Phoenix is a city that offers so much more than a typical desert experience. As the fifth-largest city in the United States, those lucky enough to own a home in Phoenix enjoy year-round sun and the ability to easily explore its natural landscape at the drop of a hat.
Whether you’re hitting the links on a world-class golf course, cheering on the Phoenix Suns, or enjoying a stroll through Papago Park, Phoenix is known for a whole lot, and with good reason.
Below is a brief breakdown of ten of the top things Phoenix is known for. So, put on some sunscreen, dawn your finest tanktop, and join us on a journey through this stunning desert city.
1. World-renowned golf courses
Phoenix is a paradise for golfers with tons of world-class courses. These courses are celebrated for their challenging layouts and stunning desert backdrops. Facilities like TPC Scottsdale and the Phoenix Country Club offer top-tier golfing and host professional tournaments, attracting golfers from all over. Needless to say, many dedicated golfers dream about finding an apartment in Phoenix at some point in their lives.
2. The Phoenix Suns
The Phoenix Suns are an integral part of the city’s identity. They bring unparalleled energy and excitement to every Phoenix neighborhood. One of the city’s two major league sports teams, they play home games at the Footprint Center, where fans gather in droves to support their team.
3. Year-round sun
One of Phoenix’s most appealing features is its year-round sun. This sunny standard allows for an active lifestyle, whether it’s hiking, biking, or simply kicking back by the pool under a well-placed umbrella.
4. Papago Park
Papago Park is a staple for outdoorsy types in Phoenix. Known for its distinctive red sandstone formations and comprehensive network of trails, the park is perfect for hiking, cycling, and even fishing in its stocked ponds. The park also houses the Phoenix Zoo and Desert Botanical Garden, making it a solid destination for nature lovers and large families alike.
5. Arizona Diamondbacks
The Arizona Diamondbacks are Phoenix’s MLB team. This team holds a special place in the hearts of sports fans across the state and the entire southwest. Playing their home games at Chase Field, attending a DBacks game is always a great way to spend a day in Phoenix. Their 2001 World Series win remains one of the proudest moments in the city’s history.
6. Saguaro cacti
As a desert city, Phoenix is known for its cacti. The iconic Saguaro cactus is forever linked with the Phoenix landscape. These towering cacti can live over 150 years and are a vital part of the desert ecosystem. They provide homes for desert wildlife and add to the iconic natural beauty that Phoenix is known for.
7. Musical Instrument Museum
Phoenix is home to one of the more unique museums in the country, the Musical Instrument Museum (MIM). The MIM showcases over 6,800 instruments from around the world. The MIM provides a deep dive into the fascinating world of music with galleries featuring instruments from every country. Interactive, engaging, and educational, the museum is a one-of-a-kind place that resonates with music lovers of all ages.
8. Desert Botanical Garden
The Desert Botanical Garden is another gem in Phoenix, dedicated to conserving desert plants. With more than 50,000 plant displays showcased in outdoor exhibits, the garden emphasizes the beauty and diversity of desert flora. It also serves as a center for research, conservation, and education on desert environments.
9. South Mountain Park and Preserve
As one of the largest municipal parks in the United States, South Mountain Park and Preserve has more than 16,000 acres of desert landscape. This sprawling park is a haven for hikers, bikers, and horseback riders with its plentiful trails and panoramic city views from Dobbins Lookout.
10. Heard Museum
The Heard Museum showcases Native American art and attracts visitors with its insightful exhibitions and collections. The museum presents historical artifacts and contemporary art, illustrating the history and living cultures of Native peoples of the Southwest.
Investors evaluating precious metals often ask: gold vs silver, which is better for investors? In this comparison, discover the investment merits of gold’s stability and silver’s industrial relevance, geared towards helping you decide which metal suits your financial strategy. Without leaning towards one or the other, this article presents a balanced view to inform your choice.
Key Takeaways
Gold and silver serve as a store of value and a hedge against inflation, with gold mainly being an investment asset while silver has significant industrial applications, impacting their price volatility and investment suitability.
Gold is revered as a safe haven asset, attracting investment during economic turmoil and serving as an inflation hedge, while silver’s dual role in industry and investment sectors offers growth potential and affordability.
Investors should consider precious metals within a diversified portfolio and can choose between physical metals, ETFs, or mining stocks, each with its own benefits and risks, and should evaluate after-inflation returns and personal financial goals to decide between gold and silver.
Gold and silver, the titans of precious metals, have long served as a reliable store of value and an effective inflation hedge. While gold primarily functions as an investment asset, offering potential for significant returns to those with larger capital, silver boasts an additional industrial role, broadening its appeal. However, investing in these precious metals isn’t as simple as stashing bars or coins in a safe. It involves dealing with price volatility and aligning your investment with long-term goals.
Adopting a buy-and-hold approach may serve investors best over the long term when investing in gold and silver. But why? It’s because the prices of these metals are shaped by a vast array of factors. Geopolitical issues, economic turmoil, and demands in the industrial sector all play a part in the daily dance of gold and silver prices. Understanding these factors can help you make informed decisions about when and how much to invest.
So why consider precious metals as part of your investment portfolio? They offer a unique combination of benefits:
Gold, with its reputation as a safe haven, attracts those looking for stability amidst market chaos
Silver, with its dual role in the industrial and investment sectors, offers an affordable entry point for investors with smaller capital
Both metals provide a robust way to diversify your portfolio and protect against inflation.
Understanding Gold’s Position as a Safe Haven Asset
Gold has long been a symbol of stability and security in the financial world. Its glittering history spans centuries, maintaining its value even in times of economic turmoil. It’s no wonder that in periods of global uncertainty or financial crises, investors often flock to gold, buoying its value and cementing its reputation as a safe haven.
One of gold’s most notable features is its role as an inflation hedge. As the cost of living increases, inflation hedge gold has shown a remarkable ability to preserve the real value of assets. This unique characteristic comes from how gold’s supply growth aligns with long-term global economic growth, helping to maintain its value during inflationary periods. This resilience, coupled with the tendency of investors to shift towards gold as a safe haven during inflation, can drive up its demand and price.
Given these factors, it’s clear why gold holds a revered place in the financial market. Whether you’re looking for a buffer against economic instability or an asset that can protect your buying power in the face of rising prices, gold stands firm as a reliable safe haven asset.
Silver’s Dual Role: Industrial Demand and Investment Segment
While gold may steal the spotlight for its luster and stability, silver plays a shining role of its own. Apart from being an investment asset, silver’s widespread industrial applications can drive up its price and enhance its investment appeal. In 2023, industrial applications reached a new record high, with photovoltaics usage increasing by a staggering 64%. China’s industrial demand for silver surged by 44% in the same year, predominantly driven by growth in green applications such as:
photovoltaics
solar panels
batteries
electronics
medical devices
These industrial applications highlight the versatility and value of both silver and silver bullion coins as an investment.
Due to its significant industrial use and affordable price point, silver is an accessible option for investors with smaller amounts of capital. However, the silver lining has a cloud. During economic downturns, silver’s industrial use can result in a drop in demand and a corresponding price drop. This volatility underscores the need for investors to consider their risk tolerance when investing in silver.
Despite its volatility, the forecast for silver demand in 2024 predicts a growth of 2%, with industrial production expected to achieve new records. This projected growth, along with silver’s role in portfolio diversification and potential for future price appreciation, suggests that silver’s investment appeal may shine brighter in the future.
Including gold and silver in a diversified portfolio can enhance performance during market volatility and inflation. Financial advisors often suggest allocating 5-10% of an investment portfolio to commodities like gold and silver for diversification purposes. The logic is simple: gold offers diversification due to its historically low correlation with other financial assets such as stocks and bonds.
The inclusion of gold and silver, primarily an investment asset class, which unlike an asset produces cash flow, can act as an uncorrelated asset relative to equities, serving to diminish the total volatility of the portfolio.
Some benefits of including silver in your portfolio are:
Silver has significant industrial applications
It is positively correlated with periods of economic growth
Anticipated growth in areas such as renewable energy and artificial intelligence suggests an expanding demand for silver.
However, it’s crucial for investors to consider the following factors when determining the fit of precious metals within their investment strategies:
Potential costs for secure storage of precious metals
The speculative nature of precious metals
Due diligence and careful consideration of your financial circumstances
As with any investment decision, due diligence and careful consideration of your financial circumstances are key, including addressing portfolio risk management requirements.
While investing in physical precious metals has its appeal, precious metal mining stocks offer an intriguing alternative. Gold stocks provide a leveraged play that can outperform physical gold when prices rise, offering substantial potential for capital gains. The reason? Mining stocks do not just reflect the value of the precious metal. They also include the prospects of mining companies themselves.
Compared to physical gold, gold stocks offer several advantages:
They are more liquid and can be easily bought and sold.
They can provide additional income through dividends paid by established, profitable mining companies.
Investors can benefit from the expansion of mining operations and reap profits from significant new gold discoveries.
These advantages make gold stocks an enticing option for those looking to diversify their portfolio.
Moreover, by choosing gold mining stocks, investors can avoid the extra costs associated with the storage and security of physical gold. This can make gold stocks a more convenient and cost-effective alternative for investors who want exposure to gold without the logistical challenges of owning physical metal.
Physical Bullion vs. ETFs: Choosing Your Investment Vehicle
When considering precious metals as part of your investment strategy, it’s essential to explore all available options. Physical bullion and exchange-traded funds (ETFs) present two distinct investment vehicles, each with its own set of advantages and challenges. Gold ETFs, for instance, offer enhanced liquidity compared to physical gold, allowing investors to quickly buy and sell shares without facing the logistical challenges tied to physical transactions of gold.
Investing in gold ETFs can also be more cost-effective over time. Investors do not have to deal with the costs of purchasing and maintaining physical gold, and the responsibilities of securing and insuring the physical gold are professionally managed by the fund. However, it’s crucial to remember that the value of shares in gold ETFs may not track the price of gold precisely, as the fund’s expenses could slightly erode the value of these shares over time.
On the other hand, investing in physical gold comes with its own set of considerations. Apart from the allure of owning a tangible asset, investors must account for costs such as storage fees, insurance, and potentially higher dealer premiums over the market price. Additionally, purchasing physical gold requires vigilance due to the risks of scams, necessitating transactions with reputable dealers and possible appraisal costs, which add to the overall investment expense.
Evaluating After-Inflation Returns: Gold vs. Silver
When it comes to returns, it’s crucial to look beyond the nominal figures and consider the real value – the after-inflation returns. And in this regard, the performance of gold and silver may not be as glittering as one might expect. However, these precious metals have historically provided a hedge against inflation, offering returns that outpace inflation over certain periods. Here are some key points to consider:
Gold and silver can serve as a portfolio diversifier, helping to reduce risk.
Silver, due to its abundance, may have less upside potential compared to gold.
Both gold and silver have historically provided a hedge against inflation.
While the after-inflation returns of gold and silver may not always be stellar, considering past investment product performance, they can still play a valuable role in a well-diversified investment portfolio, remaining steady amid inflation uncertainties.
Gold tends to perform well during economic downturns and protections against inflation; studies confirm a positive correlation between the rising cost of living and the value of both precious metals. This ability to preserve wealth becomes particularly valuable during periods of high inflation, increasing their attractiveness as part of an investment strategy.
While the after-inflation returns for gold and silver may not be highly impressive when compared to other investments, rising inflation typically enhances their attractiveness as part of an investment strategy. This context underscores the importance of considering multiple factors – including inflation, market conditions, and personal financial goals – when evaluating the potential returns on your investment in gold and silver.
Making the Decision: Should You Buy Gold or Silver?
So, armed with all this knowledge, how do you decide between gold and silver? The answer isn’t one-size-fits-all. Investors should assess their individual financial circumstances and objectives when considering gold or silver investments, as the suitability can greatly vary depending on personal financial situations and goals.
The choice between gold or silver as a better investment option hinges largely on the individual’s risk tolerance and comfort with each investment strategy. It’s crucial to remember that while both precious metals can serve as hedges against inflation and economic downturns, they also present unique risks and opportunities. For instance, gold’s role as a safe haven asset may appeal to those seeking stability, while silver’s industrial applications and lower price point could attract investors looking for growth and affordability.
Before making the final call, it’s advisable to seek the guidance of a financial advisor to evaluate the appropriateness of gold or silver investments for your portfolio. Additionally, conducting independent research into gold and silver investment strategies can help you make a well-informed decision. Armed with knowledge and guided by your financial goals, you are well-equipped to make the golden (or silver) choice that’s right for you.
Summary
When it comes to precious metals, gold and silver stand as powerful contenders. Their unique characteristics offer distinct advantages for investors, making them an appealing inclusion in a diversified portfolio. Gold, with its safe-haven status, serves as a buffer against economic instability, while silver, with its industrial applications and affordable price, presents growth opportunities and accessibility to investors.
Ultimately, the decision to invest in gold, silver, precious metal mining stocks, or any other asset class should be guided by a thorough understanding of your financial goals, risk tolerance, and market conditions. It’s not about choosing the shiniest option, but the one that aligns best with your investment strategy and financial aspirations. So, whether you’re drawn to the allure of gold or the versatility of silver, remember – knowledge is the most precious asset of all.
Frequently Asked Questions
What factors influence the price of gold and silver?
The prices of gold and silver are influenced by various factors, including global economic stability, inflation rates, currency values, interest rates, and mining supply. Geopolitical events and investor sentiment can also cause significant price fluctuations.
Can I invest in gold and silver without owning physical metals?
Yes, investors can gain exposure to gold and silver without owning physical metals by investing in exchange-traded funds (ETFs), mining stocks, or mutual funds that focus on precious metals.
How does the industrial demand for silver affect its investment value?
The industrial demand for silver, particularly in technology and renewable energy sectors, can significantly affect its investment value. As demand for industrial applications rises, the price of silver may increase, potentially offering capital gains to investors.
What risks are associated with investing in precious metals?
Investing in precious metals carries risks such as market volatility, liquidity issues, and potential losses if prices decline. Additionally, physical metal investments may incur costs for storage and insurance.
Are there any tax considerations when investing in gold and silver?
Yes, there are tax considerations when investing in gold and silver. Capital gains on precious metals may be subject to taxation, and the tax treatment may differ depending on the investment vehicle (e.g., physical metals, ETFs, stocks). A tax professional can help you with this.
How do geopolitical events impact gold and silver prices?
Geopolitical events can have a significant impact on gold and silver prices. Uncertainty and instability often lead investors to seek safe-haven assets like gold, which can drive up prices. Conversely, positive geopolitical developments can reduce demand for safe havens, potentially lowering prices.
What is the best way to track the prices of gold and silver?
Investors can track the prices of gold and silver through financial news websites, commodity exchanges, and market data services. Many investment platforms also provide real-time pricing information for precious metals.
How do central bank policies affect gold and silver investments?
Central bank policies, such as interest rate adjustments and quantitative easing, can affect the value of currencies and influence investor sentiment towards precious metals. Policies that lead to currency devaluation can increase the attractiveness of gold and silver as a store of value.
Austin is hailed by many as the “Live Music Capital of the World.” This self-proclaimed weird city has it all from an emerging comedy scene to some of the most talented chefs in the country.
Whether you’re looking for an apartment on 6th Street, enjoying some world-famous barbecue from Franklin, or soaking in Ladybird Lake, Austin provides activities for all.
Let’s dive a bit deeper into this fast-growing city and finally find out what Austin is really known for.
1. Live music
Austin’s identity is deeply intertwined with its live music scene, which resonates through the city’s veins all year. Venues range from intimate bars to grand concert halls, providing a stage for everything from blues and country to rock and indie. The city’s commitment to musical diversity is on full display during the annual Austin City Limits, which draws artists and audiences from around the globe.
2. Stand-up comedy
Beyond music, Austin has the fastest-growing comedy scene in the country. The city is home to an increasing number of comedy clubs and theaters, like Vulcan Gas Company and Comedy Mothership, where the future stars of comedy are cutting their teeth right now.
3. 6th Street
Renowned for its energetic atmosphere, 6th Street is at the heart of Austin’s nightlife. Those lucky enough to find a home near 6th Street enjoy the many bars, clubs, and concert venues that line the street.
4. Franklin Barbecue
Franklin Barbecue is a pilgrimage site for meat eaters. Known for its smoked brisket and ribs, this restaurant has earned a cult following and international acclaim. The line outside Franklin starts early in the morning, with people waiting to taste their slow-cooked meats. Be prepared, items often sell out within hours. Get there early!
5. Ladybird Lake
Ladybird Lake is a peaceful retreat in the heart of the city with picturesque views and plenty to do. Paddleboarding, kayaking, and canoeing are popular ways to explore the lake, while the surrounding trails invite joggers and cyclists to enjoy the scenic routes. This natural oasis is a favorite for many Austin locals when the weather allows.
6. Zilker Park
Zilker Park is Austin’s premier green space, spanning over 350 acres. It’s a central spot for outdoor activities, community events, and anything outdoors. The park is home to the Zilker Botanical Garden, Barton Springs Pool, and plenty of picnic and play areas, making it an ideal spot for a sunny day in Austin.
7. SXSW
South by Southwest (SXSW) is an annual festival that has put Austin on the map as a major center for technology, film, and music. This multi-week event showcases the latest in entertainment and tech. Beyond that, it fosters economic and creative interaction among professionals across the globe.
8. The University of Texas at Austin
The University of Texas at Austin is one of the largest and most respected universities in the United States. Its beautiful campus is located in the heart of the city and contributes to Austin’s youthful atmosphere and intellectual energy. The university is a major employer and plays a key role in the city’s community and economy.
9. Mount Bonnell
Mount Bonnell is one of Austin’s oldest tourist attractions, offering stunning views of the Colorado River and the surrounding hill country. A short climb to the top rewards visitors with panoramic city views and is a popular spot for sunsets, picnics, and photo opportunities.
10. Texas State Capitol
The Texas State Capitol stands as a symbol of Texan pride and history. Visitors can explore the public spaces and beautiful grounds, or join a guided tour to learn about Texas’ legislative process and history.
Welcoming a new addition to the family is an exciting and joyous occasion, and preparing a nursery is often one of the most anticipated tasks for expectant parents. The nursery is not just a room; it’s a sanctuary where your little one will spend countless hours sleeping, playing, and growing during their formative years. Curating the perfect nursery involves thoughtful consideration of both functionality and aesthetics. Check out these nursery decor ideas from experts to see curated recommendations.
Nursery decor: Tips and tricks to test out
“A nursery should spark calm,” Taylor Clarke, mom and founder of Amborella Organics seed-bearing lollipops. “We do this with earth-toned colors, living plants, and objects like a star-shaped plush that remind us how magical this time of life is.” As we dive into other expert opinions on curating the perfect nursery, Clarke reminds us to not forget the magic of this stage of life.
Establish your vision
Before diving into decorating, take some time to envision the atmosphere you want to create. Consider themes, color schemes, and overall ambiance. When it comes to a theme or color palette, Bowy Lou recommends choosing something that resonates with you. “Whether it’s a nature-inspired theme, a classic color scheme, or a whimsical motif, this will guide your choices in furniture, decorations, and textiles,” the Bowy Lou team recommends. “Additionally, if you’re looking to save money, you might be able to keep an eye out on online reselling platforms such as Facebook Marketplace or thrift shops to begin gathering or collecting items that meet your aesthetic.”
Choose a calming color palette and utilize natural materials
Selecting the right color palette sets the tone for the entire room. “Opt for soft, neutral hues like pastel blues, greens, creams, light grays, or gentle yellows to create a calming atmosphere conducive to relaxation, sleep, and independent play,” Karri Bowen-Poole, founder and CEO of Smart Playrooms and Project Playroom recommends.
Ashley Morrisey with Western Sky Photography recommends considering your preferences when selecting a color palette. “You may have heard there are colors that make a room bright or enhance specific feelings, so it would make sense to choose those that add to the calm, soothing environment you want,” Morrisey begins, “but, it’s equally as true that choosing colors you love will help make the room a space you’ll enjoy spending lots of time in with your baby, and let’s be honest, you’ve got a lot of future diaper changes, feedings, play times, and bedtimes in this room.”
Embrace nature-inspired elements as well, to bring an element of texture to the room. “Incorporating furniture and decor made from natural materials like wood and cotton will evoke a sense of warmth and comfort while also minimizing exposure to harsh chemicals,” Bowen-Poole suggests. Consider adding potted plants or a small indoor garden to purify the air and further create a calming, nature-inspired environment.
Frankie Wallace, owner of LoveFrankieArt.com, echoes the importance of a balance between colors and natural elements. “Opt for soft, neutral colors such as taupe or soft grey, and choose patterns that are subtle and gentle, like small polka dots, stripes, or delicate floral prints. These create a serene atmosphere without overwhelming your baby’s delicate senses, and are also calming for parents too,” Wallace notes. “Nature-inspired accents like potted plants, botanical prints, or nature-themed wall decals are also great to incorporate. Nature has a calming effect and can help create a peaceful atmosphere in the nursery.”
Invest in quality furniture
Key furniture pieces like a crib, changing table, and storage units are essential for a functional nursery. “Incorporating vintage or heirloom pieces such as a solid wood dresser passed down from a relative, or one with a marble top discovered at an antique shop will have lasting design power over many store-bought dressers,” Darcy Oliver, founder of Darcy Oliver Design recommends. “The dresser can also act as a changing station for your baby, so be mindful of a size that could accommodate a changing pad.”
Convertible furniture, such as cribs that transform into toddler beds, offers long-term value and versatility. “Searching for the perfect crib may seem like a daunting task, but I recommend buying this item new or fairly new for safety reasons,” Oliver recommends.
Prioritize safety
Safety should be a top priority when designing a nursery. Ensure that furniture meets safety standards, anchor heavy items to the wall to prevent tipping, and eliminate any potential hazards such as loose cords or small objects that could pose a choking risk.
A comfortable crib mattress and soft, breathable bedding are essential for promoting safe and restful sleep. Choose bedding made from organic materials and avoid heavy blankets or pillows, as they can increase the risk of Sudden Infant Death Syndrome (SIDS).
Add personal touches
Infuse the nursery with personal touches that reflect your style and values, like name-centric decor. Name decor is also an easy way to make the room feel personalized. “Monogramming the space above your baby’s bed is a popular design concept. The monogram makes their room even more personalized and their own,” Sara from Lizz and Roo notes. “Similar to a monogram, framing their name above their bed is a great personalization to have for them to make their room their own.”
“I remember when my son was about to be born – all of a sudden I wanted to clean and organize my house and create the perfect nursery. I posted this random information on Facebook, and immediately a consensus was formed: I was “nesting,” Crystal Waddell, president of Collage and Wood shares.
“Over the years, as my company has grown, we serve mothers all over the world who want to personalize the walls for their new baby. And when I say I get it, you now know, I totally get it. Think custom lettering, themed wooden cutouts, or your baby’s name in a giant script font, these items create that perfect personalized space for your baby and help you meet your nesting needs.”
Consider sensory stimulation
Stimulate your baby’s senses with visually engaging elements like mobiles, wall decals, and textured rugs. Soft lighting, such as dimmable lamps or string lights, creates a cozy atmosphere conducive to relaxation.
Leave room to grow
Remember that your baby will grow quickly, and their needs will evolve over time. “If the nursery will eventually morph into your child’s room, having the flexibility to change the room into the next stage is key,” Sandra Gordon, owner of Baby Products Mom, notes. “That next stage could be in a year or so when your baby-turned-toddler-turned-preschooler starts to have an opinion. Ideally, for a convertible nursery, you should be able to lift anything babyish, such as artwork, out of the room. In other words, keep babyish items off permanent surfaces, such as pink or blue walls or carpets. But if the room will be a dedicated nursery for years to come (for your next babies), go ahead and baby-ify all you want.”
Fariha Nasir, with Pennies for a Fortune, echoes the sentiment of keeping the future in mind. “Focus on sourcing high-quality pieces that will grow with the child. Same with seating – furniture that’s marketed as nursery furniture like rockers and gliders isn’t always great quality. Getting a stylish yet comfortable armchair with a separate ottoman will provide the same comfort and functionality,” Nasir shares. “That nursing chair can later be part of a reading corner for the room in the future.”
Incorporate functionality into your nursery decor
Babies come with a lot of stuff, from diapers and clothes to toys and books. Maximize storage space with bins, baskets, shelves, and closets to keep essentials organized and easily accessible. “In small spaces, floor space is a precious commodity so get things off the floor wherever you can,” Lisa Janvrin, with Janvrin and Co, suggests. “This means installing storage and lighting on the walls. There are tons of options for floating bookshelves, side tables, and plug-in wall sconces that are adorable and functional.”
In terms of nap and nighttime routines, nightlights or dimmers can also help create a soothing atmosphere when darkness is important, Kristeen Waddell notes. “Lack of lighting is everything. Invest in blackout curtains to regulate light and promote better sleep, especially during daytime naps. However, you will want a nice overhead light for play, too,” Waddell shares.
Choose soft flooring options
Opt for soft flooring materials like carpet or area rugs to provide a comfortable and safe surface for your baby to crawl and play. “A soft rug is a must-have for tummy time and a cozy place for baby to explore the world,” Caitlin De Lay notes. “Functional pieces will grow with your child and create a calming space to bring the baby home; plus, they can all double as design accents.” Choose rugs with low pile or natural fibers that are easy to clean and hypoallergenic to minimize the risk of allergies.
Design a nursing nook
“There needs to be comfortable seating for nursing a baby, with a footstool,” Medina King, creative director of MK Kids Interiors says. “This could be in the form of a stylish rocker or a comfortable armchair with a pouffe. Parents will spend a lot of time nursing and comforting babies in the early days of their lives, so it’s important to design it around the needs and comfort of the family and parents taking care of the baby.”
Lucy Bowman, with LucyJoHome.com, agrees, noting the importance of paying the nursery proper attention. “Nurseries are a place of rest and sweet memories and deserve attention,” Bowman shares. “The perfect nursery will have a comfortable and beautiful chair for parent and child to bond.”
Don’t be afraid to get creative with nursery decor ideas
Photographer, Kristal Bean, recommends adding an accent wall for a creative touch. “You’re not limited to just a different color for an accent wall — there are endless gorgeous wallpaper and large wall decal options, too,” Bean shares. “This is a simple way to customize the nursery, and you can probably get it done over a weekend. If you’ve already fallen in love with the wall color in your baby’s room, but you’re dying to add a little something extra to the space, wallpaper on the ceiling is an unforgettable touch.”
Savanna Nave, owner of SavannaBrooke.com, reminds to not forget flair and interest. “Add interest and character by either using wallpaper, a wall treatment (board & batten), patterned curtains, or a statement rug. All of these areas are a great way to incorporate color and a fun pattern,” Nave suggests. “When adding flair, stick to your style while also making the room baby-friendly and functional. If your style is boho, incorporate some of those features into the room.”
Consider soundproofing as part of your nursery decor
Minimize disruptions and create a peaceful environment for both you and your baby by soundproofing the nursery. Install heavy curtains or sound-absorbing panels to dampen outside noise, and consider using a white noise machine to mask any sudden sounds that could disturb your baby’s sleep.
Crafting a sanctuary for you and your little one
“As the parent, you will be spending a lot of time in that room with your baby”, Nina Spears, co-founder and editor-in-chief of baby chick, explains. “In the nursery, there needs to be a designated space for the baby to sleep, to feed, and to be changed. But, make a space in the room where you can rest with the baby and enjoy, too. This room should be a space that you love, it brings you joy and makes you feel calm. Your baby won’t care what it looks like, so make it functional and comfortable for you too.”
Curating and creating the perfect nursery is a labor of love that involves careful planning, creativity, and attention to detail. By following these guidelines and infusing your unique style and personality into the design, you can create a serene sanctuary where your little one can thrive and flourish. After all, there’s nothing more rewarding than seeing your baby surrounded by a space that is as beautiful and nurturing as they are.
Welcome to NerdWallet’s Smart Money podcast, where we answer your real-world money questions. In this episode:
Learn how scammers deceive victims by using AI for voice cloning and learn how you can protect yourself from other AI-related fraud.
How can you protect yourself from AI-driven scams that target your finances?
What new scams are happening as technology advances?
Hosts Sean Pyles and Sara Rathner discuss the alarming use of AI in scams and the future of fraud to help you understand how to safeguard your personal security. They begin with a discussion of AI-driven voice scams, with tips and tricks on recognizing potential fraud, staying informed about scam tactics, and the importance of open discussion to empower against scammer tactics.
Then, scam expert Bob Sullivan, author of “Stop Getting Ripped Off” and host of the podcast The Perfect Scam, joins Sean to discuss the broader implications of AI technology in scams. They discuss the potential for AI to personalize phishing attacks, the ease of creating convincing fake audio, and the importance of skepticism in the face of unexpected calls. Plus: the need for technology companies to embed safeguards, the role of societal learning in approaching unexpected calls, and the importance of verifying any financial requests you receive.
Check out this episode on your favorite podcast platform, including:
NerdWallet stories related to this episode:
Episode transcript
This transcript was generated from podcast audio by an AI tool.
Sean Pyles:
We already know that our robot overlords are coming, but in the meantime, while they plot, their artificial intelligence skills are being put to use by bad actors all over the world, utilizing technology to bilk people out of their money. That includes using AI to copy someone’s voice and demand ransom for a non-existent kidnapping.
Jennifer DeStefano:
I had a full conversation with my daughter. It was interactive. There was no pause. There was no break. There was nothing that would lead me to believe that it wasn’t her. So when the mom that stepped outside called 911, she came back in and she said, “Hey, 911 tipped me off that there’s a scam where they use AI and they can replicate anyone’s voice.” I didn’t believe it. It gave me hope, but I didn’t believe it.
Sean Pyles:
Welcome to NerdWallet’s Smart Money Podcast. I’m Sean Pyles.
Sara Rathner:
And I’m Sara Rathner. And Sean, that clip is as creepy as it gets.
Sean Pyles:
It is, and the story we’re going to hear today is as creepy and as awful as it gets as we wrap up our Nerdy deep dive into scams and identity theft and how to protect yourself from all of it so you don’t lose your life savings. Today we’re going to examine the future of the scam industry and the expanding role of AI.
Sara Rathner:
Yeah, I have to say, and I know you’ve touched on this in several of your interviews already, this is exhausting. I mean, it’s hard to listen to this and not think, yeah, no matter what, I’m screwed. They’re going to get me unless I spend all this time and effort protecting myself. And who has the time for that?
Sean Pyles:
I hear you, Sara, and it’s easy to feel somewhat defeated by all these organized criminals whose sole job is to steal our identities, which technology seems to make easier and easier for them, and to scam us in ways that we can’t even conceive of until it happens.
Sara Rathner:
I mean, I’d rather spend more time taking naps, honestly. I don’t do that enough and I’m really sleep-deprived, which is probably making me more susceptible to scams, honestly.
Sean Pyles:
Yeah, I am totally there with you. But Sara, I think we’ve also provided listeners, you included, with some really practical ways to fully arm ourselves that don’t take an undue amount of effort. And as we’ve been saying, one of the most important takeaways from this series, I think, is for everyone to realize that there is no immunity here. This stuff can happen to anyone regardless of how old you are, how much schooling you’ve had, or how much money you make, where you live. It’s a universal risk, and the more we talk about it, the more power we take away from the bad actors.
Sara Rathner:
All right. Well, the idea that AI is getting in on the action is slightly terrifying. You mentioned our robot overlords at the top of the show, and I guess they’re coming for everybody’s bank account PINs.
Sean Pyles:
If only it were that simple, Sara. AI is being deployed in sophisticated ways to manipulate our emotions, find vulnerabilities in software that we rely on every day, and generally make our lives like something out of that show Black Mirror. So in this episode, we’re going to explore things like how is AI being used in scams, what’s the deal with these AI voice scams and what hellish development might we see next in the world of scams. To start, we hear from a woman named Jennifer DeStefano. She lives in Arizona and had an experience that no one should ever go through, but that provides a window into one of the ways that scammers can reach into your heart and try to pull money from your bank account.
Sara Rathner:
All right. We want to hear what you think too, listeners. So tell us your stories of identity theft or getting scammed or share how you’re working to fight it or recover from it. Leave us a voicemail or text the Nerd Hotline at 901-730-6373. That’s 901-730-NERD. Or email a voice memo to [email protected]. Here’s Sean with our first guest.
Sean Pyles:
Jennifer DeStefano. Welcome to Smart Money.
Jennifer DeStefano:
Thank you so much for having me.
Sean Pyles:
So Jennifer, you experienced an AI voice scam. Can you set the scene for us? What was that day like before you got this phone call?
Jennifer DeStefano:
It was just a normal day. I had two children that were up training for a ski race and I had my daughter, she was at dance, so I was going to go pick her up and then hopefully joining my other two kids later in the weekend. So I went to pull up to the studio and get out of my car to go get her, and I got a phone call and it came in from an unknown number. Originally I was going to ignore it, but knowing that I had two of them that were practicing for a ski race and unknown can be medical, you just never know, just in case I decided to answer it.
When I answered it, I said hello, and I was getting out of my vehicle, so I had all my stuff in my hands. I was walking through the parking lot, so I had the phone on speaker and it was my older daughter crying and sobbing saying, “Mom, Mom, I messed up.” And I said, didn’t think anything of it. She ski raced for a number of years. It was a very familiar phone call. And I said, “Okay. What happened?” And she goes, “Mom, I messed up.” And I said, “Okay. What’d you do?” And then all of a sudden a man came on and he said, “Put your head down, lay back.”
And at that point I thought she got really hurt just being toboggan. So then I started to get really concerned. I’m like, “Wait, wait, wait. What’s going on? What’s happening, Bri? What’s going on?” And then this man gets on the phone as she starts saying, “Mom, help me. These bad men have me. Help me, help me, help me.” The phone, her voice starts to fade off with her crying and sobbing and pleading for me. And this man gets on the phone. He goes, “Listen here, I have your daughter.”
“You call the police, you call anybody, I’m going to pop her stomach so full of drugs and have my way with her and then drop her for dead in Mexico.”And at that point was when I had my hand on the door handle of dance, and I walked inside the room and I just started screaming for help. So fortunately there happened to be three other moms there that know me well. I was asking my younger daughter to get her dad on the phone, call her brother, call anybody. So she actually jumped up and ran over to my younger daughter to say, “Let’s go find your dad. Let’s figure this out.”
Another mom said, “I’m going to go call 911.” She stepped outside to go call the police, and the third mom sat beside me so she could hear everything the man was saying as I was trying to figure out where my daughter was, what’s going on.
Sean Pyles:
And so it’s a perfectly normal day. You’re about to get your kids after a day of them doing their activities, you get a phone call and within 30 seconds your world is turned upside down.
Jennifer DeStefano:
Completely upside down. I had no idea what was going on. I had a full conversation with my daughter. It was interactive. There was no pause. There was no break. There was nothing that would lead me to believe that wasn’t her. So when the mom that stepped outside called 911, she came back in and she said, “Hey, 911 tipped me off that there’s a scam where they use AI and they can replicate anyone’s voice.” She’s like, “It could have been a voice recording.” I’m like, “It was definitely not a voice recording. It was interactive. I was asking her questions. She was responding to me. It was not a recording.” And she’s like, “Well, they can do anything.” I’m like, “But it was her crying. It was her sobbing. I know it’s my daughter. It wasn’t a recording.”
Sean Pyles:
And what thoughts are going through your head as you’re having this conversation with what sounds exactly like your daughter?
Jennifer DeStefano:
I didn’t for a second not believe it. It wasn’t until another mom actually got my daughter on the phone and I talked to her and she reassured me that she was who she really was, and I could finally wrap my head around it. And then I finally believed her and then I knew it was a scam.
Sean Pyles:
How much time elapsed from the time that you answered the phone to when your actual daughter was speaking to you and you were reassured the phone call that you got wasn’t legitimate?
Jennifer DeStefano:
So the whole phone call actually took four minutes, but that’s where time freezes in that panic and fear.
Sean Pyles:
Right. Oh God, that’s heartbreaking. So do you know how the scammers got your daughter’s voice and maybe why they targeted you specifically?
Jennifer DeStefano:
So I had a bunch of different thoughts on that. Okay. She’s done a few interviews related to school, sports, whatnot, but that still doesn’t explain the crying and sobbing. It doesn’t explain that conversation. Her voice recording for her phone is her prepubescent voice, so it’s not her current voice. So I honestly have no idea. That’s where a lot of this, what’s scary is at first it was are they following me? Is it targeted? Do they know something? But then hearing how it had happened to a number of other people in different capacities, and you realize it’s a lot more arm’s length.
They were demanding money to be hand delivered to them. So they were making arrangements to come pick me up in a white van with a bag over my head. I had to have all the cash. They were going to take me to my daughter, and if I didn’t have all the cash, then we were both dead.
Sean Pyles:
God, how much were they asking for?
Jennifer DeStefano:
It was originally a million dollars. And then he came up with a number of $50,000 when I pushed back that that wasn’t possible.
Sean Pyles:
And to this day, it’s unclear why you specifically got this call?
Jennifer DeStefano:
I have no idea.
Sean Pyles:
Okay. And so after the phone call ended, I assume you hung up on the scammer when you realized that your daughter was safe.
Jennifer DeStefano:
So once I realized my daughter was safe, I actually had them on mute and they were furious that I wasn’t making final arrangements for a pickup. And then I picked the phone back up and I called them out and said, you don’t have my daughter, this is a scam and I’m going to make sure that this is going to come to a stop and I’m going to do anything I can to stop you. And I hung up on him.
Sean Pyles:
God, what are you on an individual or maybe even a family level doing to safeguard yourselves? Have you guys established a safe phrase that you might use to confirm your identities?
Jennifer DeStefano:
So we did create a safe word, and then it’s a lot of communication. Where are you? Who are you with? Where are you going? So that way if I do get a phone call or anybody gets a phone call, you can easily put it through the test. Does this make sense? Is this where they’re supposed to be? Is this even possible? Do you know the code word? Do you have some identifiers? If I didn’t know where my daughter was supposed to be, I wouldn’t have been able to locate her as fast as I did. And I had her brother, I had all of her siblings coming together in response to help me as well. So everybody was in full communication. You have to communicate and you have to seek help.
Sean Pyles:
Well, Jennifer, is there anything that you would like to leave listeners with?
Jennifer DeStefano:
Just awareness, have these conversations, sometimes maybe tough conversations, especially with children. But you have to have the conversations, have safe words, know where your kids are at. You have to have these conversations and make sure you safeguard your family.
Sean Pyles:
Well, Jennifer DeStefano, thank you for sharing your story with us.
Jennifer DeStefano:
Thank you so much for having me. I really appreciate it.
Sean Pyles:
Sara. I found this story just heartbreaking. I mean, at least they found out it was a scam before handing over money or before Jennifer offered herself up to scammers. But not everyone is so fortunate. Imagine how hard it is to say no to something like this when a loved one seems to be in jeopardy.
Sara Rathner:
Yeah, there was a piece recently in The Cut written by a journalist who knew she would never, ever fall for something like this. Don’t we all think that? And ended up handing over $50,000 in a shoebox to a stranger in a large SUV. I don’t think anybody ever sees themselves doing that. I’m glad Jennifer DeStefano didn’t let it get that far with the help of friends.
Sean Pyles:
And there’s hope that help will come from more than friends. Earlier this year the Federal Trade Commission proposed new rules that would prohibit the impersonation of individuals. It recently enacted rules that prohibit impersonating government or businesses. This proposed rule would extend to, well, us. The proposal is currently in a comment period, so if you feel so moved, go to the FTC’s website, ftc.gov, and comment.
Well, next we’re going to talk with another journalist, Bob Sullivan, who’s been covering the scam world for years now. He hosts a podcast for the AARP called The Perfect Scam and is the author of Stop Getting Ripped Off, among other books. We’re going to talk about the future of the scam world and how to protect yourself as technology continues to make it easier for the bad guys. That’s coming up in a moment. Stay with us.
Bob Sullivan, I’m so glad you could join us on Smart Money.
Bob Sullivan:
Thanks so much for having me.
Sean Pyles:
So Bob, the first question I have for you is how do I know that you are the real Bob Sullivan and not an AI-generated Bob Sullivan?
Bob Sullivan:
This is an excellent question and I’m glad that you’ve started there. You can’t, really. In fact, I did an episode on my own podcast recently where I had someone clone my voice and rather persuasively introduce the podcast, although family members pointed out to me that there were just little things that didn’t quite sound right. So either I was AI or maybe I had a bad cold or something. But it’s hard to tell, a little nasally.
Sean Pyles:
So in this series we’ve talked about identity theft, identity fraud, and the scam world, and I’m hoping that today you can give us a warning about the future of all of this and the role that artificial intelligence or AI is going to play and in fact is playing. So to start, when did we first start seeing AI being put to use in this way? Do you remember a specific AI-generated fraud or scam where you said, oh wow, this is something new?
Bob Sullivan:
Well, I have to be honest with you and say that I sit here reading emails about scams and fraud all day long, and I have not seen evidence of these kinds of things that a lot of folks are talking about right now, which is voice cloning or deep fake videos being used to fool people. Here’s a couple of things that I am worried about, however. All the data collection that we have, the criminals now have access to it and it’s going to be very easy for criminals to use that data to just really carefully craft their phishing pitches so that they’ll know exactly when you are transactional, for example.
Then they’ll know precisely when you order something from Amazon or what your zip code says about your income, and they’ll know how to attack the right person at the right time with the right message. And that’s the kind of artificial intelligence that I’m worried about, criminals using big data to essentially perfectly hone their crimes. But there’s one other thing that I’d really like to mention that enough experts have told me about that I am quite concerned about it, and that’s this idea of generative AI, where a tool like ChatGPT can engage in conversations and learn.
We have told people forever that one of the ways that they might recognize that they’re talking to a criminal over email or in chat or in a game is bad grammar or sentences that don’t quite make sense, non sequiturs. Well ChatGPT is getting very good at holding intelligent sounding conversations. Let’s start by saying it’s going to probably eliminate the bad grammar problem, but even more than that, imagine a tool that learns along the way just the right things to say to romance someone using a formula that’s been tested in the real world or the right things to say to get someone to follow the instructions for an investment scam.
I think these tools are going to learn how to carry on these conversations in ways that we’ve never seen at large scale, and that’s the kind of artificial intelligence that I’m worried about being used in scams.
Sean Pyles:
Okay. And can you talk us through how these AI voice cloning scams do work, whether they’re pervasive or not?
Bob Sullivan:
Sure. Well, I mean there are services, the fellow who did it on me signed up for a website that lets you do this for $5 a month and the first month is 80% off. So for literally one US dollar, you can upload samples of my voice or anyone’s voice and then generate for a potential scam victim, something that sounds incredibly realistic. I think the one thing that’s important to understand about what’s different about voice cloning, I don’t know if you remember the movie Sneakers, it’s one of my favorite hacker movies.
But in that movie, they basically needed a voice passport in order to enter a highly secure building, and they needed the authority figure to say things so that they could piece together cut and paste style a certain sentence, for example. So one way you might be imagining this works is someone tricks me into saying, my mother is in distress and I need you to send money to this wire account, but that’s not it. Instead, what’s powerful about AI voice cloning is with just a few sentences from me, they can extrapolate my intonation, my pausing and make me say anything.
So you don’t need a whole lot of vocabulary in order to make a really, really effective, almost fully independent voice clone.
Sean Pyles:
Well, I’d like to walk our listeners through some of the ways that fraudsters and scammers are putting this technology to work right now in ways that are shocking even to you. Can you share one or two examples that you know of that will give us a sense of just how bonkers this new era is?
Bob Sullivan:
Well, let me go back to the big data example. Foreign governments and large hacker organizations do have what would look to most people like a credit reporting agency on all of us. They have thousands of bits of data about all of us that they can use against us, and it’s data that they’ve been compiling for years. So they know what your tendencies are, they know where you shop, they know where you are. We never talk nearly enough about the theft of location data. All our cell phones are tracking devices.
And so a criminal could know when you’re walking past a store and send you a precisely timed invitation to either buy something at a discount or even worse to send you a note saying, I was just in Ireland. Bob, there’s a bank in Ireland that suddenly tried to charge a $2,000 charge to your account, say yes or no. And I would believe that message right now because I was just there. Those kinds of highly sophisticated, highly targeted crimes enabled by massive amounts of data that again can be searched now instantaneously, that’s the kind of thing that really scares me.
Sean Pyles:
And those examples are highly specific and individualized, which makes them all the more believable. So it makes it hard to trust anything that’s inbound to us.
Bob Sullivan:
Absolutely. And this is a tragedy because technology enables so many wonderful things. It is a terrible thing that we have all of these dark stories as this gray cloud around tech that’s going to prevent a lot of people from even trying to use it, and it’s going to make all of us feel just a little bit insecure because we know these sorts of bad and dangerous things can happen to us. The best example of this is in the health arena. We’re so far behind in what electronic health records could be in America right now.
When you go to the hospital, you’re laying on a gurney and there’s someone asking you over and over again, are you allergic to penicillin and you just were in a car accident. And that’s ridiculous. But because we are, I mean there’s many reasons, but a big one is we are so concerned about criminals misusing this data or companies misusing this data that we are decades behind where we could be with things like electronic health records.
Sean Pyles:
Earlier this episode, I spoke with a woman who received an AI voice scam call from what sounded like her daughter, and it of course wasn’t her daughter. But after everything settled down, she still doesn’t really understand how these people got her daughter’s voice. Her daughter isn’t really on social media, and this woman is also very unclear as to why she was targeted. So do you know how scammers are capturing people’s voices and why they might choose to target one person over another?
Bob Sullivan:
So I don’t know. I think for the vast majority of young people, it would be fairly trivial to examine a couple of TikTok videos and get enough voice sample in order to fake their voices. There are people who are not on social media and whose recorded voices aren’t in any, say, school websites or anything like that. I think they are few and far between. So I think most people should assume that a criminal could absolutely get enough audio samples of your voice to do this to you. So I can’t speak to that specific instance or why that person was targeted or why that child was targeted.
The only thing that concerns me is I don’t think we should give anyone the impression that this is happening on a widespread basis. It’s not. 99% of these kinds of calls are still being done by just human beings in boiler rooms. Nevertheless, this absolutely can be done. It can be done really inexpensively. And as I just mentioned, all of us are vulnerable to this. You’d be shocked at how much, even if you don’t have any social media, that pieces of your life have been posted by other people.
So it’s out there, and again, it takes very little, we’re talking probably less than a minute of audio in order to generate a fake you.
Sean Pyles:
What do you think we’re supposed to try to do to combat this? I mean, using me as an example, I host this podcast, you host one too. Our voices are out there just waiting for scammers to take a clip and make us say whatever they want, call our loved ones and use that voice to try to get their money. How do we fight that?
Bob Sullivan:
Yeah, you and I are screwed.
Sean Pyles:
Bob Sullivan:
Sorry. But the best, I talked to some other expert about this, so I can’t claim this advice myself, but I think it’s very good advice. At the beginning of the Photoshop era, people saw pictures of pyramids moved and weren’t skeptical of that. We just thought photographs couldn’t lie. I think nowadays for the most part, and certainly not everybody, for the most part, if you saw a crazy picture of Joe Biden riding on a camel or something, that there would be a piece of you at least that would say wait a minute, this might be fake.
There’s now an impulse that things you see might very well be faked. I’m hoping that our level of 21st century digital sophistication gets there quick enough with audio that your parents and my parents will have a predisposition to think if this is a weird phone call from Bob or Sean, it could be fake. And I think that’s the sort of learning curve we all have to go through kind of as a society.
Sean Pyles:
Well, let’s turn to some tactical ways that people can try to protect themselves. Can you tell us about the importance of things like pass keys, biometrics, other ways to authenticate that you are who you are when you get a call from someone or you allegedly call someone else?
Bob Sullivan:
I’m glad you brought that up. When it comes to voice printing in particular, there are these new technologies that are a little bit like image watermarking they’re discussing putting on voices. So you can imagine there being something even inaudible embedded in an audio phone call, which the technology company, the phone company, used seamlessly to verify that you were you, sort of like a Verisign email or whatnot. So there’s people who are working on technologies that would help with this verification. I’m not a fan of putting these really hard things onto individual consumers.
I think it’d be much better if the technology companies were forced to solve these problems because I can’t give my mom advice on how to verify how I might contact her at every platform that ever is going to exist. That advice is going to get outdated almost immediately.
Sean Pyles:
Given that we do live in this world that we are living in, I’m trying to think about ways that I can protect myself and my family. After I began doing research into 21st century scams, I established a safe phrase that if my family gets a call that alleges it’s from me and I’m in a panic, they’ll say, “Hey, what’s the safe phrase?” And I will tell them that phrase, if it’s actually me. And if it’s not, then the scammer’s going to try to divert them some other way, I’m sure.
Bob Sullivan:
I do think that’s great, and I don’t mean to trivialize any of that, but I would like to point out most people in security would say you’ve also created a vulnerability because someone armed with that phrase could easily disarm someone in your family, right?
Sean Pyles:
That’s true. Although the phrase has only been uttered in person when we agreed on what the phrase is. So we’ve tried to keep it as away from recording devices as possible to the extent that we can.
Bob Sullivan:
The only real point in my saying that was none of these things are foolproof. So it’s good to have that in mind. I think the one thing that helps all the time in the end, whatever we’re talking about here, almost inevitably, is a cover story for give me money. All of these, whatever technology we’re using, whatever the story is, in the end, there’s an ask of some kind. And stealing people against the ask is really, really important. And the best way to do that is interruption. The best way to do that is to train everybody in every circumstance, whatever is happening, to stop and talk to an independent third party, whether that be a family member or a financial professional or something.
Your son’s in jail in Europe, he needs bail money immediately, take the 15 seconds to talk to someone not involved in the situation and hear the words come out of your mouth. When you get a phone call you don’t expect, hang up and then go to the company’s website yourself and call the official published number, call the company back. That solves about 99% of these problems.
Sean Pyles:
Well, Bob, I’m asking this of all of the experts that we’re talking with for this series. So I’m going to ask you too, have you ever experienced a scam or identity theft or fraud?
Bob Sullivan:
No, but I’ve certainly been through a bunch of credit card-style identity thefts, but fortunately, knock on wood, nothing that we would consider deeply involved identity theft.
Sean Pyles:
Well, Bob, do you have any hopeful thoughts as we wrap up this series, which has been a bit of a bummer as we’ve talked about fraud and scams and people losing their life savings to technology assisted terrible people?
Bob Sullivan:
Yeah. So I spend all my week talking to people who’ve had their life savings stolen from them in all manner of speaking. It’s hard to stay optimistic. I think there’s a whole bunch of factors coming into play here. We have an aging population, many of whom thankfully have a lot of savings, they’re an easy target. And as I’ve mentioned, we have all of these tools that make it so much easier for someone halfway around the world to steal money instantly in untraceable ways. This has never happened in human history before, so this is the golden age of crime.
However, we are all talking about it now. So that’s really positive. Here’s the most optimistic thing I can tell you. Young people, software designers, engineers inside companies are now getting out of school having taken ethics classes and social impact classes and are starting to push back on their managers when they come up with tools like this. And that’s where the tide will turn is when enough people who have a grandparent who’s been a victim of a scam work at a software company and they say, we have to put this protection into this device before we release it to the world. And I do think those conversations are happening. So I am actually optimistic about that.
Sean Pyles:
That’s good to hear. And is there anything else that you wanted to mention that we didn’t touch on?
Bob Sullivan:
What we find is that a really, really big obstacle to fixing this problem is shame and embarrassment. Many, many people won’t come forward after they’ve been a victim of a crime like this because they feel stupid. I called myself stupid. All the language around scam crimes tends to focus on the individual instead of the system. Well, if you read a news story about a person who fell for a home improvement scam, that just doesn’t sound the same thing as someone who was robbed at gunpoint.
Sean Pyles:
Was the victim of a crime. That’s what happened at the end of the day.
Bob Sullivan:
They’re a victim of a crime, and we work hard on the language that we use to stress that there was a crime. There’s something about if we say, well, that person fell for this scam. Well, I would never fall for that scam. You can sort of put it at arm’s length, and that makes it a little easier to not do anything about the problem. And it takes the focus off the criminal. We kind of think the criminals are clever and sexy. But more than anything, we want to try to get away from the idea of shame because when someone is embarrassed because they are a victim of a crime, they don’t come forward.
The statistics don’t reveal the true nature and breadth of the crime. Everybody will tell you this, all this crime is wildly under reported. So however big the numbers seem to be, they’re at least double what we hear from the Federal Trade Commission and whatnot. And so anything that I can do to relieve the stigma from being a victim of crime like this, I’m all for it.
Sean Pyles:
Bob Sullivan, thank you so much for helping us out today.
Bob Sullivan:
Thanks a lot for having me.
Sean Pyles:
So Sara, after four episodes of hearing from experts and people who have experienced scams, I’m in a state of what I would call bleak optimism. The world right now is rife with scammers and their methods of duping innocent people are evolving at a rapid pace. But simultaneously, I can’t remember a time where scams and fraud were more present in the cultural conversation. Yes, it is fully a tragedy that our means of communication are so compromised that we cannot trust a call from a loved one in what seems like their most dire moment.
That really can’t be overstated. But hopefully the increased awareness of these scams will help people avoid sending money to bad actors and mitigate feelings of shame that people carry after enduring a scam. And hey, maybe one day our government will make some laws that help tamp down on the rampant scams that we’re all facing.
Sara Rathner:
And there’s this saying in journalism, if your mother tells you she loves you, fact check it. Well now you have to. So that’s the world we live in.
Sean Pyles:
If anyone contacts you at all, fact check it.
Sara Rathner:
Yeah. And text them on the side and be like, “Hey, are you calling me from jail right now?” And they’ll be like, “No.”
Sean Pyles:
I think the bottom line for everyone listening is to exercise extreme caution when you speak with anyone online and before you send money to anyone ever.
Sara Rathner:
If somebody is asking you for money and you don’t really know who they are, they are not who they tell you they are. How’s that? How’s that for general rule?
Sean Pyles:
All right. Well, for now, that’s all we have for this episode and this Nerdy deep dive about scams and ID theft and fraud. If you have a money question about any of this or anything else, turn to the Nerds and call or text us your questions at 901-730-6373. That’s 901-730-NERD. You can also email us at [email protected]. Visit nerdwallet.com/podcast for more info on this episode and remember to follow, rate and review us wherever you’re getting this podcast.
Sara Rathner:
This episode was produced by Tess Vigeland. Sean helped with editing. Kevin Berry helped with fact checking, Sara Brink mixed our audio.
Sean Pyles:
And here’s our brief disclaimer, we are not financial or investment advisors. This nerdy info is provided for general educational and entertainment purposes and may not apply to your specific circumstances.
Sara Rathner:
And with that said, until next time, turn to the Nerds.
Lloyds profits fall as competition for mortgages heats up
Pre-tax profits drop to £1.6bn between January and March, down from £2.3bn last year
Business live – latest updates
Lloyds Banking Group has suffered a 28% drop in first-quarter profits amid tough competition for mortgages and savings, but bosses said they expected those pressures to soon ease, helped by an improving UK economy.
The country’s largest mortgage lender, which also owns the Halifax brand, said pre-tax profits dropped to £1.6bn between January and March, having fallen from £2.3bn last year when rising interest rates boosted the lender’s profits by almost 50%.
The bank’s chief financial officer, William Chalmers, said this reflected “keen pricing in the mortgage markets, and savings moving into higher rate accounts”. Competition and jitters in the mortgage market led to a drop in its total outstanding loan book.
It resulted in a 10% drop in net interest income, which accounts for the difference in loan charges versus what is paid out to savers, to £3.2bn in the three months to March.
Pressure from politicians and regulators to pass on interest rates to savers at the same rate they had been raising mortgage and loan charges has squeezed income for major mortgage providers such as Lloyds in recent months.
In response, banks have had to compete harder for customer deposits by offering more substantial returns, particularly on fixed savings products where consumers lock away cash for longer. It attracted £1.3bn in regular customer deposits but that failed to make up for the £3.5bn pulled by business clients.
However, Chalmers said these savings and mortgage pressures were likely to “ease through 2024”, as economic conditions continued to improve.
House prices, which Lloyds previously expected to fall by 2.2% in 2024, are forecast to rise by 1.5% by the end of the year.
The banking group, often seen as a bellwether for the UK economy, is also forecasting a steady improvement in economic growth, at a rate of 0.3% in most quarters and a drop in inflation to 2.4% – from 3.2% in March – resulting in a fall in interest rates to 4.5% by December. It expects the Bank of England to cut rates three times in 2024, starting in the middle of the year.
Chalmers said mortgage applications had already soared by 20% in the first quarter, which could translate into new home loans, and reverse some of its loan book losses. That partly reflected the group’s willingness to offer better interest rates in order to boost lending.
“We’re really pleased to see the pickup in applications, and development of our market share, in that respect. And I think that represents what is a series of competitive offers out there in the market, suiting our customer needs. We’d hope to maintain that ambition over the course of the year,” Chalmers said.
Overall, the banking boss said he expected the UK mortgage market to pick up by 5% by the end of 2024. “We’d hope to play a major part in it,” Chalmers added.
The improved economic outlook meant the bank was more confident that customers could repay their loans. Despite the cost of living crisis and higher mortgage repayments, which have weighed on borrowers, Lloyds set aside £57m for potential defaults, compared with £243m last year.
The Lloyds chief executive, Charlie Nunn, said: “The group is continuing to deliver in line with expectations in the first quarter of 2024, with solid net income, cost discipline and strong asset quality. Our performance provides us with further confidence around our strategic ambitions and 2024 and 2026 guidance.”
Investors had also been hoping for updates on the Financial Conduct Authority investigation into whether consumers have been charged inflated prices for car loans. Lloyds, which has the largest car loan division of the four biggest UK banks, has already put aside £450m – far short of the £2bn that analysts believe it could be on the hook for.
However, Lloyds did not give any more details about whether it might put aside more cash to cover potential fines or compensation for customers. The FCA has indicated that it will give more details on its findings by the autumn.
Data Mining, Servicing, Marketing Products: Check Your Noncompete Agreement; Training Next Week
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Data Mining, Servicing, Marketing Products: Check Your Noncompete Agreement; Training Next Week
By: Rob Chrisman
Wed, Apr 24 2024, 11:23 AM
Sometimes you just have to “risk it for the biscuit.” Capital markets are, for the most part, a little more complicated than, say, a recipe for next level dark chocolate brownies with salted caramel. Occasionally the topic of LOs or brokers being able to lock a loan, any time, any day, comes up. The New York Stock Exchange, owned by Intercontinental Exchange (ICE) has started polling market participants on their interest in and potential implications of an exchange that trades stocks 24/7. The polling underscores growing interest in trading stocks in off-hours. Could MBS be far behind? The survey comes after 24 Exchange, backed by Steven Cohen’s Point72, applied with the Securities and Exchange Commission to start the first 24-hour exchange. The prospect of 24-hour trading, which would likely lead to changes across the ecosystem, becomes a heavier lift for exchanges as they’re supervised by the SEC. Found here, this week’s podcasts are sponsored by Calque. With The Trade-In Mortgage powered by Calque, homeowners can buy before they sell, make non-contingent offers, and tap their home equity to fund the down payment on their next home. Today’s has an interview with Michael Bremer and Peter Kallodaychsak on interactions between lenders and Realtors in the wake of the proposed NAR settlement.
Lender and Broker Products, Software, and Services
Down Payment Resource’s Q1 2024 Homeownership Program Index (HPI) report reveals the largest annual jump in programs since it began tracking data in 2020, with 2,373 DPA programs now available nationwide. That’s 204 more programs than Q1 2023, a 9 percent YoY increase. DPR also noted that there’s at least one program in every U.S. county and 10 or more programs available in 2,000 counties, making it highly likely DPA could boost homeownership for borrowers in your footprint. The report also documents increases in programs for manufactured housing and multi-family purchases. Lenders are reminded that DPR is a software company, with a suite of tools to help you operationalize DPA to better serve your customers and lower your declines, especially among LMI buyers. Read the full report or schedule a demo to learn more.
“Every marketing team we’ve talked to is spread thin. Thankfully, Usherpa is here to help! Partnering with Usherpa means your sales team not only gets excellent done-for-them automated marketing campaigns, but your marketing team also gets all the tools and the support they need. Usherpa has its finger on the pulse of the market continually creating new, innovative marketing campaigns… for you! Usherpa’s award-winning automated SmartScore AI Opportunity Alerts and marketing campaigns (free for enterprise clients) are built on proprietary algorithms to target prospects in LO’s databases with effective messaging, creating hot call lists and inbound requests from prospects. Wouldn’t it be nice to have this type of targeted campaign, with proven ROI, launched automatically for your loan officers? Usherpa’s SmartScore AI alerts added an extra $1.4 billion pipeline volume and funded loans (and counting). Schedule a demo today.”
“Revolutionizing mortgage servicing through digital transformation! As Sagent CTO Uday Devalla recently explained in a fireside chat with Robert Turner (Kyndryl) and Manisha Tank (CNN International), since collaborating with Kyndryl to move away from legacy data centers and into the cloud, Sagent is focused on delivering a unified servicing workflow with end-to-end data to truly transform the business processes and improve the lives of the people who use our systems. To learn more about our future-of-servicing model and the benefits of our partnership with Kyndryl, check out our recap here (and watch the interview when you get a chance) and be sure to hit us with your questions.”
Interested in learning how retain/release MSR decisions can be included in your best execution strategy? Join MCT for a webinar today at 11:00 AM PT titled Complete Best Execution – Now Including Fully Integrated Retain/Release MSR Decisioning. In this webinar, MCT will review the current state of the MSR market and discuss more comprehensive retain vs. release strategies, in addition to our recently introduced fully integrated Enhanced Best Execution (EBX) solution. MCT’s Paul Yarbrough will then provide insights from a trader’s perspective regarding MSR best execution strategies at time of loan sale. He will also highlight MCT’s Rapid Commit technology and assignment of trade processes. This session will include a live demo of the EBX (MCTlive! and MSRlive!) integration, showcasing how EBX can effectively optimize your flow MSR trading process and decisions. Register for the webinar to join the session.
Tired of granting excessive concessions that impact your bottom line? Say goodbye to unnecessary giveaways with Optimal Blue data at your fingertips! Access to OB’s data solutions empowers you to make informed decisions, leveraging real-time market insights to negotiate with confidence. With over 35 percent of loans priced and locked through our platform, we offer the depth of market data you need to optimize every deal and maximize profitability. Whether you’re a bank, credit union, or independent mortgage banker, our user-friendly data solutions make it easy to access the information you need to secure the best terms for your borrowers and your business. Learn more about Optimal Blue’s data offerings today to start saving time, money, and headaches on every loan transaction.
Snapdocs released new industry research that found lenders using the company’s eClosing platform experience 18-day faster loan velocity than their industry peers. The survey was conducted by STRATMOR Group with data self-reported by mortgage lenders. I got a note from Michael Sachdev, CEO of Snapdocs, that said eClosing technology, when paired with the right partner to scale adoption, is helping lenders set new industry benchmarks for loan processing speed, operating costs, and borrower satisfaction. So often we see vendors make claims about their product value, but this report is a good example of that validation being sourced directly from the lender users themselves.
Most Noncompetes Now Illegal, Except…
The Federal Trade Commission narrowly voted Tuesday to ban nearly all noncompete agreements, employment agreements that typically prevent workers from joining competing businesses or launching ones of their own. The FTC received more than 26,000 public comments in the months leading up to the vote. The FTC estimates about 30 million people, or one in five American workers, from minimum wage earners to CEOs, are bound by noncompetes. It says the policy change could lead to increased wages totaling nearly $300 billion per year by encouraging people to swap jobs freely. The ban, which will take effect later this year, carves out an exception for existing noncompetes that companies have given their senior executives, on the grounds that these agreements are more likely to have been negotiated. The FTC says employers should not enforce other existing noncompete agreements.
Training, Webinars, and Events Next Week
The Independent Community Bankers of America (ICBA) will host hundreds of community bank leaders during the 2024 ICBA Capital Summit from April 28 to May 1 in Washington. As part of ICBA’s annual advocacy gathering, community bankers will meet with policymakers to discuss ICBA’s regulatory and legislative agenda and share personal accounts of their efforts to stimulate economic growth and support the diverse financial needs of consumers.
Great things are happening around the 2024 Fair Lending Forum, April 29 – May 1 in Charlotte, NC! Asurity is thrilled to announce that Josh Stein, North Carolina Attorney General, will be joining us! He will share his perspectives on fair lending during a fireside chat with our Founder and CEO, Andy Sandler titled The Role of State Attorney Generals in Fair Lending Enforcement. Other prominent speakers are Bob Broeksmit, President and CEO of MBA; Lindsey Johnson, President and CEO of CBA: Grovetta Gardineer, Sr. Deputy Comptroller for Bank Supervision Policy, OCC; Ben Olson, Senior Associate Director for Consumer Protection & Supervision, FRB; Varda Hussain, Principal Deputy Chief for Fair Lending in the Civil Rights Division, Housing and Civil Enforcement Section, DOJ; and Frank Vespa-Papaleo, Principal Deputy Director of Fair Lending, CFPB. Register at www.fairlendingforum.com.
How are Biden’s new student loan repayment programs impacting mortgage affordability? Join LoanSense for a market and student loan update. Lake Michigan Credit Union will join and share how LoanSense helps their credit union members qualify for $50,000+ more home in 21 days. Sign up for the May 1st webinar at 3PM ET.
New York MBA webinar on May 1st at 12pm will explore the journey from origination through servicing, focusing on how to initiate and maintain an electronic process leveraging the latest in digital mortgage technology. Dive into the benefits of MISMO SMART Doc® Version 3 disclosures, eNote, eVault, and the differences between hybrid and full eClosing processes with remote online notarization (RON) and in-person electronic notarization (IPEN). Additionally, strategies for default resolution with digital execution to enhance homeowner engagement and streamline servicer workflows. Hosted by Ryan Murray, Tim Anderson, Shane Hartzler with Stavvy.
If you’re in Minnesota on May 1st, 10:00am – 12:00pm and a Loan Originator, are you interested in creating and building strong realtor relationships? If so, register and attend the “Mastering the Realtor Referral Relationship” presented by Steven Ross, Author of Doors Open When You Knock.
Looking for more in-depth commentary on weekly mortgage news? Register here for “Mortgage Matters: The Weekly Roundup” presented by Lenders One. Every Wednesday at 2:00 PM EST/11:00 AM PT join Robbie Chrisman and Justin Demola for a dive into a range of mortgage-related topics, including market trends, interest rate fluctuations, innovative mortgage products, and industry advancements. On May 1 listen to Vice President, FICO Mortgage and Capital Markets, Joe Zeibert.
Register for NALHFA Annual Conference 2024, May 1-4 in Las Vegas. Experience education and connection at NALHFA 2024 with an Affordable Housing Bus Tour, Women in Finance Luncheon & Roundtable, Speaker Sessions, and Networking Opportunities.
Thursday, May 2nd, at 3PM ET, Rich Swerbinsky is interviewing the CFPB’s Mark McArdle on what the big misconceptions about the CFPB are, and where its focus is currently.
Register for the Maryland Mortgage Bankers and Brokers Association Annual Conference, scheduled for Thursday, May 2nd, 10 a.m. to 4 p.m. in the picturesque setting of Queenstown. This year’s conference will delve deep into the dynamics of the mortgage industry and explore the current market trends. Whether you’re a seasoned professional or just stepping into the mortgage world, this event promises valuable insights to navigate the industry’s landscape.
Join Northern Michigan Luncheon, Thursday, May 2, 11:30 AM – 1:00 PM at Silver Spruce Brewing Company, to hear from a panel of VA Loan Experts and they dive into the specifics of this loan type, any changes that are coming on VA loans and much more. They’ll also be discussing the pending NAR settlement, and what changes that brings to VA loans, sales, and associated realtor fees.
Friday the 3rd we’ll see an episode of The Mortgage Collaborative’s Rundown covering current events in the mortgage market for 30-45 minutes starting at noon PT, 3PM ET, in “The Rundown”.
Capital Markets
Spoiler alert: the U.S. economy is motoring along with interest rates at these levels. The U.S. economy appears to be on track for a soft landing, with notable obstacles being a potential resurgence of inflation and heightened geopolitical risks. There’s been a cautious stance on interest rate adjustments from Fed members of late, and some have even floated the possibility of a hike, if warranted by data. Atlanta Fed President Bostic anticipates a slower path to achieving 2 percent inflation than the Fed originally thought, while New York Fed President Williams is not feeling any urgency to cut rates and didn’t rule out the possibility of a hike in his latest remarks. Bostic doesn’t foresee easing until year-end, and Minneapolis Fed President Kashkari also suggested the Fed could maintain rates throughout the year.
Looking ahead, while no changes to the fed funds rate are expected, a slowdown in the pace of balance sheet runoff is anticipated. The Committee may announce a reduction in the runoff of Treasury securities starting in June, capping it at $30 billion per month, compared to the current cap of $60 billion per month. This adjustment reflects a cautious approach to monetary policy amid economic uncertainties, aiming to maintain stability while monitoring key indicators such as inflation and geopolitical developments.
We learned yesterday that new home sales jumped 8.8 percent to a 693k-unit pace in March, the strongest pace since September 2023. New home sales should continue to gradually improve with a sturdy economy, and structural affordability and availability constraints in the resale market should also help. That noted, strength in the Northeast and West regions has fluctuated, impacting supply dynamics, and higher interest rates and rising existing supply could weigh on the new home market moving forward.
Today’s economic calendar kicked off with mortgage applications from MBA, which decreased 2.7 percent from one week earlier. We’ve also received the always volatile Durable goods orders for March (+2.6 percent). Later today brings some Treasury auctions that will be headlined by $30 billion 2-year FRNs and $70 billion 5-year notes. We begin the day with Agency MBS prices slightly worse than Tuesday night, the 10-year yielding 4.63 after closing yesterday at 4.60 percent, and the 2-year is at 4.94.
Employment
“Join a premier, mid-sized independent mortgage banker and award-winning lender as a Financial Controller and key member of our Senior Management Team. Recognized by National Mortgage News as one of the best companies to work for, we operate branches along the East Coast, and in Texas, with plans for strategic growth and expansion in 2024 and beyond. The Financial Controller develops and implements the overall financial strategy by overseeing accounting and cash management, driving the company’s financial planning, and managing the accounting staff within the department. The ideal candidate will have 7+ years of experience in mortgage banking and a strong background in accounting and financial management. If you are prepared to play a pivotal role as a Financial Controller in a corporate culture that is dynamic, innovative and collaborative, please email Chrisman LLC’s Anjelica Nixt to forward your confidential note. Remote or Washington DC metropolitan based.”
Figure Technology Solutions announced the appointment of Michael Tannenbaum as Chief Executive Officer and a member of the Board of Directors, effective immediately. Michael comes over after stints as Chief Operating Officer, Chief Financial Officer, and Chief Business officer at Brex, and Chief Revenue Officer at SoFi. Mike Cagney, Co-Founder, and previous Chief Executive Officer of Figure, has assumed the role of Executive Chairman. (The appointment of Mr. Tannenbaum follows the launch of Figure’s DART System, a combined lien filing and eNote registry service, and the company’s AI and machine learning-powered borrower-facing chatbot, which improves customer support efficiency and further streamlines the HELOC origination process.)
A&D Mortgage announced the appointment of Satish Vishwakarma as its new Servicing Manager where he will be responsible for overseeing the day-to-day operations of the Mortgage Servicing group, ensuring the successful management of mortgage servicing teams, and leading efforts to streamline operations, enhance quality, and reduce costs.
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Find a place to hang your hat. Then decorate it with the best of the West.
This might not be Texas or a hold-em, but you can still design a place fit for your “Cowboy Carter” era. Whether you’re renting a house in fast-paced Northeastern cities like Philadelphia or an apartment deep in the heart of San Antonio, TX, you can find the cowboy-inspired touches that give your house a rustic, down-home appeal that feels true to your lifestyle.
At Rent., we turned to the experts who specialize in Western design and curated our very best suggestions from them. Our roundup includes interior stylists, art specialists, lifestyle bloggers, and others, so keep reading to see their recommendations.
What’s cowboy chic? Why is it trending?
Western styles such as “cowboy chic” give apartment and home dwellers a mix of cozy, rugged, and lived-in that feels approachable. “After all, it’s the versatility of Western designs that makes this accessible trend popular in the first place, as Lacey Boyer of her eponymous Lacey Boyer Interior Design says. “The popularity of Western decor taps into a broader cultural fascination with nostalgia, authenticity, and a longing for connection to rugged landscapes and simpler times. The enduring appeal of cowboy-chic lies in its versatility. It’s not merely a fleeting trend but a timeless aesthetic that can be adapted to various design sensibilities, from modern rustic to eclectic bohemian.”
It seems that other designers agree. According to Alex Woulf of Sustainably Staged, ” Western decor is poised to make a stylish comeback, and there’s no better time to explore the intersection of heritage-inspired aesthetics and modern design principles. From rugged textures to earthy palettes, there’s a richness and authenticity to Western-inspired interiors that I find utterly captivating.
Laura Medicus of Laura Medicus Interiors, a premier home design studio in Denver, also weighs in: “When Beyonce sings about Levi Jeans and line dancing, we pay attention. Cowboy chic is a cool Western vibe that’s lived in, it embraces vintage finds and is pulled together with dark colors and metallic shine. In 2024, this is inclusive of Western Americana with moody colors, fringe, denim, and worn leather.”
Where to find the Western look and defining characteristics
While anyone can add elements of this aesthetic to their homes, it’s going to feel more authentic in Western or Western-adjacent areas, like the desert areas or the Midwest. With that said, anyone can introduce cowboy-chic to their interior design. No need to gatekeep here!
As Casey Coleford of the California-based design firm, Casey Coleford Interior Design, posits, “Western-themed elements will always have a place in interior design. Whether it be a cowhide rug, wrought iron hardware, or a collection of cowboy hats hung on the wall. Geography also has a lot to do with what you’ll find in any given room: It is expected in heartland states (think Cracker Barrel). Incorporating Western elements pays homage to our settlers, and won’t be affected by music trends.” he says.
According to studio mtn founder Sierra Fox, “Western influence is everywhere, permeating beyond interior design; models dating cowboys, beach girls in cowboy boots, and a vacation on a ranch to see a rodeo is reigning over tropical getaways and city stays.”
While Fox and her team are inclined to protect their own private Idaho, they are also embracing the Western movement as a whole. “For example, studio mtn loves seeing the resurgence of worn leather, the warmth of reclaimed wood and patinated metals, and the timeless allure of rustic finishes. Western style goes beyond just aesthetics — it captures the essence of adventure, resilience, and a connection to nature. When done right, any space can tap into the soulful energy of the American West.”
Try Western rugs for starters
One Western decor idea to try is pretty low-commitment: Simply add a cowboy-chic rug to the floor to see if you fancy this trend. For example, cowhide rugs provide a fresh take on an animal print that feels more on-trend than, say, leopard print.
According to Alicia at Rodeo Cowhide Rugs, “Affordability has also made cowhide rugs more accessible, once seen as luxury items, they are now within reach for a broader audience. Additionally, they align perfectly with the latest design trends, including bohemian chic and Scandinavian minimalism. In particular, as Western themes gain popularity each year, cowhide rugs have become essential for creating an authentic cowboy-inspired decor, enhancing the rugged yet refined aesthetic of Western-themed spaces.”
Add some artwork
Want to display your Western decor more prominently? Dress up your wall with some tapestries or art.
“Western art portrays a unique time in history,” explains renowned Arizona-based artist Miguel Camarena. “The modern western look is trending because of the simplicity and elegance of the rustic modern decor and its simple use of muted colors such as warm and cool greys of the whole hue scale.
An example of this would be my “White Horse” painting. At the same time, there is the opposite end of the spectrum where whimsical and high key colors can add a pop of color and accent to most homes, which is why my “Donkey Collection” has become famous worldwide.”
Look to rustic decor for inspiration
Rustic decor gives your space an unfinished look, whether or not you’re committing to a fully Western decor scheme. Think live-edge dining tables, reclaimed wood furniture, and well-worn leather when curating items.
This style exudes warmth and coziness through its use of organic textures and vintage-inspired furnishings, creating an atmosphere reminiscent of ranch side cottages or lodges set in the mountains. Some rustic decor bleeds into other down-home looks, such as modern farmhouse and shabby chic, allowing DIY designers to play around with different looks to find the self-expression sweet spot.
Bring fashion into your Western decor
“We love seeing ‘cowboy core’ emerging in both fashion and home design,” says Patrick Burch, co-owner of Cave + Post Trading Co., an Arizona-based men’s boutique specializing in American heritage brands. “In our store and in our home, we like to use authentic Western pieces as decor. For example, we love to use cowboy hats from Spur Hats or Lost River Hat Co. as wearable wall art. Guitars mounted on the wall are another fun way to introduce a Western vibe.”
Similarly, Libby Palmieri of House of L Designs talks about how the runway’s influence is energizing the trend beyond the Western states: “As a designer, the usual requests for Western embellishments are typically found in dusty cowboy towns tucked away in Colorado, Montana, and Utah where home design can embrace the fantasy and bring the landscape strokes inside.
Now, however, the influence of runway fashion in the house of Louis Vuitton (for starters) with Pharrell at the helm and his Western-themed men’s spring 2024 retro cowboy collection and the music industry, with Beyonce’s new release of ‘Cowboy Carter,’ that is all about to change.”
Just how much will pop culture influence Western decor?
“As a roofer who’s seen a fair share of houses over the years, I’d say trends come and go faster than a Texas tumbleweed,” says Brendan Anderson of Montana-based roofing company Brix Systems. “Now, this Beyonce country album buzz sure is something new. I wouldn’t say it’ll cause a full-on stampede toward Western decor, but it could definitely spur some folks on the fence. Here’s why…”
Celebrity influence is powerful: Anderson continues, “Beyonce’s a huge star, and when she shines a light on something, people notice. It can spark interest in people who might not have considered Western style before.”
Rustic charm allure: “Western decor already has a certain timeless appeal. The worn leather, natural textures, and warm colors create a cozy and inviting atmosphere. This might resonate with folks lookin’ for a more comfortable, down-home feel.”
Subtle shift, not a roundup: “I wouldn’t expect folks to overhaul their whole house. More likely, we’ll see a sprinkle of Western influence – fringe on throw pillows, a rustic coffee table, or maybe some weathered barnboard on an accent wall.”
Anderson goes on to explain why pop culture influence might not supersede more practical considerations, like maintenance needs, location, or budget:
Maintenance matters: “Western decor often features natural materials like leather and wood. These require more upkeep than, say, laminate flooring or synthetic fabrics. Folks gotta be prepared to put in the extra effort.”
Regional appeal: “The Western aesthetic might not translate everywhere. Sure, it fits perfectly in ranch houses and cabins, but might feel out of place in a beach bungalow or a modern loft.”
Budget considerations: “Genuine Western furniture and antiques can be pricey. Most folks will likely stick to accents and accessories, which can be more affordable.”
Commenting on the recent interest in Western decor ideas, Patrick Burch of Cave + Post Trading also adds, “Shows like Yellowstone were already popularizing Western fashion and design, and Beyonce’s “Cowboy Carter” is feeding that trend. Subtle Western touches go with so many styles — just like in fashion. You can add accent pieces to your home that don’t overwhelm, but add a cool Western touch.”
Maggie McCombs is the managing editor at Rent., where she oversees the content calendar and production schedule for three high-traffic websites. She studied linguistics and Spanish at the University of Georgia, where she learned the fundamentals of languages like Arabic, Latin, French and Old English and mastered Spanish literature. Since college, Maggie has developed a strong portfolio of blogs and journalistic pieces alike. Outside of work, Maggie spends time playing video games (especially anything Zelda!), competing in trivia contests, listening to audiobooks, exploring new cities and relaxing with her husband, dogs and cat.
The number of U.S. citizens flying to international destinations reached nearly 6.5 million passengers in March, according to the International Trade Administration. That’s the highest March total in over five years and shows that the post-pandemic “revenge travel” trend is the new normal.
It wasn’t just March, which usually sees a spike in international departures for spring break. In every month of 2024 so far, more Americans left the country than last year and 2019. These trends point to a blockbuster summer for overseas travel.
Nearly half of Americans (45%) plan to travel by air and/or stay in a hotel this summer and expect to spend $3,594 on average, on these expenses, according to a survey of 2,000 U.S. adults, conducted online by The Harris Poll and commissioned by NerdWallet.
That’s despite rising travel prices that have caused some hesitancy among would-be travelers. About 22% of those choosing not to travel this summer cite inflation making travel too expensive as a reason for staying home, according to the poll.
So where are traveling Americans going? And what does it mean for those looking to avoid crowds of tourists and higher travel prices?
New travel patterns
Nearly every region in the world saw an increase in U.S. visitors in March 2024 compared with March 2023, according to International Trade Administration data. Only the Middle East saw a decline of 9%. Yet not every region saw the same year-over-year bump. U.S. visitors to Asia saw a 33% jump, while Oceania and Central America each saw a 30% increase.
Comparing 2024 with 2023 only tells part of the story, however. The new patterns really emerge when comparing international travel trends to 2019. For example, Central America received 50% more U.S. visitors in March 2024 compared with March 2019. Nearly 1.5 million Americans visited Mexico, up 39% compared with before the pandemic. That’s almost as many visitors as the entire continent of Europe, which has seen a more modest 10% increase since 2019.
Only Canada and Oceania saw fewer visitors in March 2024 than in 2019, suggesting that interest in these locations has not rebounded. Indeed, the trends indicate a kind of tourism inertia from COVID-19 pandemic-era lockdowns: Those destinations that were more open to U.S. visitors during the pandemic, such as Mexico, have remained popular, while those that were closed, such as Australia, have fallen off travelers’ radars.
Price pressures
How these trends play out throughout the rest of the year will depend on a host of factors. Yet, none will likely prove more important than affordability. After months of steadiness, the cost of travel, including airfare, hotels and rental cars, has begun to sneak up again.
About 45% of U.S. travelers say cost is their main consideration when planning their summer vacation, according to a survey of 2,000 Americans by the travel booking platform Skyscanner.
That’s likely to weigh further on U.S. travelers’ appetite for visiting expensive destinations such as Europe, while encouraging travel to budget-friendly countries. It could also depress overall international travel as well, yet so far, Americans seem to be traveling more.
For those looking to avoid crowds while maintaining a budget, Skyscanner travel trends expert Laura Lindsay offered a recommendation many of us might need help finding on a map.
“Albania has been on the radar of travelers looking for something different,” Lindsay said. “Most people have yet to discover it, but flights and tourism infrastructure are in place, and there are fewer crowds in comparison to trending European destinations like Italy, Greece, or Portugal.”
On the flip side, American travelers looking to avoid crowds of compatriots would do well to avoid Japan, which has seen a staggering 50% increase in U.S. tourists between March 2019 and 2024.
How to maximize your rewards
You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2024, including those best for:
Average mortgage rates inched lower yesterday. But all that did was wipe out last Friday’s similarly tiny rise.
Earlier this morning, markets were signaling that mortgage rates today might barely budge. However, these early mini-trends often alter direction or speed as the hours pass.
Current mortgage and refinance rates
Find your lowest rate. Start here
Program
Mortgage Rate
APR*
Change
Conventional 30-year fixed
7.302%
7.353%
+0.01
Conventional 15-year fixed
6.757%
6.836%
+0.01
30-year fixed FHA
7.064%
7.111%
-0.07
5/1 ARM Conventional
6.888%
8.036%
+0.12
Conventional 20-year fixed
7.199%
7.257%
+0.05
Conventional 10-year fixed
6.663%
6.737%
+0.06
30-year fixed VA
7.292%
7.332%
+0.01
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?
This morning’s Financial Times reports, “While the base case remains a reduction in borrowing costs, the options market shows a 20% probability of an increase.” That means most investors think the Federal Reserve will cut general interest rates this year, but they reckon there’s a 20% chance of the central bank actually hiking them. That’s new and scary.
Although the Fed doesn’t directly determine mortgage rates it has a huge influence on the bond market that does. And I very much doubt mortgage rates will fall consistently before the Fed signals that a cut in general interest rates is imminent. And a Fed rate hike is likely to send mortgage rates much higher: maybe back up to 8% or beyond.
So my personal rate lock recommendations remain:
LOCK if closing in 7 days
LOCK if closing in 15 days
LOCK if closing in 30 days
LOCK if closing in 45 days
LOCKif closing in 60days
However, with so much uncertainty at the moment, your instincts could easily turn out to be as good as mine — or better. So, let your gut and your own tolerance for risk help guide you.
>Related: 7 Tips to get the best refinance rate
Market data affecting today’s mortgage rates
Here’s a snapshot of the state of play this morning at about 9:50 a.m. (ET). The data are mostly compared with roughly the same time the business day before, so much of the movement will often have happened in the previous session. The numbers are:
The yield on 10-year Treasury notes edged down to 4.6% from 4.64%. (Good for mortgage rates.) More than any other market, mortgage rates typically tend to follow these particular Treasury bond yields
Major stock indexes were rising this morning. (Bad 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 decreased to $81.59 from $82.06 a barrel. (Good for mortgage rates*.) Energy prices play a prominent role in creating inflation and also point to future economic activity
Goldprices fell to $2,333 from $2,350 an ounce. (Neutral for mortgage rates*.) It is generally better for rates when gold prices rise and worse when they fall. Because gold tends to rise when investors worry about the economy.
CNN Business Fear & Greed index — climbed to 40 from 33 out of 100. (Bad 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 be unchanged or close to unchanged. However, be aware that “intraday swings” (when rates change speed or direction during the day) are a common feature right now.
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What’s driving mortgage rates today?
Today
This morning’s two April purchasing managers’ indexes (PMIs) will likely be good for mortgage rates. These “flashes” (initial readings and subject to revision) are both from S&P.
Here are this morning’s actual numbers in bold, alongside the prepublication consensus forecasts, according to MarketWatch, together with the March actual figures:
Services PMI — 50.9 actual; 52 expected; 51.7 in March
Manufacturing PMI — 51.1 actual; 52 expected; 51.9 in March
You can see that the PMIs were worse than expected, which is typically good news for mortgage rates.
Tomorrow
Tomorrow’s durable goods orders for March rarely affect mortgage rates. And they’d need to contain some pretty shocking data to do so tomorrow.
Markets are expecting those orders to have risen by 2.6% in March compared to a 1.3% increase in February. They’ll probably need to be significantly higher than 2.% to exert upward pressure on mortgage rates and appreciably lower to push them downward.
The rest of this week
Nothing has changed since yesterday concerning economic reports due on Thursday and Friday. So, I’ll repeat what I wrote yesterday:
We’re due the first reading of gross domestic product (GDP) for the January-March quarter on Thursday. And that could have a larger effect than PMIs and durable goods orders, depending on the gap between expectations and actuals.
But Friday’s personal consumption expenditures (PCE) price index for March is this week’s star report. That’s the Federal Reserve’s favorite gauge of inflation. And it could certainly affect mortgage rates, possibly appreciably.
The next meeting of the Fed’s rate-setting committee is scheduled to start on Apr. 30 and last two days. So, the PCE price index will be the last inflation report it sees before making decisions.
And index that shows inflation cooling could change the mood at that meeting. True, it’s vanishingly unlikely that a cut to general interest rates will be unveiled on May 1 no matter what.
But a PCE price index that shows inflation cooling could help the Fed to move forward with cuts earlier than expected, which should cause mortgage rates to fall. Unfortunately, one that suggests inflation remains hot or is getting hotter could send those rates higher.
I’ll brief you more fully on each potentially significant report on the day before it’s published.
Don’t forget you can always learn more about what’s driving mortgage rates in the most recent weekend edition of this daily report. These provide a more detailed analysis of what’s happening. They are published each Saturday morning soon after 10 a.m. (ET) and include a preview of the following week.
Recent trends
According to Freddie Mac’s archives, the weekly all-time lowest rate for 30-year, fixed-rate mortgages was set on Jan. 7, 2021, when it stood at 2.65%. The weekly all-time high was 18.63% on Sep. 10, 1981.
Freddie’s Apr. 18 report put that same weekly average at 7.1%, up from the previous week’s 6.88%. But note that Freddie’s data are almost always out of date by the time it announces its weekly figures.
Expert forecasts for mortgage rates
Looking further ahead, Fannie Mae and the Mortgage Bankers Association (MBA) each has a team of economists dedicated to monitoring and forecasting what will happen to the economy, the housing sector and mortgage rates.
And here are their rate forecasts for the four quarters of 2024 (Q1/24, Q2/24 Q3/24 and Q4/24).
The numbers in the table below are for 30-year, fixed-rate mortgages. Fannie’s were updated on Mar. 19 and the MBA’s on Apr. 18.
Forecaster
Q1/24
Q2/24
Q3/24
Q4/24
Fannie Mae
6.7%
6.7%
6.6%
6.4%
MBA
6.8%
6.7%
6.6%
6.4%
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.
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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?
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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.
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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.
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How to get the lowest mortgage or refinance rate
Since rates can vary, always shop around when buying a house or refinancing a mortgage.
Comparison shopping can potentially save thousands, even tens of thousands of dollars over the life of your loan.
Here are a few tips to keep in mind:
1. Get multiple quotes
Many borrowers make the mistake of accepting the first mortgage or refinance offer they receive.
Some simply go with the bank they use for checking and savings since that can seem easiest.
However, your bank might not offer the best mortgage deal for you. And if you’re refinancing, your financial situation may have changed enough that your current lender is no longer your best bet.
So get multiple quotes from at least three different lenders to find the right one for you.
2. Compare Loan Estimates
When shopping for a mortgage or refinance, lenders will provide a Loan Estimate that breaks down important costs associated with the loan.
You’ll want to read these Loan Estimates carefully and compare costs and fees line-by-line, including:
Interest rate
Annual percentage rate (APR)
Monthly mortgage payment
Loan origination fees
Rate lock fees
Closing costs
Remember, the lowest interest rate isn’t always the best deal.
Annual percentage rate (APR) can help you compare the ‘real’ cost of two loans. It estimates your total yearly cost including interest and fees.
Also, pay close attention to your closing costs.
Some lenders may bring their rates down by charging more upfront via discount points. These can add thousands to your out-of-pocket costs.
3. Negotiate your mortgage rate
You can also negotiate your mortgage rate to get a better deal.
Let’s say you get loan estimates from two lenders. Lender A offers the better rate, but you prefer your loan terms from Lender B. Talk to Lender B and see if they can beat the former’s pricing.
You might be surprised to find that a lender is willing to give you a lower interest rate in order to keep your business.
And if they’re not, keep shopping — there’s a good chance someone will.
Fixed-rate mortgage vs. adjustable-rate mortgage: Which is right for you?
Mortgage borrowers can choose between a fixed-rate mortgage and an adjustable-rate mortgage (ARM).
Fixed-rate mortgages (FRMs) have interest rates that never change unless you decide to refinance. This results in predictable monthly payments and stability over the life of your loan.
Adjustable-rate loans have a low interest rate that’s fixed for a set number of years (typically five or seven). After the initial fixed-rate period, the interest rate adjusts every year based on market conditions.
With each rate adjustment, a borrower’s mortgage rate can either increase, decrease, or stay the same. These loans are unpredictable since monthly payments can change each year.
Adjustable-rate mortgages are fitting for borrowers who expect to move before their first rate adjustment, or who can afford a higher future payment.
In most other cases, a fixed-rate mortgage is typically the safer and better choice.
Remember, if rates drop sharply, you are free to refinance and lock in a lower rate and payment later on.
How your credit score affects your mortgage rate
You don’t need a high credit score to qualify for a home purchase or refinance, but your credit score will affect your rate.
This is because credit history determines risk level.
Historically speaking, borrowers with higher credit scores are less likely to default on their mortgages, so they qualify for lower rates.
So, for the best rate, aim for a credit score of 720 or higher.
Mortgage programs that don’t require a high score include:
Conventional home loans — minimum 620 credit score
FHA loans — minimum 500 credit score (with a 10% down payment) or 580 (with a 3.5% down payment)
VA loans — no minimum credit score, but 620 is common
USDA loans — minimum 640 credit score
Ideally, you want to check your credit report and score at least 6 months before applying for a mortgage. This gives you time to sort out any errors and make sure your score is as high as possible.
If you’re ready to apply now, it’s still worth checking so you have a good idea of what loan programs you might qualify for and how your score will affect your rate.
You can get your credit report from AnnualCreditReport.com and your score from MyFico.com.
How big of a down payment do I need?
Nowadays, mortgage programs don’t require the conventional 20 percent down.
Indeed, first-time home buyers put only 6 percent down on average.
Down payment minimums vary depending on the loan program. For example:
Conventional home loans require a down payment between 3% and 5%
FHA loans require 3.5% down
VA and USDA loans allow zero down payment
Jumbo loans typically require at least 5% to 10% down
Keep in mind, a higher down payment reduces your risk as a borrower and helps you negotiate a better mortgage rate.
If you are able to make a 20 percent down payment, you can avoid paying for mortgage insurance.
This is an added cost paid by the borrower, which protects their lender in case of default or foreclosure.
But a big down payment is not required.
For many people, it makes sense to make a smaller down payment in order to buy a house sooner and start building home equity.
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Choosing the right type of home loan
No two mortgage loans are alike, so it’s important to know your options and choose the right type of mortgage.
The five main types of mortgages include:
Fixed-rate mortgage (FRM)
Your interest rate remains the same over the life of the loan. This is a good option for borrowers who expect to live in their homes long-term.
The most popular loan option is the 30-year mortgage, but 15- and 20-year terms are also commonly available.
Adjustable-rate mortgage (ARM)
Adjustable-rate loans have a fixed interest rate for the first few years. Then, your mortgage rate resets every year.
Your rate and payment can rise or fall annually depending on how the broader interest rate trends.
ARMs are ideal for borrowers who expect to move prior to their first rate adjustment (usually in 5 or 7 years).
For those who plan to stay in their home long-term, a fixed-rate mortgage is typically recommended.
Jumbo mortgage
A jumbo loan is a mortgage that exceeds the conforming loan limit set by Fannie Mae and Freddie Mac.
In 2023, the conforming loan limit is $726,200 in most areas.
Jumbo loans are perfect for borrowers who need a larger loan to purchase a high-priced property, especially in big cities with high real estate values.
FHA mortgage
A government loan backed by the Federal Housing Administration for low- to moderate-income borrowers. FHA loans feature low credit score and down payment requirements.
VA mortgage
A government loan backed by the Department of Veterans Affairs. To be eligible, you must be active-duty military, a veteran, a Reservist or National Guard service member, or an eligible spouse.
VA loans allow no down payment and have exceptionally low mortgage rates.
USDA mortgage
USDA loans are a government program backed by the U.S. Department of Agriculture. They offer a no-down-payment solution for borrowers who purchase real estate in an eligible rural area. To qualify, your income must be at or below the local median.
Bank statement loan
Borrowers can qualify for a mortgage without tax returns, using their personal or business bank account as evidence of their financial circumstances. This is an option for self-employed or seasonally-employed borrowers.
Portfolio/Non-QM loan
These are mortgages that lenders don’t sell on the secondary mortgage market. And this gives lenders the flexibility to set their own guidelines.
Non-QM loans may have lower credit score requirements or offer low-down-payment options without mortgage insurance.
Choosing the right mortgage lender
The lender or loan program that’s right for one person might not be right for another.
Explore your options and then pick a loan based on your credit score, down payment, and financial goals, as well as local home prices.
Whether you’re getting a mortgage for a home purchase or a refinance, always shop around and compare rates and terms.
Typically, it only takes a few hours to get quotes from multiple lenders. And it could save you thousands in the long run.
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Current mortgage rates methodology
We receive current mortgage rates each day from a network of mortgage lenders that offer home purchase and refinance loans. Those mortgage rates shown here are based on sample borrower profiles that vary by loan type. See our full loan assumptions here.