million units in July 2007.
But inventory could still see a slight uptick as more sellers reach their “tipping point,” or the rate level at which homeowners are willing to sell their homes. Most homeowners — nearly 92% — have rates below 6%, Redfin says. But as rates drop to 6% or below, more owners could be open to selling. This would reverse the mortgage rate lock phenomenon that slowed the housing market in 2023 when most homeowners refrained from selling to keep their lower-than-market rates.
However, experts don’t expect a significant jump in inventory that could bring down home prices, as roughly 4 in 5 homeowners still have rates below 5%, and one-quarter have rates below 3%.
“We are not going to see a big turnaround,” Danielle Hale, Realtor’s chief economist, said on 2024’s affordability challenges during NAR’s Real Estate Forecast Summit. “But I do think we are going to see baby steps in the right direction.”
Rebecca Chen is a reporter for Yahoo Finance and previously worked as an investment tax certified public accountant (CPA).
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