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.
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.
Whether it’s going to bed before midnight, eating broccoli, or dealing with your finances, doing the “right” thing can sometimes feel like a herculean effort.
Similar to an erratic sleep schedule or an aversion to eating green things, there are consequences to delaying wise financial moves. If you avoid creating a budget, putting your bills on autopay or learning how to invest, your financial life may become more stressful.
But knowing something is good for you isn’t always enough to make you do it. Many people have complicated feelings around money, and for good reason. Getting to the bottom of those feelings may be the most effective way to deal with avoidant tendencies.
Uncovering your financial beliefs
To get to the root of your financial anxieties, it may be helpful to learn about your “money scripts,” a term that’s a registered trademark of the Financial Psychology Institute. Money scripts are what financial therapists call the unconscious beliefs we hold about money. Often, these beliefs are rooted in our childhood and continue to shape our financial lives as adults.
Rick Kahler, a certified financial therapist and founder of the Kahler Financial Group in Rapid City, South Dakota, had one client who struggled to save despite being a high-earning professional. Through several interviews, Kahler learned that the client’s parents had filed for bankruptcy when she was a child, and in the process, she lost her own savings.
“She just knew that all her money that she worked hard to save disappeared. And so the lesson she took away from that was ‘don’t save money, because it will disappear,’” says Kahler.
Georgia Lee Hussey, a certified financial planner and founder of Modernist Financial, a B Corp wealth management firm in Portland, Oregon, says that taking what may seem to be a logical step, such as investing just a small amount, before unearthing your deeper emotions may sometimes do more harm than good.
“The small step to get closer to the logical action is actually a reinforcement of the mega story,” says Hussey.
Tools you can use
While uncovering your money scripts may feel daunting, there are a lot of tools out there that can help you get started. You can take the Klontz Money Script Inventory-Revised (KMSI-R), which is a free short quiz that helps you identify your dominant money scripts and offers actionable advice. The KMSI-R evaluation is offered by Your Mental Wealth Advisors, a financial advisor firm based in Burlingame, California, that focuses on overall financial health. Hussey’s firm offers a similar reflective experience you can download for free that can help you facilitate a conversation about your money history.
And if you’re able, it may be worth working with a financial therapist in conjunction with these tools.
“Working with a financial therapist can really help,” says Kahler. “But if a person doesn’t want to do that, they may want to employ journaling or mindfulness meditation that is specifically geared to money scripts. But typically, people can make pretty good progress in really focusing on their personal situation, and a financial therapist can help with that.”
Be ok with baby steps
After doing some deep work on your money story, and on how your long-held beliefs came to be, you may be feeling ready to take some small steps toward a better financial future.
A few baby steps you can consider could include moving your money into a high-yield savings account instead of a standard savings account. If you have a 401(k) with an employer match, you could also look into contributing enough to receive that match.
But be ready for those old stories to come up, because even an account type like a 401(k) may become an emotional stumbling block.
“One of my favorites from the Great Recession is, ‘I’m not going to invest in a 401(k) because my uncle lost all of his money in his 401(k),’” says Hussey. “It wasn’t the 401(k) that was the problem. It was your uncle, who in the middle of the night got freaked out and sold everything in his 401(k) at the bottom of the market. That’s actually what was wrong. It was the human making an emotional decision. The 401(k) itself is just a tax wrapper. It has no personality. It doesn’t do things to anybody. So let’s unpack what that story is about.”
Hussey encourages people to deeply investigate where the stories they’ve heard about investing came from.
“I think those kinds of questions like, ‘What am I telling myself? Where’s it coming from? Who told it? What was the location I heard that? Where do you think they heard that from?’ That’s how we start to unpack these stories about investing and saving,” says Hussey.
This article was written by NerdWallet and was originally published by The Associated Press.
Northwestern Mutual Releases 2023 Sustainability and Social Impact Report and Reaffirms Commitment to Building “A Better Tomorrow” MILWAUKEE, April 17, 2024 /PRNewswire/ — Northwestern Mutual, a leading financial services company, today announced the release of its 2023 Sustainability and Social Impact Report: A Better Tomorrow. The report shares details on the 167-year-old company’s investments in … [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?”
More on current mortgage rates
Methodology
Bankrate displays two sets of rate averages that are produced from two surveys we conduct: one daily (“overnight averages”) and the other weekly (“Bankrate Monitor averages”).
The rates on this page represent our overnight averages. For these averages, APRs and rates are based on no existing relationship or automatic payments.
Learn more about Bankrate’s rate averages, editorial guidelines and how we make money.
Two-thirds of business owners who are mothers say creating generational wealth for their children is a major reason they launched their business, according to a survey of 1,000 mothers and business owners conducted for SoFi in March 2024. Nearly half (48%) also expect their kids to take over some day, intending to pass the business onto the next generation.
Even so, nearly half (42%) of entrepreneurs who are mothers feel they are treated differently by society than entrepreneurs who are fathers.
According to the latest Census data, women own 13.8 million businesses across the U.S., employing 10 million workers and generating $3.9 trillion in revenue. Those businesses make up 39.1% of all U.S. businesses, a 13.6% increase from 2019 to 2023, according to the Small Business Administration.
Many entrepreneurs who are mothers – or mompreneurs, a term that was coined in the 1990s – have a long-term plan to grow their business, with 86% of those who have another job saying they want to devote themselves full-time to their own company eventually. More than half are actively working to educate their children on being entrepreneurs themselves.
The challenges in finding a balance between work and home are genuine, however, with mompreneurs feeling shortchanged on both sleep and time to spend with family and friends. And two-thirds feel judged by others for pursuing their entrepreneurial goals while being a parent to begin with.
Source: Based on a survey conducted between March 18-24 2024, of 1,000 female business owners aged 18 and over who have at least one child and live in the U.S.
Young Children and Businesses?
Our survey showed 29% of the respondents said their oldest child was 6 to 10 years old when they started their business, followed by 15% saying their oldest child was a teenager between 13 and 18. Another 14% started their business when their oldest child was just 3 to 5 years old.
A majority (74%) of our respondents were married or living with a partner, and most of the respondents had one child or two. As for the children’s ages, 51% had kids between 5 and 13, and 34% had teenagers between 13 and 18.
Among our survey respondents, the largest age group (37%) was 35 to 44 and the second largest (27%) was 25 to 34. As for education, the largest group (33%) had a university degree, but those who had a high school degree (28%) came in a close second.
Living in the Present, Envisioning a Better Future
A majority of the mompreneurs in this survey said desires for financial independence and personal growth motivated them to launch their own business.
So has being a mother made it harder or easier to run a business? Survey respondents said being a parent enhanced their entrepreneurial skills in a myriad ways:
• Improved problem-solving skills: 60%
• Enhanced multitasking abilities: 51%
• Increased empathy and understanding: 46%
• Greater resilience in the face of challenges: 46%
Two-thirds of respondents (66%) said creating generational wealth for their children was a big reason for launching their business.
And nearly half (48%) said they are confident their children will take over their business eventually. Many mompreneurs are already phasing in their kids when it comes to learning about business.
When asked how they involve their children in entrepreneurial activities, the respondents answered this way (multiple selections were possible):
• Educating them about entrepreneurship: 55%
• Introducing them to the business environment: 43%
• Assigning age-appropriate tasks related to the business: 41%
• Including them in decision-making processes: 31%
Work-Life Balance: Can It Be Found?
Running a business and raising children are tasks that are hard enough, but nearly two-thirds (62%) of survey respondents said they have another job in addition to the business they own. Interestingly, 50% of those with household incomes under $100K don’t have a different job aside from their business, compared to 17% of those with household incomes of over $100K.
Incredibly, for those who had a full-time or part-time job apart from their own small business, 26% still spent between 20 and 30 hours per week on their own company.
Something has to give, timewise, and our survey broke it down. When asked what they have to sacrifice to balance entrepreneurship and parenthood, this is what our respondents said (multiple selections were possible):
• Sleep: 48%
• Spending time with friends and family: 48%
• Hobbies: 38%
• Exercise: 28%
• Diet: 21%
• None of the above – I don’t have to make any sacrifices: 16%
Asked what challenges female entrepreneurs who have children face, they answered as follows (multiple selection were possible):
• Balancing work and family time: 58%
• Balancing multiple roles: 42%
• Managing stress and burnout: 40%
• Access to funding or financial resources: 38%
• Overcoming societal expectations about mothers who start their own businesses: 26%
• Navigating discrimination or bias: 18%
Having help at home in the form of a partner or other adults can go a long way, but 37% of respondents, the largest group, said it was mostly them alone left with the mental load of home responsibilities. However, an even split between the respondent and their partner came in a close second at 35%.
When the mompreneurs did get help, the percentages broke down in interesting ways.
Here’s how partners and extended family members offered support (multiple selections were possible):
• Assisting with childcare during work hours: 30%
• Providing emotional support: 20%
• Collaborating on business-related tasks: 16%
• Helping with housework: 14%
• Offering financial assistance: 11%
In terms of stress relief, respondents said they balanced self-care with roles as parent and entrepreneur:
• Participating in hobbies or leisure activities: 51%
• Scheduled breaks and downtime: 47%
• Regular exercise or physical activity: 45%
• Seeking professional help or counseling: 40%
Gender Disparities Revealed
While women-owned businesses are more prevalent in America than ever before, our respondents said that they experience inequity.
More than two in five respondents (42%) said they felt that entrepreneurs who are mothers are treated differently than entrepreneurs who are fathers. Only one in five (21%) said they thought mothers and fathers who owned business were treated equally.
More than 60% of mompreneurs said they felt “judged by others for pursuing entrepreneurial goals while being a parent.”
Making matters worse, the respondents said that this disapproval came into play if they sought financial support to grow their business.
When asked if they felt that being an entrepreneur and parent has affected their access to venture capital or other forms of financial support for their business, they answered:
• Yes: 43%
• No: 34%
• I haven’t tried to secure additional funding for my business: 21%
The Takeaway
Women own 13.8 million businesses in the United States, making up 39.1% of all businesses. Their numbers keep growing, yet nearly half of these mompreneurs feel society treats them differently than owners who are fathers, and balancing work and home is a challenge.
If you’re seeking financing for your business, SoFi can help. On SoFi’s marketplace, you can shop top providers today to access the capital you need. Find a personalized business financing option today in minutes.
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Located in California’s fertile San Joaquin Valley, Fresno stands as a testament to the Golden State’s agricultural heartland. As the fifth-largest city in the state, Fresno offers a unique blend of small-town charm and big-city amenities. From the sprawling vineyards of nearby wine country to the majestic Sierra Nevada Mountains on the city’s doorstep, Fresno is a gateway to outdoor adventure and natural beauty. With the city holding so many amazing qualities, it’s no wonder people are asking themselves, “Should I move to Fresno?”
If you’ve been wondering about making the move to Fresno, you’re in the right place. In this article, we’ll discuss the pros and cons of living in this city to help you decide if Fresno is the right choice for you. Let’s dive in.
Fresno at a Glance
Walk Score: 47 | Bike Score: 58 | Transit Score: 33
Median Sale Price: $385,000 | Average Rent for 1-Bedroom Apartment: $1,360
Fresno neighborhoods | Houses for rent in Fresno | apartments for rent in Fresno | Homes for sale in Fresno
Pro: Fresh local produce
Because of it’s location in the heart of California’s Central Valley, Fresno is a haven for fresh produce lovers. The city’s farmers’ markets, such as the Vineyard Farmers Market, overflow with locally grown fruits and vegetables. This agricultural abundance supports a dynamic local cuisine scene, with farm-to-table restaurants showcasing the region’s best. The availability of fresh, quality ingredients is a significant perk for residents who value healthy and sustainable eating.
Con: Air quality concerns
One of the challenges of living in Fresno is dealing with its air quality. With it’s position in a valley, the city often finds itself grappling with smog and pollution, particularly during the hot summer months. This can affect outdoor activities and pose health concerns for people with respiratory issues. Despite efforts to improve the situation, air quality remains a concern that locals must find ways to navigate.
Pro: Growing job market
In recent years, Fresno has seen growth in its job market, particularly in the healthcare, education, and agricultural sectors. New businesses and industries are setting roots in the city, offering a range of employment opportunities. This economic development is promising for residents and attracts individuals looking for new ventures. The evolving job market is a sign of Fresno’s potential for future prosperity.
Con: High cost of living
The cost of living in Fresno is 9% higher than the national average. The cost of utilities, such as electricity, water, and gas, tends to be higher compared to other cities in California. For instance, residents may find themselves paying more for electricity bills due to the region’s warm climate, which requires extensive use of air conditioning during the hot summer months. Additionally, water bills can be elevated due to the need for irrigation in agricultural areas surrounding Fresno. These higher utility costs can strain household budgets and make it challenging for some residents to manage these extra expenses.
Pro: Proximity to national parks
Fresno’s location is ideal for nature lovers and outdoor enthusiasts. It serves as a gateway to some of the country’s most stunning national parks, including Yosemite, Kings Canyon, and Sequoia National Parks. These natural wonders offer endless opportunities for hiking, camping, and exploring the great outdoors. The ability to take a day trip to such iconic destinations is a unique advantage of living in Fresno, providing an easy escape to nature whenever the city life becomes too much.
Con: Extreme summer heat
Residents of Fresno must prepare for the extreme heat that envelops the city during the summer months. Temperatures frequently soar above 100 degrees Fahrenheit, making outdoor activities uncomfortable and sometimes hazardous. This intense heat can limit recreational options and increase reliance on air conditioning, subsequently raising utility bills. The summer heat is a significant factor to consider for anyone thinking about moving to Fresno.
Pro: Unique local cuisine
Fresno’s culinary scene is a hidden gem, with a unique blend of influences from its diverse population and agricultural roots. Local specialties include dishes inspired by Mexican, Southeast Asian, and farm-to-table cuisine. Restaurants like The Annex Kitchen, which offers Italian-inspired dishes made with local ingredients, highlight the city’s innovative and delicious food offerings. For foodies, Fresno offers a delightful exploration of flavors that reflect its cultural diversity and agricultural abundance.
Con: Public transportation limitations
The public transportation system in Fresno, while present, doesn’t always meet the needs of all its residents. Coverage can be sparse, and frequency of service is often lacking, especially outside of the city center. This can make it challenging for those without personal vehicles to navigate the city efficiently. The limitations of public transportation can impact daily commutes, access to services, and overall mobility within Fresno.
Fresno boasts a strong sense of community, with locals often coming together to support small businesses, schools, and charitable causes. Neighborhoods host block parties, community gardens, and local markets that foster a sense of belonging. This community spirit is evident in the city’s response to challenges, where neighbors are quick to lend a hand. Living in Fresno means being part of a community that cares and connects, enhancing the quality of life for its members.
Con: Limited nightlife and entertainment options
While Fresno has its charms, it may fall short for those seeking a bustling nightlife or a wide array of entertainment options. The city has some bars, clubs, and cultural events, but the variety and frequency might not match larger cities. This can be a drawback for anyone who thrives on the energy of a vibrant night scene. Residents often find themselves traveling to nearby cities for concerts, festivals, and other entertainment pursuits.
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.
From the shimmering lakes of the Boundary Waters to the expansive prairies of the Minnesota River Valley, Minnesota is waiting to be explored. Its cities, such as the vibrant Minneapolis with its thriving arts scene and the historic streets of St. Paul, offers a lively urban lifestyle. However, living in Minnesota comes with its own set of challenges. In this ApartmentGuide article, we’ll delve into both the pros and cons of residing in the Land of 10,000 Lakes, providing insights to help you navigate life in this Midwestern state.
Renting in Minnesota snapshot
1. Pro: Vibrant arts and culture scene
Minnesota’s arts and culture scene should not be missed as it includes the iconic Walker Art Center and the Minneapolis Sculpture Garden, showcasing a diverse array of contemporary art installations and outdoor sculptures. The state’s commitment to the arts is also evident in its numerous theaters and music venues, such as the historic Guthrie Theater and the renowned Orchestra Hall, offering world-class performances ranging from classical music to cutting-edge theater productions.
2. Con: Harsh winters
Minnesota is known for its brutally cold winters, with temperatures often plummeting well below freezing. The state experiences heavy snowfall, making daily commutes challenging and increasing the risk of accidents. The cold season can extend for several months, significantly affecting outdoor activities, so if you’re moving to this state, you’ll want to take precautions in the winter.
3. Pro: Abundant natural beauty
The state has an impressive array of natural landscapes, from the lush forests and scenic trails of the Boundary Waters Canoe Area Wilderness to the dramatic cliffs along the North Shore of Lake Superior. These natural attractions offer endless opportunities for outdoor activities such as hiking, fishing, and canoeing, which attracts many visitors each year.
4. Con: Mosquitoes in summer
During the warmer months, Minnesota earns its nickname “The Land of 10,000 Lakes” and, unfortunately, “The Land of 10,000 Mosquitoes.” The state’s abundant waterways and humid climate create an ideal breeding ground for mosquitoes, which can detract from the enjoyment of outdoor summer activities.
5. Pro: Great infrastructure
Minnesota has the best infrastructure in the country with well-maintained roads, bridges, and public transportation systems that facilitate efficient travel and commuting. The state’s commitment to infrastructure development is evident in its investment in transportation projects, including light rail systems and bike lanes, enhancing connectivity and accessibility for residents.
6. Con: Rural isolation
Minnesota’s rural areas can experience a sense of isolation due to their distance from urban centers and limited access to amenities and services. Residents in these areas may face challenges in accessing healthcare, education, and employment opportunities, leading to feelings of disconnect and isolation.
7. Pro: Thriving job market
Minnesota’s economy is robust, with a thriving job market across various sectors, including healthcare, education, and technology. The state’s unemployment rate is typically lower than the national average, reflecting the abundance of job opportunities for residents.
8. Con: Traffic congestion in urban areas
Urban areas in Minnesota, particularly in Minneapolis and St. Paul which experiences significant traffic congestion, especially during rush hours. This can lead to longer commute times and increased stress for residents who work in or around these metropolitan areas.
9. Pro: Friendly community
Minnesota is known for its friendly residents and strong sense of community, which is evident in the state’s vibrant neighborhoods and active community organizations. From neighborhood block parties to volunteer-driven initiatives, Minnesotans come together to support one another and build lasting connections. Additionally, the state’s rich cultural heritage is celebrated through events like the Minnesota State Fair.
10. Con: Limited public transportation options
Outside of the major urban centers, Minnesota offers limited public transportation options, making it difficult for those without personal vehicles to navigate the state. This can be particularly challenging in rural areas, where distances between destinations are greater. For instance, Richfield has a transit score of 46 meaning most errands require a car.
11. Pro: Health and wellness focus
Minnesota places a strong emphasis on health and wellness, with numerous parks, trails, and community centers promoting active lifestyles and outdoor recreation. From the picturesque trails along the North Shore of Lake Superior to the urban green spaces like the Chain of Lakes in Minneapolis, residents have ample opportunities to stay active and enjoy nature.
12. Con: Allergies
The state’s diverse flora and fauna, while contributing to its natural beauty, can also exacerbate allergies for many residents. Seasonal allergies, particularly in the spring and fall, can be a significant concern for those sensitive to pollen and other allergens.
Methodology : The population data is from the United States Census Bureau, walkable cities are from Walk Score, and rental data is from ApartmentGuide.
Average mortgage rates edged higher yesterday. It was a modest increase by any standards but tiny by comparison with Wednesday’s big jump.
First thing, it was looking as if mortgage rates today could fall. But that could change later in the day.
Current mortgage and refinance rates
Find your lowest rate. Start here
Our table is having technical problems. But we’re working hard to fix them.
Program
Mortgage Rate
APR*
Change
30-year fixed VA
7.222%
7.262%
+0.05
Conventional 20-year fixed
7.007%
7.058%
+0.07
Conventional 10-year fixed
6.51%
6.584%
+0.09
Conventional 30-year fixed
7.127%
7.173%
+0.07
30-year fixed FHA
7.056%
7.1%
+0.09
Conventional 15-year fixed
6.64%
6.713%
+0.1
5/1 ARM Conventional
6.785%
7.888%
+0.08
Rates are provided by our partner network, and may not reflect the market. Your rate might be different. Click here for a personalized rate quote. See our rate assumptions See our rate assumptions here.
Should you lock your mortgage rate today?
Markets have turned gloomy over the prospects of the Federal Reserve cutting general interest rates over the next few months. And that’s been pushing mortgage rates higher.
So, for now, my personal rate lock recommendations remain:
LOCK if closing in 7 days
LOCK if closing in 15 days
LOCK if closing in 30 days
LOCK if closing in 45 days
LOCKif closing in 60days
However, with so much uncertainty at the moment, your instincts could easily turn out to be as good as mine — or better. So, let your gut and your own tolerance for risk help guide you.
>Related: 7 Tips to get the best refinance rate
Market data affecting today’s mortgage rates
Here’s a snapshot of the state of play this morning at about 9:50 a.m. (ET). The data are mostly compared with roughly the same time the business day before, so much of the movement will often have happened in the previous session. The numbers are:
The yield on 10-year Treasury notes fell to 4.50% from 4.55%. (Good for mortgage rates.) More than any other market, mortgage rates typically tend to follow these particular Treasury bond yields
Major stock indexes were falling this morning. (Good for mortgage rates.) When investors buy shares, they’re often selling bonds, which pushes those prices down and increases yields and mortgage rates. The opposite may happen when indexes are lower. But this is an imperfect relationship
Oil prices increased to $87.42 from $85.57 a barrel. (Bad for mortgage rates*.) Energy prices play a prominent role in creating inflation and also point to future economic activity
Goldprices climbed to $2,414 from $2,361 an ounce. (Good for mortgage rates*.) It is generally better for rates when gold prices rise and worse when they fall. Because gold tends to rise when investors worry about the economy.
CNN Business Fear & Greed index — fell to 51 from 54 out of 100. (Good for mortgage rates.) “Greedy” investors push bond prices down (and interest rates up) as they leave the bond market and move into stocks, while “fearful” investors do the opposite. So, lower readings are often better than higher ones
*A movement of less than $20 on gold prices or 40 cents on oil ones is a change of 1% or less. So we only count meaningful differences as good or bad for mortgage rates.
Caveats about markets and rates
Before the pandemic, post-pandemic upheavals, and war in Ukraine, you could look at the above figures and make a pretty good guess about what would happen to mortgage rates that day. But that’s no longer the case. We still make daily calls. And are usually right. But our record for accuracy won’t achieve its former high levels until things settle down.
So, use markets only as a rough guide. Because they have to be exceptionally strong or weak to rely on them. But, with that caveat, mortgage rates today look likely to decrease. However, be aware that “intraday swings” (when rates change speed or direction during the day) are a common feature right now.
Find your lowest rate. Start here
What’s driving mortgage rates today?
Today
Two economic reports are scheduled for this morning.
The March import price index (IPI) landed at 8:30 a.m. Eastern. And that would normally be bad for mortgage rates. Markets had been expecting it to hold steady at 0.3% and it came in at 0.4%.
So, how come mortgage rates were falling first thing? Well, it’s too early to be sure. But those rates often move in the opposite direction after a sharp movement one way or the other. That’s simply markets reflecting on the change and deciding they over-reacted.
This morning’s other report isn’t due until 10 a.m. Eastern. And that means I won’t have time before my deadline to assess its likely impact on markets. They were expecting the preliminary consumer sentiment index for April to improve slightly to 79.9% from 79.4%.
A lower figure may help mortgage rates to fall while a higher one could push them upward. But this is one of those reports that rarely move those rates far unless they contain shockingly good or bad data.
Mortgage rates might also be affected by earnings reports later from three of the biggest U.S. banks, JPMorgan Chase, Wells Fargo and Citigroup. If they all tell a really positive story, stock market reactions could spill over into the bond market that largely determines mortgage rates.
Next week
We’ve had April’s two most important reports over the last six days. And, taken together, they were pretty bad for mortgage rates.
Next week’s reports aren’t typically as influential by a long way. But a couple of them (retail sales and industrial production) could move mortgage rates higher if they feed markets’ current pessimism over Fed rate cuts — or push them downward if they contradict it.
Don’t forget you can always learn more about what’s driving mortgage rates in the most recent weekend edition of this daily report. These provide a more detailed analysis of what’s happening. They are published each Saturday morning soon after 10 a.m. (ET) and include a preview of the following week.
Recent trends
According to Freddie Mac’s archives, the weekly all-time lowest rate for 30-year, fixed-rate mortgages was set on Jan. 7, 2021, when it stood at 2.65%. The weekly all-time high was 18.63% on Sep. 10, 1981.
Freddie’s Apr. 11 report put that same weekly average at 6.88%, up from the previous week’s 6.82%. But note that Freddie’s data are almost always out of date by the time it announces its weekly figures.
Expert forecasts for mortgage rates
Looking further ahead, Fannie Mae and the Mortgage Bankers Association (MBA) each has a team of economists dedicated to monitoring and forecasting what will happen to the economy, the housing sector and mortgage rates.
And here are their rate forecasts for the four quarters of 2024 (Q1/24, Q2/24 Q3/24 and Q4/24).
The numbers in the table below are for 30-year, fixed-rate mortgages. Fannie’s were updated on Mar. 19 and the MBA’s on Mar. 22.
Forecaster
Q1/24
Q2/24
Q3/24
Q4/24
Fannie Mae
6.7%
6.7%
6.6%
6.4%
MBA
6.8%
6.6%
6.3%
6.1%
Of course, given so many unknowables, both these forecasts might be even more speculative than usual. And their past record for accuracy hasn’t been wildly impressive.
Important notes on today’s mortgage rates
Here are some things you need to know:
Typically, mortgage rates go up when the economy’s doing well and down when it’s in trouble. But there are exceptions. Read ‘How mortgage rates are determined and why you should care’
Only “top-tier” borrowers (with stellar credit scores, big down payments, and very healthy finances) get the ultralow mortgage rates you’ll see advertised
Lenders vary. Yours may or may not follow the crowd when it comes to daily rate movements — though they all usually follow the broader trend over time
When daily rate changes are small, some lenders will adjust closing costs and leave their rate cards the same
Refinance rates are typically close to those for purchases.
A lot is going on at the moment. And nobody can claim to know with certainty what will happen to mortgage rates in the coming hours, days, weeks or months.
Find your lowest mortgage rate today
You should comparison shop widely, no matter what sort of mortgage you want. Federal regulator the Consumer Financial Protection Bureau found in May 2023:
“Mortgage borrowers are paying around $100 a month more depending on which lender they choose, for the same type of loan and the same consumer characteristics (such as credit score and down payment).”
In other words, over the lifetime of a 30-year loan, homebuyers who don’t bother to get quotes from multiple lenders risk losing an average of $36,000. What could you do with that sort of money?
Verify your new rate
Mortgage rate methodology
The Mortgage Reports receives rates based on selected criteria from multiple lending partners each day. We arrive at an average rate and APR for each loan type to display in our chart. Because we average an array of rates, it gives you a better idea of what you might find in the marketplace. Furthermore, we average rates for the same loan types. For example, FHA fixed with FHA fixed. The end result is a good snapshot of daily rates and how they change over time.
How your mortgage interest rate is determined
Mortgage and refinance rates vary a lot depending on each borrower’s unique situation.
Factors that determine your mortgage interest rate include:
Overall strength of the economy — A strong economy usually means higher rates, while a weaker one can push current mortgage rates down to promote borrowing
Lender capacity — When a lender is very busy, it will increase rates to deter new business and give its loan officers some breathing room
Property type (condo, single-family, town house, etc.) — A primary residence, meaning a home you plan to live in full time, will have a lower interest rate. Investment properties, second homes, and vacation homes have higher mortgage rates
Loan-to-value ratio (determined by your down payment) — Your loan-to-value ratio (LTV) compares your loan amount to the value of the home. A lower LTV, meaning a bigger down payment, gets you a lower mortgage rate
Debt-To-Income ratio — This number compares your total monthly debts to your pretax income. The more debt you currently have, the less room you’ll have in your budget for a mortgage payment
Loan term — Loans with a shorter term (like a 15-year mortgage) typically have lower rates than a 30-year loan term
Borrower’s credit score — Typically the higher your credit score is, the lower your mortgage rate, and vice versa
Mortgage discount points — Borrowers have the option to buy discount points or ‘mortgage points’ at closing. These let you pay money upfront to lower your interest rate
Remember, every mortgage lender weighs these factors a little differently.
To find the best rate for your situation, you’ll want to get personalized estimates from a few different lenders.
Verify your new rate. Start here
Are refinance rates the same as mortgage rates?
Rates for a home purchase and mortgage refinance are often similar.
However, some lenders will charge more for a refinance under certain circumstances.
Typically when rates fall, homeowners rush to refinance. They see an opportunity to lock in a lower rate and payment for the rest of their loan.
This creates a tidal wave of new work for mortgage lenders.
Unfortunately, some lenders don’t have the capacity or crew to process a large number of refinance loan applications.
In this case, a lender might raise its rates to deter new business and give loan officers time to process loans currently in the pipeline.
Also, cashing out equity can result in a higher rate when refinancing.
Cash-out refinances pose a greater risk for mortgage lenders, so they’re often priced higher than new home purchases and rate-term refinances.
Check your refinance rates today. Start here
How to get the lowest mortgage or refinance rate
Since rates can vary, always shop around when buying a house or refinancing a mortgage.
Comparison shopping can potentially save thousands, even tens of thousands of dollars over the life of your loan.
Here are a few tips to keep in mind:
1. Get multiple quotes
Many borrowers make the mistake of accepting the first mortgage or refinance offer they receive.
Some simply go with the bank they use for checking and savings since that can seem easiest.
However, your bank might not offer the best mortgage deal for you. And if you’re refinancing, your financial situation may have changed enough that your current lender is no longer your best bet.
So get multiple quotes from at least three different lenders to find the right one for you.
2. Compare Loan Estimates
When shopping for a mortgage or refinance, lenders will provide a Loan Estimate that breaks down important costs associated with the loan.
You’ll want to read these Loan Estimates carefully and compare costs and fees line-by-line, including:
Interest rate
Annual percentage rate (APR)
Monthly mortgage payment
Loan origination fees
Rate lock fees
Closing costs
Remember, the lowest interest rate isn’t always the best deal.
Annual percentage rate (APR) can help you compare the ‘real’ cost of two loans. It estimates your total yearly cost including interest and fees.
Also, pay close attention to your closing costs.
Some lenders may bring their rates down by charging more upfront via discount points. These can add thousands to your out-of-pocket costs.
3. Negotiate your mortgage rate
You can also negotiate your mortgage rate to get a better deal.
Let’s say you get loan estimates from two lenders. Lender A offers the better rate, but you prefer your loan terms from Lender B. Talk to Lender B and see if they can beat the former’s pricing.
You might be surprised to find that a lender is willing to give you a lower interest rate in order to keep your business.
And if they’re not, keep shopping — there’s a good chance someone will.
Fixed-rate mortgage vs. adjustable-rate mortgage: Which is right for you?
Mortgage borrowers can choose between a fixed-rate mortgage and an adjustable-rate mortgage (ARM).
Fixed-rate mortgages (FRMs) have interest rates that never change unless you decide to refinance. This results in predictable monthly payments and stability over the life of your loan.
Adjustable-rate loans have a low interest rate that’s fixed for a set number of years (typically five or seven). After the initial fixed-rate period, the interest rate adjusts every year based on market conditions.
With each rate adjustment, a borrower’s mortgage rate can either increase, decrease, or stay the same. These loans are unpredictable since monthly payments can change each year.
Adjustable-rate mortgages are fitting for borrowers who expect to move before their first rate adjustment, or who can afford a higher future payment.
In most other cases, a fixed-rate mortgage is typically the safer and better choice.
Remember, if rates drop sharply, you are free to refinance and lock in a lower rate and payment later on.
How your credit score affects your mortgage rate
You don’t need a high credit score to qualify for a home purchase or refinance, but your credit score will affect your rate.
This is because credit history determines risk level.
Historically speaking, borrowers with higher credit scores are less likely to default on their mortgages, so they qualify for lower rates.
So, for the best rate, aim for a credit score of 720 or higher.
Mortgage programs that don’t require a high score include:
Conventional home loans — minimum 620 credit score
FHA loans — minimum 500 credit score (with a 10% down payment) or 580 (with a 3.5% down payment)
VA loans — no minimum credit score, but 620 is common
USDA loans — minimum 640 credit score
Ideally, you want to check your credit report and score at least 6 months before applying for a mortgage. This gives you time to sort out any errors and make sure your score is as high as possible.
If you’re ready to apply now, it’s still worth checking so you have a good idea of what loan programs you might qualify for and how your score will affect your rate.
You can get your credit report from AnnualCreditReport.com and your score from MyFico.com.
How big of a down payment do I need?
Nowadays, mortgage programs don’t require the conventional 20 percent down.
Indeed, first-time home buyers put only 6 percent down on average.
Down payment minimums vary depending on the loan program. For example:
Conventional home loans require a down payment between 3% and 5%
FHA loans require 3.5% down
VA and USDA loans allow zero down payment
Jumbo loans typically require at least 5% to 10% down
Keep in mind, a higher down payment reduces your risk as a borrower and helps you negotiate a better mortgage rate.
If you are able to make a 20 percent down payment, you can avoid paying for mortgage insurance.
This is an added cost paid by the borrower, which protects their lender in case of default or foreclosure.
But a big down payment is not required.
For many people, it makes sense to make a smaller down payment in order to buy a house sooner and start building home equity.
Verify your new rate. Start here
Choosing the right type of home loan
No two mortgage loans are alike, so it’s important to know your options and choose the right type of mortgage.
The five main types of mortgages include:
Fixed-rate mortgage (FRM)
Your interest rate remains the same over the life of the loan. This is a good option for borrowers who expect to live in their homes long-term.
The most popular loan option is the 30-year mortgage, but 15- and 20-year terms are also commonly available.
Adjustable-rate mortgage (ARM)
Adjustable-rate loans have a fixed interest rate for the first few years. Then, your mortgage rate resets every year.
Your rate and payment can rise or fall annually depending on how the broader interest rate trends.
ARMs are ideal for borrowers who expect to move prior to their first rate adjustment (usually in 5 or 7 years).
For those who plan to stay in their home long-term, a fixed-rate mortgage is typically recommended.
Jumbo mortgage
A jumbo loan is a mortgage that exceeds the conforming loan limit set by Fannie Mae and Freddie Mac.
In 2023, the conforming loan limit is $726,200 in most areas.
Jumbo loans are perfect for borrowers who need a larger loan to purchase a high-priced property, especially in big cities with high real estate values.
FHA mortgage
A government loan backed by the Federal Housing Administration for low- to moderate-income borrowers. FHA loans feature low credit score and down payment requirements.
VA mortgage
A government loan backed by the Department of Veterans Affairs. To be eligible, you must be active-duty military, a veteran, a Reservist or National Guard service member, or an eligible spouse.
VA loans allow no down payment and have exceptionally low mortgage rates.
USDA mortgage
USDA loans are a government program backed by the U.S. Department of Agriculture. They offer a no-down-payment solution for borrowers who purchase real estate in an eligible rural area. To qualify, your income must be at or below the local median.
Bank statement loan
Borrowers can qualify for a mortgage without tax returns, using their personal or business bank account as evidence of their financial circumstances. This is an option for self-employed or seasonally-employed borrowers.
Portfolio/Non-QM loan
These are mortgages that lenders don’t sell on the secondary mortgage market. And this gives lenders the flexibility to set their own guidelines.
Non-QM loans may have lower credit score requirements or offer low-down-payment options without mortgage insurance.
Choosing the right mortgage lender
The lender or loan program that’s right for one person might not be right for another.
Explore your options and then pick a loan based on your credit score, down payment, and financial goals, as well as local home prices.
Whether you’re getting a mortgage for a home purchase or a refinance, always shop around and compare rates and terms.
Typically, it only takes a few hours to get quotes from multiple lenders. And it could save you thousands in the long run.
Time to make a move? Let us find the right mortgage for you
Current mortgage rates methodology
We receive current mortgage rates each day from a network of mortgage lenders that offer home purchase and refinance loans. Those mortgage rates shown here are based on sample borrower profiles that vary by loan type. See our full loan assumptions here.