National mortgage rates moved higher for all types of loans compared to a week ago, according to data compiled by Bankrate. Rates for 30-year fixed, 15-year fixed, 5/1 ARMs and jumbo loans moved higher.
Some forecasters are rethinking the expectation that mortgage rates come down this year. Lenders price mortgages based on many variables, but overall, fixed mortgage rates follow the 10-year Treasury yield, which moves as investor appetite fluctuates with the state of the economy, inflation and Federal Reserve decisions.
“The issue of inflation remains unsettled,” says Ken Johnson of Florida State University. “This is putting upward pressure on mortgage rates through the yield on 10-year Treasurys.”
The Fed indicated it’d cut rates in 2024, but policymakers held off at its latest meeting, citing the need for more promising economic data. The Fed has been working to bring inflation back to its 2 percent target since 2022.
The Fed meets next on May 1 — the start of one of the busiest homebuying months.
Whether mortgage rates move up or down, though, it’s difficult to time the market. Often, the decision to buy a home comes down to what you need. Depending on your situation, it might make sense to take a higher rate now and refinance later. This way you can start building equity, rather than chancing that buying a home will become more affordable.
Rates accurate as of April 23, 2024.
These rates are marketplace averages based on the assumptions here. Actual rates available on-site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Tuesday, April 23rd, 2024 at 7:30 a.m. ET.
Current 30 year mortgage rate moves upward, +0.17%
Today’s average 30-year fixed-mortgage rate is 7.30 percent, up 17 basis points over the last week. This time a month ago, the average rate on a 30-year fixed mortgage was lower, at 6.91 percent.
At the current average rate, you’ll pay principal and interest of $685.57 for every $100,000 you borrow. That’s an additional $11.51 per $100,000 compared to last week.
Most mortgage lenders defer to the 30-year, fixed-rate mortgage as the go-to for most borrowers because it allows the borrower to scatter mortgage payments out over 30 years, keeping their monthly payment lower.
15-year mortgage rate trends upward, +0.12%
The average rate for the benchmark 15-year fixed mortgage is 6.76 percent, up 12 basis points over the last week.
Monthly payments on a 15-year fixed mortgage at that rate will cost roughly $885 per $100,000 borrowed. That may squeeze your monthly budget than a 30-year mortgage would, but it comes with some big advantages: You’ll save thousands of dollars over the life of the loan in total interest paid and build equity much more rapidly.
5/1 adjustable rate mortgage advances, +0.10%
The average rate on a 5/1 adjustable rate mortgage is 6.89 percent, up 10 basis points from a week ago.
Adjustable-rate mortgages, or ARMs, are home loans that come with a floating interest rate. In other words, the interest rate will change at regular intervals, unlike fixed-rate mortgages. These loan types are best for those who expect to refinance or sell before the first or second adjustment. Rates could be considerably higher when the loan first adjusts, and thereafter.
While borrowers shunned ARMs during the pandemic days of super-low rates, this type of loan has made a comeback as mortgage rates have risen.
Monthly payments on a 5/1 ARM at 6.89 percent would cost about $658 for each $100,000 borrowed over the initial five years, but could climb hundreds of dollars higher afterward, depending on the loan’s terms.
Jumbo mortgage trends higher, +0.04%
The average jumbo mortgage rate is 7.44 percent, up 4 basis points over the last week. Last month on the 23rd, the average rate on a jumbo mortgage was lower at 7.02 percent.
At today’s average jumbo rate, you’ll pay $695.11 per month in principal and interest for every $100,000 you borrow. That’s up $2.73 from what it would have been last week.
Refinance rates
Current 30 year mortgage refinance rate rises, +0.20%
The average 30-year fixed-refinance rate is 7.31 percent, up 20 basis points since the same time last week. A month ago, the average rate on a 30-year fixed refinance was lower at 6.92 percent.
At the current average rate, you’ll pay $686.25 per month in principal and interest for every $100,000 you borrow. That’s an increase of $13.54 over what you would have paid last week.
Where are mortgage rates going?
If and when the Fed cuts interest rates depends on incoming economic data, such as the rate of inflation and the jobs market.
“While the majority of Fed members still expect three rate cuts this year, Atlanta Fed President Bostic is now predicting just one rate cut in the fourth quarter,” says Melissa Cohn of William Raveis Mortgage. “Not the news we want for the spring market.”
Keep in mind: The rates on 30-year mortgages mostly follow the 10-year Treasury, which shifts continuously as economic conditions dictate, while the cost of variable-rate home loans mirror the Fed’s moves.
These broader factors influence overall rate movement. As a borrower, you could be quoted a higher or lower rate than the trend based on your own financial profile.
What current rates mean for your mortgage
While mortgage rates change daily, it’s unlikely we’ll see rates back at 3 percent anytime soon. If you’re shopping for a mortgage now, it might be wise to lock your rate when you find an affordable loan. If your house-hunt is taking longer than anticipated, revisit your budget so you’ll know exactly how much house you can afford at prevailing market rates.
To help you uncover the best deal, get at least three loan offers, according to Freddie Mac research. You don’t have to stick with your bank or credit union, either. There are many types of mortgage lenders, including online-only and local, smaller shops.
“All too often, some [homebuyers] take the path of least resistance when seeking a mortgage, in part because the process of buying a home can be stressful, complicated and time-consuming,” says Mark Hamrick, senior economic analyst for Bankrate. “But when we’re talking about the potential of saving a lot of money, seeking the best deal on a mortgage has an excellent return on investment. Why leave that money on the table when all it takes is a bit more effort to shop around for the best rate, or lowest cost, on a mortgage?”
More on current mortgage rates
Methodology
Bankrate displays two sets of rate averages that are produced from two surveys we conduct: one daily (“overnight averages”) and the other weekly (“Bankrate Monitor averages”).
The rates on this page represent our overnight averages. For these averages, APRs and rates are based on no existing relationship or automatic payments.
Learn more about Bankrate’s rate averages, editorial guidelines and how we make money.
Want to learn how to make $5,000 fast? Whether you’re in a rush to meet a financial goal this week or aiming for a steady income of $5,000 per month, there are several ways to make it happen. You’ll find different options, from short-term jobs that pay a lot at once to long-term ideas that…
Want to learn how to make $5,000 fast?
Whether you’re in a rush to meet a financial goal this week or aiming for a steady income of $5,000 per month, there are several ways to make it happen.
You’ll find different options, from short-term jobs that pay a lot at once to long-term ideas that bring in money regularly. And, sometimes, combining a few methods can help you reach $5,000 faster.
If you’re looking to make $5,000 fast, you’re not alone. Many people need a big amount of money quickly – for unexpected costs, important purchases, just to save up, or simply to make a stable amount of money regularly.
Best Ways To Make $5,000 Fast
Below is how you can make $5,000 fast.
1. Flip items for resale
If you want to learn how to make $5,000 without a job, then one way may be to flip items for resale.
Flipping items for resale means you buy things at a low price and sell them for more. This could be handmade goods, vintage items (like old games, cameras, clothing, etc.), furniture, sports equipment, appliances, and more.
Look for undervalued items at flea markets, garage sales, yard sales, and thrift stores, and then sell them for a profit. This job involves having an eye to spot valuable items that you think can be resold at a higher price.
You can resell items on eBay, Craigslist, Facebook Marketplace, and more.
I have flipped many, many items for resale over the years, and I think it’s a great way to work from home and make money on your own schedule.
Recommended reading: How Melissa Made $40,000 In One Year Flipping Items
2. Freelance online work
Making $5,000 a month from home is possible by becoming a freelancer.
Freelancers are people who run their own businesses and provide services to other businesses or clients on a contract basis. As a freelancer, you might be hired for onetime projects by businesses or you could secure long-term contract work with a company.
Online freelancing jobs include:
And more.
You can find freelance gigs through networking, reaching out to possible clients through email or phone, creating a freelance listing on Fiverr, searching for gigs on Upwork, and more.
I have personally been a freelancer for years (mainly freelance writing, and, in the past, I have also done freelance social media management), and it’s a great way to earn income while still being your own boss with a flexible schedule.
Recommended reading: 16 Best Freelance Jobs & How To Get Started
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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.
3. Pet sit and dog walk
Rover is a website that connects pet owners with pet sitters and dog walkers. You can work this job on weekends all year round or choose to be available only during the summer months – it’s flexible and up to you.
Getting started on Rover is simple. You create a profile highlighting your experience with pets and the services you offer, such as dog walking, pet sitting, and house sitting.
After setting up your profile, customers will send you requests, and you can discuss pricing with them. Rover handles payment processing, and you’ll receive payments directly into your account.
I have two close family members who are professional dog walkers, and they both love this side hustle.
Recommended reading: 7 Best Dog Walking Apps To Make Extra Money
4. Short-term rental your home
If you have a spare room in your home that you’re not using, you may want to try renting it out either on a short-term basis through Airbnb or Vrbo or by finding a long-term roommate to make extra cash.
I’ve rented out rooms multiple times before to roommates, and it’s a great way to earn extra income from unused space.
Recommended reading: What You Need To Know About Renting A Room In Your House
5. Deliver food
If you’re looking to make $5,000, finding a food delivery driving gig is a good option.
With companies like DoorDash, Uber Eats, and Instacart, you can start earning money by bringing people their favorite food. It’s flexible too, so you decide when you work and for how long.
Delivery services like Instacart hire personal grocery shoppers, and the average shopper earns $15 to $20 per hour delivering groceries. Drivers are paid per order, and you keep 100% of your tips. You can also pick your own schedule, which means teachers can work in the evenings or weekends, or only during the summer if they prefer.
6. Sell high-value items
If you’re looking to make a quick $5,000, selling high-value items can be a smart move. Take a look around your home; you might have things you don’t need that others are willing to buy for a good price.
You could sell an old cell phone, laptop, camera, designer clothes, your car, and more.
There are many different buyers for high-value items – from people like you and me on Facebook, to pawn shops, eBay, and more.
7. Tutor
Tutors who specialize in subjects such as math, language, science, graphic design, and more help students improve in those areas.
And, some tutors can make money rather quickly, such as one who specializes in college courses or high-level exams.
Becoming an online tutor depends on the subject you want to teach. Experience in the field is usually required, but there are opportunities for beginners as well. Tutors who teach advanced subjects like calculus or college entrance exams generally earn more than those teaching simpler topics.
Tutoring rates can range from $15 to over $100 per hour, depending on the subject and where you sell your tutoring services.
8. Stock photo photography
Stock image websites are popular platforms where photographers can sell their pictures. Customers can buy royalty-free photos for personal or business use, and these images are commonly used in websites, TV shows, books, social media, and more.
One advantage of using stock photo sites is that they can generate passive income. You can take pictures, upload them, and potentially earn money from them for months or even years. You’ll earn a commission every time someone downloads your photos.
Some well-known stock photo websites include Shutterstock, iStock by Getty Images, Adobe Stock, and Dreamstime.
In the world of stock photography, quality is important, but quantity matters too. The more pictures you have in your stock photo portfolio, the more potential you have to earn money.
Recommended reading: 18 Ways You Can Get Paid To Take Pictures
9. Sell an online course
Creating and selling an online course can be a great way to make money quickly, especially if you have knowledge or skills in a high-demand area.
If you have expertise in a certain subject, you can create and sell an online course. Platforms like Teachable and Udemy allow you to develop, host, and sell your course to students. While you may not earn $1,000 immediately, having students enroll over time can generate a substantial income.
I have an online course that I personally sell, Making Sense of Affiliate Marketing. I have also taken many online courses, such as on helping my toddler get better sleep, speech therapy for parents, business courses, blogging courses, and so much more.
There are many different subjects you can teach in an online course, including:
Painting
Music lessons
Exercise
Parenting
Languages
Photography and photo editing
Plants and gardening
Baking and cooking
Arts and crafts
10. Rent out your unused storage space
Just like Airbnb transformed the way you can earn money from your spare room, peer-to-peer storage platforms are doing the same for your unused spaces.
If you have extra space at home, consider renting it out to local people for storage. This could be a garage, driveway, closet, basement, or attic.
While making $1,000 in a single day from this may be challenging, renting out your space can provide a steady, long-term income when combined with other income sources.
You can use a website like Neighbor to list your available space for rent, potentially earning up to $15,000 per year.
11. Sell your jewelry
If you need to learn how to make $5,000 dollars in a day, then one option is to sell any expensive jewelry that you may have.
If you’ve got jewelry you no longer wear, selling it can be a quick way to earn some cash. You might have pieces like engagement rings, necklaces, or bracelets tucked away.
Recommended reading: Where To Sell Jewelry: 12 Best Places For Extra Money
12. Flip real estate
Flipping real estate means buying homes that need fixing, making improvements, and selling them for a profit. This can be a way to make $5,000 (and well over that if you are smart and careful!).
To do this type of real estate investment successfully, you may start by focusing on making cost-effective improvements, especially in areas like the kitchen and bathrooms, and address any major structural or safety issues.
Recommended reading: 23 Best Real Estate Side Hustles To Make Extra Money
14. Sell printables
If you’re looking to make $5,000 online, selling printables is an option.
Printables are digital files that customers can download and print at home, such as grocery shopping checklists, monthly budget planners, wedding invitations, wall art, and more.
I buy printables all the time, and actively search them out at least a few times a month. And, I’m not alone – many people buy printables frequently as well!
I recommend signing up for the Free Workshop: How To Earn Money Selling Printables. This free training will give you great ideas on what you can sell, how to get started, the costs, and how to make sales.
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.
15. Help businesses with their Facebook ads
Managing Facebook ads for local businesses is an online job where you can earn at least $1,000 per month per client.
Local businesses want to expand their audience through Facebook ads, but many don’t have the expertise to do it effectively. That’s where you come in. By learning this skill, you can sell your services to small businesses and help them reach more customers online.
Plus, this can be a part-time job that you do in your spare time or even a full-time job.
16. Write an ebook
Creating your own ebook can be a way to earn money online, and you likely have knowledge to share (even if you don’t realize it!) or a good story to write about.
Platforms like Amazon KDP (Kindle Direct Publishing) allow you to reach a wide audience without a traditional publisher.
Examples of genres you can write in include romance, travel, self-help, sci-fi, and more.
17. Blog
If you want to learn how to make $5,000 from home, then one of my favorite ways is to start a blog.
Now, starting a blog doesn’t instantly make you $5,000 because it takes time to set it up. However, with time and effort, some bloggers can make $5,000 a month in the future.
A blog is a website filled with articles, similar to what you’re reading now. You can start a blog on various topics like personal finance, recipes, travel, pet care, family life, and more.
You can earn money from a blog by partnering with companies for sponsorships, displaying ads, engaging in affiliate marketing (like promoting products on Amazon), and selling items such as ebooks, candles, T-shirts, and other products directly through your blog.
Blogging is my primary source of income, and I make well over $5,000 a month online. It took about six months to earn my first $100 from my blog, so getting started requires some patience. It then took me about a year to reach a monthly income of around $5,000 from blogging.
You can learn how to start a blog with my free How To Start a Blog Course (sign up by clicking here).
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Want to see how I built a $5,000,000 blog?
In this free course, I show you how to create a blog, from the technical side to earning your first income and attracting readers.
18. Affiliate marketing
Affiliate marketing is a way to earn money by promoting products or services online, and it’s one of my favorite ways to make $5,000 (or more) fast online.
Affiliate marketing is when someone buys a product through a referral link you share, and you earn a commission.
To start, you will want to find products you genuinely like and believe others will benefit from. Then, sign up for their affiliate program, which will provide you with a unique affiliate link. This link tracks the clicks and purchases made from your recommendation.
Recommended reading: Affiliate Marketing Tips For Bloggers – Free eBook
19. Sell on Amazon
Starting your own Amazon FBA (Fulfillment by Amazon) business can be a great way to make $5,000 fast.
You can sell items from household goods to clothes, games, electronics, and more.
Selling on Amazon FBA works by you sending the items you want to sell to an Amazon fulfillment warehouse. Amazon stores these items for you until they sell on their platform.
When an item sells, Amazon handles the shipping and sends it directly to the customer. This means you don’t have to worry about packing and shipping the sold items yourself.
Recommended reading: How To Sell Items On Amazon FBA
20. Start a YouTube channel
Creating content for your own YouTube channel can be a fun way to work toward making $5,000 fast.
You can create a YouTube channel about topics such as finance, home improvement, travel, toys, pets, and more. There’s a YouTube channel for almost every interest these days.
Like blogging, this isn’t a guarantee that you’ll make money, and it will definitely take time to reach $5,000. But, it can be a lot of fun, and you get to be your own boss.
21. Buy a business that already makes income
Buying a business that’s already bringing in money is a way to possibly skip the tough start-up phase and have a business that is making over $5,000.
Now, existing businesses are typically expensive – someone has done a lot of hard work building a business over years and years, after all. They can cost anywhere from a few thousand to millions or even billions of dollars.
You can start by looking at online marketplaces like BizBuySell or Flippa. They list all kinds of businesses for sale, and you’ll see lots of options from online sites (like retail stores and blogs) to local shops (like bike shops, clothing stores, toy stores, and laundromats).
An example – I was recently in a small local bike shop, and they told me that it was for sale. They earned around $20,000 a month (I’m not sure if that was before or after expenses or anything else), and their shop was for sale for around $500,000. You got all the bikes, parts, customers, etc. with the sale. The building wasn’t owned by them, they had monthly rent and other bills to pay. I’m not going to say if this was a good or bad deal – it’s just an example of a real business that is for sale that I recently came across.
22. Consulting
Consulting is when you provide expert advice to individuals or businesses facing challenges. Consultants use their knowledge to understand problems, give advice, and help clients make better decisions from an outside perspective.
Consultants work in fields like management, finance, technology, or marketing. They focus on areas like strategy, process improvement, or restructuring to help clients achieve their goals effectively.
Here’s an example of how a consulting gig works: A company is struggling with managing its products and deliveries. They bring in a consultant who knows a lot about solving these issues. First, the consultant looks at how things are currently done. Then, they suggest better ways to store and ship items. The consultant helps put these ideas into action and teaches the company’s team how to use the new methods. Even after the changes, the consultant keeps an eye on things to make sure everything works well. This helps the company save money and makes sure that customers get what they need on time.
23. Detail cars
Starting a mobile car detailing business can be a way to earn money quickly. After all, you don’t need a lot to get started, and people are always wanting a good detailer to clean their car.
You’ll want to start by getting quality cleaning supplies like car shampoo, wax, and microfiber towels. You can then set fair prices based on what others charge nearby and promote your services on social media and with local businesses.
24. Rideshare driving gigs
Driving for a ride-sharing service like Uber or Lyft can be a way to reach your $5,000 goal quickly.
Here’s how you can work toward earning $5,000 with Uber or Lyft:
Drive during peak hours when demand is high, such as weekend nights, rush hours, or during busy events in your city.
Maximize your earnings by strategically positioning yourself in high-demand areas where there are plenty of potential riders, like near popular restaurants, bars, or events.
Take advantage of Uber’s driver bonuses, which may include incentives for completing a certain number of rides or driving during specific times. For example, you might earn an extra $10 for completing three rides in a row during rush hour.
While you won’t make $5,000 in one day, driving for a ride-sharing service can be a flexible way to earn money and work toward reaching your financial goal over time.
Frequently Asked Questions
Below are answers to common questions about how to make $5,000 fast.
What are some ways to earn an extra $5,000 quickly?
If you need to make an extra $5,000 quickly, then selling expensive items that you already own is usually the fastest thing that I recommend doing. This is because you may have expensive things in your home already – like jewelry or electronics – that you can sell and get paid for within just a few days.
Can I make $5,000 in a single day and how?
Making $5,000 in a single day is hard but not impossible. It may require a combination of having high-value items to sell or landing a big client for your freelance business. It’s about making the right move at the right time with the resources you have.
How can I double $5,000 dollars?
There are many ways to double $5,000 dollars, but it will depend on how much time you have to double your money, as well as how much risk you want to take on. Some ways will be much more risky than others, such as by investing in stocks or real estate. Due to this, it’s important to research and consider your risk tolerance before investing your money.
How can I make $5,000 in a month?
Ways to make $5,000 in a month can include freelance writing, blogging, proofreading, bookkeeping, and more.
How to make $5,000 fast without a job?
If you want to make $5,000 fast but not get a job, then the fastest thing to do is typically to sell items around your home that you already have, such as jewelry or electronics. You can also combine a bunch of different side hustles, such as freelancing, selling stuff, running a business, flipping real estate, and even small things like taking online surveys (like Survey Junkie for free gift cards).
How to make $5,000 a day online?
Some ways to make $5,000 a day online may include selling courses or other digital products. Now, this will not be an easy thing to do, and it will require a lot of hard work (as well as some luck).
How To Make $5,000 Fast – Summary
I hope you enjoyed this article on how to make $5,000 fast.
As you read above, there are many different ways to make $5,000. Some are faster than others (such as selling expensive items that you already own), and others may be more of a full-time career (such as freelance proofreading).
Mortgage rates jumped for all types of loans compared to a week ago, according to data compiled by Bankrate. Rates for 30-year fixed, 15-year fixed, 5/1 ARMs and jumbo loans edged higher.
While mortgage rates are still on track to gradually come down this year, the path might be bumpy. Lenders price mortgages based on many variables, but overall, fixed mortgage rates follow the 10-year Treasury yield, which moves as investor appetite fluctuates with the state of the economy and Federal Reserve decisions.
The Fed indicated it’d cut rates in 2024, but policymakers held off at its latest meeting, citing the need for more promising economic data. The Fed has been working to bring inflation back to its 2 percent target since 2022.
“The Fed is not in a hurry to start cutting interest rates as the progress toward 2 percent inflation has encountered some turbulence,” says Greg McBride, CFA, chief financial analyst for Bankrate.
For now, the Fed expects to issue three rate cuts in 2024. When that happens, the rates on a variety of financial products, including mortgages, should follow suit.
Whether mortgage rates move up or down, though, it’s tough to time the market. Often, the decision to buy a home comes down to needs. Depending on your situation, it might make sense to take a higher rate now and hope to refinance later — buying a home at today’s prices rather than a higher price in the future, while building equity that much sooner.
Rates last updated April 15, 2024.
The rates listed above are averages based on the assumptions here. Actual rates displayed across the site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Monday, April 15th, 2024 at 7:30 a.m.
30-year mortgage rate climbs, +0.08%
Today’s average rate for the benchmark 30-year fixed mortgage is 7.05 percent, up 8 basis points from a week ago. A month ago, the average rate on a 30-year fixed mortgage was lower, at 6.90 percent.
At the current average rate, you’ll pay $668.66 per month in principal and interest for every $100,000 you borrow. That’s $5.37 higher compared with last week.
15-year mortgage rate moves higher, +0.16%
The average rate for a 15-year fixed mortgage is 6.54 percent, up 16 basis points over the last week.
Monthly payments on a 15-year fixed mortgage at that rate will cost approximately $873 per $100,000 borrowed. The bigger payment may be a little harder to find room for in your monthly budget than a 30-year mortgage payment, but it comes with some big advantages: You’ll come out several thousand dollars ahead over the life of the loan in total interest paid and build equity much faster.
5/1 ARM rate increases, +0.02%
The average rate on a 5/1 adjustable rate mortgage is 6.58 percent, up 2 basis points over the last 7 days.
Adjustable-rate mortgages, or ARMs, are mortgage loans that come with a floating interest rate. To put it another way, the interest rate will change at regular intervals, unlike fixed-rate mortgages. These loan types are best for people who expect to refinance or sell before the first or second adjustment. Rates could be substantially higher when the loan first adjusts, and thereafter.
While borrowers shunned ARMs during the pandemic days of super-low rates, this type of loan has made a comeback as mortgage rates have risen.
Monthly payments on a 5/1 ARM at 6.58 percent would cost about $637 for each $100,000 borrowed over the initial five years, but could increase by hundreds of dollars afterward, depending on the loan’s terms.
The average rate for the benchmark jumbo mortgage is 7.21 percent, up 12 basis points from a week ago. Last month on the 15th, the average rate for jumbo mortgages was below that at 7.04 percent.
At today’s average jumbo rate, you’ll pay principal and interest of $679.47 for every $100,000 you borrow. That’s up $8.11 from what it would have been last week.
Refinance rates
30-year fixed-rate refinance increases, +0.08%
The average 30-year fixed-refinance rate is 7.07 percent, up 8 basis points from a week ago. A month ago, the average rate on a 30-year fixed refinance was lower at 6.85 percent.
At the current average rate, you’ll pay $670.01 per month in principal and interest for every $100,000 you borrow. That’s an increase of $5.38 over what you would have paid last week.
Where are mortgage rates heading?
With mortgage rates buffeted by many factors, it’s impossible to predict exactly when they’ll rise or fall. With the Fed still aiming for three rate cuts this year, it’s possible we’ll see lower rates sooner rather than later.
Keep in mind: The rates on 30-year mortgages mostly follow the 10-year Treasury, which shifts continuously as economic conditions dictate, while the cost of variable-rate home loans mirror the Fed’s moves.
These broader factors influence overall rate movement. As a borrower, you could be quoted a higher or lower rate compared to the trend.
What today’s rates mean for your mortgage
While mortgage rates change daily, it’s unlikely we’ll see rates back at 3 percent anytime soon. If you’re shopping for a mortgage now, it might be wise to lock your rate when you find an affordable loan. If your house-hunt is taking longer than anticipated, revisit your budget so you’ll know exactly how much house you can afford at prevailing market rates.
You could save serious money on interest by getting at least three loan offers, according to Freddie Mac research. You don’t have to stick with your bank or credit union, either. There are many types of mortgage lenders, including online-only and local, smaller shops.
“All too often, some [homebuyers] take the path of least resistance when seeking a mortgage, in part because the process of buying a home can be stressful, complicated and time-consuming,” says Mark Hamrick, senior economic analyst for Bankrate. “But when we’re talking about the potential of saving a lot of money, seeking the best deal on a mortgage has an excellent return on investment. Why leave that money on the table when all it takes is a bit more effort to shop around for the best rate, or lowest cost, on a mortgage?”
More on current mortgage rates
Methodology
Bankrate displays two sets of rate averages that are produced from two surveys we conduct: one daily (“overnight averages”) and the other weekly (“Bankrate Monitor averages”).
The rates on this page represent our overnight averages. For these averages, APRs and rates are based on no existing relationship or automatic payments.
Learn more about Bankrate’s rate averages, editorial guidelines and how we make money.
The median annual pay for a sonographer is $78,210 annually for the most recent year studied, according to the Bureau of Labor Statistics. Working as a sonographer is a great way to enter the medical field without having to pursue an expensive advanced degree. Typically, only an associate’s degree is needed to work as a sonographer, which can be obtained quickly and affordably.
Read on to learn more about how much a sonographer can earn and what it’s like to work as this kind of professional.
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What Are Sonographers?
A sonographer — also known as a diagnostic medical sonographer — uses sonography technology and tools to create images typically known as ultrasounds or sonograms. These images can give us a detailed look at organs and tissues within the body or of embryos and fetuses. There are many different types of sonographers who specialize in distinct areas of medicine, such as:
• Abdominal sonographers
• Breast sonographers
• Cardiac sonographers (echocardiographers)
• Musculoskeletal sonographers
• Pediatric sonographers
• Obstetric and gynecologic sonographers
• Vascular technologists (vascular sonographers).
As briefly mentioned above, training for this career usually doesn’t involve medical school and its cost. Instead, diagnostic medical sonographers may obtain a bachelor’s degree, an associate’s degree, or perhaps a vocational school degree or hospital training program certificate. Some may be trained in the Armed Forces.
It’s also worth noting that working as a sonographer will likely involve a high degree of patient interaction. For this reason, it may not be a good job for introverts. 💡 Quick Tip: Online tools make tracking your spending a breeze: You can easily set up budgets, then get instant updates on your progress, spot upcoming bills, analyze your spending habits, and more.
How Much Do Starting Sonographers Make a Year?
Entry-level sonographers should expect their salary to be on the lower side until they gain more experience. The lowest 10% of earners make less than $61,430 per year.
However, the top 10% of earners working as sonographers make more than $107,730, meaning this is a career path that can lead to a job that pays $100,000 a year.
In addition to experience level, other aspects that can lead to competitive pay is your geographical location (big city vs. rural community) and whether the employer is a major hospital network, say, or a small, independent medical office.
Recommended: What Trade Earns the Most Money?
What is the Average Salary for a Sonographer?
Those who work full-time as a sonographer can expect to earn a median annual salary of $78,210. However, some sonographers choose to work part-time and are paid by the hour. In terms of how much a sonographer makes an hour, the median hourly pay for sonography work is $37.60 per hour.
Many factors can influence how much a sonographer earns and the state they work in is a major one. The following table illustrates how average sonographer salaries can vary significantly by state, with earnings shown from highest to lowest.
What is the Average Sonographer Salary by State for 2023
State
Annual Salary
Monthly Pay
Weekly Pay
Hourly Wage
New York
$130,753
$10,896
$2,514
$62.86
Pennsylvania
$119,728
$9,977
$2,302
$57.56
New Hampshire
$117,077
$9,756
$2,251
$56.29
New Jersey
$115,302
$9,608
$2,217
$55.43
Wyoming
$114,058
$9,504
$2,193
$54.84
Washington
$113,902
$9,491
$2,190
$54.76
Wisconsin
$113,086
$9,423
$2,174
$54.37
Massachusetts
$113,082
$9,423
$2,174
$54.37
Alaska
$112,787
$9,398
$2,168
$54.22
Oregon
$111,873
$9,322
$2,151
$53.79
Indiana
$111,695
$9,307
$2,147
$53.70
North Dakota
$111,668
$9,305
$2,147
$53.69
Hawaii
$109,499
$9,124
$2,105
$52.64
Arizona
$109,385
$9,115
$2,103
$52.59
New Mexico
$108,705
$9,058
$2,090
$52.26
Colorado
$107,986
$8,998
$2,076
$51.92
Minnesota
$107,959
$8,996
$2,076
$51.90
Montana
$107,737
$8,978
$2,071
$51.80
Nevada
$106,643
$8,886
$2,050
$51.27
Alabama
$106,391
$8,865
$2,045
$51.15
South Dakota
$105,538
$8,794
$2,029
$50.74
Vermont
$105,369
$8,780
$2,026
$50.66
Ohio
$105,308
$8,775
$2,025
$50.63
Rhode Island
$103,621
$8,635
$1,992
$49.82
Iowa
$102,378
$8,531
$1,968
$49.22
Delaware
$102,241
$8,520
$1,966
$49.15
Connecticut
$102,051
$8,504
$1,962
$49.06
Virginia
$101,059
$8,421
$1,943
$48.59
Mississippi
$100,644
$8,387
$1,935
$48.39
Tennessee
$100,545
$8,378
$1,933
$48.34
Utah
$100,028
$8,335
$1,923
$48.09
Illinois
$99,727
$8,310
$1,917
$47.95
Georgia
$99,110
$8,259
$1,905
$47.65
Maryland
$99,089
$8,257
$1,905
$47.64
California
$98,791
$8,232
$1,899
$47.50
Nebraska
$97,188
$8,099
$1,869
$46.73
Maine
$96,740
$8,061
$1,860
$46.51
Missouri
$96,025
$8,002
$1,846
$46.17
South Carolina
$95,081
$7,923
$1,828
$45.71
Kansas
$94,735
$7,894
$1,821
$45.55
Idaho
$94,316
$7,859
$1,813
$45.34
Louisiana
$94,256
$7,854
$1,812
$45.32
Oklahoma
$94,119
$7,843
$1,809
$45.25
Texas
$93,511
$7,792
$1,798
$44.96
North Carolina
$93,119
$7,759
$1,790
$44.77
West Virginia
$92,468
$7,705
$1,778
$44.46
Kentucky
$89,668
$7,472
$1,724
$43.11
Michigan
$89,461
$7,455
$1,720
$43.01
Florida
$87,711
$7,309
$1,686
$42.17
Arkansas
$85,099
$7,091
$1,636
$40.91
Source: ZipRecruiter
Sonographer Job Considerations for Pay & Benefits
If a sonographer chooses to work part-time, they may not gain access to the same suite of valuable employee benefits that full-time sonographers typically earn. While employee benefits can vary by employer, full-time sonographers can generally expect to receive healthcare coverage, paid time off, and retirement plans as a part of their overall compensation package. 💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.
Pros and Cons of Sonographer Salary
One of the biggest pros associated with a sonographer’s salary is that they don’t have to take on expensive medical school debt — which can really eat into a worker’s monthly budget. An associate’s degree or a postsecondary certificate may be required but will cost less than pursuing other degree requirements commonly found in the medical field.
Regarding cons, some may find the salary doesn’t outweigh the hardships of the job. Many sonographers work nights and weekends and are on their feet for long periods of time.
Recommended: Pros and Cons of Minimum Wage
The Takeaway
Sonographers currently earn an average of $78,210 per year. They have a very valuable medical-service skill set, and demand for that skill is growing. It’s anticipated that job openings for this role will grow by 10% from 2022 to 2032, which is above the national average rate. As they navigate their careers, sonographers will likely want to make progress in their financial lives, with smart budgeting and saving.
SoFi helps you stay on top of your finances.
FAQ
Can you make 100k a year as a sonographer?
It is possible to earn $100,000 or more each year as a sonographer. On average, sonographers in the state of New York earn $130,753 per year. Where someone lives, how many years of experience they have, and their specialty can all impact how much they earn.
Do people like being a sonographer?
Working as a sonographer is a great fit for anyone who finds the work interesting and who enjoys patient interaction. Because this role requires so much patient care throughout the day, it’s not the best fit for those who are antisocial.
Is it hard to get hired as a sonographer?
Around 9,600 openings for diagnostic medical sonographers are anticipated to be available each year. Because of this high demand, if someone has the right education and qualifications, they should be able to find work as a sonographer.
Photo credit: iStock/dusanpetkovic
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Building equity is one of the biggest advantages of owning a home. With a home equity loan or home equity line of credit (HELOC), you can take advantage of that equity to finance home improvements, consolidate debt or pay for other big expenses.
While getting home equity financing is a fairly simple process, it’s important to review the details before applying. Lenders have standard criteria that homeowners must follow to qualify for either loan, as well as their own specific requirements. Make sure to compare different lenders and take a look at the requirements before applying.
Below, we’ll cover the general criteria for home equity loans and HELOCs as well as more on how to choose the right financing option for you.
How do home equity loans and HELOCs work?
Home equity loans and HELOCs are secured loans that act as second mortgages. Both use your property as collateral for the debt.
With a home equity loan, you get access to a lump sum of cash upfront and pay it back over a period of five to 30 years at a fixed interest rate.
A HELOC is an ongoing line of credit from which you can withdraw funds as needed. With a HELOC, you have the draw period and the repayment period. During the draw period (typically 10 years), you can borrow money on a revolving basis, up to a limit, and you’ll typically pay interest only on what you’ve borrowed. During the repayment period (often 20 years), you’ll pay back both the principal and interest on the loan.
Both are good options for homeowners in need of access to cash, but there’s always a risk when you borrow against your home. If you default on your payments, you run the risk of losing your property.
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Requirements to borrow home equity
The requirements to qualify for either a home equity loan or HELOC are similar. Although each lender has its own qualifications, the following checklist provides general criteria to help you get started.
1. Have at least 15% to 20% equity in your home
Home equity refers to the ownership stake in your home. Your equity is calculated by the amount of your down payment together with all the mortgage payments you’ve already made. With each mortgage payment you make, the less you owe on your home and the more equity you have. If an appraisal increase the value of the home, that will also yield more equity.
Most lenders require you to have at least 15% to 20% equity in your home to take out a home equity loan or HELOC. If you made a 20% down payment when you purchased your property, you’ll have already met the requirement to borrow against your equity.
2. Your loan-to-value ratio shouldn’t exceed 80%
Your loan-to-value ratio, or LTV, is another factor lenders consider when deciding whether to approve you for a home equity loan or HELOC. Your LTV is determined by dividing your current mortgage balance by the home’s appraised value. Having a lower LTV means less risk for mortgage lenders.
If your home is worth $300,000 and your loan balance is $200,000, here’s how you’d calculate your LTV:
$200,000 / $300,000 = 0.67
Your LTV is expressed as a percentage. In this example, your LTV is 67%, meaning you have 33% equity in your home.
While requirements can vary across lenders, the rule of thumb is that your LTV shouldn’t exceed 80%. Making a higher down payment and paying down your mortgage are two ways to lower your LTV.
3. Have a credit score in the mid-600s or higher
Most lenders want to see a minimum credit score of 620 in order to qualify for a home equity loan or HELOC.
Lenders use your credit score to determine the likelihood that you’ll repay the loan on time, so a better score will improve your chances of getting approved for a loan with better terms. A higher credit score of 700 or more will make you eligible for a loan at a lower interest rate, which will save you a substantial amount of money over the life of the loan.
4. Your debt level shouldn’t exceed 43%
Your debt level is determined by your debt-to-income ratio, which is your monthly debt payments divided by your gross monthly income. Your DTI ratio helps lenders determine if you’re capable of paying back your loan on time and of making consistent monthly payments.
To calculate DTI, lenders tally the total monthly payment for the house — mortgage principal, interest, taxes, homeowners insurance, direct liens and homeowner association dues — and any other outstanding debt. That total debt is then divided by your monthly gross income to get your DTI ratio.
Some lenders prefer that your monthly debts don’t exceed 36% of your gross monthly income, but many others are willing to go as high as 43%. If your DTI ratio is higher than 43%, consider paying down your debts first to lower your DTI.
5. Have sufficient income
Lenders want to make sure that you can pay back the loan, so they’ll lend only to those who can prove sufficient income. If you don’t have traditional employment or a stable source of income, you may have trouble qualifying for a home equity loan or HELOC.
How much can you borrow with a home equity loan or HELOC?
The more equity you have in your home, the more you’re eligible to borrow. In general, you can borrow around 80% to 85% of the equity in your home, minus your current mortgage balance.
You can determine how much money you’ll be able to obtain from a home equity loan by starting with the current value of the home. If, for example, your home is worth $300,000 and a bank lender allows you to borrow up to 80% of the value of your home, you simply multiply the two values to get the maximum amount you can borrow, which is $240,000.
$300,000 x 0.8 = $240,000
But if you have a balance on your mortgage of $200,000, you need to subtract it from the $240,000 maximum the bank will let you borrow.
$240,000 – $200,000 = $40,000
That means you can borrow $40,000 for a home equity loan or HELOC.
Should you get a home equity loan or a HELOC?
Home equity loans and HELOCs can be used for similar purposes, but they have some important differences. Neither product is better than the other, so consider your own expenses and goals.
If you need to fund a single project with a set cost, a home equity loan may be the better option, especially if the predictability of a fixed interest rate and monthly payment appeals to you. A HELOC may make more sense if you want flexible access to funds over a long period of time rather than an upfront sum of cash.
You should get a HELOC if:
You need access to credit for an extended period of time. HELOCs have a draw period that typically last five to 10 years.
You need more time to repay the loan amount. The repayment period for HELOCs ranges from 10 to 20 years.
You aren’t sure how much money you’ll need. HELOCs give you the flexibility to withdraw money in installments and not all at once. During the draw period, you can borrow up to a limit as many times as you like, and only pay interest on what you borrow. This makes HELOCs a good option for managing variable or unpredictable costs.
You should get a home equity loan if:
Your want a predictable monthly repayment schedule. Unlike variable-rate HELOCs, home equity loans have fixed interest rates, making it relatively easy to factor into your monthly budget.
You have a specific expense in mind. You receive 100% of the funds from a home equity loan upfront, which can be useful if you need a set amount of cash to cover a home improvement project, pay off high-interest debt or another need.
Alternatives to home equity loans and HELOCs
A home equity loan or HELOC can be a good way to fund large expenses, but there are other financing options that may be a better fit for your situation. Some alternatives you may want to consider include:
A cash-out refinance. With a cash-out refinance, you are cashing out the equity you’ve built in your home over the years. You replace your existing mortgage with a new, larger one and pocket the difference as cash. The money you borrow is rolled into your new mortgage, so you’ll have only one monthly payment. A cash-out refinance is a good option if you can get a better rate than the one on your existing mortgage.
A personal loan. If you need to borrow only a small amount of money, a personal loan might be a better fit than a home equity loan or HELOC. The interest rate will typically be higher and the loan term shorter, but it’s less risky because it’s an unsecured loan. Plus, you won’t have to go through a home appraisal or pay closing costs.
A balance transfer credit card. If the main reason you’re looking to take out a loan is to consolidate other high-interest debt, balance transfer credit cards let you combine your debts into one card that has a long 0% APR introductory period. If you can pay off the debt before the 0% introductory period ends, you’ll get rid of your debt faster. Just be sure to plan ahead carefully: If you’re still carrying a balance by the end of the introductory period, you’ll be charged the regular credit card APR, which can be high.
The bottom line
A home equity loan and HELOC are two ways you can tap into the equity of your home. To qualify for either loan with reasonable terms, you should have at least 15% to 20% equity in your home, a LTV ratio of 80% or lower, a credit score of at least 620 (the higher, the better) and a DTI ratio no higher than 43%.
Though specific qualifications vary between lenders, make sure you have a reliable payment history and source of income to be eligible for a home equity loan or HELOC.
FAQs
Some lenders will provide a home equity loan or HELOC if you don’t have a job or are retired, but instead have regular income from a retirement account such as a pension. The income can also come from a spouse or partner’s employer, government assistance or alimony.
Lenders are typically seeking at least 15% to 20% equity in your home in order to qualify for a home equity loan or HELOC. However, some lenders will allow you to borrow with less equity.
Minimum credit scores vary from lender to lender, but most require you to have at least a 620 credit score. You’ll have a better chance of qualifying and getting access to lower interest rates if your credit score is 700 or above.
You can improve your credit score before you apply for a home equity loan by making payments on time, paying down the amount that’s owed on credit cards and avoiding taking out any new loans or making any major purchases.
Groceries are one of the biggest budget items on most families’ lists. Of course, how much you spend will depend on where you live, what you eat, and what your spending habits are. As food costs increase, so may the grocery budget for a family of three.
As you create or revise a monthly budget, it can help to look at how your food spending compares to other families.
Table of Contents
American Average Grocery Budget for Family of 3
Each month, the USDA publishes a report showing the average costs of groceries at three price levels: budget, moderate, and liberal. Here’s a look at the middle-of-the-road spending for a family of three in 2023. Notice how the average cost of groceries rose more than $87 over the course of the year.
Month (in 2023)
Average Cost of Groceries
January
$975.00
February
$975.00
March
$967.50
April
$970.90
May
$976.70
June
$977.80
July
$981.30
August
$981.00
September
$980.10
October
$983.20
November
$977.00
December
$975.70
💡 Quick Tip: We love a good spreadsheet, but not everyone feels the same. An online budget planner can give you the same insight into your budgeting and spending at a glance, without the extra effort.
How Much to Budget for Groceries Per Person
No matter the size of your family, your grocery budget can depend largely on the cost of food where you live. For instance, according to data from the Missouri Economic Research and Information Center, people in Hawaii, Alaska, and New York tend to pay more for food than residents of Texas, Wyoming, and Michigan. This means $700 per month for groceries may be more reasonable in Texas than in, say, Hawaii.
Creating a household budget and aren’t sure how much to allocate for food? A good rule of thumb is to set aside 10% of your income for groceries and other food costs. So if you take home around $5,000 a month, plan on budgeting $500 for food.
However, you may need to adjust that percentage, especially if you have a larger family or live in an area with a higher cost of living. It may be wise to track how much you spend in any given month on food and see what a reasonable budget would look like for you and your family.
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How to Prioritize Your Grocery Spending
What does it mean to prioritize your grocery spending? It’s simply a way to ensure you’re making the most every dollar when you’re grocery shopping on a budget.
One strategy to consider is to set aside money each month automatically so you have enough to spend on food. Another option is to put groceries as one of the top line items in your monthly budget so you don’t forget to set aside money for it first.
It’s also important to scrutinize how much you spend on food and the choices you make in the grocery store aisles. It could be that your grocery budget is fine, but you may need to reel in how much you spend on certain ingredients or find cheaper alternatives.
Above all, though, make sure you settle on a budget that works for you and your family. Be sure it’s enough to cover what’s important to you all while still sticking to your larger spending plan.
How to Stay Within Your Grocery Budget
It’s easy to give in to temptation at the grocery store, but rest assured, staying within budget is possible. These tips can help:
Shop at discount retailers
Buying your groceries at lower-priced retailers can add up to significant savings, even better if you’re able to purchase ingredients you need on sale. Some retailers may have rewards programs, helping you earn free or heavily discounted groceries.
• Make pricey purchases go the distance: Meat or related products like eggs tend to cost more than other ingredients. Look into recipes that help you stretch a pack of meat or carton of eggs over several meals.
• Use what you have: Before heading to the grocery store, go through your refrigerator, freezer, and pantry to see what you already have. Besides preventing food waste, this also helps you avoid purchasing items you don’t need.
• Buy store brands: In many cases, store-brand items cost much less than brand-name items. The quality for generic items may also be similar.
• Use coupons: Though it may not seem like it’ll make a huge difference, using coupons or grocery store rebates can help make every cent count. Be sure to do some comparison shopping before you hit the checkout counter. Even with discounts, you may still come out ahead with generic or store-brand versions.
• Embrace meal planning: Making plans can help you estimate your food costs for the week and ensure you only purchase items you need.
• Do a spending audit regularly: Tally up how much you’ve spent and what you’ve spent it on. Look for places to cut back on spending, such as purchasing pricey ingredients that can only be used once.
Recommended: Does Buying in Bulk Save Money?
How to Budget for Restaurants and Dining Out
Eating out is a luxury, but it can also be done on a budget. Consider the following tips the next time you’re considering a night out on the town:
• Decide how many times a month you want to eat out: Knowing approximately where and how many times you go out in a given month will help you make a realistic budget.
• Consider drinking only water: While it’s tempting to order fancy drinks when you’re out, sticking with water can help you and your family save money.
• Look for weekly specials or discounts: In an attempt to earn your business, many restaurants will offer specials, such as free kids meals or discounted menu items. These deals usually happen on a weekday, though on occasion you may find discounts during restaurants’ busier times as well.
• Budget for tipping: Paying for your meal isn’t the only cost involved in dining out. Make sure to leave enough room so you can tip your server or bartender.
Recommended: Examining the Price of Eating at Home vs Eating Out
Tips for Getting Help if You Can’t Afford to Buy Groceries
Sometimes, budgeting will only get you so far. If you need help with food and other necessities, there are some organizations and agencies you may be able to turn to for temporary help:
• Supplemental Nutrition Assistance Program (SNAP): If you can meet the program’s eligibility requirements, the government-run program will give you a monthly stipend to spend on food for you and your family.
• Special Supplemental Nutrition Program for Women, Infants, and Children (WIC): The WIC program is for eligible pregnant women or mothers who have infants up to age 5 who are at risk of not receiving enough nutrients. Note that you’ll need to apply for this government-funded program.
• USDA National Hunger Hotline: If you’re facing food insecurity, you can call the hotline daily from 7am to 10pm ET to find resources like local meal sites or food banks.
• Local food pantries: Many religious organizations, colleges, and other local nonprofits may have food pantries. Call ahead to see when you can receive assistance.
💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.
The Takeaway
Budgeting for grocery costs isn’t always easy, but it’s worth the effort. It may be worth considering looking at average costs in your area as a guideline for how much to budget and looking at ways to save on food to ensure you’re not spending more than you can afford to. You may also want to consider using online tools like a money tracker app so you can maximize every dollar you make.
Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.
With SoFi, you can keep tabs on how your money comes and goes.
FAQ
What is a reasonable grocery budget?
Most experts recommend budgeting around 10% of your income to food costs.
How much should a family of four spend on groceries?
Depending on where you live, the average cost of groceries for a family of four can average from $1,044.70 to $1,568.10, according to data from USDA.
How much does an average family spend on groceries?
The average family spends about 11.3% on groceries, according to USDA data.
Photo credit: iStock/Prostock-Studio
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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.
Average mortgage rates moved higher for all types of loans compared to a week ago, according to data compiled by Bankrate. Rates for 30-year fixed, 15-year fixed, 5/1 ARMs and jumbo loans edged higher.
While mortgage rates are still on track to gradually come down this year, the path might be bumpy. Lenders price mortgages based on many variables, but overall, fixed mortgage rates follow the 10-year Treasury yield, which moves as investor appetite fluctuates with the state of the economy and Federal Reserve decisions.
The Fed opted to keep interest rates as-is at its latest meeting, neither raising nor reducing the benchmark federal funds rate. The central bank has been working to steer inflation back to 2 percent for two years now, and — despite inflation above that target — still anticipates cutting rates this year.
“The Fed is not in a hurry to start cutting interest rates as the progress toward 2 percent inflation has encountered some turbulence,” says Greg McBride, CFA, chief financial analyst for Bankrate.
For now, the Fed expects to issue three rate cuts in 2024. When that happens, the rates on a variety of financial products, including mortgages, should follow suit.
Whether mortgage rates move up or down, though, it’s tough to time the market. Often, the decision to buy a home comes down to needs. Depending on your situation, it might make sense to take a higher rate now and hope to refinance later — buying a home at today’s prices rather than a higher price in the future, while building equity that much sooner.
Rates last updated April 8, 2024.
These rates are averages based on the assumptions here. Actual rates available on-site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Monday, April 8th, 2024 at 7:30 a.m.
30-year fixed-rate mortgage trends higher, +0.09%
Today’s average 30-year fixed-mortgage rate is 6.97 percent, up 9 basis points since the same time last week. This time a month ago, the average rate on a 30-year fixed mortgage was lower, at 6.90 percent.
At the current average rate, you’ll pay a combined $663.29 per month in principal and interest for every $100,000 you borrow. Compared to last week, that’s $6.03 higher.
Standard lending practices defer to the 30-year, fixed-rate mortgage as the go-to for most borrowers buying a home as it allows the borrower to scatter loan payments out over 30 years, keeping their monthly payment lower.
15-year mortgage rate trends higher, +0.04%
The average rate you’ll pay for a 15-year fixed mortgage is 6.38 percent, up 4 basis points over the last week.
Monthly payments on a 15-year fixed mortgage at that rate will cost $865 per $100,000 borrowed. That may put more pressure on your monthly budget than a 30-year mortgage would, but it comes with some big advantages: You’ll save thousands of dollars over the life of the loan in total interest paid and build equity much faster.
The average rate on a 5/1 adjustable rate mortgage is 6.56 percent, adding 5 basis points over the last week.
Adjustable-rate mortgages, or ARMs, are mortgage terms that come with a floating interest rate. In other words, the interest rate will change at regular intervals, unlike fixed-rate mortgages. These loan types are best for people who expect to sell or refinance before the first or second adjustment. Rates could be materially higher when the loan first adjusts, and thereafter.
While borrowers shunned ARMs during the pandemic days of super-low rates, this type of loan has made a comeback as mortgage rates have risen.
Monthly payments on a 5/1 ARM at 6.56 percent would cost about $636 for each $100,000 borrowed over the initial five years, but could increase by hundreds of dollars afterward, depending on the loan’s terms.
Current jumbo mortgage rate moves upward, +0.08%
The average rate for the benchmark jumbo mortgage is 7.09 percent, an increase of 8 basis points over the last seven days. A month ago, the average rate was below that at 7.04 percent.
At the current average rate, you’ll pay $671.36 per month in principal and interest for every $100,000 you borrow. Compared to last week, that’s $5.39 higher.
Refinance rates
Current 30 year mortgage refinance rate goes up, +0.11%
The average 30-year fixed-refinance rate is 6.99 percent, up 11 basis points compared with a week ago. A month ago, the average rate on a 30-year fixed refinance was lower at 6.84 percent.
At the current average rate, you’ll pay $664.63 per month in principal and interest for every $100,000 you borrow. That’s an increase of $7.37 over what you would have paid last week.
Where are mortgage rates heading?
With inflation still above the Fed’s 2 percent goal and the job market holding strong, policymakers refrained from cutting rates at the central bank’s latest meeting. That could change later this year, as the Fed still expects to slash rates three times in 2024.
Keep in mind: The rates on 30-year mortgages mostly follow the 10-year Treasury, which shifts continuously as economic conditions dictate, while the cost of variable-rate home loans mirror the Fed’s moves.
These broader factors influence overall rate movement. As a borrower, you could be quoted a higher or lower rate compared to the trend.
What today’s rates mean for you and your mortgage
While mortgage rates change daily, it’s unlikely we’ll see rates back at 3 percent anytime soon. If you’re shopping for a mortgage now, it might be wise to lock your rate when you find an affordable loan. If your house-hunt is taking longer than anticipated, revisit your budget so you’ll know exactly how much house you can afford at prevailing market rates.
To help you uncover the best deal, get at least three loan offers, according to Freddie Mac research. You don’t have to stick with your bank or credit union, either. There are many types of mortgage lenders, including online-only and local, smaller shops.
“All too often, some [homebuyers] take the path of least resistance when seeking a mortgage, in part because the process of buying a home can be stressful, complicated and time-consuming,” says Mark Hamrick, senior economic analyst for Bankrate. “But when we’re talking about the potential of saving a lot of money, seeking the best deal on a mortgage has an excellent return on investment. Why leave that money on the table when all it takes is a bit more effort to shop around for the best rate, or lowest cost, on a mortgage?”
More on current mortgage rates
Methodology
Bankrate displays two sets of rate averages that are produced from two surveys we conduct: one daily (“overnight averages”) and the other weekly (“Bankrate Monitor averages”).
The rates on this page represent our overnight averages. For these averages, APRs and rates are based on no existing relationship or automatic payments.
Learn more about Bankrate’s rate averages, editorial guidelines and how we make money.
Mortgage rates dropped on all loan terms from a week ago, according to data collected by Bankrate. Rates for 30-year fixed, 15-year fixed, 5/1 ARMs and jumbo loans all fell.
While mortgage rates are still on track to gradually come down this year, the path might be bumpy. Fixed mortgage rates follow the 10-year Treasury yield, which moves as investor appetite fluctuates with the state of the economy and Federal Reserve decisions.
Although the Fed still expects to cut rates 2024, policymakers opted not to at the central bank’s latest meeting, thanks in part to inflation that hasn’t yet returned to the Fed’s 2 percent target.
“The Fed is not in a hurry to start cutting interest rates as the progress toward 2 percent inflation has encountered some turbulence,” says Greg McBride, CFA, chief financial analyst for Bankrate.
The Fed’s moves impact the cost of a variety of financial products, including adjustable-rate mortgages, but also mortgage pricing more broadly. Generally, mortgage rates track down when the Fed lowers its key federal funds rate.
Whether mortgage rates move up or down, though, it’s tough to time the market. Often, the decision to buy a home comes down to needs. Depending on your situation, it might make sense to take a higher rate now and hope to refinance later — buying a home at today’s prices rather than a higher price in the future, while building equity that much sooner.
Rates as of March 29, 2024.
These rates are averages based on the assumptions shown here. Actual rates available across the site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Friday, March 29th, 2024 at 7:30 a.m.
30-year mortgage slides, -0.09%
Today’s average 30-year fixed-mortgage rate is 6.90 percent, a decrease of 9 basis points over the last seven days. A month ago, the average rate on a 30-year fixed mortgage was higher, at 7.12 percent.
At the current average rate, you’ll pay a combined $658.60 per month in principal and interest for every $100,000 you borrow. That’s a decline of $6.03 from last week.
The 30-year mortgage is the most popular option for borrowers. It has a number of advantages. Among them:
Lower monthly payment: Compared to a shorter-term mortgage, such as 15 years, the 30-year mortgage offers more affordable monthly payments spread over time.
Stability: With a 30-year fixed mortgage, you lock in a set principal and interest payment, making it easier to plan your housing expenses for the long term. Remember: Your monthly housing payment can change if your homeowners insurance premiums and property taxes go up or, less likely, down.
Buying power: Because you have lower payments, you might qualify for a bigger loan or a more expensive house.
Flexibility. Lower monthly payments can free up some of your monthly budget for other goals, like building an emergency fund, contributing to retirement or college tuition, or saving for home repairs and maintenance.
15-year fixed mortgage rate falls, -0.11%
The average rate for the benchmark 15-year fixed mortgage is 6.35 percent, down 11 basis points over the last seven days.
Monthly payments on a 15-year fixed mortgage at that rate will cost roughly $863 per $100,000 borrowed. The bigger payment may be a little harder to find room for in your monthly budget than a 30-year mortgage payment, but it comes with some big advantages: You’ll come out several thousand dollars ahead over the life of the loan in total interest paid and build equity much more rapidly.
5/1 adjustable rate mortgage falls, -0.09%
The average rate on a 5/1 adjustable rate mortgage is 6.27 percent, down 9 basis points over the last 7 days.
Adjustable-rate mortgages, or ARMs, are home loans that come with a floating interest rate. In other words, the interest rate will change at regular intervals, unlike fixed-rate mortgages. These types of loans are best for those who expect to refinance or sell before the first or second adjustment. Rates could be much higher when the loan first adjusts, and thereafter.
While borrowers shunned ARMs during the pandemic days of super-low rates, this type of loan has made a comeback as mortgage rates have risen.
Monthly payments on a 5/1 ARM at 6.27 percent would cost about $617 for each $100,000 borrowed over the initial five years, but could climb hundreds of dollars higher afterward, depending on the loan’s terms.
Jumbo mortgage dips, -0.05%
Today’s average rate for jumbo mortgages is 7.00 percent, a decrease of 5 basis points since the same time last week. This time a month ago, the average rate was above that at 7.13 percent.
At the current average rate, you’ll pay $665.30 per month in principal and interest for every $100,000 you borrow. That’s down $3.36 from what it would have been last week.
Mortgage refinance rates
30-year fixed-rate refinance trends down, -0.14%
The average 30-year fixed-refinance rate is 6.88 percent, down 14 basis points over the last week. A month ago, the average rate on a 30-year fixed refinance was higher at 7.11 percent.
At the current average rate, you’ll pay $657.26 per month in principal and interest for every $100,000 you borrow. That’s a decline of $9.39 from last week.
Where are mortgage rates going?
With inflation still above the Fed’s 2 percent goal and the job market holding strong, policymakers refrained from cutting rates at the central bank’s latest meeting. That could change later this year, as the Fed still expects to slash rates three times in 2024.
Keep in mind: The rates on 30-year mortgages mostly follow the 10-year Treasury, which shifts continuously as economic conditions dictate, while the cost of variable-rate home loans mirror the Fed’s moves.
These broader factors influence overall rate movement. As a borrower, you could be quoted a higher or lower rate compared to the trend.
What today’s rates mean for your mortgage
While mortgage rates change daily, it’s unlikely we’ll see rates back at 3 percent anytime soon. If you’re shopping for a mortgage now, it might be wise to lock your rate when you find an affordable loan. If your house-hunt is taking longer than anticipated, revisit your budget so you’ll know exactly how much house you can afford at prevailing market rates.
To help you uncover the best deal, get at least three loan offers, according to Freddie Mac research. You don’t have to stick with your bank or credit union, either. There are many types of mortgage lenders, including online-only and local, smaller shops.
“All too often, some [homebuyers] take the path of least resistance when seeking a mortgage, in part because the process of buying a home can be stressful, complicated and time-consuming,” says Mark Hamrick, senior economic analyst for Bankrate. “But when we’re talking about the potential of saving a lot of money, seeking the best deal on a mortgage has an excellent return on investment. Why leave that money on the table when all it takes is a bit more effort to shop around for the best rate, or lowest cost, on a mortgage?”
More on current mortgage rates
Methodology
Bankrate displays two sets of rate averages that are produced from two surveys we conduct: one daily (“overnight averages”) and the other weekly (“Bankrate Monitor averages”).
The rates on this page represent our overnight averages. For these averages, APRs and rates are based on no existing relationship or automatic payments.
Learn more about Bankrate’s rate averages, editorial guidelines and how we make money.
Average mortgage rates were mostly down compared to a week ago, according to rate data compiled by Bankrate. Rates for 30-year fixed, 15-year fixed and jumbo loans decreased, while rates for ARM loans rose.
While mortgage rates are still on track to gradually come down this year, the path might be bumpy. Lenders price mortgages based on many variables, but overall, fixed mortgage rates follow the 10-year Treasury yield, which moves as investor appetite fluctuates with the state of the economy and Federal Reserve decisions.
Although the Fed still expects to cut rates 2024, policymakers opted not to at the central bank’s latest meeting, thanks in part to inflation that hasn’t yet returned to the Fed’s 2 percent target.
“The Fed is not in a hurry to start cutting interest rates as the progress toward 2 percent inflation has encountered some turbulence,” says Greg McBride, CFA, chief financial analyst for Bankrate.
The next opportunity for a Fed cut comes in May, the height of the spring homebuying season.
Whether mortgage rates move up or down, though, it’s tough to time the market. Often, the decision to buy a home comes down to needs. Depending on your situation, it might make sense to take a higher rate now and hope to refinance later — buying a home at today’s prices rather than a higher price in the future, while building equity that much sooner.
Rates as of March 28, 2024.
The rates listed here are Bankrate’s overnight average rates and are based on the assumptions shown here. Actual rates displayed within the site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Thursday, March 28th, 2024 at 7:30 a.m.
30-year mortgage trends down, -0.05%
Today’s average 30-year fixed-mortgage rate is 6.91 percent, a decrease of 5 basis points since the same time last week. This time a month ago, the average rate on a 30-year fixed mortgage was higher, at 7.12 percent.
At the current average rate, you’ll pay principal and interest of $659.27 for every $100,000 you borrow. That’s a decline of $3.35 from last week.
Standard lending practices defer to the 30-year, fixed-rate mortgage as the go-to for most borrowers because it allows the borrower to scatter loan payments out over 30 years, keeping their monthly payment lower.
15-year mortgage rate moves down, -0.07%
The average rate you’ll pay for a 15-year fixed mortgage is 6.42 percent, down 7 basis points from a week ago.
Monthly payments on a 15-year fixed mortgage at that rate will cost approximately $867 per $100,000 borrowed. That may squeeze your monthly budget than a 30-year mortgage would, but it comes with some big advantages: You’ll come out several thousand dollars ahead over the life of the loan in total interest paid and build equity much more quickly.
5/1 ARM trends upward, +0.12%
The average rate on a 5/1 ARM is 6.63 percent, rising 12 basis points over the last 7 days.
Adjustable-rate mortgages, or ARMs, are mortgage terms that come with a floating interest rate. In other words, the interest rate will change at regular intervals, unlike fixed-rate mortgages. These types of loans are best for people who expect to refinance or sell before the first or second adjustment. Rates could be substantially higher when the loan first adjusts, and thereafter.
While borrowers shunned ARMs during the pandemic days of super-low rates, this type of loan has made a comeback as mortgage rates have risen.
Monthly payments on a 5/1 ARM at 6.63 percent would cost about $641 for each $100,000 borrowed over the initial five years, but could increase by hundreds of dollars afterward, depending on the loan’s terms.
Jumbo mortgage retreats, -0.04%
Today’s average rate for jumbo mortgages is 7.02 percent, a decrease of 4 basis points over the last seven days. This time a month ago, jumbo mortgages’ average rate was greater than 7.02 at 7.13 percent.
At the average rate today for a jumbo loan, you’ll pay a combined $666.65 per month in principal and interest for every $100,000 you borrow. That’s down $2.69 from what it would have been last week.
The average 30-year fixed-refinance rate is 6.92 percent, down 5 basis points over the last week. A month ago, the average rate on a 30-year fixed refinance was higher at 7.10 percent.
At the current average rate, you’ll pay $659.94 per month in principal and interest for every $100,000 you borrow. Compared with last week, that’s $3.35 lower.
Where are mortgage rates going?
With inflation still above the Fed’s 2 percent goal and the job market holding strong, policymakers refrained from cutting rates at the central bank’s latest meeting. That could change later this year, as the Fed still expects to slash rates three times in 2024.
Keep in mind: The rates on 30-year mortgages mostly follow the 10-year Treasury, which shifts continuously as economic conditions dictate, while the cost of variable-rate home loans mirror the Fed’s moves.
These broader factors influence overall rate movement. As a borrower, you could be quoted a higher or lower rate compared to the trend.
What today’s rates mean for your mortgage
While mortgage rates change daily, it’s unlikely we’ll see rates back at 3 percent anytime soon. If you’re shopping for a mortgage now, it might be wise to lock your rate when you find an affordable loan. If your house-hunt is taking longer than anticipated, revisit your budget so you’ll know exactly how much house you can afford at prevailing market rates.
To help you uncover the best deal, get at least three loan offers, according to Freddie Mac research. You don’t have to stick with your bank or credit union, either. There are many types of mortgage lenders, including online-only and local, smaller shops.
“All too often, some [homebuyers] take the path of least resistance when seeking a mortgage, in part because the process of buying a home can be stressful, complicated and time-consuming,” says Mark Hamrick, senior economic analyst for Bankrate. “But when we’re talking about the potential of saving a lot of money, seeking the best deal on a mortgage has an excellent return on investment. Why leave that money on the table when all it takes is a bit more effort to shop around for the best rate, or lowest cost, on a mortgage?”
More on current mortgage rates
Methodology
Bankrate displays two sets of rate averages that are produced from two surveys we conduct: one daily (“overnight averages”) and the other weekly (“Bankrate Monitor averages”).
The rates on this page represent our overnight averages. For these averages, APRs and rates are based on no existing relationship or automatic payments.
Learn more about Bankrate’s rate averages, editorial guidelines and how we make money.
Do you want to learn how to move out at 18 with no credit, little money, or even no money? Here’s what you need to know. There are many reasons for why you may want to move out at a young age – perhaps you have a difficult home life, you want to move somewhere…
Do you want to learn how to move out at 18 with no credit, little money, or even no money? Here’s what you need to know.
There are many reasons for why you may want to move out at a young age – perhaps you have a difficult home life, you want to move somewhere new, or you just want your own space.
I moved out shortly after turning 18 (about a week or so after my 18th birthday) into a rental home, and while I was not prepared at all, I do think being prepared to move out at a young age is extremely helpful. I made many mistakes that led to many, many tears, money wasted, stress, and more.
Today, I want to help you avoid as many problems as you can.
After all, moving out at 18 years old (or any other young age) is already really hard, and there is such a huge learning curve.
Moving out when you turn 18 is a big step into becoming an adult. Even though it can be exciting, moving out for the first time needs to be planned carefully. Before you leave, it’s important to make a plan to make sure you can afford it and stay on your own.
This means finding a job, making a budget you can stick to, and saving money for unexpected costs.
How To Move Out at 18
Below are ways to move out at 18.
Recommended reading: Buying a House at 20 (How I did it)
Make a plan to move out at 18
I highly recommend having a plan if you want to move out at 18 years old.
Moving out at 18 is a big step, and making a plan will help everything go a little more smoothly.
You will want to think about things such as:
Where you will work
How you will pay your bills
If you will live with a roommate or on your own
What your budget will be like
What you’ll do if things get tough, such as if you can’t afford your rent
What you will do for health insurance and medical bills
And so much more.
I will be going further in-depth on many of these below.
Find ways to make money
If you are 18 and want to move out, then you will need to have a stable source of income, of course. There are many options for earning money, from traditional jobs to more flexible side hustles.
A full-time job typically gives you more hours and benefits like health insurance, which are helpful when you’re living on your own. If you have other things going on, a part-time job might be better because it offers more flexibility while still giving you money (but, you may not earn as much money). You can find job openings online, at job fairs, or on community bulletin boards. Jobs like delivering food can be either full-time or part-time, and companies tend to need people.
If you want to make more money, you can side hustle to make extra income – a way to make extra cash that you do alongside your main job. You could freelance by doing things like writing, teaching tutoring lessons, or designing graphics. Or, you could babysit for families nearby, walk dogs, or help people with tasks or errands. These little jobs can add up to a lot of money and give you the flexibility to work when you want.
When I was young and first moved out, I worked full-time at a retail store. I also eventually started a few side hustles (like blogging, freelance writing, and selling stuff online) so that I could pay off my student loans quickly. Living on your own is not easy, especially when you are young and your income is not that high – so side hustles may be needed so that you can make enough money to pay your bills.
Some helpful articles to read include:
Create a budget
When you’re ready to step out into the world at 18, you need a budget. I can’t think of any young adult who would not need a budget.
Budgets are great because they help you keep track of your money coming in and going out. With a monthly budget, you’ll know exactly how much you can spend on different things each month as it helps you see how much money you have and where you might need to cut back on spending.
A budget will help you to figure out if you can afford to live on your own, if you need to have roommates, or if you need to find a cheaper living arrangement.
Making a budget is easy. First, write down how much money you make each month from your job or other places. Then, write down what you need to spend money on each month, like:
monthly rent
food
phone bill
internet
car
fuel
utilities like electrical, water, trash, sewer, gas/propane
car insurance
medical/health
pet care
restaurants
cable, satellite, or any TV monthly subscriptions
household essential items, like toilet paper, trash bags, etc.
and some money for fun stuff too
Knowing your monthly expenses will help you to better manage your money so that you won’t go into credit card debt.
Recommended reading: The Complete Budgeting Guide: How To Create A Budget That Works
Save for the move (and open a bank account)
When you’re getting ready to move out at 18, saving money is obviously very important. If you can help it, I do not recommend moving out with no money saved.
Think about all the costs you’ll face – like rent, your first security deposit, food, and any unexpected things that pop up. You’ll want to tuck away money for this.
How much should you save to move out? A good rule is to save at least three to six months of living expenses. For example, if you spend $1,500 a month, aim to save between $4,500 and $9,000 before you head out on your own.
This will be your emergency fund. An emergency fund is money you save up for unexpected things that might happen. This could be paying bills if you lose your job or if your hours or pay get reduced. It could also cover unexpected expenses like a car repair, medical bill, or fixing a broken window.
An emergency isn’t something like buying a birthday present, a new TV, or going on vacation.
Having an emergency fund is smart because it can stop you from getting into debt you don’t need. Some people rely on their credit cards for emergencies, but that’s not a good plan.
I also recommend getting your own bank account for all of the money you save. It’s a safe place for your money, and it helps you track what you earn and spend. Plus, you’ll need it for things like direct deposit from jobs or paying bills online.
I personally use Marcus by Goldman Sachs for my savings account as they have a very high rate. You can get up to 5.50% at the time of this writing through a referral link bonus. According to this high-yield savings account calculator, if you have $10,000 saved, you could earn $550 with a high-yield savings account in a year. Whereas with normal banks, your earnings would only be $46.
Improve your credit score and history
When you’re moving out of your parents’ home, having a good credit score is super helpful. This is because your credit score and credit history may be used for things like getting approved for an apartment and getting signed up for utility bills.
If your credit score is low, then you may be denied an apartment and even have to pay large deposits to get signed up for utilities (like water and electric).
Here are some important things to know:
Understand credit utilization – This is all about how much credit you’re using compared to how much you have. Try to use less than 30% of your credit limit. Say your card has a $1,000 limit. Aim to spend no more than $300.
Always pay on time – You should pay every bill on time, every time. Even being a little late can hurt your credit score a LOT!
There are other ways to improve your credit, such as by getting a secured credit card or becoming an authorized user on a family member’s credit card.
Here are two really helpful articles I recommend reading:
I also recommend keeping an eye on your credit by checking your score and report. Sites offer free checks, and it’s good to know where you stand. That way, you can fix any mistakes fast.
Think about where you’ll live
When planning to move out at 18, picking where you’ll live is a huge step.
Here are some things to think about:
Think about who you’ll live with. Living by yourself can be expensive so sharing rent and other bills with roommates can save you money, but make sure you choose your roommates wisely. You’ll be sharing your space with them, so it’s important to pick people who are responsible and trustworthy (and will actually pay the bills!).
Try using online tools to compare different areas. You can check things like crime rates, public transportation options, and how close they are to places you need, like grocery stores.
Think about the cost. Can you pay the rent and utility bills every month? Make sure to include these costs in your budget. Sometimes, living a bit farther from popular areas can be cheaper.
For my first home, I rented a very small 400-square-foot home with no real bedroom. But, it was within my budget and next to my college (I lived a few miles away), and surprisingly affordable.
Talk to your parents
When you’re getting ready to move out at 18, it’s important to have a conversation with your parents. This might feel hard or even impossible, but remember that clear communication is important.
I recommend choosing a time to tell them when your parents aren’t too busy or stressed as having this conversation when everyone is relaxed can make it easier for everyone to talk openly.
I think it is also helpful to think about how your parents might feel. If you’re the first to leave the home, they might find it tough. Try to understand their perspective and mention that you’ll stay in touch and visit.
And, be ready to show them your plan. Your parents will want to know you’ve thought things through. If you’ve been saving money, let them know. Talk about your job and how you’re managing to support yourself. It’s good to tell them about the place you’re planning to move into and how you chose it.
How to move out of your parents if it isn’t safe
So, after reading the above, I know that some of you may not have a good home life. You may not feel safe telling your parents that you are moving out.
If that’s the case, then I recommend reading this section.
Sometimes, home isn’t the safe place that it’s supposed to be. If you’re in a tough situation and need to leave at 18 but can’t talk to your parents about it, you’re not alone.
Here’s what you can do:
Find an adult you trust – Look for someone you trust, like a teacher, counselor, or family friend. They can maybe give you support and help you figure out your options.
Plan ahead – Start thinking about where you’ll go and how you’ll support yourself. Look into shelters, transitional housing programs, or staying with a trusted friend or relative.
Know your rights – As you turn 18, you have rights. Learn about your options for housing, education, and employment because there may be resources available to help you.
Stay safe – If you’re in danger at home, prioritize your safety. Contact local authorities or organizations that can help you leave safely.
Take care of yourself – Moving out can be tough, but remember to take care of yourself emotionally and physically, such as by talking to friends, finding support groups, or talking to a counselor if you need to.
Leaving home at 18 without being able to talk to your parents is hard, but it’s not impossible. Reach out for help, make a plan, and remember that you deserve to live in a safe and supportive environment.
Get free stuff for your new home
One of the big challenges of moving out on your own is affording all of the different things that you need.
Luckily, there are ways to get things for free or really cheap.
Some of the top ways include:
Facebook Buy Nothing groups – This is my favorite place to start if you want to get things for free. These groups promote recycling and reusing items instead of throwing them away when you’re done with them. To begin, look for and join a local Buy Nothing group on Facebook. You can search for groups for your city. People list their free stuff all the time, such as furniture, electronics, clothes, and more. You can even make a post asking if anyone has something that you need.
Ask family and friends – Your family and friends might have extra stuff they’re willing to part with. They might even be happy to see it go to a good home – your new home!
Check online platforms – Websites like Craigslist, Freecycle, and Facebook Marketplace can be goldmines for free furniture. People often list items they want to get rid of quickly.
Visit thrift stores and yard sales – Thrift stores and yard sales sometimes offer “free bins” or low-cost items they want to get rid of fast.
Attend college move-out days – If you live near a university, go there on move-out day. Students tend to leave behind perfectly good furniture that’s yours for the taking.
Community centers and churches – These places often have bulletin boards with listings for free items.
Always be safe when arranging pickups, especially with strangers. Always bring a friend or let someone know where you’re going.
Helpful articles:
Handling utilities and bills
Dealing with utilities and bills is a big step in moving out. Utilities are services you need like water, electricity, gas, and the internet.
Before you move, call or visit the websites of local utility companies. You’ll need to set up accounts in your name. This might include a deposit fee, so be ready for that.
I recommend making a list of all your expected bills. Rent, electricity, water, internet, and maybe gas are usually the basics. Add them up to see how much you’ll spend each month.
After you move in, you will want to find out when each bill is due. It’s your job to pay them on time as paying late can lead to extra fees or even getting your services turned off. Some companies let you set up automatic payments, and this means the money comes out of your bank account on its own each month. This can make sure you’re always on time.
You will want to hold onto your bills and receipts. This way, if there’s ever a mistake with a bill, your records will help fix it.
You can save money by being smart about using your services. Turn off lights when you leave a room and unplug electronics that you’re not using. You might also shop around for better deals on services like the internet.
After you get your first set of bills, you will understand why your parents wanted to keep the air conditioning off or why they always asked you to turn the lights off – things can be expensive!
Also, remember that different times of the year will impact your bills. For example, your electric bill will most likely be a lot more expensive in the summer than it will be in the spring or fall.
Maintain your home (housekeeping)
Moving out at 18 means taking on the responsibility of housekeeping. You might be surprised how quickly your new home can become cluttered and get dirty.
Keeping your home nice starts with regular cleaning, and I recommend setting aside some time each day for tasks like washing dishes, making your bed, and tidying up the living area. This way, messes won’t pile up and become overwhelming.
Then, once a week, dedicate your time to deeper cleaning such as vacuuming, mopping floors, cleaning the bathroom, dusting, and doing laundry.
Housekeeping also requires tools and supplies, so you will want to plan your budget to include items like sponges, cleaners, and trash bags.
Make friends in your new community
Moving out at 18 is a big step, and making friends in your new community is important. It can make your new place feel like home. When you move, you might not know many people, but there are fun and simple ways to meet people.
Here are some tips:
Get to know your neighbors – Start with a smile and say hi to your neighbors.
Join local groups or classes – Look for groups that interest you. Love to paint? Find an art class. Enjoy cooking? Maybe there’s a cooking group nearby. Like rock climbing? Go to the local climbing gym. This way, you meet people who like what you like.
Visit community centers – Many towns have a community center. They have activities like sports, games, and events.
Making friends might take time, but it’s totally possible! Just be yourself and be open to talking to new people.
Balancing work and personal life
I’m guessing you will have a lot going on, between trying to work full-time and enjoying your life, and even possibly furthering your education.
I recommend trying to schedule your time so you don’t get too busy. Use a calendar or app to make sure you’ve got time for work, taking care of your place, and doing fun things too.
It’s okay to say no if you’re too busy. If you’re working a full-time job, you might not be able to hang out with your friends all the time. It’s all about finding a healthy balance between earning money and enjoying life. I had to say no to my friends many times because I was simply too busy. If your friends still live at home, it may be hard for them to understand this unless you explain your situation.
Plus, remember to take breaks. When you’re planning your week, set aside some time just for relaxing. Watching a movie, reading, or hanging out in the park are all great ways to unwind and give your mind a break.
Frequently Asked Questions
Below are common questions about how to move out at 18 years old with little money.
How can I move out fast at 18?
To move out quickly, focus on making a steady income and finding affordable housing. Create a budget to manage your expenses and look for immediate job openings or housing options. Saving as much money as you can right now is also super helpful.
How much money should I have saved by 18 to move out?
Aim to save at least 3 to 6 months of living expenses before moving out. This safety net can cover rent, groceries, and unexpected costs, giving you financial stability as you start on your own.
Can you move out at 18 while still in high school?
Yes, you can move out at 18 while in high school, but make sure you have a support system in place. Balancing school responsibilities with living independently can be very hard.
How to move out at 18 with strict parents?
When moving out at 18 with strict parents, communicate your plans clearly and respectfully. Prepare a well-thought-out plan to show them you’re serious and capable of managing your own life.
Can your parents not let you move out at 18?
When you turn 18, you’re legally an adult in most places, and you can decide to move out even if your parents don’t agree. However, it’s important to respect their opinion and explain your reasons. There are some places where you have to be older, so make sure you do your research.
Do I have to tell my parents I’m moving out?
While you’re not legally required to inform your parents in most places, it’s nice to talk about your decision with them, as transparent communication helps maintain a positive relationship after you leave.
Can I move out at 18 without parental consent?
Yes, in most places, at 18 you’re legally permitted to move out without parental consent. You will want to make sure this applies to your local area.
What things do you need when moving out of your parents’ house?
There are many things that you will need to move out of your parents’ house such as a bed, blanket, pillow, kitchen supplies, towels, a place to eat, a dresser, cleaning supplies, groceries, and more.
Is it realistic to move out at 18?
It is realistic to move out at 18 if you have a reliable income, a budget, and a plan for handling responsibilities. You will want to be as prepared as possible to move out at a young age because there will be many hurdles thrown your way, most likely.
How To Move Out At 18 – Summary
I hope you enjoyed this article on how to move out at 18 years old.
It’s really important to have a plan for a successful move when you are just 18 years old.
You’ll need to find ways to earn money regularly, like getting a job and even doing extra work on the side.
Having savings in the bank and an emergency fund will help you handle unexpected expenses without ruining your plans.
There are also many other things to think about, such as the cost of living, utility bills, your credit score, and more.
I moved out when I was just 18 years old, so I completely understand where you are coming from. I had no financial help from my parents and found and did everything on my own – from making money to finding a place to live, making all of my own meals, and more. It was hard, but it was what needed to be done.
Do you plan on moving out soon? Do you have any questions for me on how to move out at 18?