Uncommon Knowledge
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
The average long-term U.S. mortgage rate eased this week, welcome news for prospective homebuyers as the spring homebuying season approaches.
The average rate on a 30-year mortgage fell to 6.63% from 6.69% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.09%.
Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also fell this week, pulling the average rate down to 5.94% from 5.96% last week. A year ago it averaged 5.14%, Freddie Mac said.
The cost of financing a home has been mostly easing in the weeks since the average rate on a 30-year mortgage hit 7.79%, the highest level since late 2000. So far this year, the weekly average has ranged between 6.60% and 6.69%.
Initial and recurring applications for US unemployment benefits both rose to a two-month high, suggesting some slowdown in the labor market.
Initial claims increased by 9,000 to 224,000 in the week ending Jan. 27, according to Labor Department data released on Thursday. The median forecast in a Bloomberg survey of economists called for 212,000.
Continuing claims, a proxy for the number of people receiving unemployment benefits, rose to 1.9 million in the week ending Jan. 20.
The US labor market has defied economists forecasts over the last year despite elevated interest rates, but there are signs of cooling. Fewer people are quitting their jobs than at the peak of the pandemic recovery and recent high-profile job-cuts announcements from companies including United States Parcel Service Inc. may be early signs that unemployment will pick up in coming months.
Source: bostonherald.com
With so much to offer, the cheapest places to live in Arizona consist of picturesque and popular cities, so no matter your budget, you’ll find the perfect home.
From the upscale city of Scottsdale to the college town of Tempe, rents throughout the state sit on the more affordable side. For example, a one-bedroom apartment will cost you $1,322 on average per month.
While that number is up by almost 8 percent over last year, it’s still close to the median rent for the entire U.S.
You don’t have to live in Phoenix to experience what makes Arizona such a great place to live. Although this big, capital city has a lot going on, you do have alternatives that keep you close by, but at a more affordable price. Opting for a smaller city can improve your cost of living without sacrificing access to activities and fun.
Give your monthly budget a break. Consider one of the cheapest places to live in Arizona as your new home.
With an easy commute to Phoenix, Queen Creek gives you the benefits of small-town living without being far from an urban center. This laid-back community offers horseback riding, more than one mountain range to explore and four 18-hole golf courses. Queen Creek’s proximity to the airport also makes it an affordable place to live even if you spend a large amount of time traveling.
This family-friendly, innovative city continues to grow without losing its reputation as one of the best-kept secrets in Arizona.
Dotted with palm and orange trees, the unique appearance of Litchfield Park only cements its reputation as another local gem within Arizona. Full of beautiful homes, sidewalk cafes and casual and comfortable public spaces, you can find a cozy feel at the right price.
When it’s time for a little luxury, you won’t have to go far. The Wigwam, located in Litchfield Park, has served as an elegant retreat for more than a century. With more than 400 acres of amenities, restaurants, golf courses and more, it’s a definite bonus to have somewhere to pamper yourself within such an affordable area to live.
Known as one of the primary suburbs of Phoenix, Avondale is a quickly growing city with plenty of open space, recreational amenities and employment opportunities. Located where the Sierra Estrella Mountains and Agua Fria and Gila rivers meet, Avondale continues to develop. A new city center is currently underway to bring even more to this affordable town.
With a downtown labeled as one of the best shopping districts in the country, Glendale has a diverse history that residents treasure. One of the four largest cities in Arizona, it offers something for everyone from annual music festivals to a water park to the University of Phoenix Stadium, which hosted the 2015 Super Bowl.
Giving off a modern vibe and providing a lot of entertainment options, it’s no wonder Glendale is one of Phoenix’s most popular suburbs to call home.
More than 20,000 acres of recreational parks, 47 miles of trails and more than 100 miles of paved bike routes all make Goodyear a perfect city for those who prefer an active lifestyle. It’s also home to the Goodyear Ballpark where you can catch the Cincinnati Reds and Cleveland Indians during spring training.
Named for the well-known tire company, Goodyear offers a safe, small-town feel, with affordable housing, only 20 minutes from Phoenix.
For a dose of natural history, Mesa is an ideal place to live. Home to the Mesa Grande Cultural Park, you can see a centuries-old ceremonial mound and learn more about the native Hohokam people. You’ll also find the Arizona Museum of Natural History and the i.d.e.a Museum here.
This nicely-priced town sits alongside the Tonto National Forest, the fifth-largest forest in the United States. Mesa keeps you active and outdoors as you enjoy living in some of the best weather in the country.
Situated halfway between Phoenix and Tucson, Casa Grande provides a relaxing atmosphere for those who want to live in Arizona without the bustle of a big city. Residents golf year-round when they’re not walking through the historic downtown area, hiking, biking or enjoying local community-wide events.
With historic charm and a lot of amenities, Casa Grande looks to create an ideal quality of life for residents at a price everyone can afford.
The biggest Arizona city on the list, Tucson encompasses a huge amount of space in the southern part of the state. Nestled in the Sonoran Desert, there’s a good chance you’ll see a giant saguaro cactus from your own apartment window.
With all the amenities of a large city — like resorts, golf and amazing shopping and restaurants — and the beauty of mountain ranges and desert landscapes, you get the best of both worlds in Tucson without having to break the bank.
Overlooking the Colorado River, Yuma is home to the Marine Corps Air Station and thousands of Marines and their families. It’s also a popular destination for snowbirds, residents who spend only the cold winter months living comfortably in the Arizona sun. They double the city’s population during the first few months of each year.
No matter the population size, Yuma strives to preserve its culture and heritage alongside its wide array of outdoor activities. The city is also close to Mexico and San Diego, offering opportunities for easy getaways you won’t find everywhere in the state.
Living in Sierra Vista gives you a perfect balance between an active, engaged lifestyle and affordability. Mixing a smaller population with big-city amenities, Sierra Vista is also a popular spot for those interested in technology. This is, in part, thanks to the tech-forward missions at Fort Huachuca.
The city supports a healthy mix of young professionals and those looking for a slower pace of life. It has received distinctions as both a best place to retire and a best place to live, work and play. And, that’s all for less than what you’d pay in many other cities around the country.
Looking for a little upgrade in where you call home in Arizona? For some extra luxury in your rental, check out the most expensive places in the state to call home.
Rent prices are based on a rolling weighted average from Apartment Guide and Rent.’s multifamily rental property inventory of one-bedroom apartments. We pulled our data in December 2020, and it goes back for one year. Our team uses a weighted average formula that more accurately represents price availability for each individual unit type and reduces the influence of seasonality on rent prices in specific markets.
We excluded cities with insufficient inventory from this report.
The rent information included in this article is used for illustrative purposes only. The data contained herein do not constitute financial advice or a pricing guarantee for any apartment.
Source: rent.com
One substantial positive story for 2024 is that we have more housing inventory year over year. It’s not a lot, but anything is positive, which I will take. I am a very pro-housing supply person and will feel much better about the housing market when we return to pre-COVID-19 levels for total active listings. However, last week, inventory fell week to week but was up year over year.
Here is a look at last week:
I have been hoping for more new listings data growth in 2024 and even though we’re positive year over year, it’s just not as much as I would like. But at least it’s positive! New listings were trending at the lowest levels ever in 2023, but that should not be the case in 2024. Never forget most sellers are buyers of homes as well, especially if the economy isn’t in a job loss recession. This is a topic I recently discussed on CNBC.
Weekly new listing data for last week over the last several years:
Every year, one-third of all homes take a price cut before selling — this is very traditional housing activity. However, when mortgage rates rise and demand gets hit, the price cut percentage data grows year over year.
A perfect example was in 2022: when housing inventory rose faster as demand crashed, the percentage of price cuts rose faster. That increase matched the slope of the inventory increase, and people needed to cut prices to sell their homes. Existing home sales stopped crashing after November of 2022 and this data line has stabilized. As long as this trend continues, we will go below the price cut percentage in 2023 in the spring of this year.
This is the price-cut percentage for the same week over the last few years:
The 10-year yield is the key for housing in 2024. In my 2024 forecast, I have the 10-year yield range between 3.21%-4.25%, with a critical line in the sand at 3.37%. If the economic data stays firm, we shouldn’t break below 3.21%, but if the labor data gets weaker, that line in the sand — which I call the Gandalf line, as in “you shall not pass” — will be tested.
This 10-year yield range means mortgage rates between 5.75%-7.25%, but this assumes spreads are still bad. The spreads have been improving this year so much that if we hit 4.25% on the 10-year yield, we won’t see 7.25% in mortgage rates.
It was a crazy week for the 10-year yield and mortgage rates as it was jobs week and the Federal Reserve held its Federal Open Markets Committee (FOMC) meeting. The 10-year yield started at 4.13%, got as low as 3.81%, and ended the week at 4.02%. Mortgage rates started the week at 6.88%, fell to a low of 6.63%, then shot up to 6.92% on jobs Friday as the labor data came in stronger than anticipated and the 10-year yield spiked higher with mortgage rates, as you can see in the chart below. I also wrote about the jobs report in this article.
I have always stressed that the labor data is more critical for mortgage rates than the inflation growth rate at this stage. The growth rate of inflation is slowing down noticeably. PCE inflation data is running below 2% on the three- and six-month data line trends, but the 10-year yield is still over 4% and we are near 7% mortgage rates. If jobless claims data ran over 323,000 on the four-week moving average, that would be a different story, as the 10-year yield would be much lower.
Last week was the first negative week in the purchase application data report since rates fell, as we saw a decline of 11% weekly and they were down 20% year over year. Rates had been ticking up a bit higher, but before last week, it didn’t impact the data much. Eight out of the last nine weeks that I have counted (after making some holiday adjustments) are positive, and for 2024, we have two positive prints versus one negative print.
We always want to weigh this index after the second week of January to the first week of May: After May, total volumes traditionally always fall. Much like 2022-203 data, we have a bounce in demand as mortgage rates have fallen. The question is: how will the rest of the heat months act? Last year, rates spiked up higher and then headed toward 8%. This year should be a different story unless the Fed messes it up.
After a crazy week of labor data and remarks by Fed Chair Jerome Powell, we should have a calmer week with some manufacturing data, household credit data and the all-important jobless claims data.
I will be very interested to see how the 10-year yield trades, especially after Powell talks on 60 Minutes Sunday night — that has the potential to be a market mover. Remember, to their credit, the Federal Reserve used the term restrictive policy when the 10-year yield broke over 4.25% and headed toward 5%. Talk is cheap, and I will need to see some action before they want lower yields to ensure they focus on their dual mandate by keeping prices stable and employment high.
Source: housingwire.com
The best travel rewards are the ones that get you where you want to go, and some do a better job of that than others. Airline miles can help you book free flights and hotel points can help you book free rooms, but transferable points (like Chase Ultimate Rewards and AmEx Membership Rewards) can do both — and more.
Here are six reasons why transferable points are at the apex of travel rewards, and why you should prioritize earning them over other types of points and miles.
Suppose you’re in the market for a new travel credit card and you’ve narrowed your decision to two choices: the first card earns points that can be redeemed with your favorite airline, while the second card earns points that can be redeemed not only with your favorite airline, but also with your favorite hotel chain. The cards are functionally identical otherwise. Which do you choose?
The second card is the obvious answer. The option to redeem with both airline and hotel partners makes the rewards you earn from it more useful, since they can meet a broader range of award travel needs. In short, the rewards earned by the second card are more valuable because they’re more flexible.
Transferable points programs expand on that premise by partnering with a variety of airline and hotel loyalty programs, giving you a diverse range of redemption options instead of just one.
Flexibility isn’t the only ingredient needed to add value, since making points transferable doesn’t necessarily mean transferring them is worthwhile. For example, you can transfer Hilton Honors points to more than two dozen airline partners, but in most cases the transfer ratio is a dismal 10:1 (i.e., 10,000 Hilton points becomes 1,000 airline miles).
That provides marginal value because it’s only useful in marginal situations, like if you urgently need a small number of miles to book a highly valuable award flight. While Hilton Honors points are technically “transferable,” their transferability doesn’t add much.
In contrast, the major transferable points programs generally offer neutral or favorable transfer ratios, as well as transfers that process quickly (or in many cases, instantly). That kind of flexibility adds more clear and consistent value.
Suppose you’re booking a long weekend trip from Denver to San Francisco in the spring. You’ll be attending a wedding at the Hyatt Regency San Francisco and plan to pay out of pocket for your room there, but you have 60,000 United Airlines MileagePlus miles you can use to book your flight.
You want to arrive Thursday morning and return Sunday evening, so you search United’s website and find an itinerary that suits your needs for 32,200 miles and $11.20 in fees. You compare that with the cash price of $375.72 and calculate a redemption value of 1.13 cents per mile. That’s quite close to NerdWallet’s valuation of 1.2 cents per mile, so you’re satisfied.
Now imagine that instead of United miles, you have a reserve of 60,000 Chase Ultimate Rewards points. Instead of being able to redeem them solely for United flights, you can transfer those points to 11 airlines and three hotels based on which one suits your needs and offers the best value.
For example, instead of booking with United, you could transfer points to Southwest Airlines and book a comparable (though not identical) itinerary for 27,577 points and $11.20 in fees, versus a cash price of $386.97.
Assuming you’re not bothered by the earlier outbound departure and you don’t have a strong preference for one airline, the ability to choose between them saves you about 4,600 points on your flight.
Alternatively, you could transfer points to Hyatt to book your stay at the Hyatt Regency San Francisco. The award cost is 17,000 points per night, totaling 51,000 points for your three-night visit.
Cash rates start at $323 per night, but the cheapest rates require advance purchase and are nonrefundable, while booking with points generally allows you to cancel with no penalty until two days before arrival.
A cash rate with a comparable cancellation policy totals $1,386.22 after taxes and fees, which yields a redemption value of over 2.7 cents per point (more than double what you’d get by redeeming for the United flights above).
This is just one example about a set itinerary, but it illustrates how the versatility of transferable points provides an upside when you’re not locked into specific travel providers.
Having more redemption options yields more opportunities to use points efficiently, which in turn raises the expected value of each redemption.
Many loyalty programs have expiration policies that can cause your rewards to vanish over time. While you’ll generally have 12 to 36 months to keep rewards active, some points and miles expire in as little as six months.
It’s easy to let rewards lapse and disappear in that timeframe if you’re not a frequent traveler and you don’t monitor your loyalty accounts vigilantly.
In contrast, transferable points generally don’t expire as long as your account remains open and in good standing. That means you won’t have to keep track of when you last logged activity in each loyalty program or take action to keep dormant rewards from expiring.
Most transfers to airline and hotel partners are done at a 1:1 ratio, so transferring typically gets you the same number of rewards you put in.
For example, transferring 1,000 Chase Ultimate Rewards points to United Airlines gets you 1,000 United miles, or transferring 1,000 Citi ThankYou Rewards points to Wyndham Hotels gets you 1,000 Wyndham points. While exchange rates vary depending on the loyalty program and credit card you’re using, a 1:1 transfer ratio is the industry standard.
However, transferable points programs offer occasional transfer bonuses that boost the exchange rate, commonly by 20%-50%. Instead of the usual 1:1, every 1,000 points you transfer with a bonus could get you 1,200 to 1,500 points with the partner program (or in some cases, more).
These higher exchange rates can save you points when a transfer bonus aligns with your travel plans, since booking the trip you want requires fewer transferable points than it would normally.
Transfer bonuses also create opportunities to top up your loyalty account balances by sending points to the programs you use most (even if you don’t have immediate plans to redeem them).
Loyalty programs change over time, and while they sometimes add features, lower award prices or introduce new redemption options that make rewards more valuable, the opposite is more common.
Devaluations are a regular occurrence among airline and hotel programs and sometimes take place with no warning. When your points or miles are suddenly in decline, you have little recourse.
Transferable points programs aren’t immune from devaluations; they add, remove and modify features just like airline and hotel programs.
However, transferable points are insulated from devaluation by the sheer number of available redemption options — when a single airline or hotel program devalues, other transfer partners are unaffected, so transferable points retain the bulk of their worth.
In short, earning transferable points is the award travel equivalent of diversifying investments: By having a share of many loyalty programs, you’re less affected by a downturn in one of them.
Transfers to airline and hotel partners tend to be the most valuable use of rewards, but transferable points programs feature a variety of other ways to redeem them.
One is to book flights, hotels or other travel directly through the program’s travel portal, especially with programs that offer added value for travel portal redemptions. For example, Chase Sapphire Reserve® cardholders get 1.5 cents per point when redeeming through the Chase Ultimate Rewards travel portal.
Chase Sapphire Reserve®
Annual fee
$550
Some programs also offer added value when redeeming for cash equivalents like statement credits or gift cards. For example, the American Express Platinum Card for Schwab lets you redeem Membership Rewards points at 1.1 cents apiece for cash deposits to an eligible Charles Schwab account. Terms apply.
Even though cashing out yields a lower average return than transfers to travel partners, it’s nice to be given the option when you need it, as it’s one you generally don’t have with other points and miles programs.
Among travel rewards, transferable points have the best chance to provide useful redemption options, yield a high return and retain their value over time.
That’s why they’re broadly prized above rewards from individual airline and hotel programs, and why earning them should be the focus of your award travel strategy.
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:
Source: nerdwallet.com
Over the past two years, the Federal Reserve has raised interest rates to a range of 5.25% to 5.5%, marking a 22-year high, in a bid to cool rapid inflation. The policy resulted in the effective rate on a 30-year mortgage soaring above 8% last year, though it has declined from that peak in subsequent … [Read more…]
Mortgage rate declines from their two-decade peak in October are allowing buyers to buy homes worth tens of thousands of dollars more than they did a few months ago, according to real-estate platform Redfin.
Prospective buyers able to afford $3,000 monthly payments are well-suited to acquire a home priced at $453,000 at a 6.7 percent home loan cost compared to $416,000 when rates hovered near 8 percent. That means buyers are potentially able to add $40,000 to the cost of the home they can buy, Redfin pointed out.
Mortgage rates soared to around 8 percent on the back of the Federal Reserve’s hiking of rates beginning in March 2022 to the current range of 5.25 to 5.5 percent to battle inflation that had at one point skyrocketed to a 40-year high. Recent economic news suggests that inflation has slowed and the market now expects the Fed to begin cutting rates sometime this year.
This shift has contributed to a fall in rates over the last few to under 7 percent sparking activity in the housing market. As of January 25, the 30-year fixed-rate mortgage stood at 6.69 percent, according to Freddie Mac.
The drop in rates has also given buyers the potential to save hundreds of dollars in monthly mortgage payments. A typical home selling at $363,000 at a 6.7 percent mortgage will mean an estimated monthly outlay of $2,545. The same home would have cost an owner more than $2,700 in monthly payments when rates had jumped to nearly 8 percent in November, according to Redfin.
The market is starting to shift as a result of these potential savings with buyers coming out of the sidelines and looking to buy.
“Late last year, many listings sat on the market as buyers sat on the sidelines, hoping for rates to drop,” Shoshana Godwin, a Redfin Premier agent in Seattle, said in a statement. “Now, buyers are snapping up homes because even though rates haven’t plummeted, people are realizing that the longer they wait to buy a home, the more competition they’re likely to face.”
Redfin analysts are forecasting mortgage rates to decline over the months ahead with some level of fluctuations over the year.
Freddie Mac chief economist Sam Khater suggested last week that should mortgage rates continue to trend downwards, spring could be a busy season for the housing market.
“Potential homebuyers with affordability concerns have jumped off the fence back into the market. Despite persistent inventory challenges, we anticipate a busier spring homebuying season than 2023, with home prices continuing to increase at a steady pace,” Khater said in a statement.
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
Source: newsweek.com
Chicago, with its vibrant culture and dynamic cityscape, offers a lot, but living in such an urban hub can be costly. Wondering about rental prices in Chicago? On average, studios go for $1,572 per month, one-bedrooms at $1,907 and two-bedrooms at $2,558. If these prices are beyond your budget, don’t worry.
If you’re in search of a more pocket-friendly option that still keeps you within reach of Chicago’s energy, you’re in the right place! We’re thrilled to present to you 10 of the most cost-effective suburbs surrounding Chicago. These areas range from serene, small-town atmospheres to bustling, vibrant communities, offering a diverse array of living experiences. Read on to find your potential new, affordable home in one of these affordable Chicago suburbs.
Average rent for a studio: $1,450
Average rent for a one-bedroom: $950
Average rent for a two-bedroom: $1,400
Distance from Chicago: 17 miles
Apartments for rent in Oak Lawn
Leading our list of affordable ‘burbs in Chicago is Oak Lawn, a suburb boasting affordability and proximity, only 17 miles southwest of Chicago. It offers substantial savings, especially with one-bedroom apartments. Oak Lawn is not just about affordability; it’s a community rich in recreational activities and cultural events. The Oak Lawn Park District hosts numerous community events and sports leagues, while Wolfe Wildlife Park provides nature trails and birdwatching opportunities. The downtown area is a hub of activity with its eclectic mix of local eateries, boutiques and seasonal farmer’s markets, reflecting the suburb’s unique charm.
Average rent for a studio: $890
Average rent for a one-bedroom: $1,005
Average rent for a two-bedroom: $1,195
Distance from Chicago: 45 miles
Apartments for rent in Joliet
Joliet, a suburb with a robust historical background, is our next top pick. About 45 miles southwest of Chicago, it offers rents significantly lower than the city’s. Joliet is not just budget-friendly; it’s rich in history and culture. The Old Joliet Prison, now a museum, offers a unique glimpse into the past, and the Rialto Square Theatre, known for its stunning architecture, presents a range of performances. Joliet also boasts the Harrah’s Joliet Casino for entertainment and a bustling downtown area with an array of dining and shopping options.
Average rent for a studio: $922
Average rent for a one-bedroom: $1,162
Average rent for a two-bedroom: $2,142
Distance from Chicago: 10 miles
Apartments for rent in Oak Park
Just 10 miles west of Chicago, Oak Park combines affordability with cultural richness. This suburb is renowned for its architectural heritage, particularly the Frank Lloyd Wright Home and Studio and the Ernest Hemingway Birthplace Museum. Oak Park’s charm extends to its vibrant arts scene, with galleries and theaters and its commitment to green spaces, as seen in the expansive Oak Park Conservatory. The suburb’s bustling downtown area offers a diverse range of dining, shopping and entertainment options, making it an attractive place for those who appreciate both history and modern conveniences.
Average rent for a studio: $2,022
Average rent for a one-bedroom: $1,375
Average rent for a two-bedroom: $1,450
Distance from Chicago: 15 miles
Apartments for rent in Skokie
Skokie, located 15 miles north of Chicago, is an affordable option that doesn’t skimp on amenities. This suburb is known for its cultural diversity and community-focused events. The Emily Oaks Nature Center offers an oasis for nature enthusiasts, while the Skokie Northshore Sculpture Park showcases impressive outdoor art. Skokie’s vibrant downtown area features a range of shopping and dining options, and its renowned school system makes it a great choice for families.
Average rent for a studio: $1,260
Average rent for a one-bedroom: $1,400
Average rent for a two-bedroom: $1,980
Distance from Chicago: 40 miles
Apartments for rent in Aurora
Aurora, about 40 miles west of Chicago, is known for its lively urban atmosphere combined with more affordable living costs. Home to the Oakhurst Forest Preserve and the historic Paramount Theatre, Aurora offers a range of outdoor and cultural activities. The city’s downtown area is a mix of historic and contemporary, with various shopping, dining and nightlife options. Aurora also hosts several festivals and community events throughout the year, reflecting its vibrant community spirit.
Average rent for a one-bedroom: $1,533
Average rent for a two-bedroom: $1,844
Distance from Chicago: 30 miles
Apartments for rent in Arlington Heights
Arlington Heights, 30 miles from Chicago, offers a blend of suburban tranquility and urban amenities. Its downtown area is a bustling hub with a variety of shops, restaurants and entertainment options. The suburb also features multiple parks and recreational facilities, making it an attractive place for outdoor enthusiasts and families.
Average rent for a studio: $1,433
Average rent for a one-bedroom: $1,573
Average rent for a two-bedroom: $1,900
Distance from from Chicago: 33 miles
Apartments for rent in Schaumburg
Schaumburg, situated 33 miles northwest of Chicago, is a suburban haven balancing a slightly longer commute with affordable living. It’s home to the Spring Valley Nature Center & Heritage Farm and the sprawling Woodfield Mall, one of the largest shopping destinations in the region. Schaumburg also boasts a variety of dining and entertainment options and is known for its well-developed park district and community services.
Average rent for a studio: $1,836
Average rent for a one-bedroom: $1,600
Average rent for a two-bedroom: $1,902
Distance from Chicago: 20 miles
Apartments for rent in Des Plaines
Des Plaines, a suburb known for its affordability and proximity to Chicago, offers a blend of urban and suburban living. The Des Plaines Theatre provides entertainment options, while the downtown area is filled with shops and eateries. Outdoor enthusiasts will enjoy Prairie Lakes Park, offering scenic beauty and recreational activities.
Average rent for a studio: $1,207
Average rent for a one-bedroom: $1,652
Average rent for a two-bedroom: $2,300
Distance from Chicago: 15 miles
Apartments for rent in Evanston
Evanston, just 15 miles from Chicago, offers a relaxed lifestyle with plenty of activities, making it an easy pick among the best affordable Chicago suburbs. Known for the Northwestern University campus, this suburb has a college-town feel with historic architecture and events. The Evanston Art Center and The Lakefill, with its stunning skyline views, are highlights, making Evanston an ideal suburb for those seeking a mix of culture and tranquility.
Average rent for a studio: $2,020
Average rent for a one-bedroom: $1,820
Average rent for a two-bedroom: $2,311
Distance from Chicago: 35 miles
Apartments for rent in Naperville
Naperville, a dynamic suburb 35 miles west of Chicago, is known for its vibrant community and scenic beauty. The Naperville Riverwalk and the Naper Settlement are popular attractions. The city boasts a lively downtown area with shops, restaurants and cultural venues, making it a sought-after location for those who desire a mix of suburban charm and urban amenities.
These suburbs offer more than just affordability; they are communities rich in culture, history and amenities, providing an enhanced quality of life. From quaint streets to bustling local businesses and peaceful parks, there’s a perfect fit for everyone – families, professionals, and retirees alike. These suburbs don’t just ease your wallet; they enrich your life, fostering close-knit communities where lasting friendships and memories are made. Here, the spirit of Chicago is alive in a more accessible, affordable form, where the true value of a city is reflected in its people and the warmth of the community they create.
Thinking of transitioning from renting to owning? Explore our guide to the most affordable Chicago suburbs for homebuyers.
Methodology: Affordability is based on whether a suburb’s one and two-bedroom rent was less than Chicago and under 45 miles from downtown Chicago. Average rental data from Chicago rental market trends on October 26, 2023. Population data sourced from the United States Census Bureau.
Do you know the return on investment (ROI) of your renovation project?
Some renovations can make your home more valuable. However, other projects may provide very little or no return. If you’re investing in a home renovation in hopes of recouping that money when you sell, it’s important to research and plan ahead before you begin to ensure you’re spending your money wisely.
Home renovation projects of all types are on the rise. In a recent study, 55% of homeowners reported renovating a part of their home in the past year.
But how many of these homeowners will see a return on their investment?
It depends. Getting a full recoup of remodeling costs isn’t very likely. And while smaller DIY projects probably won’t break the bank, homeowners should address whether a project is worth its weight in salt — especially before diving into large-scale remodels.
Keep in mind, though, that you can still potentially increase your home’s equity even if you don’t fully recoup the cost of certain improvements. Equity is the difference between your home’s current market value and the amount you owe on your mortgage. A home upgrade that doesn’t fully pay for itself dollar-for-dollar in terms of increased home value may still boost your home’s overall market value, thereby increasing your equity.
A way to determine whether a home improvement makes sense is to look at a project’s cost vs. its value assessment. This resulting renovation-to-resale value assessment number, “cost recouped,” can then be used to rank the financial benefit of comparable projects across the country.
Take a look at these popular home improvement projects and their ROI values. You may be surprised at what tops the list.
Source
Long before you start tearing down walls or ripping up floors, you should consider the following:
Still unsure if your project is worth the cost? Here’s a more in-depth look at the questions above.
No matter how much you try to nail down a renovation budget, there will likely be unforeseen costs along the way. Plan ahead by getting a clear view of how much you can spend.
Talk to contractors, compare their rates and get your priorities in check. It’s easy to spring for granite countertops over laminate when you’re visiting the showroom, but if you need to rewire your electrical system to install the new kitchen appliances later, you might need more funds.
While the size of a project is largely dependent on budget, in some cases, a quick-fix repair may cost more money over time than a large-scale renovation that solves a major headache.
For example, if mold is growing on your first-floor ceiling due to a leak in an upstairs shower, you may consider replacing the grout as a short-term, low-cost solution. However, you should have the house inspected to determine the best way to address the issue — mold can be a more extensive problem than first meets the eye. Depending on the damage, you may need to completely redo the tile, drain and pipes and you could require professional mold remediation.
Getting professional advice now will help you pass an inspection later in case you decide to sell.
If you’re preparing to put your home on the market, ensure your renovations appeal to buyers. One of the biggest misconceptions among homeowners is that major home improvements equate to more money in the final sale. That’s not always the case. If you’re planning to stay in your home for several years, make sure you can realistically live with the changes long term.
It’s essential to consider the value of renovations in your region — not just on a national scale. In colder climates, energy efficiency projects may reap more value, while a swimming pool may dissuade buyers. On the other hand, in warmer regions, a pool may attract buyers to your home.
Adding additional rooms or square footage is one of the most impactful ways to increase your home’s value. An appraiser will be able to compare your home to those in your area who fall into the larger square footage category. Additional space can be used as an office, playroom or entertainment area, making it a worthwhile investment.
Home improvement projects can get stressful and can’t always be completed over the weekend. Be sure to plan a realistic project timeline and make arrangements to get through the renovation chaos. With major renovations, it’s often pragmatic to set aside funds. If you’ll have to spend several hours away from home while the contractors complete their work, you may need to stay overnight in a hotel or plan a fun day out.
Also, be aware that when renovating or doing major construction on your home, you will be unable to refinance during that time. This is because an appraisal is typically required, and the home must be in safe and functional condition.
Sometimes, home improvement projects solely benefit you — and that’s OK! Increasing your home’s value has several benefits. If you’re staying in your home, you might be able to apply the equity to secure a home equity line of credit (HELOC), a home equity loan (HEL) or even a cash-out refinance to help pay off debts, pay for college tuition or purchase a new car, for example.
If your home is on the market, your home improvements could help it sell faster and for more money. However, keep in mind that if you want to attract investors, most require a home listing to be off the market for a certain period of time before they can consider investing in it. Typically, this time ranges anywhere from six months to a year, even if the home was only listed on the market for one day.
When it comes to making home improvements, too often, homeowners rely on instinct rather than research to decide which projects to embark on. So, while converting the garage to an extra bedroom might seem like a good idea, the inconvenience of street parking isn’t likely to entice a potential homebuyer anytime soon.
Some other remodeling mistakes to avoid:
Underestimating project costs. It’s important to fully understand your project’s size, scope and complexity. Consider the supplies, skilled professionals, inspections and permits that may be required, and any systems, such as electrical or plumbing, that will be affected and impact your costs.
Not anticipating issues. Things don’t always go according to plan. Ensure you have a buffer of funds to manage unexpected issues that may arise.
Having an unrealistic timeline. Major gut renovations can take months to design and build, which leads to higher labor costs. Can you live in your home through the renovation if it takes longer than anticipated? Do you have a contingency plan?
Not doing your research. If you want to enhance your home’s resale value, do your homework to ensure your upgrades will help you maximize your investment.
Did you know that one of the most valuable home investments is adding fiberglass insulation to a home’s attic?
Probably not. But watching contractors stuff the ceiling with insulation on popular home improvement shows just isn’t as interesting as watching designers discuss the layout of a total kitchen overhaul, complete with high-end fixtures, granite countertops and top-of-the-line commercial-grade appliances.
An overly pricey, sophisticated kitchen may backfire once a home is back on the market. A minor kitchen remodel, on the other hand, such as painting the cupboards or replacing laminate flooring with ceramic tiling, not only provides a more cost-effective solution for homeowners, but may also yield a higher return on their investment. Painting kitchen cabinets is an inexpensive cost to a homeowner because they can be painted on-site instead of at a warehouse and then shipped.
Whether you’re a first-time homebuyer with a growing family or a near-retiree looking to sell and downsize, it’s important to understand which home improvement projects make the most sense for you.
If you’re renovating with ROI in mind, consider how prospective homebuyers will view your interior, exterior, outdoor space and landscaping. Focus on projects that improve your home’s functionality and appeal to a wide range of buyers. And remember, even relatively small renovations can still increase your home’s value and equity.
Talk to a real estate agent to get their guidance on which projects may have the biggest impact on your home’s value. If you’re ready to begin your next exciting remodeling project, inquire about a home equity loan that turns your current home equity into cash. Reach out to a Pennymac Loan Expert and find the option that’s right for you.
Share
Categories
home equity appraisal fundamentals
Source: pennymac.com
While spring and summer are typically the most active home-buying seasons, things tend to cool down by September, much like the weather. But that doesn’t mean you should put off your home search. In fact, the fall can be the golden time to find a home.
Let’s explore why autumn can be one of the best times of the year to buy a home.
The spring and early summer frenzy of buyers wanting to get into a home before school starts has settled down. You’ll have less competition as homes hit the market.
Sellers are often motivated due to less competition from buyers. They may also be eager to sell before the holiday season, which can translate into a good deal for you.
Leaf colors aren’t the only things that peak in the fall. Typically, so does starter home inventory, which can be good news for first-time homebuyers. These homes tend to be in the lower-third price range of available houses, making them a potential option for those taking their initial step into homeownership.
Sunny summer weather can hide water-related issues such as roof or window frame leaks. Autumn rains make it easier for your home inspector to see potential water problems firsthand. Cooler fall weather also allows you to evaluate the heating system more effectively.
Uncovering issues that need repair may help you bring down the price of a home, or you may want to consider rescinding an offer if the fixes are too extensive or expensive.
With fewer homebuyers in the market, you may be in a good position to negotiate a more favorable price. Plus, sellers may be tired of waiting for a sale if the home has been on the market since the summer. They may be more open to making a deal and hoping to close before the holidays and the winter.
Need to move in earlier or later? Motivated sellers may be more willing to accommodate your schedule.
Plus, demand for moving companies wanes in the fall. With more crews available, scheduling your move may be easier, allowing for more flexible move-in dates. Moving costs may also be lower, thanks to off-peak pricing.
Historically, home prices are highest in the spring and summer and drop during the fall. This is especially true for homes that have been on the market throughout the summer; sellers may lower the asking prices to encourage a sale.
Milder fall temperatures mean a home’s winterization isn’t yet an issue, but you’ll have time to address any concerns. Prepare for winter’s chill by maintaining the furnace and water heater, sealing cracks and adding insulation, all of which cut energy costs.
Spring and summer are busy seasons for contractors, but things tend to slow down in autumn. Contractors, subcontractors and skilled laborers may be more readily available to take on your new home’s renovation or repair projects.
Taking advantage of homeowner tax deductions on next year’s returns may save you money, too. Write-offs may only be a percentage of a full year’s deductions (when you’ve been residing in the home continually), but getting in before the December 31 tax deadline means you’ll be able to write off some of this year’s mortgage interest, along with deductions for points, property taxes and home offices.
There are still homes on the market from summer that some sellers may remove during the holidays and relist next year.
Spring and summer may traditionally be the peak home-buying periods, but the autumn months present several overlooked benefits — from reduced competition to lower prices to greater starter home inventory. Whether you’re a first-time homebuyer, relocating, moving up or downsizing, autumn can be the perfect time to begin your search and find a home you’ll “fall” in love with. Contact a Pennymac Loan Expert to explore our wide range of financing options for your home loan needs.
Share
Categories
resources buying a home real estate
Source: pennymac.com
<meta name="smartbanner:author" content="We now have a native iPhone
and Android app.
Download the NEW APP”>
This website requires Javascrip to run properly.
By:
Tue, Jan 30 2024, 10:57 AM
“What do hospital gowns and insurance policies have in common? You’re never covered as much as you think you are.” Although loan officers are not insurance experts, they are seeing the escalating cost of homeowner’s insurance impact affordability. (Last Friday’s TMC show focused on why insurance costs are rising.) Insuring homes is not the only issue, however. The average bill for the repair of an American vehicle is $4,437, and for an electric vehicle that is up to $6,618, about 49 percent higher. Collision insurance claims have increased 64 percent between 2018 and 2022, fueled by increasingly sophisticated cars and more complicated things that need to get fixed when they get broken. No longer are we just hammering out dents, but rather we’re taking computers out of the car and fixing it. Insurance costs may be on the agenda (the why’s mortgage rates certainly will be) when the California Association of Mortgage Professionals (CAMP) presents the 2024 Economic Forecast today with Dr. Michael Frantanoni and yours truly at 1PM ET/10AM PT. (Today’s Commentary podcast can be found here and this week’s is sponsored by Calque. With The Trade-In Mortgage powered by Calque, lenders help their clients negotiate a lower purchase price, reduce their interest payments, and eliminate PMI. Hear an interview with Polly’s Troy Coggiola on the evolving capital markets landscape and his new role at the company.)
Lender and Broker Software, Products, and Services
Housing agencies across the U.S. introduced 135 new down payment assistance (DPA) programs last year, bringing the total number of programs up to 2,294 according to Down Payment Resource’s newly released Q4 2023 HPI report. Among other findings: there are now 686 programs that support wealth-building through the purchase of 1–4-unit multifamily properties and 804 programs that support the purchase of manufactured housing. Read the full report or schedule a demo to learn about the DPA programs available to support borrowers in your footprint.
“Unlock unprecedented success for your brokerage! Partnering with The Loan Store is a game-changer for broker owners seeking seamless growth. Picture this: your loan officers effortlessly earn 200 basis points with minimal effort, ensuring consistent borrower engagement regardless of market fluctuations. How? We specialize in lightning fast HELOC closings in just 5 days: no appraisals, no processing headaches, and approvals in mere minutes. Our commitment is simple: empower your team to focus on what matters most: building relationships. By streamlining the loan process, we pave the way for your loan officers to stay ahead in the competitive landscape. Elevate your brokerage to new heights with The Loan Store where speed, efficiency, and impressive earnings converge effortlessly. Ready to redefine success? Let’s make it happen together! Contact us here or visit our website.”
One of the key ways Servbank continues to create Excellence for its clients is with SIME, its award-winning mortgage loan servicing platform. SIME gives clients a fully transparent, 360 degree, real-time, on-demand view into their portfolio. This includes 130+ data rich customizable reports, complete document access, escrow analyses, customer call recordings, and much more. Take it from Mary Fierro, who leads subservicing oversight at NewFed: “SIME has helped NewFed in so many ways: real-time customer portal reviews, receiving payoff statements within minutes, clear and auditable monthly billing, and so much more. This is all very important to my oversight obligations, and more intuitive than ever.” Servbank, the nation’s premier bank subservicer, can make your oversight painless with the power of SIME. Visit here to learn more.
The proof’s in the data: Borrowers of all ages prefer a high tech, high touch experience. And using technology to meet their needs and deepen your relationships is more straightforward than you think. Hear tactical advice on how you can win new business, sustain customer loyalty, and strengthen your referrals from ICE Mortgage Technology’s Director of Sales, Nick Belenky, in our latest episode of What Borrowers Want. Watch the full conversation here to get expert strategies for crafting a powerful borrower loyalty formula.
“Take3Tech, home of TheRuleTool providing thousands of Loan Officer across the United States with AI-Powered instant access to agency/investor/bond/jumbo guidelines via the cloud. Hear what Tom Sullivan SVP of Mortgage Retail Sales says about TheRuleTool! Learn more by contacting Take3Tech! Email us.”
Stop losing money on loans with an end-to-end mortgage platform built for profitability. To achieve profitable mortgage lending, you need solutions built for your bottom line. Maxwell’s tech-enabled platform enhances each step of the process, from point of sale to the secondary market. You’ll gain competitive secondary market pricing on a wide array of products, including non-QM and jumbo, and full-service fulfillment support on both wholesale and correspondent offerings. Maxwell Capital customers leveraging Maxwell Point of Sale experience a 5.9 percent higher pull-through rate compared to a top competitor, increasing and accelerating closes, while built-in business intelligence tracks and benchmarks performance. Schedule a call with our team to learn more about Maxwell Capital and Maxwell Point of Sale to ensure profitability on every mortgage origination.
Webinars and Training Into February
“Today at 1pm CT we have an electric panelist lineup made up of Industry leaders that are going to spill the beans on ten strategies they are focused on to increase sales and reduce costs with minimal investment in 2024. Some of these strategies are directly saving 50-80 percent per month on the larger costs that lenders face, and others allow them to close more loans, faster. Come and join Kevin Peraino, Chief Lending Officer at PRMG, Delfino Aguilar, Chief Production Officer – TPO, Kind Lending, David Lykken, Founder & Chief Transformation Officer at Transformational Mortgage Solutions, LLC (TMS), and Richard Grieser, VP of Marketing at TRUV as they share the revenue generating and cost saving must have strategies that you can put into practice today! RSVP now and we hope to see you there!”
Since leaving retail and joining the UMortgage platform, Ravi Patel, Branch Manager and Top 1 percent Loan Originator has seen his business reach new heights despite some of the most challenging housing market conditions in more than a decade. “In a competitive market, speed can make or break many of the deals that my team and I are working on,” Patel shared. “The responsiveness and availability of our incredible Operations team have hugely benefitted my business and are just a few of the many ways that being on the UMortgage platform has exponentially increased my production.” Join Ravi this Thursday, February 1st at 2pm ET as he shares his own secrets to success and the reasons he chose UMortgage as the platform to grow his business during Loan Originators Powered by UMortgage.
Mortgages with Millennials is back today at 1PM ET! And Kristin Messerli and Robbie Chrisman are talking about Overlooked Strategies to Win with Millennials, addressing products and marketing, as well as hiring, and retaining. They will be joining you live today with the talented Melissa Langdale, sponsor from The Mortgage Collaborative, and Joe Soto, a top producer and FirstHomeIQ Ambassador. Register here.
The California Association of Mortgage Professionals (CAMP) is presenting the 2024 Economic Forecast with Dr. Michael Frantanoni and Rob Chrisman on Tuesday, January 30th
1PM PT. “Unlock the Future: 2024 Economic Forecast Revealed! Dive into a World of Opportunities and Growth. Discover Key Insights, Trends, and Strategies for Success in the Upcoming Economic Landscape.”
Join Appraiser eLearning for a one-hour webinar featuring Mark Calabria, acclaimed author of Shelter from the Storm: How a COVID Mortgage Meltdown was Averted. Calabria, former director of the Federal Housing Finance Agency (FHFA), will lead a frank conversation about what we can expect this year in the realm of housing policy, January 31st, 2pm ET / 1 pm CT.
Wednesday the 1st, 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 2PM EST/11AM PT is a dive into a range of mortgage-related topics, including market trends, interest rate fluctuations, innovative mortgage products, and industry advancements. Listen to a unique mix of age perspective, expertise, and charisma to the screen, ensuring that the information is not only educational but also entertaining. Hear from This week hear from Scott Olson of the CHLA.
Register for MMBBA’s meeting, Thursday, February 1st at 11:00 AM. Industry compensation expert Ari Karen from the law firm of Mitchell Sandler presents the 2024 Loan Originator Compensation practices update. The topic of utilizing different referral “buckets” for loan officer compensation is a highly controversial practice and noted legal expert Ari Karen will tackle this topic head on for MMBBA members.
Join MMLA in the Northern Michigan region for the first in a series of casual “Lunch and Learn” events at the Silver Spruce Brewing Company on Thursday, February 1st, 11:30 – 1:00. Holly Hack, Broker/Owner at Exit Realty Paramount, will discuss market trends in the five-county area and offer solutions to help get the deal across the finish line.
In Colorado, register for CoAMP’s 2-hour course on Thursday, February 1st, 2:00 – 4:00 PM designed for Realtors (CE included) and MLOs to better understand the benefits and nuances of VA home loans and how to use them to best serve our Veteran population and help dispel the myths and rumors about VA financing for homes. Held at 7979 E Tufts Ave in Denver, CoAMP MLO Members attend for free. Cost for Non-Member MLO and Realtors is $20 (includes CE credits).
Friday, February 3rd, is this week’s 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”. This week’s co-host is Jeff Rosato with Nationwide Mortgage Bankers to discuss the capital markets.
On February 6th at 10AM PT join me for Insellerate’s upcoming webinar, alongside its CEO and Founder, Josh Friend. Together, we’ll explore the 2024 Market Forecast, providing insights into mortgage industry predictions, strategies for navigating economic uncertainty, discussing capital markets developments, and hosting an interactive Q&A session. Reserve your spot now to stay ahead in 2024.
Join the National Association of Mortgage Brokers, CoAMP, Freddie Mac and the Denver Metro Association of Realtors on Tuesday, February 6th, 11am – 2:00pm for NAMB Road Show Denver. This free event, which includes lunch, features informative sessions giving you tools and resources to help you and your consumers. in-depth Realtor-Lender Partner panel. Freddie Mac Affordable Lending Manager Nora Guerra, as she shares the state of the Colorado housing market; housing trends in the area; and innovative ways to navigate the road ahead in creating an impactful mortgage business for you.
MBA of Mississippi Gulf Coast Chapter’s February Luncheon will be held on Tuesday, February 6th, 11:30am – 1:00pm (CST) at Salute Italian & Seafood Restaurant.
The Federal Reserve Bank of Dallas is offering an invite to join economic experts and business and community leaders across Texas for the Dallas Fed’s annual Texas Economic Outlook event. Whether you attend in person in Dallas or virtually, it’s a great opportunity to get the latest information on the Texas economy while expanding your network. 2024 program will take place Friday, February 9, 11 a.m.–12 noon CT. Registration is free and open to the public. In-person attendees are invited to come early to the Dallas office for refreshments and networking ahead of the presentation. Pia Orrenius, vice president and senior economist, will release the Dallas Fed’s forecast for Texas employment growth for the year and share details on factors likely to influence the Texas economy in 2024.
Capital Markets
Mortgage rates dropped to open the week ahead of a big dose of quarterly reports from companies, the latest Federal Open Market Committee (FOMC) policy statement, and the release of the jobs report for January. However, most of the downward move in rates yesterday was due to concerning geopolitical developments, as three U.S. soldiers were killed by a drone strike in Jordan and Houthi rebels attacked a U.S. destroyer and a British merchant ship.
Day one of the two-day FOMC meeting gets under way today in Washington, DC., and though no change in the fed funds rate is expected, it’s a big week for central banks. The Bank of Japan’s meeting yielded expectations for an April rate hike, while the latest Bank of Canada announcement suggests an earlier initial rate cut than markets had priced in. An initial rate cut from the European Central Bank is expected in April, and our Fed is a coin toss for a March rate cut. Central bank rate cuts should help pave a path for lower rates that should help housing markets as we enter the spring homebuying season.
In the United States, today’s economic calendar may have a few things that will move interest rates: Redbook same store sales for the week ending January 27, followed by Case-Shiller and FHFA house price indices for November, consumer confidence for January, December job openings from JOLTS, Dallas Fed services for January, and various Treasury auctions. We begin the day with Agency MBS prices are better by a few ticks (32nds), the 10-year yielding 4.06 after closing yesterday at 4.09 percent, and the 2-year at 4.31.
Employment
Steve Adamo, President of Residential and Consumer Lending looks to continue to expand OceanFirst Bank’s Residential Lending division. In 2023, the Bank saw top producing Loan Officers join the team as well as expanding its geography in the new metropolitan market of Washington D.C. OceanFirst Bank blends the benefits of an independent mortgage company with the stability of a banking environment. The Bank provides their Loan Officers with a strong portfolio, direct agency lending, retained servicing, innovative marketing and technology products and services, and the ability to lend nationally as a National Association bank. Additionally, our NeighborFirst program has benefits such as a low-down payment, no Private Mortgage Insurance (PMI), and no LLPAs based on credit score or loan amount. Contact John Costa, SVP and Head of Mortgage Sales, or 609.444.6121, to take your business to new heights.
In the Northwest and California, Banner Bank is searching for Mortgage Loan Officers looking to create lasting Realtor and builder relationships at a bank focused on the market today. Banner has opportunities for lenders looking for local decision making with FHA, VA, USDA, state bond and true Portfolio lending opportunities along with servicing retained Fannie and Freddie loans to assist in client retention. Additional highlighted products cover CRA lending with private label no payment down payment assistance to help assist all borrowers with the right opportunity. Banner is the right fit for an established team, or the individual looking to grow their business and take the next step in their career. Please send resumes to Aaron Miller.
Download our mobile app to get alerts for Rob Chrisman’s Commentary.
Source: mortgagenewsdaily.com