Are you in the market for a new home? Are you considering refinancing your current home? In either case, you’ve likely faced some hurdles. After all, there’s a limited number of homes available on the market today and that fact in combination with high mortgage rates can make it difficult to find affordable options. However, there are still smart buying options available – especially if you have a strong credit score and overall application.
Of course, if you’re in the market for a new home or considering refinancing your home, it’s important to know what mortgage rates you can expect to see. We’ve compiled a list of today’s average mortgage and refinance interest rates below.
Start here and compare the best mortgage rates you can qualify for today.
What are today’s mortgage and mortgage refinance rates?
The following rates are current as of April 1, 2024, according to national averages collected by Bankrate. While these are averages based on national data, actual rates that you can qualify for may vary depending on your location, credit, loan type and other factors.
Average mortgage rates today:
15-year mortgage: 6.34%
30-year mortgage: 6.88%
Average refinance rates today:
15-year refinance: 6.38%
30-year refinance: 6.88%
Find the best mortgage rates you can qualify for right now!
How to get a great mortgage or refinance rate today
Even though interest rates are higher than they were a few years ago, both new homebuyers and current homeowners looking to refinance can secure a good rate today. Plus, borrowers may soon see some relief if the Fed decides to pause rate hikes following its July rate increase.
“Over the past two years, as the Fed has increased interest rates, borrowing has become more expensive,” says Taylor Jessee, CFP, founder of Impact Financial. “For example, in 2020 you could lock in a mortgage rate between 2-3% easily. Nowadays mortgage rates are closer to 6-7%. If the Fed stops raising rates then I’d anticipate mortgage rates to also stop going up. That’s good news for borrowers.”
While the macro rate environment may be moving in your favor, there are also things you can do to improve your chances of qualifying for a great rate.
Perhaps most importantly, start by strengthening your credit profile. “The best rates go to borrowers with credit scores in the mid- to high-700s or above,” the Consumer Financial Protection Bureau’s website states. “These borrowers typically also have the most choices available to them.”
Pay your bills in full and on time each month, look for any errors on your credit report and avoid applying for other loans or credit cards too close to your mortgage or refinance application.
You should also shop around and compare different lenders. If you’re refinancing, specifically, don’t hesitate to look beyond your current mortgage lender. You may qualify for different rates and terms, which can make a big difference in what you pay over the lifetime of the loan.
Find the best mortgage refinance rates that you can qualify for here now.
What to look for in a mortgage or refinance loan
One of the first things you may want to consider when choosing a mortgage loan or refinancing is your preferred loan term. Shorter terms (15-year loans) generally offer better interest rates than longer terms (30-year).
Fees are another detail to factor into your overall payment. These can vary depending on your loan type and the closing costs charged by your lender. Both your fees and interest rate can affect your monthly payment. Before you take on any new loan, calculate your monthly payment to make sure you can afford it.
If you’re refinancing, make sure you compare all of the details of the new loan you’re approved for against your existing mortgage. Even if you get a better rate, other factors (like closing costs) could ultimately end up costing you more in the long run.
And don’t forget to lock in your mortgage rate after you’ve made your decision, so you can rest assured that it won’t increase again before you actually close on your home.
The bottom line
While mortgage rates are higher than they were a few years ago, both new homebuyers and existing homeowners who want to refinance still have plenty of good options. Some of the top rates for either mortgage type are still as low as 6% today, but it’s still important to compare a few different lenders and see what the best rates and loan terms are that you can qualify for before locking in a rate. Also, make sure to calculate your overall cost and payments so you’re prepared to start paying down your new loan.
Ready to take on a new mortgage? Explore the best rates you can get today here!
Renters are drawn to Texas cities for their diverse neighborhoods, thriving job markets, and cultural experiences that range from live music to the Space Center. This ApartmentGuide article dives into the essence of living in Texas’ most prominent cities, where the energy of Houston’s sprawling metropolis meets the innovative and eclectic spirit of Austin. Here are the major cities in Texas to consider moving to.
1. Houston, Texas
Population: 2,304,580 Average rent for a one-bedroom apartment: $1,256 Average rent for a two-bedroom apartment: $1,574 Houston, TX apartments for rent Houston, TX homes for sale
Living in Houston offers a mix of cultural activities, from its renowned food scene to the Space Center. The city’s diverse neighborhoods offer something for everyone, with plenty of green spaces and a bustling downtown area. Houston’s economy is robust, with a strong presence in the energy sector, making it an attractive place for career opportunities.
2. San Antonio, Texas
Population: 1,434,625 Average rent for a one-bedroom apartment: $1,081 Average rent for a two-bedroom apartment: $1,357 San Antonio, TX apartments for rent San Antonio, TX homes for sale
San Antonio is known for its history, exemplified by the Alamo and the colorful River Walk. The city blends cultural heritage with modern attractions, offering residents and visitors a unique experience. Its friendly atmosphere and strong community spirit make it a welcoming place to call home.
3. Dallas, Texas
Population: 1,304,379 Average rent for a one-bedroom apartment: $1,389 Average rent for a two-bedroom apartment: $1,924 Dallas, TX apartments for rent Dallas, TX homes for sale
Dallas is a dynamic city that offers a mix of modern urban living and traditional Southern charm. The city is a major hub for art, culture, and commerce, with a thriving job market. The metro area is home to over 40 colleges and universities, including UT Dallas and Southern Methodist University. Dallas’s diverse neighborhoods and excellent educational institutions make it an ideal place for renters.
4. Austin, Texas
Population: 961,855 Average rent for a one-bedroom apartment: $1,434 Average rent for a two-bedroom apartment: $1,763 Austin, TX apartments for rent Austin, TX homes for sale
Austin is celebrated for its live music scene, outdoor activities, and vibrant nightlife. Known as the “Live Music Capital of the World,” it hosts numerous festivals and events. The University of Texas at Austin’s 50,000 students add to the youthful energy here. The city’s tech industry boom has attracted a diverse population, making it a melting pot of culture and innovation.
5. Fort Worth, Texas
Population: 918,915 Average rent for a one-bedroom apartment: $1,395 Average rent for a two-bedroom apartment: $1,724 Fort Worth, TX apartments for rent Fort Worth, TX homes for sale
Fort Worth offers a unique blend of Texas heritage and modern city life. Known for its rodeos, cattle industry, and rich arts scene, it provides a distinct cultural experience. A number of large corporations such as American Airlines and AT&T have a major presence. The city’s growth in business and education makes it an attractive place for new residents.
6. El Paso, Texas
Population: 678,815 Average rent for a one-bedroom apartment: $906 Average rent for a two-bedroom apartment: $1,195 El Paso, TX apartments for rent El Paso, TX homes for sale
El Paso stands out for its beautiful desert landscapes and rich cultural heritage. The city offers a relaxed living environment with a low cost of living. El Paso celebrates its history and culture with annual events such as Viva! El Paso and the Amigo Airsho. Its strong sense of community and cross-border culture with Mexico create a unique blend of traditions and cuisines.
7. Arlington, Texas
Population: 394,266 Average rent for a one-bedroom apartment: $1,145 Average rent for a two-bedroom apartment: $1,505 Arlington, TX apartments for rent Arlington, TX homes for sale
Arlington is a hub for sports and entertainment. Residents enjoy visiting Six Flags Over Texas and seeing the Texas Rangers play at Globe Life Field. The city’s thriving economy and excellent schools make it a great place for renters. Arlington’s central location provides easy access to the larger DFW metroplex.
8. Corpus Christi, Texas
Population: 317,863 Average rent for a one-bedroom apartment: $1,070 Average rent for a two-bedroom apartment: $1,210 Corpus Christi, TX apartments for rent Corpus Christi, TX homes for sale
Corpus Christi is known for its beautiful Gulf Coast beaches, making it a paradise for water enthusiasts. It also has a strong marine presence at the Naval Air Station Corpus Christi. The city offers a relaxed lifestyle with a strong coastal culture. Its affordable living and scenic beauty make it an attractive place for residents.
9. Plano, Texas
Population: 285,494 Average rent for a one-bedroom apartment: $1,581 Average rent for a two-bedroom apartment: $2,079 Plano, TX apartments for rent Plano, TX homes for sale
Plano is a thriving city known for its excellent schools, high-quality living, and lively community. The city boasts a strong job market, particularly in technology and finance – two of the top employers are JPMorgan Chase and Capital One. Numerous corporations are headquartered here, including Toyota North America, Frito-Lay, and JCPenny. Plano’s parks, recreational facilities, and shopping centers offer a high quality of life for its residents.
10. Laredo, Texas
Population: 255,205 Average rent for a one-bedroom apartment: $1,173 Average rent for a two-bedroom apartment: $1,422 Laredo, TX apartments for rent Laredo, TX homes for sale
Laredo’s unique position as a border city offers a cultural exchange and vivacious community life. Laredo’s festivals and community events celebrate its diverse heritage and tight-knit community. Washington’s Birthday Celebration is a highlight each January honoring the founding father and featuring balls, parades, pageants, and the Jalepeno festival. The city’s economy is bolstered by trade, making it a key player in international business.
Methodology : The population data was retrieved from the United States Census Bureau for 2021, while the average rental data was sourced from Rent.com in March 2024.
Your home is your sanctuary, but it’s also one of your biggest budget items. And after you retire, it may feel like more house than you need. But in this housing market, when a smaller home with upgraded features may be about as expensive as the one you’re selling, is it still smart to downsize?
In some cases, downsizing is appropriate, but not necessarily money-saving. You may be able to sell your house and buy something cheaper, but it might also make sense to downsize to move closer to family or have less house to clean.
It’s important to be clear on what you want. “Goals are so crucial,” says Juan HernandezAriano, a certified financial planner in Houston. “There are multiple pathways people can take.”
Here are some situations that may match up with a “For Sale” sign.
You’re in a cash flow bind
In retirement, you might find that rising prices combined with a fixed income make you feel a little squeezed.
HernandezAriano notes that his clients in southeast Texas are bothered by high home insurance premiums due to severe weather events, plus high property taxes. “A lot of insurance companies are dropping coverage on the southeast side of Texas,” he says.
If downsizing is a question of money, consider all your housing costs. Weigh the mortgage, property taxes and insurance, plus basic bills like electricity and water services for your current and future homes.
One client in Houston did the math and moved 90 minutes away, where they got a cheaper home and dropped their homeowners insurance by 60%. “Property taxes also went down since they weren’t in a highly competitive school district,” HernandezAriano says. “They still spent more on gas and water and had to pay for relocation expenses, but overall, they saved monthly.”
You’re in a pricey area
If you live in an expensive city, you have a better chance of selling your home and finding something cheaper. “When you’re in a lower-cost area, it’s going to be difficult to find something even [more] lower cost,” says David Demming, a CFP in Aurora, Ohio.
Just do some looking before you leap. Inventory is low in many places, and competition is steep for a smaller home with upgrades.
To save money overall, the value of the home you’re purchasing should be at least 20% less than the house that you’re selling, says Diane Pearson, a CFP in Wexford, Pennsylvania.
You can’t live there safely anymore
Your health may require you to find a new home with fewer stairs, a first-floor primary bedroom or an accessible bathroom.
Michael Maye, a CFP in Gillette, New Jersey, notes that his clients who’ve seen parents go through long-term care or health issues are more likely to consider future mobility when planning their retirement. “Recently, I proactively worked with a couple and they knew that they didn’t want to age in place, because they have a bigger house,” he says.
They wanted to buy into a continuing care retirement community, where they could take advantage of graduated levels of care as they needed it. “They could stay in their house, but they don’t plan to,” Maye says.
You want to be closer to family
While being closer to children or aging parents is a good reason to downsize, don’t count on this being the cheaper option, especially if you’re moving into a hotter market.
Consider one of Demming’s clients, who moved from one part of Ohio to another part of the state. “It cost her $150,000 more to move there, to get a house that was acceptable to her,” Demming said.
Even with the higher cost, Demming says, it was worth it to be closer to her children and grandchildren — and her new city is booming. “There is no looking back,” Demming says. “Her new home has appreciated quite a bit since moving.”
You’re prepared to create a new support network
If downsizing means a new city, keep in mind that you may have to rebuild your community. Even if you’re moving to be near family, you shouldn’t count on them to be your activities hub. “Are you a social person who’s going to be able to get out and about and make your own way?” Maye says.
You’ll need to make new friends, find new medical professionals, find a new gym. “Those are the trade-offs,” Maye says. “None of them are deal breakers, but I think people should really think about all these other things.”
This article was written by NerdWallet and was originally published by The Associated Press.
HELOC, home equity loan, 5/1 adjustable-rate home equity loan
APR
From 7.49%
Credit score
Undisclosed
Contact info
Visit www.thirdfederal.com or call at 800-THIRD-FED (800-844-7333)
Operating out of Cleveland, Ohio, Third Federal Savings & Loan offers home equity lines of credit (HELOCs) in 26 states and home equity loans in eight states. With Third Federal, you can borrow up to $300,000 against the equity in your home. Although the bank doesn’t lend everywhere in the US, it made our list of the best home equity loan and HELOC lenders due to its easy online application process, lowest-rate guarantee and price transparency.
Third Federal Savings & Loan: At a glance
Types of loans offered
HELOC, home equity loan, 5/1 adjustable-rate home equity loan
APR range
From 7.49%
Loan amounts
From $10,000 to $300,000
Credit score requirements
Undisclosed
Repayment terms
HELOC: 10-year draw period, 20-year repayment period Home equity loan: Five- or 10-years
Average time for approval
Undisclosed
Rates as of March 26, 2024.
Third Federal is best suited for homeowners who need a long repayment period and want the option of choosing between a fixed-rate or variable-rate loan. It also offers a $1,000 lowest-rate guarantee: If you find a lower rate from another lender, Third Federal will match the rate or pay you up to $1,000. You just need to find the lower rate 10 days before closing on your loan.
What we like
Low fees: There are no applications or prepayment fees with Third Federal, and an annual $95 fee is waived the first year. You also don’t have to pay an origination fee or closing costs, which saves you thousands of dollars upfront.
Low minimum draw requirement: Sometimes minimum withdrawal requirements can make your loan more expensive because you end up wasting money paying interest on funds you never use. But with Third Federal, there is only a $10,000 minimum withdrawal requirement.
$1,000 lowest-rate guarantee: If you find a lower interest rate with comparable terms from another lender, Third Federal says it will beat the rate or pay you $1,000 as long as you find the rate up to 10 days before closing on your loan.
What we don’t like
Limited availability: Third Federal offers home equity loans in only eight states (California, Florida, Kentucky, New Jersey, North Carolina, Ohio, Pennsylvania and Virginia) and offers HELOCs in only 26 states and the District of Columbia. Most of its brick-and-mortar locations are clustered in Ohio and Florida.
No interest-only payments: You must pay back your principal balance from the start of your draw period, which will make your monthly payments higher from the very beginning. However, if you can afford it, this can also be a benefit for homeowners who want to tackle paying down their principal balance from day one, saving themselves money in interest over the lifetime of the loan.
Undisclosed credit score requirements: Without knowing the minimum credit score or this lender’s preferred credit score to receive its best rates, it’s hard to know whether it’s worth applying or how you compare to other applicants. Completing a full application for loan preapproval will result in a hard pull on your credit.
Home equity loan products
HELOC: With a Third Federal HELOC, you can borrow up to $300,000 (depending on how much equity you’ve built up) at a variable interest rate. It has a standard 10-year draw period followed by a 20-year repayment period.
Home equity loan: You can borrow a large sum of money with a Third Federal home equity loan. The bank has loan terms of five or 10 years.
5/1 adjustable-rate home equity loan: Third Federal also offers a unique 5/1 adjustable-rate home equity loan. If you opt for this loan type, your interest rate will be fixed for five years and then adjust annually after that. 5/1 adjustable-rate loans have terms ranging from 6-30 years.
Fees
There are minimal fees with Third Federal, which is why it’s good if you need financing but don’t want to spend a lot of money upfront to obtain it. You don’t have to pay an origination fee, application fee or closing costs, which provides valuable savings from the start. However, you must pay a $95 annual fee for HELOCs (but it’s waived the first year).
How to qualify
Third Federal doesn’t disclose its minimum credit score requirements. In order to get a personalized-rate quote, you must apply and provide your specific financial details, as well as personal information like your Social Security number, address and date of birth. As with any kind of home equity loan, you must have built up enough equity in your property over the years to qualify to borrow against it.
Most lenders typically require at least 15% to 20% home equity to be approved. Additionally, you must also have current homeowners’ insurance, as well as flood insurance if you live in a flood zone that requires it.
How to apply for a home equity loan or HELOC with Third Federal
You can apply for a home equity loan online, at one of its physical branches or over the phone, and the whole process should take only about 30 minutes, according to Third Federal.
Everything you need to get started on your application is clearly laid out on its website. Third Federal wants to see the following documentation to verify that you are creditworthy and will pay back your loan on time.
Gross annual or monthly income amount
Monthly payments for property tax and homeowners insurance
List of assets
Paystub dated within at least 30 days of the application date, illustrating year-to-date earnings of at least 30 days
Tax Form W-2 from the most recent year
Customer service
For general information about Third Federal’s home equity loans and HELOCs, you can visit Third Federal’s website, call its customer care department at 800-THIRD-FED (800-844-7333) or fill out a form on the website for a loan officer to contact you directly. You can also go in person to a branch location, which is an option not all lenders provide. For HELOCs and home equity loans specifically, when you need to activate your debit card to access your funds you can call the number below.
However, Third Federal isn’t open on Sundays and has limited hours on Saturday, which are only from 8:30 a.m. to 1:30 p.m. ET. You can call Monday through Friday from 8:30 a.m. to 5 p.m. ET and until 6 p.m. on Fridays.
Are you looking for the best low stress jobs? If you currently dread going to work and are looking for something new, here’s where to start. If your current job is too stressful, you may be thinking about switching to something less intense. Lots of jobs pay well without making you feel anxious or burned…
Are you looking for the best low stress jobs? If you currently dread going to work and are looking for something new, here’s where to start.
If your current job is too stressful, you may be thinking about switching to something less intense. Lots of jobs pay well without making you feel anxious or burned out all the time.
Whether you’re making online content, helping people get fit as a personal trainer, or organizing medical records, there are many options for a job that helps you stay calm and relaxed.
Recommended reading: 40 Best Jobs Where You Work Alone
Best Low Stress Jobs
There are many low stress jobs listed below. If you want to skip the list, here are some jobs that you may want to start learning more about first:
Below are the best low stress jobs.
Note: While these jobs are low stress for some, they may not be for all. There may be a certain aspect of it that may make it low stress for you, such as being able to work alone, being able to work from home, having a flexible schedule, or doing something that you enjoy. But, nearly all jobs have some sort of stress that is a part of the job, so that is something to keep in mind. And, that doesn’t mean that these jobs are easy. Many of the jobs below are still quite difficult, requiring schooling (even getting your doctorate degree!) and hard work.
1. Blogger
If you enjoy writing and sharing ideas, becoming a blogger might be the perfect low stress job for you.
As a blogger, you have the freedom to create content on topics that interest you. Whether it’s personal finance, cooking, travel, tech, or any hobby, your blog is a space to express yourself.
I started my blog, Making Sense of Cents, in 2011 without much planning. I just wanted to talk about my own experiences with money. Surprisingly, since then, I’ve made over $5,000,000 from it. And now, blogging is my main job!
I really enjoy being able to blog full-time, and it’s much less stressful than the previous day job I had. But, it is still running my own business, so there are other stresses that come along with that, of course.
But, there are many positives as well! I can work alone, I get to make my own schedule, I am my own boss, I get to do the work that I choose to do, and I can work from home. I have an amazing work-life balance, and I wouldn’t trade this job for anything else.
So, what’s a blog? Well, it’s like what you’re reading now – it’s writing on a website. You can write a blog about something you really like, something you know a lot about, or even something you want to learn more about. People like to read blogs because they get to follow along with someone’s real experiences and journeys!
You can learn how to start a blog with my free How To Start a Blog Course (sign up by clicking here).
2. Sell printables
Selling digital printables online is a great way to work from home with less stress and make money.
Creating printables can be a less stressful job because you only need to make one digital file for each product, and then you can sell it many times. It’s also not expensive to start because all you need is a laptop or computer and an internet connection.
Plus, you can do all of this from home and on your own time.
Printables are things you can get on the internet and print at home. They could be games for a bridal shower, lists for groceries, planners for managing money, invites for events, quotes you can hang on your wall, or designs you can use for crafting.
I recommend signing up for Free Training: How To Earn Money Selling Printables. This free workshop will give you ideas on what types of printables you can sell, how to get started, the costs of starting a printables business, and how to make money.
Do you want to make money selling printables online? This free training will give you great ideas on what you can sell, how to get started, the costs, and how to make sales.
3. Bookkeeper
Bookkeepers handle money matters for businesses, and they write down sales, keep track of expenses, and create financial reports.
This job allows you to work independently, earning a typical salary of $40,000 or more each year. You’ll mainly work with numbers instead of interacting with people.
Many bookkeepers like their jobs because they work regular hours and don’t have as much pressure as some other jobs.
You don’t need a college degree to start as a bookkeeper either. This is something that you can learn to get started, as there are no education requirements.
You can join the free workshop that focuses on finding virtual bookkeeping jobs and how to begin your own freelance bookkeeping business by signing up for free here.
Recommended reading: How To Find Online Bookkeeping Jobs
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This free training will teach you what you need to know to become a virtual bookkeeper and make money from home.
4. Proofreader
If you already enjoy reading articles or books and spotting errors, then you may find this job interesting.
A proofreader’s main task is to read content and look for mistakes in spelling, grammar, and punctuation. They’re the last line of defense, ensuring that everything reads perfectly before it goes out into the world. Many proofreaders enjoy the flexibility this job has, as they can often set their own hours and work from where they feel most comfortable.
Many writers, website owners, and students hire proofreaders to improve their work. There’s a big demand for proofreaders, and you can find jobs on different sites.
Even the best writers can make errors in grammar, punctuation, and spelling. That’s why hiring a proofreader can be extremely helpful for almost everyone.
In fact, I have a proofreader for my blog. Even though I write all day long, I know that it is very important to have a proofreader go through everything that I write.
If you want to become a proofreader, I recommend joining this free 76-minute workshop focused on proofreading. In this workshop, you’ll learn how to begin your own freelance proofreading business.
Recommended reading: 20 Best Online Proofreading Jobs For Beginners (Earn $40,000+ A Year).
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This free 76-minute workshop answers all of the most common questions about how to become a proofreader, and even talks about the 5 signs that proofreading could be a perfect fit for you.
5. Transcriptionist
Transcriptionists listen to recordings and type out what they hear.
Becoming a transcriptionist is a low stress job if you’re looking for flexibility in terms of work schedules and the comfort of working from your own space.
Online transcriptionists typically earn between $15 to $30 per hour on average, with new transcribers usually starting at the lower end of that range.
A helpful free training to take is Free Workshop: Is a Career in Transcription Right for You? You’ll learn how to get started as a transcriptionist, how you can find transcription work, and more.
Recommended reading: 18 Best Online Transcription Jobs For Beginners To Make $2,000 Monthly
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In this free training, you will learn what transcription is, why it’s a highly in-demand skill, who hires transcriptionists, how to become a transcriptionist, and more.
6. Software developer
A software developer is a person who designs, creates, tests, and keeps up software applications, systems, and programs. They’re good at programming languages and frameworks, using their skills to make solutions that meet specific needs or solve problems.
Software developers work in different fields like technology, finance, healthcare, and entertainment. They work with other team members like designers, engineers, and project managers to finish software projects well and meet the needs of users.
I know many software developers who enjoy what they do. While it is a hard job, many of them are able to work from home, travel whenever they want, and they tend to enjoy solving complex technical issues.
Other less stressful jobs in a related field include becoming a computer systems analyst, software architect, computer hardware engineer, and web developer. For these jobs, you may need a bachelor’s degree in software engineering, computer science, or a related field.
7. Massage therapist
If you’re looking for a stress-free job that lets you help others, think about being a massage therapist. Massage therapists use their hands to ease pain, help people relax, and help people feel less stressed.
Massage therapy might be a little less stressful for you because the atmosphere at work is usually calm (after all, that’s why people are going there – to relax!), and you don’t bring work home with you (so, no late night phone calls from clients!).
Massage therapists usually work in places like spas, wellness centers, or chiropractic clinics. Some may also have their own private businesses or have mobile services, which lets them have a more flexible schedule and be their own boss.
To become a massage therapist, you will need to go to school for massage therapy and pass a state exam. This typically takes around 6 months to 2 years to complete (it depends on the state you live in).
8. Personal trainer
Personal trainers help people with their fitness and being more healthy, which can mean creating workout plans, motivating them to work out, or showing the right way to lift weights.
Personal trainers work in a gym, hospital, or even go solo as a freelancer.
This job has some flexibility, which is something that many personal trainers like. You get to choose who you train, where you work, and when you have sessions. Plus, you’re not stuck at a desk all day, which keeps things fresh and fun.
9. Dental hygienist
Dental hygienists clean teeth, check for things like cavities or gum disease, and teach patients the best ways to brush and floss.
You can start this career with an associate’s degree, which usually takes about two years to finish. Plus, you may be able to make over $75,000 a year as a dental hygienist.
10. Medical records technician
If you’re in the job search for low stress jobs in healthcare, then becoming a medical records technician may be for you.
Medical records technicians handle health information data, and they make sure that all the records (both electronic health records and paper files), such as patient history, test results, and treatments, are accurate, accessible, and secure.
It’s low stress because, unlike some roles in medicine, you won’t be on the front lines dealing with emergencies. Your work environment is typically calm, allowing you to focus on your tasks without the pressure of patient care.
To become a medical records technician, you typically only need a high school diploma, but some employers may want to see a certificate related to the field or higher education.
11. Optometrist
An optometrist is an eye doctor who helps people see better. They check your eyes, find out if you need glasses, and help keep your eyes healthy.
You may like being an eye doctor because:
You usually work regular hours. People don’t typically have optometrist emergencies.
The pay is great.
It’s usually a relatively calm job.
Plus, according to the Bureau of Labor Statistics, the median salary for optometrists is over $125,000 a year, and there is expected to be a 9% job growth outlook over the next decade.
12. Physicist
Physicists study the laws and principles that govern the universe, like gravity and motion, and how they apply to everyday life.
Most physicists work in research and development. Some work in offices, while others spend time in laboratories. There are also those who teach at universities.
The job comes with a reasonable stress level, as physicists frequently engage in deep thinking rather than dealing with tight deadlines or high-stress situations, and they typically conduct research. This can make for a fulfilling and low-pressure work environment if you enjoy physics.
To be a physicist, you will likely need a Ph.D. That means a lot of school, but it’s worth it if you love science and discovery.
13. Statistician
Being a statistician might be a perfect choice for your career if you love numbers and data.
Statisticians analyze data and identify patterns, such as by taking a bunch of numbers and turning them into useful information that companies can use to make decisions. Statisticians also might collect data from surveys and experiments.
Statisticians usually have pretty regular hours and it’s normally a quiet place to work, so you can focus just on your tasks without a bunch of noise. Plus, it’s not a job that is typically rushed, so you can take your time.
14. Mathematician
If you love numbers and problems that make you think, a related field to the above may be becoming a mathematician.
Mathematicians use mathematics to unravel patterns and address significant questions.
Mathematicians are needed in many different fields like academia, government, finance, and technology.
In academia, they work as professors and researchers, studying both theoretical and practical math ideas. Government agencies like NASA and the NSA hire mathematicians for jobs like exploring space and analyzing statistics. Financial companies hire mathematicians to make algorithms for things like evaluating risk, pricing items, and creating trading strategies. Also, big tech companies like Google and Microsoft use mathematicians to develop algorithms and analyze data.
15. Librarian
Becoming a librarian is a great job for someone who likes quiet places and books.
Being a librarian is not just about checking out books. It’s a role that’s all about helping people find information and enjoy reading.
Your main job as a librarian would be to help people find the books or online resources they need. You also get to put together fun programs, like story time for kids or book clubs. Keeping the library in tip-top shape is part of your work too, like putting books back on the shelves, managing schedules for employees and volunteers, and making sure everything is where it belongs.
Libraries are usually calm and quiet, which can make it stress-free for you. This makes your workplace quite relaxing, which is great if loud and busy spots make you feel stressed. Plus, you get to have a regular schedule.
Most librarian jobs need a bachelor’s degree at the minimum and sometimes, you will most likely need a master’s degree in library science (MLS) from an accredited program.
Librarians work in many places, such as public libraries, schools, law firms, universities, and more.
16. Orthodontist
One of the best high-paying jobs for people who don’t like stress is becoming an orthodontist.
An orthodontist is a specialized dentist who focuses on fixing teeth and jaw alignment problems. They help patients get straighter smiles and better oral health using treatments like braces, clear aligners, and retainers.
Orthodontists get extra training after dental school to become experts in diagnosing and treating issues like misaligned bites and other dental problems.
By carefully checking each patient, orthodontists make personalized plans to straighten teeth properly, leading to better-looking smiles and improved function of the teeth and jaws.
Being an orthodontist can be pretty low stress since they usually have a set schedule, seeing patients for regular appointments instead of dealing with sudden dental emergencies.
17. Groundskeeper/gardener
Becoming a groundskeeper or a gardener could be a great fit for you if you like being outside and want a stress-free job. You get to work with plants and make outdoor spaces look beautiful. This job is perfect if you’re looking for something that lets you enjoy fresh air and doesn’t have you sitting at a desk all day.
Here are some things that a groundskeeper or gardener may do:
Take care of plants and grass by watering, weeding, and trimming.
Make sure gardens look neat and are healthy.
Sometimes work with tools and machines, like lawn mowers and trimmers.
Shovel snow or take care of indoor plants.
This is one of the best low stress jobs because it is usually quiet, which makes it great for people who get overwhelmed by noisy places.
Recommended reading: 15 Outdoor Jobs For People Who Love Being Outside
18. Audiologist
Audiologists help people with their hearing, and this includes testing hearing, picking out hearing aids, and teaching people how to use them.
This is typically a low stress career choice because you get to work in an office and do similar tasks each day. You are not usually rushing around, instead you have a lot of calm one-on-one time with patients.
Audiologists work in different places like hospitals, clinics, private practices, schools, and research institutions.
19. Pet sitter
Becoming a pet sitter is a great job if you like animals and enjoy caring for them. This is a job that doesn’t typically have a lot of stress because it is not fast-paced. Plus, if you like pets, then you probably enjoy being around them, which can make the job fun.
A pet sitter’s main job is to look after pets while their owners are away. This might mean feeding them, giving them water, and playing with them. It’s important to make sure the pet feels happy and safe when their owner isn’t home.
You might have pets come to your home, or you can go to their owners’ place (this is something that is agreed upon beforehand). Dog walkers typically earn around $20 for every hour they spend walking a dog. Taking care of someone’s pet overnight can earn a person around $25 to $100 or even more each day.
I have used many pet sitters over the years for my dogs, and they all seemed to love what they do. Plus, my mother-in-law is a pet sitter as well, and she enjoys her time with the dogs that she takes care of.
20. Stock photo photographer
Stock photo photographers take photos of things like people, businesses, animals, and more, and sell them for other people to use.
Stock image sites are some of the most popular platforms for photographers to sell their pictures. These websites allow customers to purchase images for purposes such as websites, TV shows, books, and social media accounts. You can take a look at some of the stock photos I’ve purchased within this blog post as examples.
Stock photo photographers typically work by themselves, and this job can be done without much interaction with others. Most of the tasks involve using a camera and then uploading photos to a website.
As a stock picture photographer, you get to set your own schedule. This means you can choose when and where you work.
One great thing about stock photo sites is that they can be a great form of passive income. You can take pictures, upload them, and continue to earn money from those photos for months or even years into the future. Since everything is online and mostly automated, there’s no need to talk with anyone directly.
Recommended reading: 18 Ways You Can Get Paid To Take Pictures
21. Freelance writer
Freelance writers create content for clients, including blog posts, advertising materials, and more.
It’s common for freelance writers to work independently, receiving topics from clients and submitting their completed work. Occasionally, they may receive feedback, such as suggestions for improvement, but this is usually the extent of human interaction they’ll have.
This is one of the best low stress jobs from home where you work alone.
I have been a freelance writer for many years and I enjoy this job a lot. I get to work from home, make my own hours, work alone, and choose the topics that I write about.
Recommended reading: 14 Places To Find Freelance Writing Jobs As A Beginner
22. Graphic designer
A graphic designer is someone who creates designs for individuals and businesses.
They create things such as images, printables, planners, T-shirt designs, calendars, business cards, social media graphics, stickers, logos, and more.
Graphic designers tend to have the freedom to set their own schedules, especially if they work as a freelancer. This job allows you to work at your own pace, and most of the time, you don’t have to deal with rush hour traffic or crowds since a lot of graphic designers can work from home.
23. Hairstylist
We’ve all been to a hairstylist, so I don’t think I need to describe this job too, too much. Hairstylists cut, style, and take care of hair.
Hair styling is lower stress because you work with clients in a relaxed setting. Also, you don’t have to sit at a desk all day – you move around and talk with people.
Plus, you can set up your day the way you like it. If you want, you can take breaks between clients. This means you won’t feel rushed and can enjoy your work more.
24. Social media manager
Social media managers engage with people online and share news, pictures, and videos on behalf of a company.
You may find this to be a low stress job because you mostly type on a computer or phone as a social media manager. So, if talking in front of people makes you nervous, this could be the perfect job. Plus, you can often work from home.
25. Virtual assistant
One of my first side gigs was working as a virtual assistant, and it was both enjoyable and flexible for earning income.
While you have a boss as a VA, many of the tasks you handle will require you to take the lead and complete them independently, usually from your own home.
A virtual assistant is someone who assists people with office tasks remotely, whether from home or while traveling. This could involve tasks such as responding to emails, scheduling appointments, and managing social media accounts.
Recommended reading: Best Ways To Find Virtual Assistant Jobs
26. Litter cleanup worker
This is one of the least stressful jobs.
If you have a business, it’s important to keep it clean and neat. No one likes seeing trash scattered about when they’re shopping, correct?
That’s why some business owners pay someone to tidy up before their business opens. A clean space makes the place look inviting and pleasant for customers.
This low stress job without a degree can be started all by yourself, and you can earn around $30 to $50 for every hour you work. It’s quite straightforward too. All you’ll need is a broom, a dustpan, and some tools to help you pick up litter more easily.
People like this job because they can work alone and it’s easy to clean an area up.
Recommended reading: How I Started A $650,000 Per Year Litter Cleanup Business
27. Economist
Economists examine how goods and services are made, shared, and used within an economy. They use different tools, like math and stats, to grasp and predict economic patterns and actions.
Economists might work for the government, giving advice to policymakers on things like money policies and taxes. They also help businesses by explaining market trends, so they can make good decisions about prices, production, and investments.
A somewhat related field to this would be becoming an economics professor.
28. Astronomer
Astronomers study objects and events in space beyond Earth’s atmosphere, like stars, planets, galaxies, and cosmic happenings such as black holes and supernovas.
They use a mix of observations, data analysis, and theoretical models to learn about the origins, changes, and behaviors of these objects. Astronomers usually use advanced telescopes, both on the ground and in space, to observe and gather data from far-off parts of the universe.
They also work with physicists, mathematicians, and engineers to create new technologies and tools for exploring space. Through their work, astronomers help us understand big questions about the universe, like how old it is, what it’s made of, and what will happen to it in the future.
Unlike many jobs, being an astronomer means regular hours with few surprises. Plus, the quiet of a lab or observatory is perfect for staying focused and calm.
29. Actuary
Actuaries assess and handle financial risks by using math and stats to analyze data and forecast future events.
They mainly work for insurance companies, pension funds, and financial consulting firms. Actuaries examine how likely events like death, illness, accidents, and natural disasters are to happen, and what impact they could have on insurance policies and pension plans.
Based on their analysis, they help create insurance policies, decide on premiums, and suggest investment plans to make sure these financial products stay stable and have enough coverage for customers.
If you enjoy numbers and are looking for a job that’s pretty easy on stress, becoming an actuary could be a smart move. Actuaries help businesses look into the future and protect against loss.
30. Radiologist
If you’re interested in a career in the medical field that is both high-paying and considered to have lower stress, you might want to think about becoming a radiologist.
Radiologists specialize in diagnosing and treating diseases and injuries using medical imaging techniques like X-rays, CT scans, MRI scans, ultrasound, and nuclear medicine. They analyze images to find any abnormalities and give detailed reports to other doctors, helping with patient diagnosis and treatment plans.
Radiologists work closely with other healthcare professionals to make sure they understand the imaging results and can provide the best care for patients.
31. Data entry clerk
Data entry is one of the easiest low stress jobs without a degree needed.
Data entry clerks input, edit, and verify data in databases or spreadsheets. They enter details like numbers and names into computers to maintain organization and records.
This job can often be done remotely and independently, with little supervision or interaction with customers. For some people, this is key to having a stress-free job, and I completely get it – this is what I want as well!
Data entry positions generally pay around $15 to $20 per hour.
Recommended reading: 15 Places To Find Data Entry Jobs From Home
32. Yoga instructor
If you love helping others relax and stay fit, being a yoga instructor could be the perfect job for you if you want to find fun low stress jobs.
Yoga instructors lead classes and sessions in practicing yoga, a holistic discipline involving physical postures, breathing exercises, relaxation techniques, and meditation.
They help students through different yoga poses, focusing on correct alignment, breath control, and mindfulness. Yoga instructors create a welcoming environment where students of all levels can explore and improve their practice.
33. Dietitian
A dietitian talks to clients about their eating habits and helps figure out the best way to eat healthy.
Being a dietitian is usually not too stressful. You get to chat with people one-on-one or in small groups. You don’t have to rush around or handle dangerous equipment.
They can work in places such as hospitals, clinics, schools, community health centers, and food service establishments.
Frequently Asked Questions
Below are answers to common questions about how to find low stress jobs.
What’s the least stressful job?
The least stressful job will depend on your personality, as everyone is different. Some less stressful jobs include writing online, gardening, selling printables, and data entry. For me, I really like blogging, and I think it’s a great stress-free career that you can do at home.
How do I find a peaceful job?
If you want a peaceful job that doesn’t have a lot of stress, then I recommend first thinking about what you would find peaceful in a career, such as by looking for jobs with fewer deadlines and less contact with lots of people. Jobs where you can set your own pace, like a blogger or a freelancer, tend to have a peaceful workday. Think about what makes you feel calm, and then look for jobs that match that feeling.
What job is the easiest and pays the most?
Some jobs that are pretty easygoing and also pay well include orthodontist and optometrist. These jobs usually have regular hours and don’t need you to rush around. Plus, they pay more than enough to help you save for those things you love to buy.
What types of work-from-home jobs are low stress?
Working from home can be really laid back when you’re doing something like freelance writing, blogging, transcribing, or graphic design. You can pick the jobs you want and work when it suits you best.
What are the best low stress jobs for introverts?
If you’re quiet or introverted, then you might be interested in jobs where you can work solo or with just a few people. Jobs like a bookkeeper, transcriptionist, or data entry let you focus on your work without having to talk to many people.
What are high-stress jobs?
Some of the most stressful jobs include being a nurse, police officer, surgeon, social worker, anesthesiologist, firefighter, lawyer, airline pilot, paramedic, and in the military.
Best Low Stress Jobs – Summary
I hope you enjoyed this article on the best low stress jobs.
Nowadays, people are realizing how important it is to balance work and personal life and to take care of their mental health while lessening their anxiety about work. Some occupations, like software development and data entry, have this balance and a sense of calm.
Professionals such as dental hygienists, librarians, and dietitians also enjoy low stress roles with predictable schedules.
You don’t have to give up peace of mind to have a career. By thinking about what you’re good at and what you enjoy, you can find jobs that meet your goals while keeping stress levels low.
For me, I personally love having a career that has low stress. While it is still hard, I love that I can work from home, choose the work I do, and have a flexible schedule – all things that help me be less anxious and happier about the work that I do.
If you’re an 18-year-old with no credit history, you can get a loan, but your choices may be more limited. You may have to tap into alternative options and sources, such as loans with a cosigner.
That’s because lenders like to lend to people with a history of borrowing and on-time payments. Oftentimes, young people just starting out have no credit history. This means they have no credit accounts in their name or haven’t used credit for a long period of time and the information has been removed from their credit history. Without credit, it can be difficult to access loans or credit cards, rent an apartment or buy a house, and obtain certain subscriptions.
Let’s take a closer look at loans for 18-year-olds.
Benefits of Loans for 18-Year-Olds
Two important benefits of getting a loan as an 18-year-old include gaining access to funds and building up credit history.
Access to Funds
The obvious benefit of getting loans as a young person is that you will have access to the money you need. Depending on the type of loan you get, you may be able to use the funds for a variety of purposes, including:
• Education
• Purchasing big-ticket items, such as a car
• Personal expenses, such as medical or wedding expenses
Build Up Your Credit History
Loans allow you to start building up your credit history, which can help you meet goals such as:
• Getting a cellphone
• Accessing utilities in your name
• Qualifying for a credit card
• Getting good rates on insurance, a mortgage, or auto loan
Plus, establishing a strong record of borrowing and repayment can position you well for future borrowing.
💡 Quick Tip: Need help covering the cost of a wedding, honeymoon, or new baby? A SoFi personal loan can help you fund major life events — without the high interest rates of credit cards.
Cons of Loans for 18-Year-Olds
While there are benefits to getting a loan when you’re 18, there are downsides to consider as well. Let’s take a closer look at a few.
Limited Loan Amounts
You may not be able to borrow a large loan amount when you’re young and just starting out. For example, if you want to purchase a $500,000 home as an 18-year-old and have no credit history, you’ll likely have difficulty qualifying for this type of loan.
Potentially High Rates
It’s possible to get a loan with no credit as a young person, but lenders may charge a higher interest rate than if you had an established credit history.
Why is that the case? Lenders try to assess your risk level when you apply for anything from a personal loan to a credit card. If they can’t see evidence that you have successfully made loan payments, they may not grant you a loan or they may compensate for that risk by charging you a higher interest rate.
Some lenders consider other aspects of your profile beyond credit history, including whether you can comfortably afford your payments.
Risk of Getting Into Debt
According to a consumer debt study conducted by Experian, Generation Z (those aged 18-26) had a non-mortgage debt average of $15,105 in 2023. This includes credit cards, auto debt, personal loans, or student loans.
While carrying any level of debt can be stressful, there are also financial implications to consider. For starters, if you don’t pay off your balance in a timely way, interest can start to build. Credit cards tend to carry higher interest rates than home or auto loans. This means wiping out credit card debt could take a long time if you only pay the minimum amount.
Then there are potential penalties to be mindful of, such as late fees. You may also face collection costs if you don’t pay your bills, which will remain on your credit report and potentially impact your credit score for years.
Recommended: Why Do People Choose a Joint Personal Loan?
Is a Co-Signer Required When Applying for Loans as an 18-Year-Old?
Not all lenders require a cosigner, so be sure to ask if you’ll need one. In most cases, a loan without a cosigner will likely have a lower loan amount and a higher interest rate.
What exactly is a cosigner? Simply put, it’s a person who agrees to take responsibility for a loan alongside the primary borrower. If one person fails to make payments, it will affect the other person’s credit score.
Applying for a loan with a co-borrower or cosigner can be a quick way to get accepted for a loan.
Understanding Your Loan Status
Like many financial processes, applying for a loan involves multiple steps. Here’s a general idea of what’s involved:
• Pre-approval: Pre-approval means that your lender takes a look at your qualifications (including a soft credit check). A soft credit check is an inquiry of your credit report.
• Application: In this part of the process, you submit a formal application, and your lender will verify your information.
• Conditional approval: You may also get conditional approval for your loan, which means the lender may likely approve you to get a loan as long as you meet all the requirements.
• Approval or denial: Finally, you’ll either get approved or denied for the loan.
Your lender should be clear with you at every step of the application process.
Recommended: How to Get Approved for a Personal Loan
Private Lender Loan Requirements for 18-Year-Olds
There are no hard-and-fast requirements that encompass private lender requirements. However, lenders generally look at an applicant’s credit score, debt, and income.
Credit Score
There’s no universally set minimum credit score requirement for a loan because rules can vary by lender. It’s worth noting that low-to-no-credit borrowers may be able to access a loan.
Debt and Income
Lenders will check to see how much debt you have and calculate your debt-to-income (DTI) ratio, which ideally should be less than 36%. To figure out your DTI, lenders add up your debts and divide that amount by your gross income.
Lenders will also look at your income to ensure you can make monthly payments on your loan. This can include income from your job, a spouse’s income, self-employment, public assistance, investments, alimony, financial aid for school, insurance payments, and an allowance from family members.
Tips for Getting Loans as an 18-Year-Old
If you’re ready to get a loan as a young person, you can take steps to help boost your odds of getting approved.
Show Your Savings
Show the lender what you’ve saved in your accounts, which may include:
• High-yield savings accounts
• Certificates of deposit (CDs)
• Money market account
• Checking or savings accounts
• Treasuries
• Bonds, stocks, real estate, and other investments
Demonstrating savings can help you show that you can repay your loan.
Show Proof of Income
Lenders will likely require you to provide proof of income so they can see how you’ll pay for your loan. But remember, this doesn’t mean just the money you earn from a job. Consider other types of income you receive. For instance, you may not initially think of alimony as a source of income, but a lender might.
Apply for a Lower Amount
Lenders may deny your loan if you choose to borrow more money than you can realistically repay. So if you’re young and have no credit history, you may be able to increase your chances of getting a loan if you apply for a lower amount. You may also want to consider this strategy if you’re denied for a loan and want to reapply.
💡 Quick Tip: Just as there are no free lunches, there are no guaranteed loans. So beware lenders who advertise them. If they are legitimate, they need to know your creditworthiness before offering you a loan.
The Takeaway
While most 18-year-olds don’t have a large income or lengthy credit history, that doesn’t mean you can’t qualify for a personal loan. Just remember that funding choices may be more restricted, and you might not qualify for a large amount. If you’re having trouble getting approved, you may want to consider asking someone to cosign the loan, showing proof of income and savings, or applying for less money.
Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. Checking your rate takes just a minute.
SoFi’s Personal Loan was named NerdWallet’s 2024 winner for Best Personal Loan overall.
FAQ
Are there loans for 18-year-olds without a job?
You can get a loan without a job. However, you’ll need to show a lender that you have some form of consistent income, such as through investments, alimony, financial aid, or another source of cash flow.
Are there loans for 18-year-olds without credit?
Yes, loans do exist for 18-year-olds with no credit history. But note that even if you qualify for a loan without credit, it may be a lower amount than you could qualify for if you had a lengthy credit history. You may also not be able to get a low interest rate.
Can I get a loan as an 18-year-old?
Yes, 18-year-olds can get a loan. Your age matters less than your credit history and credit score — or the availability of a cosigner. Keep in mind that you may have trouble getting a loan if you don’t meet a lender’s qualifications. Contact a lender to learn more about your options.
How can I build credit as an 18-year-old?
If you want to start building credit, it may be worth exploring a secured credit card. Similar to a debit card, this type of credit card requires you to put down a cash deposit to insure any purchases you make. For example, putting down a $1,000 deposit, and that becomes your starting credit line on your card.
Photo credit: iStock/SeventyFour
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Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
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Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
HELOC, 2nd Mortgage, Pre-Qual, LOS, QC Tools, Dept. of Labor, PrimeLending, and Whistleblowing
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HELOC, 2nd Mortgage, Pre-Qual, LOS, QC Tools, Dept. of Labor, PrimeLending, and Whistleblowing
By: Rob Chrisman
Thu, Mar 28 2024, 11:50 AM
Here’s a tip of the day for anyone manning a conference booth: instead of a pen, or mouse pad, how about a locally made treat? Hats off to Aimee, Bobby, and Mark from Byte Software who earlier this week at the TMC event had chocolate-covered Oreos from a local bakery. Technology was a big topic at TMC… Technology thoughts from 50 years ago? Here you go. (There’s definitely a school of thought which believes that the iPhone changed tech overnight. Almost 20 years later, nothing else has come close.) Vendor news seems to be at every conference, and capital markets staff are certainly big users of tech. At the TMC enclave secondary marketing folks often gravitate toward each other, “shooting the breeze” about odds and ends. For the most part, no one thinks they earn a living by making predictions, instead providing accurate information to other managers and owners, and acting as an advisor about loan profitability, leakage, concessions, and margins. Capital markets staff are also involved in LO and executive recruiting efforts, and in developing strong product offerings to help the company be successful. (Found here, this week’s podcasts are sponsored by Stavvy. Stavvy offers a flexible and fully customizable loss mitigation solution. Servicers can easily adapt to regulatory updates and market conditions, providing a seamless, customer-centric digital experience. Today’s has an interview with AmeriCatalyst’s Toni Moss about the Extreme Climate, Housing and Finance Leadership Summit on April 18-19, in Washington, DC.)
Lender and Broker Services, Products, and Software
“Real estate valuations continue to be complex and ever-evolving, especially today with proposed regulatory changes and unpredictable market dynamics. Creating an effective valuation strategy is vital for lenders to manage risk and streamline operations. Attend our complimentary webinar to learn all about the world of automated valuation models (AVMs). You’ll find out why AVMs are considered a credible, objective option for collateral risk management, how they can help your business (from lead generation and portfolio management to cost reduction and more), and when to use an AVM to address challenges in the current valuation landscape. The webinar hosted by ICE is “When, Why and How AVMs Drive Business Performance” and will be on Wednesday, April 10, at 2 p.m. ET. Save your seat now: register today.
“Step by Step Quality Control Plan Checklist: Comprehensive Guide for Financial Institutions. By following this guide, financial institutions can not only enhance their operational excellence but also strategically minimize their risk exposure. Throughout this comprehensive guide, we dissect each facet of the QC plan, providing valuable insights, practical recommendations, and actionable steps. Our checklist aligns with industry requirements and best practices, ensuring lenders remain steadfast in their commitment to quality within the ever-evolving landscape of financial services. Access Guide.
Many industry vendors talk a good game when it comes to partnering with lenders, but there is a difference between treating a client like a partner and making them feel like a prisoner. Restrictive long-term contracts and financial penalties for not going live or for trying to exit failed implementations are hurting lenders and servicers. These developers make it difficult or impossible for the lender to move to a new, modern system. Lenders deserve better. You won’t get treated that way by MortgageFlex, the creators of the industry’s first cloud-native, unified system for origination and servicing. A re-engineered LOS built by developers that lenders have trusted for 40 years and the industry’s best new software platform operating on the same database makes this the must-see software. See it today.
Why do those in the mortgage space watch the 10-year U.S. Treasury note? Historically, the 10-year U.S. Treasury yield has been considered a key benchmark for mortgage rates. Mortgage rates, however, are not actually based on the 10-year U.S. Treasury note (as is commonly believed). MCT released a blog, “How the 10-Year U.S. Treasury Note Impacts Mortgage Rates” that serves as an excellent primer for how mortgage interest rates respond to moves of the benchmark U.S. Treasury note. The piece discusses why mortgage rates and Treasury yields move together and how bonds are influenced by Treasury yields. With a trusted capital markets partner like MCT, you can rest assured that you will be notified of how economic trends could have the potential to impact your business. Sign up for MCT’s newsletter to receive educational articles like this one and learn more about variables that impact mortgage rates.
Sending your borrowers off on their home search hoping they reach out when they need you is one way to do things. Sending them with a QuickQual that lets them run payment scenarios and generate a letter when they’re ready to submit an offer is another. Check out a sample QuickQual if you’re interested in the latter.
Correspondent and Broker Products
“With spring in the air, Newrez Correspondent is springing into action by adding many exciting enhancements to our product line. We now offer a Closed End Second Mortgage program, Delegated Non-QM for our Smart Series products, and Fannie Mae HomeReady® and Freddie Mac Home Possible® affordable lending mortgage programs including the recent $2500 credits added for qualifying homebuyers. Take advantage of our expansive menu and become a valued customer at Newrez Correspondent by signing up here. You can also reach out to Sarah Johanns to set up a meeting at the Iowa Mortgage Association Conference in Coralville, IA, on April 1 and 2, and Beverly Jordan, Patty Devita, Rebecca Yonaka or John Dubisky at the Great River Conference in Memphis, TN, April 16 through 18. Don’t forget, we would love to meet at the MBA Secondary in New York in May. Set up a meeting here.”
“At Button Finance, we say YES. That is why more and more brokers and correspondent lenders are choosing to fund their HELOANs and HELOCs with Button Finance. Is it the lighting quick turn-times and aggressive pricing, or the limited UW overlays? Can you make up to 5% compensation as a broker or 8% as a correspondent on HELOCs or even originate to our bank statement and investment property programs? The answer is YES, YES, YES, YES, and YES. Available equity is at historical levels, so now is a great time to offer your past and prospective borrowers Button Finance HELOAN or HELOC to pay off high-interest revolving debt. Button Finance programs allow FICO scores as low as 660, CLTVs to 90%, and debt ratios to 50%. We have excellent correspondent offerings as well. Correspondents typically make $18,500 on a $250k HELOC closed in 10 calendar days without an appraisal. Contact us today.”
Department of Labor and Whistleblowers
The U.S. Department of Labor has ordered a former senior vice president and two managers employed by PrimeLending to pay $35,000 in emotional damages and the legal fees of two California employees who the company fired illegally after they reported a branch manager pressured them to pass on fees to loan applicants caused by the company’s internal processing delays.
“Investigators with the department’s Occupational Safety and Health Administration found the nationwide lender violated whistleblower provisions in the Consumer Financial Protection Act by terminating the employees who raised their concerns with a regional manager and senior vice president of Human Resources.
“’Employees who report potential consumer fraud are protected by federal law against retaliation of any kind. Under the Consumer Financial Protection Act’s whistleblower provisions, managers can be fined personally for retaliation,’ explained OSHA Regional Administrator James D. Wulff in San Francisco. ‘In this case, OSHA fined three PrimeLending managers for trying to prevent workers’ concerns from coming to light. The U.S. Department of Labor will not tolerate retaliatory actions against workers exercising their rights and those responsible for such actions will be held accountable.’”
“In addition to payment of personal damages, OSHA ordered PrimeLending to pay an undisclosed amount in lost back wages and interest to the employees. The company must also expunge the employment records of both employees, post an anti-retaliation notice at all its branches and train its employees about their rights under the Consumer Financial Protection Act.
“The company and the managers sanctioned may appeal OSHA’s order to the department’s Office of Administrative Law Judges.
“OSHA enforces the whistleblower provisions of the Consumer Financial Protection Act and 24 other statutes protecting employees who report violations of various motor vehicle safety, commercial motor carrier, airline, consumer product, environmental, financial reform, food safety, healthcare reform, nuclear, pipeline, public transportation agency, railroad, maritime, securities, tax, antitrust, and anti-money laundering laws and for engaging in other related protected activities. For more information on whistleblower protections, visit OSHA’s Whistleblower Protection Programs webpage.”
Capital Markets
Not a whole lot to report from yesterday. Consumer confidence was little changed in March with consumers remaining concerned about elevated price levels, according to the Conference Board. Consumers expressed more concern about the U.S. political environment compared to prior months. The market saw a bit more buying than in previous days in reaction to a strong $43 billion 7-year note offering.
Since we can’t go a day without talking about the Fed, you’ve probably noted that some Federal Open Market Committee voters ratcheted back their estimates to two rate cuts in 2024 from the group consensus of three 25 basis point rate cuts. However, of potentially more interest to the mortgage industry is the central bank’s massive balance sheet of Treasuries and Agency mortgage-backed securities (MBS) that remains from the past 15-ish years of aggressive experimental monetary policy.
The Fed has been open about wanting to eventually get back to an all-Treasury balance sheet, so it is expected that the central bank will not halt the run-off of Agency MBS that has averaged about $16 billion per month over the last six months. The central bank is expected to reinvest those proceeds into Treasuries, so where will demand for Agency MBS come from? Hopefully, domestic banks. U.S. domestically chartered commercial banks’ total holdings of securities as a percentage of their balance sheet, and Agency MBS in particular, has ticked up over the last six months. This trend should continue as long as the relative value of Agency MBS remains favorable compared to investment-grade corporates and Treasuries.
Tomorrow the markets are closed, and today brings a busy schedule in terms of data ahead of a SIFMA recommended early close, which also happens to be month and quarter-end, ahead of Good Friday. There will be a commentary tomorrow that includes the PCE reading, the Fed’s preferred measure of inflation. This morning we’ve had the final look at Q4 GDP (3.4 percent, higher than previously but viewed as old news) and weekly jobless claims (210k, 1.819 million continuing claims). The core PCE deflator was (3.3) versus an expectation of unchanged at 2.1 percent. Later today brings Chicago PMI for March, Michigan sentiment, pending home sales for February, KC Fed manufacturing, several Treasury auctions of short duration bills, and Freddie Mac’s Primary Mortgage Market Survey.
We begin the day with Agency MBS prices little changed from Wednesday, and little changed all week! The 10-year is yielding 4.23 after closing yesterday at 4.20 percent and the 2-year is at 4.62… little movement after a salvo of news.
Jobs
Canopy Mortgage in National spotlight: Massive sales growth, onboarding an average of 1 producing loan officer every other day! What’s attracting LO’s to move in droves? Canopy is “Giving Loan Officers the Power to Grow” – read full article on forbes.com. Canopy’s magnetic growth is coming from relationships, referrals and jaw-dropping tech demos. If you haven’t heard about Canopy yet …ask a friend! Canopy is building the future of mortgage lending through relationships and innovative mortgage tech, and is hiring producing LOs nationwide (except NY). Don’t miss out! Schedule a Tech Demo, or simply look at your numbers with Josh Neumarker today 888-696-9076.
Planet Home Lending, a national mortgage lender, servicer, and asset manager, has hired Andy Insua as Regional Sales Manager for the Southeast. Congratulations!
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Mortgage rates have gone down in recent days. This week, 30-year mortgage rates averaged 6.37%, according to Zillow data. This is 24 basis points down from the previous week’s average. But they could tick back up in the next couple of weeks depending on how some major economic reports turn out.
Most major forecasters expect mortgage rates to decline in 2024, but so far we haven’t seen any signs of a sustained drop. As we get more data showing that inflation is cooling, mortgage rates should start trending down more definitively. But if inflation remains sticky for longer than expected, rates will likely stay near their current levels.
On Friday, the Commerce Department released the latest Personal Consumption Expenditures price index data. The PCE price index is the Federal Reserve’s preferred measure of inflation. The latest data showed that prices rose 2.5% year over year in February. This is a slight uptick from the previous month.
Fed officials have indicated that they expect the path to lower inflation to be bumpy, and that they’re waiting for more data before they’ll consider lowering the federal funds rate.
The sooner the Fed can start cutting rates, the sooner mortgage rates will start to fall. At the moment, investors are anticipating that first cut to come at the Fed’s June meeting, according to the CME FedWatch Tool. But hotter-than-expected economic data could push that timeline back.
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Mortgage Calculator
Use our free mortgage calculator to see how today’s interest rates will affect your monthly payments:
Mortgage Calculator
$1,161 Your estimated monthly payment
Total paid$418,177
Principal paid$275,520
Interest paid$42,657
Paying a 25% higher down payment would save you $8,916.08 on interest charges
Lowering the interest rate by 1% would save you $51,562.03
Paying an additional $500 each month would reduce the loan length by 146 months
By clicking on “More details,” you’ll also see how much you’ll pay over the entire length of your mortgage, including how much goes toward the principal vs. interest.
Mortgage Rate Projection for 2024
Mortgage rates started ticking up from historic lows in the second half of 2021 and increased dramatically in 2022 and throughout most of 2023.
Many forecasts expect rates to fall this year now that inflation has been coming down. In the last 12 months, the Consumer Price Index rose by 3.2%, a significant slowdown compared when it peaked at 9.1% in 2022. But we’ll likely need to see more slowing before rates can drop substantially.
For homeowners looking to leverage their home’s value to cover a big purchase — such as a home renovation — a home equity line of credit (HELOC) may be a good option while we wait for mortgage rates to ease. Check out some of our best HELOC lenders to start your search for the right loan for you.
A HELOC is a line of credit that lets you borrow against the equity in your home. It works similarly to a credit card in that you borrow what you need rather than getting the full amount you’re borrowing in a lump sum. It also lets you tap into the money you have in your home without replacing your entire mortgage, like you’d do with a cash-out refinance.
Current HELOC rates are relatively low compared to other loan options, including credit cards and personal loans.
When Will House Prices Come Down?
We aren’t likely to see home prices drop this year. In fact, they’ll probably rise.
Fannie Mae researchers expect prices to increase 3.20% in 2024 and 0.30% in 2025, while the Mortgage Bankers Association expects a 4.10% increase in 2024 and a 3.30% increase in 2024.
Sky high mortgage rates have pushed many hopeful buyers out of the market, slowing homebuying demand and putting downward pressure on home prices. But rates have since eased, removing some of that pressure. The current supply of homes is also historically low, which will likely push prices up.
What Happens to House Prices in a Recession?
House prices usually drop during a recession, but not always. When it does happen, it’s generally because fewer people can afford to purchase homes, and the low demand forces sellers to lower their prices.
How Much Mortgage Can I Afford?
A mortgage calculator can help you determine how much house you can afford. Play around with different home prices and down payment amounts to see how much your monthly payment could be, and think about how that fits in with your overall budget.
Typically, experts recommend spending no more than 28% of your gross monthly income on housing expenses. This means your entire monthly mortgage payment, including taxes and insurance, shouldn’t exceed 28% of your pre-tax monthly income.
The lower your rate, the more you’ll be able to borrow, so shop around and get preapproved with multiple mortgage lenders to see who can offer you the best rate. But remember not to borrow more than what your budget can comfortably handle.
The average monthly mortgage payment for a home purchase rose in recent weeks, even as the tight housing market shows signs of loosening.
Payments increased 10% year-over-year to an all-time high of $2,721 for the four weeks ended March 24, Redfin said on Thursday morning.
The Mortgage Bankers Association also released its February Purchase Applications Payment Index the same day, and found the median disbursement increased by $50 from January, to $2,184. That figure is a $123 increase from February 2023.
The PAPI value increased 2.4% to 170.7 in February from 166.8 in January. For the same month last year, the index was 169.7, a 1.1% increase, with the year-over-year change attributed to a 4.8% rise in median income besides the 6% rise in payments.
Rates sticking around the 7% range is a contributing factor, the MBA said.
“Challenging affordability conditions and low housing supply are keeping some prospective homebuyers on the sidelines this spring,” said Edward Seiler, associate vice president, housing economics, and executive director of the Research Institute for Housing America, in a press release. “The eventual, expected decline in rates in the coming months will hopefully spur new activity in the housing market.”
However, Redfin pointed out that during the period, new listings were up 15% from the four weeks ended March 24, 2023, the most in nearly three years. The total number of homes is 6% higher, the biggest increase in approximately one year.
“High mortgage rates aren’t deterring buyers as much as they were last year; a lot of people want to get in now before prices go up more,” said Redfin agent Rachel Riva based in Miami, in a press release. “All of my recent listings have gone under contract in under 10 days, and most of them have received multiple offers.”
Buyers are dealing with elevated mortgage rates in a number of ways, Riva pointed out. “Some are making high down payments to lower their monthly payments, and some are willing to take on a high rate now in hopes of refinancing when and if rates come down.”
Median-priced single-family homes and condos remain less affordable in the first quarter compared with historical averages in more than 95% of U.S. counties that Attom Data Solutions had enough data to analyze.
Meanwhile, major expenses on those homes were 32.3% of the average national wage in the first quarter, several points above common lending guidelines.
As bad as that data sounds, it is actually a quarter-to-quarter improvement for both, although worse than one-year prior, Attom said.
The portion of average wages nationwide required for typical mortgage payments including property taxes and insurance remains up almost 3 percentage points from one year ago and 11 points higher from early in 2021.
“The picture for home buyers is brightening a little again as affordability measures have improved for the second quarter in a row,” said Rob Barber, Attom’s CEO, in a press release.
Even though the prospect of owning a home remains a financial stretch or even a pipe dream, for many households, with mortgage rates coming down from high points near 8% and home prices growing only by modest amounts, “it’s gotten a bit easier for average wage earners to afford a home so far this year,” Barber said. “The upcoming Spring buying season will say a lot about whether home prices remain stable enough for this trend to continue.”
In only 13 counties nationwide were home prices more affordable than the historical average, but even that needed to be taken with a grain of salt because two of those locales were New York County, also known as Manhattan, and San Francisco County, whose entirety is the city limits. Those are traditionally among the highest priced markets in the U.S.
Investors can look at a company’s price to earnings ratio, among many other metrics, to help determine if a stock is a worthy investment. This figure gives an investor a quick read on how much a stock costs compared to that company’s profitability — the earnings.
However, the price to earnings ratio alone does not tell investors everything they need to know about a stock and whether it is a sound investment. But the price to earnings ratio is a helpful tool available for all investors when analyzing stocks.
Table of Contents
What Is the Price to Earnings Ratio?
The price to earnings ratio (sometimes written as the P/E ratio, PER, or P/E) is a ratio of a company’s current share price relative to the company’s earnings per share (EPS). This ratio provides investors with an understanding of how the market feels about a company (stock price) compared to the company’s profitability (EPS).
One of the main benefits of the P/E ratio is that it gives investors and analysts a way to compare different companies on a more level playing field. The stock price or earnings alone may not be adequate to compare investments, but the P/E ratio can be used to compare the valuations of companies in similar sectors. 💡 Quick Tip: When you’re actively investing in stocks, it’s important to ask what types of fees you might have to pay. For example, brokers may charge a flat fee for trading stocks, or require some commission for every trade. Taking the time to manage investment costs can be beneficial over the long term.
P/E Ratio Formula
The formula for calculating price-to-earnings is fairly simple:
Price to Earnings Ratio = Current Stock Price ÷ Earnings per Share
The price to earnings ratio is calculated by dividing a company’s current stock price (P) by the company’s earnings per share (E).
An investor can find the company’s current share price by looking up the stock’s ticker symbol on any search engine or financial website.
The EPS of a company can also be found on a financial website, but investors should be aware that there are different ways to calculate this figure.
Generally, the EPS is calculated by using a company’s earnings over the previous year, usually called the trailing 12 months (TTM). It is also possible to calculate EPS using the earnings guidance that a company provides in its quarterly earnings release. These are called forward earnings or forward-looking earnings.
These different versions of EPS determine the trailing and forward P/E, respectively.
If a company has yet to report earnings or is reporting losses, then its P/E ratio will be N/A, or not applicable.
Recommended: The Ultimate List of Financial Ratios
Examples of P/E Ratio Calculation
Company XYZ has a current stock price of $10 per share. The company’s earnings per share was $2 for the previous twelve months. In this example, Company XYZ would have a P/E ratio of 5, which is $10 per share divided by $2 per share.
$10 per share ÷ $2 per share = 5 P/E
With the data related to earnings and stock prices, an investor can calculate P/E with relative ease.
Interpreting the Results of P/E Ratio
Being able to calculate P/E ratio is one thing – being able to interpret it and put it to use as a part of an investment strategy is another.
What is a Good P/E Ratio?
There is no “good” P/E ratio, and the current P/E ratio of a company doesn’t provide much information alone. In the examples above, a high or low P/E ratio does not necessarily make one stock a more attractive investment over the other.
To determine if a P/E ratio suggests a good investment opportunity, an investor should compare it to similar stocks, the overall market, or a company’s past performance.
High P/E Ratio
If the current P/E ratio of a company is high relative to its past P/E ratio or compared to similar companies, it could be an indication that the stock is overvalued. An overvalued stock could mean that investor exuberance boosts the stock price, especially if earnings remain low, thereby representing poor value.
However, a high P/E ratio may indicate widespread investor confidence in a company’s position to grow and expand. This high ratio can indicate a growth stock, where investors believe the company’s future earnings will be higher than current profitability.
Low P/E Ratio
If the current P/E ratio of a company is low, it could indicate that the company’s stock is underpriced and represents a good value. Some analysts believe that stocks with relatively low P/E ratios present buying opportunities, allowing investors to purchase an undervalued stock that still has strong earnings. Investors seeking out these value investments expect a potential for share price growth.
On the other hand, the low P/E ratio may also indicate that investors are actively selling shares and driving the price down. Such a wide-scale selloff would suggest that investors are losing confidence in the stock, and a low P/E is an alarm.
Recommended: How to Evaluate a Stock Before You Buy
Types of P/E Ratios
There are two main P/E ratios: the trailing P/E and the forward P/E. These ratios use different measures of EPS depending on whether an analyst is interested in the past performance of a company (trailing P/E) or the future earnings of a company (forward P/E).
Trailing P/E
The trailing P/E relies on examining the past performance of a stock. It is calculated by dividing the current share price by the earnings per share over the past 12 months (TTM). Some analysts prefer the trailing P/E because it’s based on actual earnings performance rather than guidance that a company may provide.
However, the trailing P/E may be a misleading indicator because a company’s past earnings performance doesn’t necessarily predict future results. Investors want to put their money where they expect future earnings power, not the past.
Forward P/E
The forward P/E uses future earnings guidance rather than a company’s previous earnings. This forward-looking ratio can be helpful because investment decisions are generally better made based on future expectations than past results.
But this doesn’t mean the forward P/E is a flawless indicator. The forward P/E can be problematic because companies may miscalculate earnings expectations, and external analysts may miss on earnings forecasts for a company.
P/E Ratio Comparison
Though popular, the price to earnings ratio is just one of many indicators that investors use when analyzing stocks.
P/E Ratio vs P/S Ratio
The price-to-sales ratio (P/S ratio) is calculated by dividing a company’s current stock price by the company’s revenue per share. Another way to determine the P/S ratio is by dividing the company’s market capitalization by the company’s total revenue. So, while the P/E ratio looks at a company’s bottom line, the P/S ratio is concerned with a company’s top line.
The P/S ratio provides an alternative to the P/E ratio that can be useful when analyzing companies that are young and yet to make a profit. When a company shows negative earnings, they do not have a P/E ratio. The P/S ratio fills that void.
In general, a lower P/S ratio suggests that a company is a more attractive investment.
P/E Ratio vs EPS
Earnings per share (EPS) is the denominator of the P/E ratio equation. EPS is the bottom line of a company, indicating its profitability. It is calculated by dividing a company’s net profit by the number of its common shares. By looking at a company’s EPS over time, an investor can see how the company’s profitability is changing.
Though the EPS metric is good for comparing a company’s profits over time, it can also be misleading when a company repurchases or issues new stock. Those moves could raise or lower the EPS, respectively, even if the net income stays the same.
When analyzing a stock, it is wise to examine both the P/E Ratio and the EPS. 💡 Quick Tip: Did you know that opening a brokerage account typically doesn’t come with any setup costs? Often, the only requirement to open a brokerage account — aside from providing personal details — is making an initial deposit.
Pros and Cons of Using P/E Ratio
As mentioned above, there are benefits and drawbacks to using the P/E ratio to evaluate stocks. Here are some of the pros and cons of using the P/E ratio.
Pros and Cons of Using P/E Ratio
Pros
Cons
Easy to calculate
Based on earnings from the past, or potentially misleading forecasts
Widely used by investors and analysts
Can be manipulated with share buybacks
Helps investors compare stocks
Can’t be used for companies that have no net income
Can indicate undervalued and overvalued stocks
Doesn’t factor in other financial metrics, like debt
The Takeaway
The P/E ratio is a useful metric for investors when evaluating stocks. The ratio can help an investor wrap their heads around the value of a stock and how it compares to similar companies. However, the metric is just a starting point, and investors shouldn’t make decisions based on a stock’s P/E ratio alone.
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FAQ
What does PE ratio tell you?
P/E ratio tells investors how a company’s revenue relates to its share price, and can be used as an indicator that a stock is either over or undervalued.
What does a PE ratio of 10 mean?
A P/E ratio of 10 means that a stock is trading at ten times the company’s annual profits.
What does a PE ratio of 120 mean?
A P/E ratio of 20 means that a stock is trading at 20 times the company’s annual profits.
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