We’ve ridden the waves of 1970s revivals, wall-to-wall carpeting, the rise and fall of the Ultrafragola, and bouclé upholstery. When we type “interior design trends 2024” into our crystal balls (or indeed, into Google) what are we likely to find? AD PRO consulted the experts, and 2024 promises to be a year of thoughtfully chosen offbeat colors, a mix-and-match approach to the designs of different time periods, and a return to romanticism, with jewel tones and florals offering a flirty, old-fashioned respite from the onward march of technology.
Stone Fruit Chic: Peach and Apricot
Soft, sweet, and just a bit tart, peach and apricot are the dominant hues in the home trends color forecasts for 2024. Pantone declared Peach Fuzz its color of the year, and Leatrice Eiseman, executive director of the Pantone Color Institute describes it as “a color radiant with warmth and modern elegance.” Gemma Riberti, head of interiors at trend forecasting agency WGSN, notes that her team has had its eyes on orange. In particular, they note its emergence as “a recharging near-bright in the wellness sector” and as a vivacious alternative to traditional pastels. WGSN’s color of 2024, Apricot Crush, “can be easily paired with neutrals and naturals, and is suitable for textiles, glass, bath, and bedroom products” Riberti says, “but you can also work it to create intriguing narratives: offset it with greens, purples, and blues for vibrant contrast.”
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The classic technique of selecting chromatic bedfellows from opposite sides of the color wheel is also in Champalimaud Design’s toolkit. Principal Courtney Brannan tells AD PRO that when it comes to interior design trends in 2024, “we are seeing all the possibilities of peach and turquoise tones.” Though these shades have a tropical feel to them, they “can also feel neutral,” she says. Case in point: “At the Ritz-Carlton, Grand Cayman, turquoise creates an amplifying, formal statement surrounding the Silver Palm Bar.” Meanwhile, in New York City’s West Village, an apartment’s peach plaster wall “has a much more understated presence, calmly backgrounding the artful living space around it.”
That’s So Metal
It’s back to the essential elements (literally) for home decor trends in 2024: chrome, steel, and aluminum are suddenly everywhere. Pinterest Predicts 2024 includes a “Hot Metals” board with a distinctly surrealist aesthetic—gleaming surfaces that resemble the shiny sinew of liquid mercury.
David Michon, author of the Substack newsletter For Scale, thinks this is a natural consequence of the early-2020s overload of earth tones. “The desperate search for some kind of warmth in this cold world has exhausted ‘earthy’ browns and ‘meditative’ grays,” he notes. But don’t be too quick to write off these metallic finishes as industrial: “The many stainless-steel explorations of Milan’s Concorde, Harry Nuriev, or Tejumola Butler Adenuga show us that, in fact, steel simply reflects.” In general, says Michon, these metals amplify whatever vibe a room is already giving. With one notable exception: “stainless-steel appliances, which remain overrated.”
House of Hunt founder Holly Hunt concurs, but with a slightly more muted finish: “I foresee bright aluminums and silver gaining popularity in 2024 after years of gold and black dominating metal hardware and accessories,” she tells AD PRO. “However, I tend to avoid metals that are too shiny and prefer the richness of a brushed chrome or nickel, as they give a more polished and sophisticated look.” Adding to the evidence: Earlier this month, Nifembi Marcus Bello presented an eye-catching suite of cast-aluminum furniture at Design Miami.
Dark and Deep: Jewel Tones
The saturated hues of precious gems are giving the palette of 2024 design trends a sense of velvety mystery. According to Rob Natale, chief of design at Sixpenny, this is thanks in part to the recent dominance of neutrals across interiors. “People are rediscovering color in their homes, which is a welcome shift from the all-neutral palette we’ve seen for several years, and jewel tones are at the forefront of that shift,” he says. “It’s a perfect way to incorporate richness, whether as an accent or as the centerpiece for a space since they create such a strong counterpoint to almost any look.” (Heeding their own wisdom, Sixpenny is currently selling furnishings in an array of gem-inspired hues.)
Redecorating your home for the holidays probably consists of classic Christmas decorations sprinkled in with some fun new pieces. If you’re still searching for new winter decor, you’ve got to check out these sought-after products that are already so popular at Amazon—all under $50.
Festive door wreaths, cozy blankets, and pretty night lights are all part of the trendy home collection with prices starting as low as $14. The stylish winter decorations, which are hiding in Amazon’s Home Decor hub, make for the perfect design inspiration. And while these decor items will easily work with your existing setup, many can remain on display way past Christmas. But don’t wait to browse; shoppers have bought these affordable pieces hundreds of times already, so you’ll want to snap ‘em up fast.
Amélie Home Chenille Cable Knit Throw Blanket, $36 (was $50)
Agirl Dried Pampas Grass Bouquet Pack, $14
Bask Mottled Pillar Candle Set, $26
Hananona Artificial Pampas Grass Wreath
Front door wreaths are a must for the holidays, but who says they’re only for outside? Shoppers who love this elegant faux pampas grass wreath display it on their front porch as well as in their foyer, powder room, living room wall, and even on the coffee table. The wreath has a fluffy appearance reviewers like and is available in neutral colors, like beige and brown, in addition to bold options like pink, blue, and black. You can get it on sale for $24 right now.
HomeKaren Pre-Lit 9-Foot Christmas Garland
A pinecone garland will instantly spruce up your living room, which is why more than 800 people bought this charming pick in the past month. Spanning 9 feet, this garland is long enough to put on mantels, kitchen cabinets, TV stands, and staircases—all spots shoppers decorated with it. The pre-lit garland uses LED lights, has eight light settings, and works with a timer, so it can turn on every evening without a second thought. It’s also so pretty; the garland is made with faux Fraser fir branches and has little pine cones that give it an especially warm touch.
Amélie Home Chenille Cable Knit Throw Blanket
You can never have too many blankets, and this chunky knit throw is one to consider while it’s 28 percent off. The chevron knit pattern and ribbed edges are a few reasons this blanket feels extremely cozy while still looking elevated. The blanket is made with a chenille material that reviewers confirm is soft and warm. One person even said cuddling up with it is like throwing “a sweater over your whole body.” The farmhouse-style blanket comes in six colors, including holiday options like red, green, and ivory.
Curious what other trending winter finds are at Amazon right now? Scroll through the rest of the list below before checking out the entire collection in this winter Home Decor hub.
For a third day, average mortgage rates barely moved yesterday. But that’s good because it means last week’s big falls remain effectively uneroded.
First thing, it was again looking as if mortgage rates today might fall, perhaps modestly or moderately. However, that could change as the hours pass.
Current mortgage and refinance rates
Find your lowest rate. Start here
Program
Mortgage Rate
APR*
Change
Conventional 30-year fixed
7.125%
7.14%
-0.075
Conventional 15-year fixed
6.385%
6.415%
-0.1
Conventional 20-year fixed
6.975%
7%
-0.045
Conventional 10-year fixed
6.12%
6.145%
-0.065
30-year fixed FHA
5.98%
6.88%
-0.095
30-year fixed VA
6.165%
6.315%
-0.13
5/1 ARM Conventional
6.425%
7.675%
-0.035
Rates are provided by our partner network, and may not reflect the market. Your rate might be different. Click here for a personalized rate quote. See our rate assumptions See our rate assumptions here.
Should you lock your mortgage rate today?
Every day that passes makes a corrective bounce (when mortgage rates rise as markets think they’ve got carried away) less likely. And it reinforces my hope that those rates are in a downward trend that could last well into next year.
So, my personal rate lock recommendations are:
LOCK if closing in 7 days
FLOAT if closing in 15 days
FLOAT if closing in 30 days
FLOAT if closing in 45 days
FLOATif closing in 60days
However, with so much uncertainty at the moment, your instincts could easily turn out to be as good as mine — or better. So let your gut and your own tolerance for risk help guide you.
>Related: 7 Tips to get the best refinance rate
Market data affecting today’s mortgage rates
Here’s a snapshot of the state of play this morning at about 9:50 a.m. (ET). The data are mostly compared with roughly the same time the business day before, so much of the movement will often have happened in the previous session. The numbers are:
The yield on 10-year Treasury notes edged lower to 3.90% from 3.92%. (Good for mortgage rates.) More than any other market, mortgage rates typically tend to follow these particular Treasury bond yields
Major stock indexes were mostly falling this morning. (Good for mortgage rates.) When investors buy shares, they’re often selling bonds, which pushes those prices down and increases yields and mortgage rates. The opposite may happen when indexes are lower. But this is an imperfect relationship
Oil prices climbed to $75.14 from $73.12 a barrel. (Bad for mortgage rates*.) Energy prices play a prominent role in creating inflation and also point to future economic activity
Goldprices held steady at $2,049 an ounce. (Neutral for mortgage rates*.) It is generally better for rates when gold prices rise and worse when they fall. Gold tends to rise when investors worry about the economy.
CNN Business Fear & Greed index — ticked down to 77 from 78. (Good for mortgage rates.) “Greedy” investors push bond prices down (and interest rates up) as they leave the bond market and move into stocks, while “fearful” investors do the opposite. So lower readings are often better than higher ones
*A movement of less than $20 on gold prices or 40 cents on oil ones is a change of 1% or less. So we only count meaningful differences as good or bad for mortgage rates.
Caveats about markets and rates
Before the pandemic, post-pandemic upheavals, and war in Ukraine, you could look at the above figures and make a pretty good guess about what would happen to mortgage rates that day. But that’s no longer the case. We still make daily calls. And are usually right. But our record for accuracy won’t achieve its former high levels until things settle down.
So, use markets only as a rough guide. Because they have to be exceptionally strong or weak to rely on them. But, with that caveat, mortgage rates today look likely to decrease. However, be aware that “intraday swings” (when rates change speed or direction during the day) are a common feature right now.
Find your lowest rate. Start here
What’s driving mortgage rates today?
The Federal Reserve
This morning’s Wall Street Journal (paywall) observed: “After their policy meeting last week, Fed officials released projections of at least three rate cuts [in general interest rates] next year. They have since been flummoxed that investors expect even faster and deeper cuts. The result: Confusion over when and how quickly the Fed might cut as the central bank tries to bring inflation down without a painful recession.”
This could turn into a real issue that could push mortgage rates higher, probably in the new year. Wall Street has a long and inglorious record of hearing what it wants the Fed to say rather than what the Fed actually says. And we’ve seen quite recently examples of sharp rises in mortgage rates when markets’ wishful thinking collides with reality.
Still, last week’s Fed meeting did deliver genuinely good news. And, even if mortgage rates rise when investors face the cold light of dawning reality, I’m optimistic that we’ll keep at least most of the recent gains. Just be aware that the path to lower mortgage rates is unlikely to be smooth.
Today
This morning’s economic reports cover existing home sales in November and consumer confidence in December. They’re both published too late for me to assess their likely impact on markets and mortgage rates.
They could push mortgage rates a little higher or lower, but they rarely move them far or for long.
Tomorrow
Tomorrow brings gross domestic product (GDP) figures for the third quarter of this year. This will be the third and final estimate for this number.
The second estimate put GDP growth at 5.2%, up from 2.1% in the second quarter. MarketWatch says that market expectations for tomorrow’s figure have recently been slightly scaled down to 5.1%.
If the actual number tomorrow is lower than 5.1%, that could drag mortgage rates lower. But, if it’s higher, that could push those rates upward.
Friday
We’re due November’s personal consumption expenditures (PCE) price index on Friday. Markets might get nervous if that shows inflation rising more than expected because that could destroy the Fed’s new-found optimism.
More on what to expect from the PCE report tomorrow.
Don’t forget you can always learn more about what’s driving mortgage rates in the most recent weekend edition of this daily report. These provide a more detailed analysis of what’s happening. They are published each Saturday morning soon after 10 a.m. (ET) and include a preview of the following week.
Recent trends
According to Freddie Mac’s archives, the weekly all-time low for mortgage rates was set on Jan. 7, 2021, when it stood at 2.65% for conventional, 30-year, fixed-rate mortgages.
Freddie’s Dec. 14 report put that same weekly average at 6.95%, down from the previous week’s 7.03%. Freddie’s data are almost always out of date by the time it announces its weekly figures.
Expert forecasts for mortgage rates
Looking further ahead, Fannie Mae and the Mortgage Bankers Association (MBA) each has a team of economists dedicated to monitoring and forecasting what will happen to the economy, the housing sector and mortgage rates.
And here are their rate forecasts for the current quarter (Q4/23) and the following three quarters (Q1/24, Q2/24 and Q3/24).
The numbers in the table below are for 30-year, fixed-rate mortgages. Fannie’s were updated on Dec. 19 and the MBA’s on Dec. 13.
Forecaster
Q4/23
Q1/24
Q2/24
Q3/24
Fannie Mae
7.4%
7.0%
6.8%
6.6%
MBA
7.4%
7.0%
6.6%
6.3%
Of course, given so many unknowables, both these forecasts might be even more speculative than usual. And their past record for accuracy hasn’t been wildly impressive.
Important notes on today’s mortgage rates
Here are some things you need to know:
Typically, mortgage rates go up when the economy’s doing well and down when it’s in trouble. But there are exceptions. Read ‘How mortgage rates are determined and why you should care’
Only “top-tier” borrowers (with stellar credit scores, big down payments, and very healthy finances) get the ultralow mortgage rates you’ll see advertised
Lenders vary. Yours may or may not follow the crowd when it comes to daily rate movements — though they all usually follow the broader trend over time
When daily rate changes are small, some lenders will adjust closing costs and leave their rate cards the same
Refinance rates are typically close to those for purchases.
A lot is going on at the moment. And nobody can claim to know with certainty what will happen to mortgage rates in the coming hours, days, weeks or months.
Find your lowest mortgage rate today
You should comparison shop widely, no matter what sort of mortgage you want. Federal regulator the Consumer Financial Protection Bureau found in May 2023:
“Mortgage borrowers are paying around $100 a month more depending on which lender they choose, for the same type of loan and the same consumer characteristics (such as credit score and down payment).”
In other words, over the lifetime of a 30-year loan, homebuyers who don’t bother to get quotes from multiple lenders risk losing an average of $36,000. What could you do with that sort of money?
Verify your new rate
Mortgage rate methodology
The Mortgage Reports receives rates based on selected criteria from multiple lending partners each day. We arrive at an average rate and APR for each loan type to display in our chart. Because we average an array of rates, it gives you a better idea of what you might find in the marketplace. Furthermore, we average rates for the same loan types. For example, FHA fixed with FHA fixed. The end result is a good snapshot of daily rates and how they change over time.
How your mortgage interest rate is determined
Mortgage and refinance rates vary a lot depending on each borrower’s unique situation.
Factors that determine your mortgage interest rate include:
Overall strength of the economy — A strong economy usually means higher rates, while a weaker one can push current mortgage rates down to promote borrowing
Lender capacity — When a lender is very busy, it will increase rates to deter new business and give its loan officers some breathing room
Property type (condo, single-family, town house, etc.) — A primary residence, meaning a home you plan to live in full time, will have a lower interest rate. Investment properties, second homes, and vacation homes have higher mortgage rates
Loan-to-value ratio (determined by your down payment) — Your loan-to-value ratio (LTV) compares your loan amount to the value of the home. A lower LTV, meaning a bigger down payment, gets you a lower mortgage rate
Debt-To-Income ratio — This number compares your total monthly debts to your pretax income. The more debt you currently have, the less room you’ll have in your budget for a mortgage payment
Loan term — Loans with a shorter term (like a 15-year mortgage) typically have lower rates than a 30-year loan term
Borrower’s credit score — Typically the higher your credit score is, the lower your mortgage rate, and vice versa
Mortgage discount points — Borrowers have the option to buy discount points or ‘mortgage points’ at closing. These let you pay money upfront to lower your interest rate
Remember, every mortgage lender weighs these factors a little differently.
To find the best rate for your situation, you’ll want to get personalized estimates from a few different lenders.
Verify your new rate. Start here
Are refinance rates the same as mortgage rates?
Rates for a home purchase and mortgage refinance are often similar.
However, some lenders will charge more for a refinance under certain circumstances.
Typically when rates fall, homeowners rush to refinance. They see an opportunity to lock in a lower rate and payment for the rest of their loan.
This creates a tidal wave of new work for mortgage lenders.
Unfortunately, some lenders don’t have the capacity or crew to process a large number of refinance loan applications.
In this case, a lender might raise its rates to deter new business and give loan officers time to process loans currently in the pipeline.
Also, cashing out equity can result in a higher rate when refinancing.
Cash-out refinances pose a greater risk for mortgage lenders, so they’re often priced higher than new home purchases and rate-term refinances.
Check your refinance rates today. Start here
How to get the lowest mortgage or refinance rate
Since rates can vary, always shop around when buying a house or refinancing a mortgage.
Comparison shopping can potentially save thousands, even tens of thousands of dollars over the life of your loan.
Here are a few tips to keep in mind:
1. Get multiple quotes
Many borrowers make the mistake of accepting the first mortgage or refinance offer they receive.
Some simply go with the bank they use for checking and savings since that can seem easiest.
However, your bank might not offer the best mortgage deal for you. And if you’re refinancing, your financial situation may have changed enough that your current lender is no longer your best bet.
So get multiple quotes from at least three different lenders to find the right one for you.
2. Compare Loan Estimates
When shopping for a mortgage or refinance, lenders will provide a Loan Estimate that breaks down important costs associated with the loan.
You’ll want to read these Loan Estimates carefully and compare costs and fees line-by-line, including:
Interest rate
Annual percentage rate (APR)
Monthly mortgage payment
Loan origination fees
Rate lock fees
Closing costs
Remember, the lowest interest rate isn’t always the best deal.
Annual percentage rate (APR) can help you compare the ‘real’ cost of two loans. It estimates your total yearly cost including interest and fees.
Also, pay close attention to your closing costs.
Some lenders may bring their rates down by charging more upfront via discount points. These can add thousands to your out-of-pocket costs.
3. Negotiate your mortgage rate
You can also negotiate your mortgage rate to get a better deal.
Let’s say you get loan estimates from two lenders. Lender A offers the better rate, but you prefer your loan terms from Lender B. Talk to Lender B and see if they can beat the former’s pricing.
You might be surprised to find that a lender is willing to give you a lower interest rate in order to keep your business.
And if they’re not, keep shopping — there’s a good chance someone will.
Fixed-rate mortgage vs. adjustable-rate mortgage: Which is right for you?
Mortgage borrowers can choose between a fixed-rate mortgage and an adjustable-rate mortgage (ARM).
Fixed-rate mortgages (FRMs) have interest rates that never change unless you decide to refinance. This results in predictable monthly payments and stability over the life of your loan.
Adjustable-rate loans have a low interest rate that’s fixed for a set number of years (typically five or seven). After the initial fixed-rate period, the interest rate adjusts every year based on market conditions.
With each rate adjustment, a borrower’s mortgage rate can either increase, decrease, or stay the same. These loans are unpredictable since monthly payments can change each year.
Adjustable-rate mortgages are fitting for borrowers who expect to move before their first rate adjustment, or who can afford a higher future payment.
In most other cases, a fixed-rate mortgage is typically the safer and better choice.
Remember, if rates drop sharply, you are free to refinance and lock in a lower rate and payment later on.
How your credit score affects your mortgage rate
You don’t need a high credit score to qualify for a home purchase or refinance, but your credit score will affect your rate.
This is because credit history determines risk level.
Historically speaking, borrowers with higher credit scores are less likely to default on their mortgages, so they qualify for lower rates.
For the best rate, aim for a credit score of 720 or higher.
Mortgage programs that don’t require a high score include:
Conventional home loans — minimum 620 credit score
FHA loans — minimum 500 credit score (with a 10% down payment) or 580 (with a 3.5% down payment)
VA loans — no minimum credit score, but 620 is common
USDA loans — minimum 640 credit score
Ideally, you want to check your credit report and score at least 6 months before applying for a mortgage. This gives you time to sort out any errors and make sure your score is as high as possible.
If you’re ready to apply now, it’s still worth checking so you have a good idea of what loan programs you might qualify for and how your score will affect your rate.
You can get your credit report from AnnualCreditReport.com and your score from MyFico.com.
How big of a down payment do I need?
Nowadays, mortgage programs don’t require the conventional 20 percent down.
In fact, first-time home buyers put only 6 percent down on average.
Down payment minimums vary depending on the loan program. For example:
Conventional home loans require a down payment between 3% and 5%
FHA loans require 3.5% down
VA and USDA loans allow zero down payment
Jumbo loans typically require at least 5% to 10% down
Keep in mind, a higher down payment reduces your risk as a borrower and helps you negotiate a better mortgage rate.
If you are able to make a 20 percent down payment, you can avoid paying for mortgage insurance.
This is an added cost paid by the borrower, which protects their lender in case of default or foreclosure.
But a big down payment is not required.
For many people, it makes sense to make a smaller down payment in order to buy a house sooner and start building home equity.
Verify your new rate. Start here
Choosing the right type of home loan
No two mortgage loans are alike, so it’s important to know your options and choose the right type of mortgage.
The five main types of mortgages include:
Fixed-rate mortgage (FRM)
Your interest rate remains the same over the life of the loan. This is a good option for borrowers who expect to live in their homes long-term.
The most popular loan option is the 30-year mortgage, but 15- and 20-year terms are also commonly available.
Adjustable-rate mortgage (ARM)
Adjustable-rate loans have a fixed interest rate for the first few years. Then, your mortgage rate resets every year.
Your rate and payment can rise or fall annually depending on how the broader interest rate trends.
ARMs are ideal for borrowers who expect to move prior to their first rate adjustment (usually in 5 or 7 years).
For those who plan to stay in their home long-term, a fixed-rate mortgage is typically recommended.
Jumbo mortgage
A jumbo loan is a mortgage that exceeds the conforming loan limit set by Fannie Mae and Freddie Mac.
In 2023, the conforming loan limit is $726,200 in most areas.
Jumbo loans are perfect for borrowers who need a larger loan to purchase a high-priced property, especially in big cities with high real estate values.
FHA mortgage
A government loan backed by the Federal Housing Administration for low- to moderate-income borrowers. FHA loans feature low credit score and down payment requirements.
VA mortgage
A government loan backed by the Department of Veterans Affairs. To be eligible, you must be active-duty military, a veteran, a Reservist or National Guard service member, or an eligible spouse.
VA loans allow no down payment and have exceptionally low mortgage rates.
USDA mortgage
USDA loans are a government program backed by the U.S. Department of Agriculture. They offer a no-down-payment solution for borrowers who purchase real estate in an eligible rural area. To qualify, your income must be at or below the local median.
Bank statement loan
Borrowers can qualify for a mortgage without tax returns, using their personal or business bank account. This is an option for self-employed or seasonally-employed borrowers.
Portfolio/Non-QM loan
These are mortgages that lenders don’t sell on the secondary mortgage market. This gives lenders the flexibility to set their own guidelines.
Non-QM loans may have lower credit score requirements, or offer low-down-payment options without mortgage insurance.
Choosing the right mortgage lender
The lender or loan program that’s right for one person might not be right for another.
Explore your options and then pick a loan based on your credit score, down payment, and financial goals, as well as local home prices.
Whether you’re getting a mortgage for a home purchase or a refinance, always shop around and compare rates and terms.
Typically, it only takes a few hours to get quotes from multiple lenders — and it could save you thousands in the long run.
Time to make a move? Let us find the right mortgage for you
Current mortgage rates methodology
We receive current mortgage rates each day from a network of mortgage lenders that offer home purchase and refinance loans. Mortgage rates shown here are based on sample borrower profiles that vary by loan type. See our full loan assumptions here.
Despite their timeless appeal, all-white kitchens are a deceptively polarizing design trope. While some people applaud .css-fwmnzn-webkit-text-decoration:underline;text-decoration:underline;text-decoration-thickness:0.0625rem;text-decoration-color:inherit;text-underline-offset:0.25rem;color:inherit;-webkit-transition:all 0.3s ease-in-out;transition:all 0.3s ease-in-out;word-break:break-word;padding-top:0.05rem;padding-bottom:0.05rem;-webkit-background-size:0 0;background-size:0 0;background-image:linear-gradient( to bottom, rgba(55, 119, 188, 0.2), rgba(55, 119, 188, 0.2) );background-repeat:repeat-x;-webkit-background-position:0 100%;background-position:0 100%;.css-fwmnzn:hovercolor:#000000;text-decoration-color:border-link-body-hover;-webkit-background-size:.625rem 3.125rem;background-size:.625rem 3.125rem;the pared-back palette for its enduring versatility and sophistication, die-hard maximalists might find these spaces on the snoozier end of the spectrum. If you’re not sure which side of the great kitchen debate you fall on, we’re here to make a case for the neutral culinary corner.
Don’t let this one-tone wonder fool you. Whether you incorporate tactile materials, sprinkle in a little bit of art, or incorporate an occasional pop of color, all-white kitchens are packed with ample design potential. “If you want a kitchen that will last a lifetime, white is a classic color that will always be in style,” says Atlanta-based interior designer Morse Design’s Andi Morse, who sees an all-white space as a prime canvas upon which one can bring in daring accessories and bold accents.
Looking to give your kitchen a clean transformation? A sleek space can transform the smallest details of the room into a museum-worthy backdrop, be it some cool cabinetry hardware or a fresh batch of brownies. To prove it, we’ve culled the archives for the very best white kitchens to use as inspiration. From farmhouse-forward setups to modern masterpieces, these 57 kitchens prove that an all-white theme equals a creative carte blanche.
I bet you didn’t know that Home Depot isn’t just for hammers and nails — it’s also stocked with beautiful decorative items, from fancy candles to luxe linens. As a designer, I often source from the retailer, because it carries everything from key pieces of furniture to blissful bedding. Below I’ve collected just a smattering of the deals still on offer in the Home Depot 2023 Black Friday sale.
Save an orange bucket’s worth of dough with this sale, and freshen up your home. But don’t wait too long — these Home Depot extended Black Friday deals are going faster than your famous sweet potato pie did on Thanksgiving.
Home Depot
Channel hygge this winter — the art of being comfortable — with a sherpa-lined throw in cozy plaid. Save 50% on this holiday-worthy option, and snuggle up under the weight of the standard throw-sized charmer. Looks great on a chair or at the edge of your bed. Machine washable for easy cleaning.
$18 at Home Depot
Home Depot
You can never have enough storage, and large woven baskets are a charming way to keep tidy. This set includes two, so you can use them in the foyer for extra shoes, the living room for throw blankets or the bathroom for rolled-up towels. Save nearly 60% on these open-weave organic looking winners.
$50 at Home Depot
Home Depot
Score a 60% discount on lanterns so versatile, you’ll want them everywhere in the house. Designed for use with flameless candles, this set will serve you year-round. Add a welcoming touch to an entryway, some ambiance to the living room or dress them up for the holidays with fresh greens and ribbon. The set comes in varying heights of 15 and 18.75 inches tall.
$72 at Home Depot
Home Depot
A tray goes a long way as an essential multi-tasker in your home. Use it to serve up cocktails or as a reliable surface to rest your drink on your coffee table ottoman. This beauty, in a natural wood grain walnut finish, is finished with brass handles lending it elegance. Add some decor, like a live plant or trio of accessories. Get creative— it’s as functional as it is attractive.
$66 at Home Depot
Home Depot
Mirrors are a designer’s trick of the trade to catch the light and make a room appear larger. This beauty is available in different sizes for just the right fit. Hang it over your dresser in the bedroom, above a console in your entry or use it as your bathroom vanity mirror. Save 55%.
$90 at Home Depot
Home Depot
When my clients don’t have a green thumb, are worried about pests or have a second home, I recommend a faux plant to give a room a natural vibe that springs to life. At 6 feet, this palm makes a statement, filling your space with fresh greens without the worry. Save more than 40% on this lush palm with bamboo-like stems and you’ll bring a taste of the tropics indoors.
$70 at Home Depot
Home Depot
A pouf or small ottoman is a great addition to any room. It provides extra seating in a pinch, or a great place to put your feet up. Light enough to move where you need them, this knit version is just the texture for winter. I’m drawn to this pretty blush color, but check out the variety of shades, from bold to neutral. Get 25% off — I’d grab two.
$50 at Home Depot
Home Depot
I’m charmed by this pair of decorative vases, in 6 and 8 inch heights, that are the perfect objét to add to your bookcases, entry console or dining centerpiece. Natural pottery such as this adds warmth to the room with a hand-cast feel, and the speckled glaze finish is earthy and pleasing to the eye. Not waterproof, these are meant for dried flowers or add a topiary ball to the top. Though I think their shape and texture is attractive enough to stand alone. Enjoy 20% off.
$26 at Home Depot
Home Depot
Good design should inspire all the senses, so don’t forget to add a scent to the air. This candle by Root is literally rooted in its passion for bees, creating a natural beeswax-blended candle. Aromas abound, but I’ve featured the Winter Balsam scent to evoke the season with its combination of Canadian fir needle and green citrus. With a natural fiber wick, you can feel good about gifting this made-in-the-USA candle. Save 20%.
$21 at Home Depot
Home Depot
Score a 45% discount on a new set of sheets and level up your bedding. These luxurious cotton sateen sheets are wrinkle-resistant with a silky finish. OEKO-TEX certified for safety, the fitted sheet works with mattresses anywhere from 8 in. to 20 in. using patented Flexi Fit technology.
$49 at Home Depot
Home Depot
Don’t forget the bathroom. This 45%-off deal is a great opportunity to refresh your bath linens for less. Available in a bevy of colors, the set includes bath and hand towels, plus washcloths. The 100% Hygro Cotton gets softer and fluffier the more you wash.
$66 at Home Depot
Home Depot
Do you have something in your yard you’d prefer not to look at — like a rough fence around an air conditioning unit? These artificial hedges can cover up an eyesore with ease. You’ll get 12 tiles, each 20 inches by 20 inches, that will cover a total of 33 square feet.
$60 at Home Depot
Your Black Friday Shopping Guide: See all of Yahoo’s Black Friday coverage here. Follow Engadget for Black Friday tech deals. Learn about Black Friday trends on In the Know. Hear from Autoblog’s experts on the best Black Friday deals for your car, garage and home, and find Black Friday sales to shop on AOL, handpicked just for you.
How we find and select deals: Our deal-hunting team of award-winning writers and editors are seasoned experts in their fields (tech, style, home, beauty), many with 20+ years of experience. This team works diligently to bring you the best sales, deals and price drops. Our unbiased experts maintain strict editorial integrity: We only feature items we believe will save you money. Here’s more on how we select deals for our Black Friday and Cyber Monday coverage.
With trends like “soft start” morning routines and cozy cardio becoming increasingly popular, I think it’s safe to say we’re all feeling the desire to slow down a little more and hustle a little less. Especially as the year comes to a close and we start spending more time inside, it’s only natural to want to settle into a calmer headspace, and that often starts with our homes. Enter: the blue home decor trend that’s poised to be huge in 2024.
Paint companies including Dunn-Edwards and Sherwin-Williams have selected soft, steely blues as their picks for the 2024 color of the year. According to the experts at Dunn-Edwards, these cool tones represent a collective desire to “achieve balance and tranquility in the year to come.” Similarly, Sherwin-Williams’ color of choice was intended to reflect that sense of peace found when you “slow down, take a breath, and allow the mind to clear.” All in all, it sounds like the perfect trend to try as we gear up for our annual New Year’s resolution-setting.
Interested in hopping on this tranquil trend? Read on for five ways you can incorporate blue into your home for a more calming, energizing space.
How to Try the Blue Home Decor Trend in Your Home
1. Mix and match patterns and textures
Some say there’s no such thing as too much of a good thing. When it comes to color, though, I have to disagree. Repeating the same color throughout your home without any variation will quickly make your home feel too matchy-matchy. The secret to bringing in color without going too monochromatic? Incorporate a variety of textures and patterns in your decor. Instead of adding multiples of the same solid blue pillow to your couch, for example, mix in a patterned pillow that’s accented with blue, or layer on one with a shaggy texture. This will create visual interest and prevent the room from looking too one-note while still maintaining a cohesive look.
2. Use different shades of blue
While Dunn-Edwards and Sherwin-Williams both selected muted shades of blue for their 2024 colors of the year, that doesn’t mean you can’t play around with other blue tones. Mix and match bold hues like deep navy and bright cerulean, or keep it muted with shades of slate blue and denim. Blue comes in so many different shades that you can easily create a whole palette using just this section of the color wheel. Whatever variations bring you the feeling of tranquility, lean into these shades as you refresh your home for 2024.
3. Start with small accessories
If you’re not ready to paint all your walls blue, start by dipping your toes in with subtle changes. You can’t go wrong with small accessories like candles, vases, and throw pillows to quickly and inexpensively try out a new color trend. Especially if your existing decor scheme is fairly neutral, these new pieces will fit in seamlessly.
4. Swap out artwork
One of the easiest ways to keep your home feeling fresh is to swap out your artwork. If you aren’t sure where to start, there are plenty of retailers on Etsy that sell digital prints you can download and print inexpensively yourself. Pro tip: Invest in high-quality frames that’ll make any kind of artwork look good, then find creative ways to save on the art itself.
5. Try out wallpaper
This may sound extreme when it comes to trying out a new home decor trend, but with so many peel-and-stick options on the market, it’s easier than ever to swap out your wallpaper or try it out for the first time. Wallpaper is a fun way to add texture, color, and pattern to an otherwise blank space. If you’re a renter, it’s also a great alternative to painting your walls since the paper will easily peel off when it’s time to move out.
It’s that time of year again. December is the final call for (most) annual tax issues, and the topic of tax-loss harvesting rears its head. Let’s break down the basics and ask an important question: is tax-loss harvesting more than a simple fad?
Before answering the critical question (“Is tax-loss harvesting worth it?“), let’s baseline ourselves with some basics.
What is Tax-Loss Harvesting, and Why Bother?
Tax-loss harvesting is a strategic investment practice where investors sell assets at a capital loss to offset other capital gains. This minimizes taxable income. This technique is commonly employed to optimize investment portfolios and enhance after-tax returns.
Here’s a primer on capital losses, capital gains, and the entire capital gains tax structure.
Why bother tax-loss harvesting in the first place?
You might have assets in your portfolio with unrealized losses. Selling those assets turns that lame asset into a “tool” in your toolbox. That tool can neutralize taxes, lowering this year’s tax bill. Not bad, right?!
Losses can even neaturalize future year tax bills! Any unused losses this year are tracked on your tax returns and, eventually, can be used to cancel a future year’s capital gain.
But there’s more to the story. We’ll get into those details later.
The Wash Sale Rule
Tax-loss harvesting has a limitation. When you sell an asset at a loss, a 30-day look back and a 30-day look forward period bookend that sale. If, during those 61 days (30+1+30), you bought a “substantially identical” asset in any account**, then your capital loss doesn’t count.
The wash sale rule prevents manipulating a stock portfolio to accelerate the recognition of tax losses or defer the recognition of tax gains.
**This is a huge detail many people miss. The Wash Sale Rule looks at all investing accounts from which an owner controls or benefits.
If you execute tax-loss harvesting in your taxable account by selling an S&P 500 index fund at loss, then you cannot trade materially similar S&P 500 index funds in any accounts (IRA, 401(k), HSA, 529, etc) during the 61-day wash sale window. This even includes innocuous occurences, like a previously held S&P 500 fund paying out a dividend which is automatically reinvested.
If you’re going to tax-loss harvest, you need awareness of all your investing accounts.
If you plan on tax-loss harvesting, you must know the wash sale rule.
When is Tax-Loss Harvesting Worth It?
When misused, tax-loss harvesting can be a net-zero or even harmful activity. Let’s talk through some good and bad examples.
Good: Tax-Loss Harvesting to Offset a Liquidation Event
Perhaps you’re selling a business or a second home (primary homes typically don’t suffer capital gains taxes) and facing a significant capital gain from that sale. Tax-loss harvesting makes sense here.
Why?
In this scenario, you’re making the sale anyway. You might as well seek out ways of saving money. You’re fundamentally reallocating your net worth away from the real estate or business to something new (perhaps a stock/bond investment portfolio).
The gains and losses are from different pools of money, which permanently offset one another. This is good. But as we’ll see later, this isn’t always the case.
Example:
You sell a business for a $500,000 (long-term) capital gain.
As it happens, the S&P 500 index fund holdings in your taxable account are down $100,000 from where you bought them (also long-term).
You sell all of the S&P position, realizing a $100,000 loss.
That loss offsets $100,000 of the business gains.
Now you only have to pay taxes against $400,000 of gains (likely saving at a 23.8% Federal rate, or saving ~$23,800)
You re-invest the $100,000 proceeds of the S&P 500 fund in a similar but not materially identical manner. “Similar” because we want to maintain our overall portfolio allocation. But “not materially identical” because we don’t want to violate the wash sale rule. A good candidate here would be an “Total US Stock Market Index Fund” to replace our S&P fund.
You invest the business proceeds (less remaining capital gains taxes) according to your financial plan.
Good: Offsetting Income (Usually)
You can use tax losses to offset up to $3000 in annual earned income. This is an excellent use of tax-loss harvesting (usually).
The reason is tax-rate arbitrage.
Many taxpayers have a Federal tax rate of 22% or higher. Every dollar of income they can offset results in a 22% (or greater) savings. Meanwhile, harvesting tax losses usually creates a 15% capital gain in the future (we’ll discuss how and why this is below).
By saving 22 cents today and spending 15 cents in the future, taxpayers can arbitrage a net 7% on their $3000 for free. The benefit is even more stark in higher brackets (24%, 32%, 35%). Not bad!
Another common tax arbitrage occurs when an investor might owe capital gains at the 23.8% bracket. Losses can offset those gains (saving 23.8%), likely resulting in a 15% capital gains tax later on. That’s a deal we’d take every time.
Good: Diversifying from Over-Concentration
Uncle Ed bequested 10,000 shares of the ACME Corporation to you in 1990 at $1 each. Now they’re worth $20 each. You own $200,000 of ACME, representing a considerable over-concentration in your portfolio (and a huge capital gain if you try to diversify away from it).
Similar to the business example from above, diversifying away from ACME is something you should be doing anyway. You might as well reduce your capital gains tax while doing so.
Bad/Neutral: Zero’ing Out Gains in Your Portfolio
Perhaps the most common reason I see people tax-loss harvest is to zero out gains inside their portfolio. They have (unrealized) losses on their books and feel the need to use them. So, they think they might as well realize gains in the portfolio, use their losses to negate the gains (and negate this year’s taxes), and then reinvest the proceeds.
I think this is, at best, a neutral use of tax-loss harvesting, not to mention a waste of time. The math explains why.
First, by reinvesting all the proceeds of the transactions, the overall portfolio construction doesn’t change. There’s no fundamental investing benefit (unlike the earlier example of diversifying a concentrated position). And there’s no factor of “I’d be doing this anyway,” like the earlier example of selling a business.
But is there a tax benefit?
No, there’s no net tax benefit. The assets with gains get an increase in cost basis, while the assets with losses get a decrease in cost basis in equal magnitude, leading to zero change in the overall cost basis of the portfolio.
This means that any capital gains you “saved” this year will simply be paid in a future year.
Now, if you think you’ll pay at a lower tax rate in that future year, that’s worthwhile; it’s the tax arbitrage benefit we discussed before. But in most real-life examples I’ve encountered, there’s no arbitrage. It’s just a postponing of the inevitable for no net benefit.
What About the Time Value of Money?
“Postponing the inevitable” might be a good thing in some cases.
Would you rather pay $1000 in taxes today, or $1000 in 10 years? The answer is easy: in 10 years.
The benefit of tax-loss harvesting – simple tax deferral – is technically good. But, in my opinion, only becomes worthwhile at large dollar amounts for long periods of time.
If you’re able to defer $100,000 for 10 years, then go ahead and use tax-loss harvesting. But if you’re deferring $500 for a year, the juice isn’t worth the squeeze.
Other Bad Scenarios
Tax-loss harvesting has other downsides. Some scenarios include:
Losses Must Negate Gains First
When you realize a capital loss, it must be first-and-foremost used to offset capital gains – even if you don’t want it to.
You want to use losses to offset regular taxable income? Only if you’ve already offset all your capital gains.
You happen to be in the 0% capital gains bracket this year, and so you want to “pay” that 0% tax? Too bad. Your losses negate those gains – a.k.a. your losses were used for zero real benefits.
Without careful tax planning, your tax losses might be wasted.
Death Ends the Conversation
If a taxpayer dies with unused tax losses, the opportunity disappears forever.
Questions of mortality should be thoughtfully considered as part of a long-term tax plan.
Tax-loss harvesting, like all tax planning tactics, should never be considered in a vacuum. There are simply too many complicating factors involved. Instead, tax-loss harvesting is a tool to be used as part of a long-term tax plan.
Thank you for reading! If you enjoyed this article, join 7000+ subscribers who read my 2-minute weekly email, where I send you links to the smartest financial content I find online every week.
-Jesse
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There’s no universally right or wrong way to dress for an interview. It’s all about wearing crisp, clean clothing that matches the employer’s dress code and expectations, experts say.
Below, we’ll discuss how to pick your interview attire, the different types of professional dress codes and what to avoid wearing to an interview.
What to wear to an interview
Check the company’s dress code when deciding what to wear to an interview, recommends Purdue Global, an online university in the Purdue University system.
Look for photos of employees, either in the office or in a company photo, on the company’s website or LinkedIn page. Note how they’re dressed and whether they’re posing formally or casually.
Unless its employees wear a uniform, most companies adhere to one of these three dress codes:smart casual, business casual or business professional.
Consider the industry you’re interviewing in. Companies in law, finance or politics tend to adhere to more traditional dress codes. Tech or media companies tend to have more casual dress codes.
If you’re interviewing for a job that would require a uniform, including in a retail, restaurant, gym or medical setting, opt for business casual for those job interviews, recommends Coursera, a company that hosts open courses from universities and organizations online.
Dress for a position one level higher than the job you’re interviewing for, experts recommend. So, if most employees wear chinos and a casual button-down shirt, for example, go for slacks, a tucked-in shirt and a blazer.
Ask your interviewer about the company’s dress code if you’re still unsure of what to wear. If you’re working with a recruiter, you can plainly ask for advice on what to wear to an interview.
If you’d be asking the company’s hiring manager, consider asking, “How do employees dress in the office?” or “What kind of clothing is appropriate for this workplace?”
What is a smart casual dress code?
Smart casual is the most informal of the three professional dress codes. It emerged in recent years as more companies loosened their dress codes, per the Society for Human Resource Management.
Smart casual is relaxed but polished. You could wear trendier clothing and accessories from your personal wardrobe as long as they’re fit for a professional environment.
Companies in newer or creative industries — such as tech, media or advertising — may adhere to this dress code. Examples of smart casual workwear include:
Well-fitting pants — chinos, pleated pants or linen pants.
Dark blue or black jeans.
Sweaters, henleys, button-up shirts, or trendy blouses.
Loafers, flats or clean tennis shoes.
A clean, ironed T-shirt under a blazer.
Solid colors or stylish patterns.
What is a business casual dress code?
Business casual is more formal and conservative than smart casual but still doesn’t require you to wear a full suit.
Businesses across many different industries adhere to this dress code. It’s a popular dress code among employers and is considered appropriate for job fairs, networking events or professional meetings.
Business casual workwear can look like:
Chinos, khakis or dress pants and a belt.
A clean button-up, dress shirt, formal blouse or tucked-in polo shirt.
Closed-toe shoes, like Oxfords, brogues, loafers or flats.
A blazer.
Solid, neutral colors with minimal patterns.
What is a business professional dress code?
Business professional is the dressiest of the professional dress codes.
Older, more traditional industries — such as law, finance, professional services or politics — tend to adopt a business professional dress code. Executives and other high-ranking employees may also adhere to this dress code.
Some examples of business professional workwear include:
A suit and dress shirt.
Tailored pants, a dress shirt and a tie.
A dressy business skirt and formal blouse.
Heels, dress shoes or formal loafers.
Conservative, non-distracting jewelry and accessories.
Dark, solid colors, such as blue, black or gray.
What not to wear to an interview
Unless you’re interviewing at a beachside surf shop, avoid these items of clothing, according to Zippia, an online recruiting and careers platform:
Graphic T-shirts.
Casual sandals or flip flops.
Tank tops or sleeveless shirts.
Athleisure, sweats or pajamas.
Ripped jeans or pants.
The quality of your clothing is also important. Don’t wear items that:
Are stained or soiled.
Have holes or tears.
Are unwashed or dirty.
Are visibly old, faded or worn.
Outside of your clothing, pay close attention to your personal grooming. Career experts recommend you run through this checklist list before you leave for the interview:
Hair is brushed or neatly combed and styled.
Fingernails are clean.
Deodorant has been applied.
Shoes are clean and free of mud or dirt.
One more tip
It’s important to wear clothing that aligns with the employer’s dress code, but that’s not the only thing that matters.
What you wear can help you feel comfortable and confident. And wearing clothing that shows off your personality can help people at the company get to know you.
So, if you feel a yellow blouse mirrors your sunny disposition, go for a shade that’s cheery but not neon. Striking that right balance can be tricky but it’s worth the effort. It’s like the old saying goes: look good, feel good.
In adjusting to new case-mix systems under the Patient Driven Payment Model (PDPM), the changes to reimbursement rates might be more widespread and large-scale than anticipated, posing financing threats to the nursing home sector because lenders are basing loans on rate projections that are expected to be scaled back.
The goal of budget neutrality – in which reimbursements should cancel out costs associated with care – especially when it comes to Medicaid rates, may come back to bite providers and investors in the nursing home space who are currently securing deals based on higher reimbursement projections.
That’s according to Marc Zimmet, CEO of Zimmet Healthcare Services Group. While budget adjustment factors are not a new phenomenon, what will be new is the scale to which states will be clawing back money after adjusting to new case-mix systems under PDPM.
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What’s more, expectations of Medicaid rate increases are driving transaction volume, with banks underwriting loans based on a formula for state Medicaid reimbursement under PDPM. However, such projections aren’t expected to stay in place, Zimmet said, as states aim for budget neutrality.
Learning from Medicare adjustment
When CMS transitioned to PDPM, they looked at scores from assessments that were done when there was no PDPM – and providers weren’t “optimizing,” he said. Now, after the switch, providers are indeed trying to optimize reimbursement. Efforts to better capture depression is a good example, with assessment scores coming in much higher than Medicare had anticipated.
This resulted in 5% in overspending for the first year of PDPM, or $1.7 billion more than under RUGs, short for Resource Utilization Groups.
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The Centers for Medicare & Medicaid Services (CMS) had intended to spend the same amount of Medicare money on nursing home care through PDPM as it had under the system it replaced.
“[CMS] comes in and says, we’re doing a recalibration, we’re taking the money back because it was supposed to be budget neutral. That happens all the time with Medicaid. When Medicaid does a transition, they model it based on old assessments,” said Zimmet.
What changes with the transition is provider behavior, he continued, as they start capturing everything that drives reimbursement.
“So then the [initial] rates don’t come in at $200, they come in at $250. The nursing homes are all psyched. [They think] they ‘re getting a windfall,” Zimmet said, using hypothetical numbers. But, just like what happens with Medicare rate adjustments, states notice that nursing homes are spending above budget and, because the transition is supposed to be budget neutral, they now “claw back the money,” said Zimmet, explaining the process by which the reductions to reimbursements are made on the state level.
The difference now, he said, is that this claw back is happening in dozens of states.
He calls it the “great transition,” since there are a large number of states changing their payment model. History tells us that when there’s a change of payment model, provider behavior changes, he said.
On paper, it’s going to look like facilities are getting big Medicaid rate increases, but history also tells us that states don’t come up with all that money. A budget adjustment factor, or recalibration, will pare back any reimbursement beyond what was accounted for in the state budget.
In the end, Zimmet expects the same operators that were good at optimizing under RUGS will continue to be good at optimizing under PDPM moving forward – net results will be the same.
Implications for dealmaking
As industry leaders keep track of Medicaid rate changes and budget adjustment proceeds at the state level, Zimmet said this will affect dealmaking as well – and already has.
He’s getting calls from banks who do underwriting for nursing home loans. They’re buying facilities and seeing that rates have gone up, and are now basing loans on these increased rate projections.
“The state is not all of a sudden going to come up with another $100 million dollars. There’s going to be a budget adjustment,” he said. “It’s a bubble. These loans are going to be made, are being made, and the rates are not going to be what they think they’re going to be on paper, they will be clawed back; you’re going to have [something] like the housing crisis.”
This scenario is unfolding in multiple states, he said, as banks are lending based on reimbursements that aren’t going to stay in place – they’re going to get clawed back.
State example
Some states have already started addressing the change between RUGS and PDPM in terms of Medicaid rates, Zimmet said, pointing to Pennsylvania and Colorado in particular.
For Colorado’s Medicaid nursing home rate, statewide average rates increased 10% starting in July, and another increase of 3% is anticipated for July 2024 and then no less than 1.5% in July 2025, according to Doug Farmer, president and CEO of the Colorado Health Care Association.
“Between now and July 1, 2025, there will be a process to determine the structure of our [Medicaid] rates moving forward. That rate methodology will be taking into account the interest of stabilizing the profession, ensuring access and working to address the increases in behavioral health needs in long term care settings,” Farmer said in an email to Skilled Nursing News.
Colorado moved away from RUGS and began using PDPM on July 1 2023, he said.
“For this first year, the state enacted a ‘hold harmless’ in rate setting, which ensured that no provider saw a rate decrease as a result of the change,” said Farmer. “That ‘hold harmless’ was used because providers did not have time to begin coding under the new PDPM-based requirement prior to the shift in methodology.”
Pennsylvania won a significant 17% increase in its Medicaid rate in 2022 after no increases for a decade. This year, the state approved a $16 million increase in Medicaid rates, about $10 million short of what associations had advocated for.
Looking ahead, there’s much volatility in the state when it comes to Medicaid rates, especially as new staffing requirements take effect requiring one nurse aide for every 12 residents during day shifts, according to a report from the Philadelphia Inquirer.
State lawmakers still have to agree on a budget for fiscal 2024, but Medicaid regulators warn that Pennsylvania nursing homes – nearly twice as many as last year – may face a 5% cut to their daily Medicaid rate, according to a report from the Philadelphia Inquirer in June.
To make matters even more confusing, less than half as many as last year could see their Medicaid rates go up 5% or more in the state.
Mortgage fraud prevention company Rapid Reporting said today in a press release that the usage of its income verification product increased by 157 percent between January 2007 and last month as the industry continues to tighten its grip on loose lending practices.
The company noted that the surge in usage comes at a time when loan origination is down, indicating that both mortgage lenders and investors are stepping up efforts to reduce mortgage fraud and make higher quality loans.
“Our clients are using IncomeChek with much higher frequency–we’re definitely seeing higher per-client usage,” states Jay Meadows, CEO for Rapid Reporting. “Some of our clients, including most of our large lenders, have increased their use of IncomeChek almost two-fold.
“It’s not only lenders that are using income verification these days,” added Meadows. “Wall Street, secondary market investors and servicers are looking for explicit reassurance of loan quality as well.”
The IncomeChek program can pull income data directly from the IRS in as little as 24 hours, and for stated income loans it can confirm that tax filings are reported by a self employed individual and provide the social security number of the tax preparer.
Meadows noted that over 60 percent of mortgage fraud involves income or identity misrepresentation, and that law enforcement is becoming progressively more reluctant to take action if lenders fail to take the necessary precautions to protect themselves from fraud.
The FBI doesn’t seem interested in borrower fraud where applicants intend to actually pay the loan, as they’re more focused on fraud for profit schemes that they feel have a more adverse effect on the economy.
“Whether dealing with full doc or stated doc loans, lenders, investors and servicers have realized that it’s simply too risky to rely solely on income information provided by anyone other than a neutral third party.”