FaZe Clan co-owner and uber-successful Youtuber Brian Rafat Awadis, better known as FaZe Rug, is moving up in the world. Or rather, moving out.
Known for his engaging content that spans from pranks to heartfelt vlogs, the YouTube phenomenon — who has a massive following of over 25 million subscribers — set up residence in a ritzy $4.4 million mansion located in Poway, California, a suburb of San Diego.
The purchase came after a stressful time that saw the Youtuber move back in with his parents due to the pressures of his growing fame, seeking comfort during a challenging time.
Now in a much better mental space, the successful content creator is enjoying life in his lavish new digs, often sharing clips filmed inside his two-story mansion. He’s even given his fans a full tour of the sprawling abode, and his followers had nothing but words of support and admiration.
And if one of his hit videos got you wondering where FaZe Rug lives, we have the scoop on the YouTube creator’s impressive Cali home.
Purchased in 2022 for $4.4M
In January 2022, FaZe Rug shelled out $4.4 million for a luxurious estate in the private gated community of The Heritage in Poway, one of the most popular suburbs around San Diego.
Sitting on a 1.04-acre lot, the 6,714-square-foot home is not the only structure on the property. There’s also an attached guest house, a gazebo, and a private sports court, with a total of 10 parking spaces.
The purchase marked a significant upgrade from his previous living arrangements, signaling a fresh start for the content creator. Prior to this, Rug had opened up about the decision to move back in with his parents for a while due to the pressures of his growing fame.
Property specs & amenities
FaZe Rug’s mansion spans a total of 6,714 square feet, featuring seven bedrooms, six full bathrooms, and one half bathroom.
The property, built in 2017, boasts modern amenities and sophisticated architecture that includes Mediterranean and Spanish influences. Highlights of the home include two grand staircases, a fully equipped open-concept kitchen, and a family room that seamlessly transitions into a stunning outdoor living space.
Beyond the basics: Plenty of unique features
What sets FaZe Rug’s house apart are its many playful, unique features, fully displayed during the video tour the Youtuber recorded for his fans.
A wall made entirely of LEGO bricks not only dazzles but hides miniature-themed rooms, providing quirky surprises that echo Rug’s creative and fun-loving personality.
These rooms feature everything from a LEGO spaceship to a tiny treasure trove, making them a hit not just in person but also as fun spots during his video tours.
It has a grand double staircase
Entering Rug’s mansion, you’re greeted by a grand double staircase reminiscent of a scene straight out of “Dynasty.”
This opulent entryway, complete with a sparkling chandelier and modern, airy aesthetics, sets the stage for the rest of the home’s lavish elements. It’s this kind of dramatic flair that gives the house its soap opera-worthy feel — luxurious, inviting, and just a tad over the top.
“The best backyard in the entire world”
FaZe Rug’s mansion is not just impressive on the inside; the outdoor amenities turn his backyard into a true entertainment paradise, making it perfect for both relaxation and hosting epic gatherings — not to mention shooting wildly creative videos.
The centerpiece is a large swimming pool with an integrated spa, perfect for cooling off or enjoying a soak under the California sun. Surrounding this is a luxurious patio area equipped with comfortable seating and an outdoor fireplace, and there’s also a private sports court and a mini golf course complete with a sandpit.
The backyard — which FaZe calls “the best backyard in the entire world — also comes with a full-scale outdoor kitchen, a pizza oven, and multiple fire pits. With breathtaking views of the surrounding mountains as a backdrop, the backyard offers not just fun and games but also a peaceful escape.
Fans were swept away by FaZe Rug’s house
When FaZe Rug shared his new home with his YouTube audience, the reactions were overwhelmingly positive.
Fans praised not only the house’s beauty and FaZe Rug’s taste but also the inspirational aspect of his success. Comments ranged from excitement about future content filmed in the home to personal messages of congratulations, emphasizing how Rug’s journey has motivated others to pursue their dreams.
“Congrats Rug, you deserve this dream house can’t wait to see your future vids at this house you bloody legend love your vids you deserve this house more than anything,” one fan shared.
“This is what happens when you’re humble and filled with gratitude! Stay you always Rug!” another chimed in.
See also: Inside JoJo Siwa’s $3.5 Million Mediterranean-Style Mansion
Netizens who’ve been following FaZe’s content since he first started out have expressed joy for the content creator’s success: “I have literally watched you grow up thru YouTube, this is nuts! Your home is so beautiful!!!! Congratulations Rug, for anyone dreaming big, you will do it. If you’re thinking about it, Just do it! Don’t worry about what anyone thinks, just worry about you and the ones who support you Let’s get it”
The new house’s resemblance to his former digs didn’t go unnoticed
Other fans were quick to point out the house’s resemblance with FaZe Rug’s parents’ house:
“Can we just talk about how the layout of this house is so similar to his parents house?!!! Maybe that’s what makes it feel so homey. Congrats rug it’s well deserved” one fan noted, with another echoing his observation: “It feels homie because the entrance looks like your parents’ house haha. Congrats,” @therealwaseem said.
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A post-occupancy agreement, also known as a post-closing possession agreement, allows the seller to remain in the property they just sold to the buyer for a set period after closing. This can be a win-win for both parties in some situations, but it comes with major risks for the buyers. I have personally bought many houses with post-occupancy agreements and some worked out great while others ended in a costly eviction. A post-occupancy agreement may be needed in some cases but as a regular home buyer, I would be very careful ever accepting one.
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What is a post-occupancy agreement?
In a typical home sale transaction, the seller and buyer agree to a closing date and time, and possession of the home transfers when that closing takes place. The sellers bring the keys and hand them to the buyers if they are both at closing. Or the buyers can pick up the keys or their agent can give them the keys if both parties are not at the closing table (my preference).
In some cases, a seller may want extra time to move out after closing. They may be waiting for their new house to close, or for a house to be built, or they might just want more time to move. This sounds like a reasonable request for the seller but it can come with major risks for the buyer. This is why I try to avoid post-occupancy agreements if possible.
The video below was a nightmare after a post-occupancy agreement went bad:
What are the risks of a post-occupancy agreement?
Many people have heard the stories on the news of a seller who will not move out of their home are they sell. Almost all of these situations come from post-occupancy agreements. During a typical sale, the buyer does a walk-through of the home to make sure it is clean, all the seller’s stuff is moved out, and the property is in the same condition as when they put a contract on it (unless the contract says otherwise). If there is anything wrong, the buyer can delay or even not buy the home.
When the seller is still living in the home and the buyer closes on it (completes the purchase), they cannot make sure it is clean, all the seller’s stuff is gone, or the seller is out. Some sellers want the money that is in their home but want to stay! If the seller does not leave after a post-occupancy agreement, the buyer cannot simply kick them out, they must go to court and evict them.
An eviction can take months or even years in some states like New York.
Why do I agree to post-occupancy agreements?
I am a real estate investor who works hard to get the best deals I can. I buy a lot of distressed properties that need work and many sellers have unique situations. I also buy from many wholesalers who make deals with sellers that I must agree to. In a perfect world, I would never do a post-occupancy agreement but in some cases, it is a take-it-or-leave-it situation and the deal is good enough for me to take the risk.
I would estimate I have some kind of problem with 30 percent of the post-occupancy agreements I do. For me, it is not as big of a problem as it can be for inexperienced homeowners or people who need to move into the home. I also have a YouTube channel that helps me recoup some of my losses with the crazy situations that occur. I also know how to handle evictions, squatters, and other situations where someone not as experienced could be completely lost on what to do.
How should a post-occupancy agreement be structured
There are also risks with how post-occupancy agreements are structured. Some people just agree to let the seller stay and maybe pay a little rent. The problem with this is there is no motivation for them to move out. When we do a post-occupancy agreement we try to make it painful if the seller does not hold up to their obligations and move.
The post-occupancy agreement should always be in writing and money should be held back in escrow from the seller proceeds. I like to hold back at least $10,000 on houses below $400k and if they do not move by a certain date, I get that $10,000 as the buyer. That may seem like a lot but an eviction and a few months of house payments can eat through that very fast. If you are buying a more expensive home, I would hold back much more.
I have seen many agreements that can be wishy-washy and not work out for either party. Some will charge a per diem if the seller does not move like $200 a day. It can be confusing when they are officially out, and when the dates officially start and proving when they are out. I have seen some people create a lease with rent charged and a deposit. You have to be very careful with this as many states have laws on how much the deposit can be compared to rent, how a deposit is paid back or kept, and the rights of the tenant after the lease is started. It is usually easier to evict a seller who does not move than a tenant with a lease.
Another crazy situation:
Should you agree to a post-occupancy agreement?
If you are a regular home buyer looking for a place to move into, be very careful agreeing to a post-occupancy agreement. I would make sure you love that house and have no other options. If you do agree, make sure there is a large enough penalty to make it worthwhile to you if the seller does not move. You also need to make sure your insurance is set up correctly, there is an agreement for who pays for utilities and there is recourse if the house is damaged during the extra time the seller lives there. It also helps if you have a YouTube channel where you can post crazy stories if something goes bad.
Conclusion
I am okay doing post-occupancy agreements if everything is set up correctly and that is my only option. But even as an experienced investor, I try to avoid them if at all possible. If you happen to live in a state with long eviction timelines I would be really careful agreeing to any post-occupancy agreement.
“Mortgage rates rose in February, and the elevated rates took a bite out of new home sales,” said Holden Lewis, home expert at NerdWallet. “They declined slightly from the previous month, although sales were 6% stronger than 12 months earlier. Builders are competing with home resales by constructing new homes for buyers on a limited … [Read more…]
National mortgage rates edged higher for all loan terms 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 increased.
While it’s expected that rates will gradually come down this year, it may not be a straight downward path.
“Where the 10-Year Treasury yield goes, mortgage rates will follow,” says Ken Johnson of Florida Atlantic University. “In roughly the last two months, the 10-year Treasury yield is up 50 basis points. Depending on the source, the 30-year mortgage rate is up 48 basis points. Treasurys’ path remains a coin toss at this point.”
Rates last updated March 26, 2024.
The rates listed above are Bankrate’s overnight average rates and are based on the assumptions indicated here. Actual rates listed on-site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Tuesday, March 26th, 2024 at 7:30 a.m.
30-year mortgage rate trends upward, +0.10%
The average rate for a 30-year fixed mortgage for today is 6.98 percent, an increase of 10 basis points over the last seven days. Last month on the 26th, the average rate on a 30-year fixed mortgage was higher, at 7.15 percent.
At the current average rate, you’ll pay a combined $663.96 per month in principal and interest for every $100,000 you borrow. That’s $6.70 higher compared with last week.
There are various advantages to choosing a fixed-rate mortgage when buying new house, including predictable mortgage payments.
Learn more: What is a fixed-rate mortgage and how does it work?
15-year mortgage rate trends higher, +0.06%
The average 15-year fixed-mortgage rate is 6.47 percent, up 6 basis points over the last seven days.
Monthly payments on a 15-year fixed mortgage at that rate will cost $869 per $100,000 borrowed. Yes, that payment is much bigger than it would be on a 30-year mortgage, 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, +0.13%
The average rate on a 5/1 adjustable rate mortgage is 6.51 percent, rising 13 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 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 6.51 percent would cost about $633 for each $100,000 borrowed over the initial five years, but could ratchet higher by hundreds of dollars afterward, depending on the loan’s terms.
The average rate for the benchmark jumbo mortgage is 7.09 percent, up 11 basis points since the same time last week. A month ago, the average rate for jumbo mortgages was higher at 7.13 percent.
At the current average rate, you’ll pay principal and interest of $671.36 for every $100,000 you borrow. That’s an extra $7.40 compared with last week.
Mortgage refinance rates
Current 30 year mortgage refinance rate goes up, +0.12%
The average 30-year fixed-refinance rate is 6.99 percent, up 12 basis points since the same time last week. A month ago, the average rate on a 30-year fixed refinance was higher at 7.16 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 $8.04 higher compared with last week.
Where are mortgage rates going?
“The Federal Reserve will not cut interest rates in the first half of this year, in my view,” says Lawrence Yun, chief economist of the National Association of Realtors, “but rate cuts of three, four or even five rounds will be possible in the second half of the year as rent measures will be much more well-behaved.”
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 these 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.
Keep in mind: You could save thousands over the life of your mortgage 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.
Amy Yzaguirre and her husband bought a home in Oregon with a 2.5% interest rate in 2023.
The lower mortgage rate, attained via an assumable mortgage, saves them $40,000 over 28 years.
Yzaguirre and her husbandhave used their savings to pay off medical debt and purchase a new car.
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This as-told-to essay is based on a conversation with Amy Yzaguirre, 40, a student and barista. She and her husband purchased a home with an assumable mortgage in Tigard, Oregon, in March 2023. An assumable mortgage allows qualifying buyers to acquire the interest rate, current principal balance, and other conditions of a seller’s existing loan. Not all loans can be assumed. The essay has been edited for length and clarity.
I grew up in the Portland, Oregon, area but moved to Boise, Idaho, in 2017. In 2022, my husband and I decided to move back to Oregon.
My husband had applied for some jobs in Portland and got a position, but we had just refinanced our Boise home. Since we had signed a no-flip clause, we couldn’t sell it until April 2022.
We planned that he would move to Portland and live with a friend while our son and I stayed back and got the house ready to be sold in April. Then, we would join him and buy a house.
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But in January 2022, I was diagnosed with stage 4 non-Hodgkin’s lymphoma. I didn’t want to undergo half of my chemo treatment in Boise and the other half in Portland, so we had to figure out a way to be together as a family while I underwent chemotherapy.
We had to keep the house until April, but we couldn’t afford to pay two mortgages or pay rent and a mortgage. A family friend gave us the idea to buy an RV and live on my parents’ land in Oregon. We lived there for eight months. It was pretty rough, but we made it work.
In March of 2022, we started looking at houses through our real-estate agent. I was in the middle of chemo, but on the days that I would feel good, we would meet up with brokers.
One suggested, “To get the type of mortgage loan that you want, you need to wait until you’re back to work.” So, we decided to pause our home search until then. While waiting, we got our credit in a good spot. When August came around and I got a job, we started seriously looking at houses.
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Finding an affordable home to buy was difficult
We wanted to live in the suburb that my parents lived in, called Tigard, but the area was too expensive for us, and the real-estate market was fairly competitive.
It’s funny how an area can be a nice, family-friendly, affordable place to live, and then all of a sudden, it becomes overpopulated and it’s not nearly as reasonable as it used to be.
We eventually decided to look in the Sherwood area instead. At this point, I had beaten cancer and was in remission. My husband and I were excited that we could take the next step and buy a new house.
We qualified for a substantial loan through our mortgage company, but we didn’t want our monthly payments to be too high. We set our budget for a home at no more than $450,000 — but even that was a bit of a stretch.
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As we looked, we really couldn’t find many homes that checked all the boxes for that amount.
But in September 2022, we found a townhouse that was on the market for $416,000. On a flyer for the home, its seller had written that if we wanted to assume her loan, she was locked in at 2.5%.
That didn’t necessarily draw us in because we didn’t quite know what that meant.
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I was more interested in the fact that it was a 1,500-square-foot townhouse that had everything we wanted, like a backyard, a big garage, and an open floor plan with hardwood floors.
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At the time, I believe mortgage rates were close to 6%. If we had a traditional mortgage, our monthly payment would have been about $3,000 a month. I remember being like, “OK, that’s pretty high, but I think we can make it work. We’re just going to have to be really careful.”
An assumable mortgage was too irresistible to pass up
We told our real-estate agent about the home and asked her what an assumable mortgage was. She said, “You’ll have to talk to our mortgage broker. I don’t really have any experience with that and don’t know what it entails.”
I asked the mortgage broker, and he admitted, “Well, we haven’t dealt with this in probably about 30 years, so I’m not entirely familiar with the process. But essentially, when you assume a loan, you’re taking over the seller’s mortgage. If you qualify, you can adopt their locked-in rate, and you don’t have to pay current mortgage rates.”
He warned us that the seller’s mortgage company was not going to hold our hand through the process. But if we were willing to put in a rigorous amount of work and do a lot of bugging, we should definitely try it because it would save us a lot of money.
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I did the math. The seller was locked in at 2.5%, so if we qualified to assume the loan, our mortgage would be a little over $2,100 a month versus the over $3,000 we would be paying with a traditional mortgage at current market rates. It would save us over $40,000 in the long run. That would give us wiggle room and allow us to continue our lifestyle instead of having to scale back.
It sounded amazing, so my husband and I decided to pursue the loan assumption.
It’s not easy assuming a loan — and it took forever
In March 2023, we purchased our home for $418,900 and made a down payment of $48,000. The home had a 30-year fixed-rate mortgage, with 28 years left on a $383,000 Federal Housing Administration loan.
We worked with Flagstar to assume the mortgage, and they assigned us an advocate. He was really nice and helped us through the process.
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In the end, we ended up submitting over 200 documents, and the process took three full months.
At a certain point, my husband was over it and just wanted to go with a normal mortgage. I had to assure him I could take care of it and that it would all be worth it — we just had to be patient.
The mortgage broker we originally spoke to was right — as the company processing the assumable mortgage isn’t making any money, you really have to advocate for yourself, jump in there, and ask questions.
I tell anybody who has asked me about assuming loans that it’s going to take a long time and it will be grueling. The process will humble you in some ways, too, because you start doubting yourself, like, “Am I a horrible financial person? Why did they need so much information? Am I not doing this right? Is there something that I’ve done wrong?”
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But once you get through the process, you should be able to get it.
It just takes time.
The hard work getting the assumable mortgage was worth it
After living in a tiny 21-foot RV, buying a home gave us freedom and a new beginning. It also helped me not feel boxed in anymore.
Even though I was fortunate to have good insurance during chemotherapy — once I hit a certain deductible, insurance covered the rest — and have excellent insurance through my current job, I still had quite a few medical bills to pay off.
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With the extra money we have saved on our mortgage payment, I’ve been able to pay them down.
We also used the extra money to pay off other debt and purchase a Toyota Tacoma with cash — we don’t have a car payment at all.
We’re not living grand or extravagantly, but at least we’re not having to eat ramen every night. Knowing that we worked so hard for this lifestyle and achieved it ourselves, I feel like we’re truly living life to the fullest.
Miami’s ultra-exclusive Fisher Island has unveiled its latest real estate offering — a $27,995,000 mansion in the upscale Valencia Estates community — and it’s as eye-catching as the exquisite tropical retreat in which it is located.
One of only 7 homes built at the Valencia Estates, the Parisian-inspired mansion at 6915 Valencia Drive stands out as one of the few similar offerings on Fisher Island, where condos and penthouses are far more common than single-family residences.
It’s also one of the priciest. But it has all the perks to justify its nearly $28 million asking price, including a location that places it mere minutes from the former Vanderbilt retreat on Fisher Island, now a world-class country club.
That’s right, for those unfamiliar with the area, Fisher Island boasts a prestigious country club that’s been home to the Vanderbilts, Julia Roberts, Oprah Winfrey, and handfuls of other upper-echelon residents throughout the years.
Its private beaches, resort-style amenities, and world-class restaurants are only accessible by ferry or private yacht and available to those lucky enough to snag a spot on the coveted yet highly exclusive guestlist.
The recently listed mansion lies in an even more elite part of the already exclusive island — Valencia Estates — which offers a formidable alternative to the sea of condos and penthouses as the only completed community of homes on the 216-acre private island. At least until The Links estates (which are currently being developed on the island) are completed.
With 6 bedrooms and 9 full baths spanning over 9,400 square feet, every corner of the home exudes sophistication and luxury, seamlessly integrating Parisian-style influence within its tropical surroundings.
A lush exterior alludes to the elegant spread that awaits inside.
Lofty ceilings in the foyer and living space countered by more enclosed spaces offer a cozy yet decadent feel all at the same time.
The impeccable details of the chic property are what set it a step above. Every room features a distinct style yet still achieves a cohesive feel that exudes unparalleled and timeless taste.
Craftful finishes like ornate chandeliers, marble tiling, and elegant crown molding tie the space together and elevate it from your run-of-the-mill mansion to an artful masterpiece.
From the wet bar to the formal dining room, breakfast nook, and marble waterfall island, the future estate owner can savor each meal of the day with a different yet equally impressive view of the glamorous home and its pristine surroundings.
Upstairs, golden light filters through paneled French doors that open to a covered terrace overlooking the community’s scenic deep-water marina and condos beyond.
Meanwhile, the boutique-style master suite boasts distinctive masculine and feminine elements to appeal to the next Mr. and Mrs. 6915 Valencia Dr.
Tasteful wallpapers give each bedroom a unique splash of personality, which is balanced by the soothing, zen-like views of the coconut palms outside.
Outside, an exotic enclave features an outdoor kitchen and bar with various seating areas ideal for sipping fruity cocktails under the Florida sun. A heated pool with a cabana sauna and spa adds to the element of self-pampering luxury.
Fisher Island’s expert agent, Tatyana Ionin of Coldwell Banker Realty, is currently listing the high-end home along with several other equally stunning multi-million dollar properties in the area.
One of the priciest homes in Paradise — aka Miami’s prestigious Fisher Island — just listed for $28 Million originally appeared on Fancy Pants Homes.
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Ben Affleck and Jennifer Lopez, aka Bennifer, have finally found their perfect love nest — one that’s modeled after a famous queen’s lavish chateau.
It may have taken them two years and three failed escrows but the wait paid off because this mansion is the ultimate luxury home for the power couple.
Many were confused over the stars’ indecision to commit to buying a property. With an unlimited budget at their disposal, it was a little out of the ordinary that these A-listers kept changing their minds.
According to reports, the two looked at mansions in the range of $35 to as high as $85 million in the most exclusive neighborhoods. But none of them quite passed the mark, leading people to believe that there was trouble in paradise. Or are they just really picky?
All doubts were cast aside when the lovebirds set their eyes on this mansion. They instantly fell in love with the property! They paid $61 million in cold cash and the deal took just one week to close, per TMZ.
What’s not to love? This stunning mansion is inspired by one of the most iconic chateaus in history.
The mansion was modeled after Marie Antoinette’s chateau, Le Petit Trianon
Dubbed the Wallingford Estate, the Beverly Hills abode features French-style architecture that was originally modeled after Marie Antoinette’s private chateau, Le Petit Trianon.
The queen’s manor, located on the grounds of the Palace of Versailles, was a gift from her husband, King Louis XVI.
Known for her love for all things opulent, Marie Antoinette adored her private estate. It served as a place of refuge, where the queen staged operas, productions, and lavish parties.
See also: 24 celebrities who live in Beverly Hills & their million-dollar homes
The Wallingford’s exterior features stately columns, large windows, and a rectangular shape that echoes the iconic design of Le Petit Trianon.
While the interiors have been modernized with state-of-the-art technology and contemporary furniture, it still retains its French Neoclassic ambiance.
Ben and J.Lo’s house has 12 bedrooms and 24 bathrooms
Situated on a 5.2-acre lot, the megamansion boasts a total of 12 bedrooms and 24 bathrooms across an impressive 38,000 square feet of indoor living space — providing plenty of living space for Ben and Jen’s blended family.
You can take a closer look inside Ben Affleck and Jennifer Lopez’s new mansion here (swipe to see the revamped interiors):
The couple are co-parenting peacefully with their exes (Jennifer Gardner and Marc Anthony) and share five children between them.
There won’t be any shortage of space for their big family in this huge mansion!
Like its sprawling grounds, everything about this house is grand. The double-door entryway opens to an expansive living room with double-height ceilings and large skylights that make the space even more massive.
White walls with frame molding display sophistication, while large windows allow plenty of natural light to brighten up every corner of the open floor space.
JLo previously shared a glimpse of the mansion’s downstairs area on Instagram while celebrating the success of Mother with her friends. Walking from the stairs to the bar, fans got a view of the gorgeous interiors of the ground floor.
Another highlight of this property is its secured grounds — a top requirement among high-profile celebrities. The mansion is surrounded by tall hedges and comes fully fenced with secured entrance and exit gates from two different private streets.
This design layout safeguards the often-photographed couple from prying eyes and paparazzi. And we know all too well how much Ben Affleck ‘loves’ paparazzi, don’t we?
Recreational amenities include a 155-foot-long infinity pool, a home theater, spa areas, a full-service salon, and a sports complex complete with a basketball court, a pickleball court, a fully equipped gym, and a boxing ring.
Visitors can also enjoy a slice of luxury living in the 5,000-square-foot guest penthouse. This structure also houses the garage area, which is large enough to fit 90 cars!
It’s one of the most luxurious homes in all of Beverly Hills
Fitting for one of Hollywood’s most famous couples, Ben and Jennifer’s new house is one of the city’s most impressive mansions and was once one of L.A.’s priciest listings.
Sitting mere minutes away from the Beverly Hills Hotel in the gated Wallingford Estates community. It had previously been owned by healthcare entrepreneur Jeoung Lee before real estate mogul Gala Asher picked it up for $22 million back in 2016.
What followed was an extensive renovation that brought the sprawling mansion into the 21st century. Asher then sought to capitalize on his big investments in the property by listing it for a whopping $135 million in 2018.
With no takers, a series of price adjustments followed, until the famous couple finally took it off the market in 2023. The final sale price was $60,850,000 — which amounts to $1,601/sqft.
The moral of Ben and Jen’s house-hunting saga? Patience pays off. By holding off on their purchase, they were able to find a perfect palace to call their home. A happily-ever-after ending for a Hollywood royal couple.
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DUBLIN, March 13, 2024 /PRNewswire/ — The “United States Home Decor Market, Size, Forecast 2024-2030, Industry Trends, Growth, Share, Outlook, Impact of Inflation, Opportunity Company Analysis” report has been added to ResearchAndMarkets.com’s offering.
The United States Home Decor Market is expected to value around US$ 180.39 Billion by 2030 from US$ 135.98 Billion in 2023, growing at a CAGR of 4.12% during 2024-2030
Trends evolve, embracing sustainable substances and smart technology. Personal touches, inclusive of artwork and sentimental items, infuse warmth and character. Whether current, rustic, or avant-garde, home decor transcends aesthetics, influencing temper and well-being. In the intersection of layout and emotion, it fosters an experience of sanctuary, making each home a canvas of self-expression.
In the United States, home decor has come to be a pervasive cultural phenomenon, driven by a burgeoning interest in interior design and self-expression. Social media systems amplify trends, fostering a dynamic and inclusive community of design fans. The upward thrust of home development shows and committed design influencers has propelled a heightened awareness of decor possibilities.
With an emphasis on less expensive alternatives and DIY tasks, Americans are increasingly engaging personalizing their living spaces. The industry’s boom is evidenced by the proliferation of home decor stores, both physical and online, imparting numerous styles to cater to individual alternatives. As a reflection of lifestyle and identification, home decor in the U.S. stands as a popular method of creative expression and a testimony to the evolving importance of personal space.
A holistic shift in US home decor displays a growing consumer choice for sustainability, incorporating natural materials like timber and stone, and embracing eco-friendly products. The upward push of biophilic design emphasizes the integration of nature into interiors, promoting well-being. Contrary to minimalist tendencies, maximalism gains traction, encouraging bold expressions and individuality.
Compact living spaces power demand for multifunctional furniture and smart home technology integration. The pursuit of personalization fuels interest in hand made objects, DIY projects, and upcycling. Wellness-focused decor consists of soothing elements, even as technology, from smart devices to global inspirations, in addition diversifies and personalizes the house environment in a dynamic and evolving market.
With growing disposable earning, specifically remarkable amongst younger generations, there is a heightened monetary ability to spend money on non-important items like home decor. This economic flexibility is driving a surge in the reputation of top rate and designer domestic decor brands, indicating a willingness to pay more for unique, premium pieces. The growing homeownership rate in the US amplifies this trend, as new house owners actively are searching to customise and style their living areas.
Viewing homes as long-term investments, house owners are more willing to spend on home improvements and enhancements, with domestic decor playing a pivotal position in developing comfortable, inviting, and fashionable living environments that contribute to the overall value and appeal in their residences.
Company Analysis
Inter IKEA Systems B.V.
Bed Bath & Beyond Inc
Herman Miller Inc.
Mohawk Industries Inc.
Williams-Sonoma, Inc.
Kimball International, Inc
HNI Corporation
Products – United States Home Decor Market breakup from 4 viewpoints:
Furniture
Floor Covering
Home Textiles
Others
Distribution Channel – United States Home Decor Market breakup from 4 viewpoints:
Supermarkets & Hypermarkets
Specialty Stores
E-Commerce
Others
Income group – United States Home Decor Market breakup from 3 viewpoints:
Higher Income
Upper-middle Income
Lower-middle Income
For more information about this report visit https://www.researchandmarkets.com/r/k002qf
About ResearchAndMarkets.com ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Media Contact:
Research and Markets Laura Wood, Senior Manager [email protected]
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Inside: Learn how to land lucrative paid house sitting gigs. From crafting a standout application to negotiating pay, our guide covers everything you need for success as a house and pet sitter. Get your first housesitting job now.
For those seeking a unique way to trim their living expenses and swell their savings account—or perhaps even add a fresh stream of income—the fascinating world of house sitting beckons.
Imagine the possibilities of a life where you not only dodge the relentless outpour of cash for rent but also have the potential to get paid for simply residing in and caring for someone else’s home. House sitting has forged a pathway for individuals from all walks of life to dramatically cut their cost of living while introducing opportunities for financial gain, tailored to a lifestyle that champions both mobility and flexibility.
This is something I cannot wait to start doing myself as an early retiree!
In the era of remote work and digital nomadism, the housesitting lifestyle dovetails perfectly with the capacity to earn money from anywhere.
Rather than a stint of In a world where the cost of living is perpetually rising, this is a simple solution. Plus it is an increasingly popular reality for savvy individuals looking to slash their living expenses and enhance their income streams.
Now, let’s dig into how to get paid to house sit.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
The Basics of House Sitting for Income
House sitting for income can be a practical way to earn extra money by caring for someone’s home while they’re away.
A house sitter can earn money by taking on paid assignments to care for someone’s home, which often includes responsibilities like watering plants, feeding pets, and maintaining the property’s general upkeep.
Additionally, house sitters may supplement their income by engaging in flexible online work or other jobs that allow them to take advantage of the rent-free living situation provided by house sitting opportunities.
This is a simple way to make money.
Is House Sitting the Right Gig for You?
This will vary from person to person.
Typically, if you have a love for adventure and live a simplistic life, this could be the perfect side hustle for you.
You can make money while not paying to travel the world and not pay rent. Plus you can work another side hustle or full time job at the same time.
What if you could use your housesitting gig to see the world?
Can you picture yourself waking up to a sunrise over the Tuscan hills, or enjoying a peaceful afternoon in a cozy cottage in the Cotswolds, all without the cost of accommodation eating into your budget?
This fantasy can be your reality through a unique travel approach: house sitting while exploring the globe.
House sitting opens doors to experiences far beyond those of a typical tourist. When stepping into the life of a local, you not only enjoy the comforts of a home but also immerse yourself in the local culture, customs, and way of life—something you can’t put a price tag on.
Yes, please. Sign me up!
House Sit Match
A trusted network for house sitters, pet sitters, house owners, and pet owners.
Our dedicated Free live-in house sitters ensure pets stay safe and happy at home, granting owners peace of mind while they travel.
Check It Out
How do I become a house sitter?
Becoming a professional house sitter starts with the right mindset and preparation. To embark on this exciting venture, follow a systematic approach to gain trust, experience, and create opportunities that could lead to paid gigs.
Here’s a quick guide to set you on your path:
Self-Assessment: Evaluate if the lifestyle suits you. Comfort with travel, adaptability, and responsibility are key.
Research: Learn about the expectations and requirements of the job by engaging with existing house sitters or homeowners.
References: Start with house sitting for friends or family to garner initial references and practical experience.
Online Presence: Sign up for reputable house sitting websites and create a compelling profile that highlights your unique offering.
Reviews: Ask for reviews on each of your housesitting gigs to build up your portfolio.
Stay Booked: If you are consistently booked, then repeat homeowners will reach out sooner to book your services.
By taking these steps, you’re well on your way to securing your first gig as a house sitter and potentially turning it into a rewarding path to see the world.
Setting Yourself up for Success to House Sit
Gain Experience and Build Credibility
Embarking on a journey in house sitting may feel like a daunting task at first, especially when experience seems like a prerequisite to getting started. Yet, remember every expert was once a beginner.
Follow these tips to gain experience and build a rock-solid credibility:
Volunteer: Offer to house sit for friends, family, or colleagues to gather firsthand experience and positive testimonials.
Document Everything: Keep a record of your sits, including photos and detailed notes, to showcase your experience to future clients.
Ask for Reviews: After each sit, ask the homeowner for a review that you can use on housesitting platforms or your personal website.
Improve Continuously: Each house sit is a learning experience. Take feedback seriously and work to enhance your service.
Join a Community: Engage with other house sitters online or in person to exchange tips, seek advice, and stay motivated.
Remember, each home cared for and each pet pampered brings you one step closer to becoming a seasoned and sought-after house sitter.
Creating an Impressive House Sitting Profile
First impressions count tremendously, and in the world of house sitting, your profile is your digital handshake.
A stellar profile not only introduces you to potential clients, but it also demonstrates your professionalism and suitability for house sitting opportunities.
Include clear information about your past house-sitting jobs, mentioning the names of the homeowners (with their permission), specific locations, and the range of responsibilities you held during each assignment.
Emphasize specific house-sitting skills that you excel in, such as high-level cleaning capabilities or exceptional resourcefulness in unexpected situations.
Highlight any certifications that enhance your qualifications for house-sitting, particularly those that resonate with pet owners, like pet CPR or first-aid certifications.
If you have experience in managing household emergencies, stress situations, or particular types of pets, ensure this is prominently noted.
House sitting as a full-time lifestyle
Whether you’re a digital nomad, in between jobs or studies, retired, or simply looking for a break from the norm, long stay house sitting could be for you.
Make money and travel the world. Sounds like a good deal, right?
Get Started
Finding Opportunities for Paid House Sitting
Utilize Specialized House Sitting Directories
Exploring specialized housesitting directories can be your gateway to a myriad of housesitting opportunities. Here’s how you can make these directories work for you:
TrustedHousesitters: Get connected with homeowners across the globe and enjoy perks like a 24/7 vet advice line and insurance guarantees.
House Sitters America: An affordable platform offering a user-friendly interface and a variety of features for people seeking house sitting jobs across the U.S., with an annual fee of just $30.
House Sit Match: Offers an international platform where members can create personal profiles with videos, search and apply for a variety of house sitting services across different countries, and secure arrangements with legally approved contracts.
MindMyHouse: Access a global database where you can apply to house sits and finalize details with secure forms provided on the site.
HouseCarers: Navigate assignments with ease and get alerts for opportunities that match your preferences.
Luxury House Sitting: The opportunity to stay in exquisite homes and care for pets while exploring local culture and making new friends, all for a nominal yearly membership fee.
Build a robust profile on these directories, illustrating your experience, skills, and even why homeowners should trust you with their precious homes and pets.
House Sit Match
A trusted network for house sitters, pet sitters, house owners, and pet owners.
Our dedicated Free live-in house sitters ensure pets stay safe and happy at home, granting owners peace of mind while they travel.
Check It Out
Leverage Social Media and Networking
Social media and networking are vital cogs in the wheel of modern housesitting success. Make sure to have a solid strategy in place to enhance your visibility and connect you with the right opportunities.
Create a Professional Image: Establish a dedicated Facebook page or Instagram profile showcasing your housesitting adventures and testimonials.
Networking Events: Join home and pet owner meetups to discuss your services and share stories.
Engage with Communities: Participate in forums and groups related to house sitting, pets, and travel to position yourself as a knowledgeable and reliable sitter.
Word of Mouth: Encourage clients to share your services digitally—from a simple share of your profile to tagging you in a post about their great experience.
Collaborations: Team up with pet-related or travel influencers for your mutual benefit. They spread the word about your services, and you provide content and insights for their platforms.
Remember to be genuine and helpful online. Consistency and kindness tend to yield more benefits than aggressive self-promotion.
The Art of Landing Lucrative House Sitting Gigs
Crafting Your Pitch: Stand Out in Your Application
When it comes to landing that house sitting gig, the application you submit is your golden ticket. Crafting a pitch-perfect application can set you apart from the crowd. Here’s how you can ensure your application shines:
Tailor Your Message: Show you’ve read the listing by referencing specifics—like the pet’s names and unique home features.
Highlight Relevant Skills: If they have a garden that needs tending, mention your green thumb. Got experience with exotic pets? That’s worth noting, too.
Strike a Balance: Be professional yet personable. Show your personality and expertise, but keep it clear that you’re serious about their needs.
Prompt Replies: From the initial application to follow-up communications, respond promptly to show you’re attentive and eager.
Ask Intelligent Questions: Clarify any uncertainties and show genuine interest in the specifics of the house sit.
Above all, remember that your application is a reflection of you. Make every word count, and let your dedication to being an exceptional house sitter be evident.
Negotiating Payment: Tips for Reaching an Agreement
Negotiating payment is a nuanced art, especially in house sitting where assignments can vary widely. Here’s a cheat sheet to navigate the payment conversation gracefully and effectively:
Research Rates: Know the going rate for similar housesitting services in the area. According to Care.com, most housesitting gigs pay between $50-100 per day. Obviously, location, price of the home, and job details can fluctuate this amount. 1
Assess Value: Estimate the value you provide, taking into account any additional responsibilities like pet care or gardening.
Open Dialogue: Initiate the conversation on payment terms confidently but diplomatically.
Be Transparent: Clearly articulate what your rate includes and be open about any potential extra charges.
Flexibility: Be prepared to negotiate and find a middle ground that respects your worth while accommodating the homeowner’s budget.
Most importantly, remember that your time and services are valuable. A fair agreement is one where both parties feel respected and satisfied. Don’t forget you will be earning 1099 income, so account for taxes!
Essential Skills and Knowledge for Professional House Sitters
Understanding the Responsibilities of a House Sitter
Embracing the role of a house sitter means stepping into a realm of varied and significant responsibilities. You’re not just occupying a space; you’re safeguarding a home and all it encompasses. Here’s what’s typically expected:
Maintenance: Keeping the house tidy and overseeing any routine upkeep.
Pet Care: If furry friends are in the mix, feed, walk, and provide the essential company they need.
Garden & Plants: Hydrate indoor plants and possibly manage an outdoor garden.
Security: Perform regular checks, activate alarm systems, and maintain a presence that deters potential intruders.
Emergency Handling: Be ready to address unexpected scenarios, from leaks to power outages.
Understanding these duties is the cornerstone of professional house sitting, ensuring peace of mind for homeowners and a reputable standing for you.
Managing Client Expectations and Providing Exceptional Service
Exceeding a homeowner’s expectations isn’t just about fulfilling a checklist; it’s about delivering comfort and trust through your service. Here’s how to excel in managing client expectations and providing a level of service that gets you invited back time and time again:
Clear Communication: From the start, clarify what services you’ll provide and understand the homeowner’s needs and concerns.
Professionalism: Treat the housesitting assignment with the same dedication and commitment you would any other job.
Attention to Detail: Take note of specific instructions and preferences. Homeowners appreciate when you care for their home as they would.
Regular Updates: Keep homeowners informed about how everything is going, especially regarding their pets’ well-being.
Leave a Positive Lasting Impression: Ensure the home is clean and welcoming upon the homeowners’ return. Maybe even getting fresh flowers for the dining room table on their return.
By managing expectations and delivering exceptional service, you build a reputation that enhances your portfolio and opens doors to new opportunities.
Navigating Legal and Financial Aspects
Setting Smart Pay Preferences and Rates
Determining your pay preferences and setting your rates calls for a strategic blend of self-awareness and market understanding. Here’s how to set intelligent rates that reflect your value:
Self-Evaluation: Consider your level of experience, the range of services you offer, and what sets you apart from others.
Market Research: Look into the average rates for house sittersin your target locations and skill set.
Expenses: Account for any travel or incidental expenses you may incur while house sitting.
Define Your Rates: Set a base rate for standard responsibilities and consider additional fees for extra services such as pet care or extensive gardening.
Be Clear & Upfront: State your rates on your profiles and websites to maintain transparency with potential clients.
Smartly set preferences and rates not only attract serious inquiries but also ensure you are adequately compensated for your commitment and services.
Insurance and Professional Cover Considerations
When stepping into someone’s home as a professional house sitter, it’s crucial to consider the layers of protection both for yourself and the property you’re responsible for.
Here’s what to keep in mind regarding insurance, professional coverage, and house sitting agreement:
Liability Insurance: Protect yourself against claims for damage or accidents that could occur during your stay. This is why many start by using a trusted site like Trusted Housesitters.
Personal Indemnity Insurance: If you’re advising on security or care, this can cover you for the advice provided.
Pet First Aid Certification: Not insurance per se, but it boosts credibility and reassures clients about their pet’s welfare.
Travel Insurance: Ensure it covers you for housesitting activities abroad if you’re traveling for gigs.
Understand Policies: If using platforms like TrustedHousesitters, know what their insurance offerings entail and how they apply to you.
Having the right cover is an investment in your business—it not only gives peace of mind but also enhances trust between you and your clients.
Growing as a Professional House Sitter
Learn From Every Assignment and Feedback
Every house sitting assignment is a classroom of its own. From bespoke routines to diverse pet personalities, each gig is an opportunity to grow professionally.
Reflect on Feedback: After completing a sit, take time to consider any feedback given—both praise and constructive criticism.
Continuous Improvement: Use each assignment to refine your skills, be it pet care, communication, or home maintenance.
Feedback Loop: Encourage homeowners to provide honest feedback to help you enhance service quality further.
Journal Experiences: Keep a detailed journal of your sits, noting what you learned and how you might improve. Plus small details to improve on repeat clients.
Proactive Learning: Seek out resources to bolster areas where feedback suggests there’s room for growth.
By treating each assignment as a learning experience, you not only become more adept at house sitting but also signal to potential clients that you’re committed to excellence.
Stay Informed and Adaptive to Industry Trends
The house sitting industry is alive with evolution, influenced by changing homeowner preferences, technological advancements, and a shifting global landscape. Staying ahead means being both informed and adaptable. Here’s how you can keep pace with the industry trends:
Market Research: Regularly check industry reports, surveys, and forums for the latest changes in house sitting rates and homeowner expectations.
Adapt Services: Be prepared to adjust your service offerings in response to new demands, such as smart home technology management or eco-friendly home care practices.
Embrace Technology: Utilize new apps and digital tools designed for house sitters to streamline bookings, client communications, and task management.
Professional Development: Attend workshops, webinars, or conferences focused on house sitting to expand your knowledge and network.
Growth Mindset: Treat every new trend or change as an opportunity to learn and expand your business to new markets and opportunities.
By embracing a commitment to continuous learning and flexibility, you position yourself at the forefront of the house sitting industry.
FAQs About Making Money Through House Sitting
Yes, it’s possible to earn a living exclusively from housesitting.
While it may require dedication to build a client base and can vary by location, those with strong reputations can find continuous opportunities. Diversifying services and locations can aid in maintaining a steady income.
For short-term house sitting gigs, rates may be higher due to the convenience factor for homeowners. In contrast, long-term sits may attract lower daily rates but offer steadier work.
Emphasize the value provided and seek a fair agreement that reflects the length and complexity of the job.
Unexpected costs in house sitting can arise, such as expenses for transportation, utilities, or emergencies. Clear agreements with homeowners about who covers these costs are crucial.
Always have a contingency plan and discuss potential unforeseen expenses in advance.
Ready to Start House Sitting as a Job?
In conclusion, venturing into the world of house sitting can be an exceptionally rewarding endeavor, offering you the unparalleled opportunity to explore new places while ensuring homeowners’ peace of mind.
House sitting is more than just a job; it’s a lifestyle that allows for flexibility, adventure, and personal growth.
By signing up with TrustedHousesitters, you’re not only stepping into a hub of global house-sitting opportunities. You’re also choosing a platform renowned for its extensive listings and high trust level among the community.
Recognized as the world’s largest site for house sitting, TrustedHousesitters connects you with a wide array of homeowners across the UK, Europe, North America, and Australia, broadening your horizons and making the small annual membership fee a worthwhile investment in your new house-sitting career.
With your enthusiasm, thoughtful profile, and personalized approach to each application, you are setting yourself up for success. Your open availability is a prime time to make money.
So why wait? Sign up, create your profile, and get ready to embark on your house-sitting journey with TrustedHousesitters today!
House sitting as a full-time lifestyle
Whether you’re a digital nomad, in between jobs or studies, retired, or simply looking for a break from the norm, long stay house sitting could be for you.
Make money and travel the world. Sounds like a good deal, right?
Get Started
Source
Care.com. “House sitting rates: How to determine fair pay every time.” https://www.care.com/c/house-sitting-rates/. Accessed March 7, 2024.
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National mortgage rates sunk on all loan terms from a week ago, according to rate data compiled by Bankrate. Rates for 30-year fixed, 15-year fixed, 5/1 ARMs and jumbo loans all fell.
While it’s expected that rates will gradually come down this year, there may be some fluctuations.
At its Jan. 31 meeting, the Federal Reserve announced it would hold off changing rates, but could cut rates in the future. At their March 20th meeting, the Fed will update their outlook on rates. Rate changes affect many areas of the economy, including the 10-year Treasury, a key benchmark for fixed-rate mortgages.
“Where the 10-Year Treasury yield goes, mortgage rates will follow,” says Ken Johnson of Florida Atlantic University. “In roughly the last two months, the 10-year Treasury yield is up 50 basis points. Depending on the source, the 30-year mortgage rate is up 48 basis points. Treasurys’ path remains a coin toss at this point.”
Rates last updated March 11, 2024.
The rates listed above are Bankrate’s overnight average rates and are based on the assumptions shown here. Actual rates listed within the site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Monday, March 11th, 2024 at 7:30 a.m.
Today’s 30-year mortgage rate trends down, -0.17%
The average rate you’ll pay for a 30-year fixed mortgage today is 6.95 percent, a decrease of 17 basis points over the last week. Last month on the 11th, the average rate on a 30-year fixed mortgage was higher, at 7.14 percent.
At the current average rate, you’ll pay principal and interest of $661.95 for every $100,000 you borrow. That’s down $11.43 from what it would have been last week.
There are several benefits to choosing a fixed-rate mortgage when buying new house, including predictable mortgage payments.
Read more: What is a fixed-rate mortgage and how does it work?
15-year mortgage rate declines, -0.13%
The average rate for the benchmark 15-year fixed mortgage is 6.47 percent, down 13 basis points from a week ago.
Monthly payments on a 15-year fixed mortgage at that rate will cost around $869 per $100,000 borrowed. Yes, that payment is much bigger than it would be on a 30-year mortgage, 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.
5/1 ARM rate eases, -0.05%
The average rate on a 5/1 adjustable rate mortgage is 6.43 percent, ticking down 5 basis points over the last 7 days.
Adjustable-rate mortgages, or ARMs, are mortgage 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 sell or refinance 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 6.43 percent would cost about $627 for each $100,000 borrowed over the initial five years, but could ratchet higher by hundreds of dollars afterward, depending on the loan’s terms.
Current jumbo mortgage rate dips, -0.10%
The average jumbo mortgage rate is 7.03 percent, down 10 basis points from a week ago. This time a month ago, the average rate was higher at 7.20 percent.
At today’s average jumbo rate, you’ll pay a combined $667.32 per month in principal and interest for every $100,000 you borrow. That’s $6.74 lower, compared with last week.
Mortgage refinance rates
30-year mortgage refinance rate slides, -0.17%
The average 30-year fixed-refinance rate is 6.94 percent, down 17 basis points over the last week. A month ago, the average rate on a 30-year fixed refinance was higher at 7.18 percent.
At the current average rate, you’ll pay $661.28 per month in principal and interest for every $100,000 you borrow. That’s a decline of $11.43 from last week.
Where are mortgage rates going?
With inflation still above the Fed’s 2 percent goal and the job market holding strong, the Fed isn’t likely to cut rates at its March meeting.
“The Federal Reserve will not cut interest rates in the first half of this year, in my view,” says Lawrence Yun, chief economist of the National Association of Realtors, “but rate cuts of three, four or even five rounds will be possible in the second half of the year as rent measures will be much more well-behaved.”
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 these 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.
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.