Northwestern Mutual Releases 2023 Sustainability and Social Impact Report and Reaffirms Commitment to Building “A Better Tomorrow” MILWAUKEE, April 17, 2024 /PRNewswire/ — Northwestern Mutual, a leading financial services company, today announced the release of its 2023 Sustainability and Social Impact Report: A Better Tomorrow. The report shares details on the 167-year-old company’s investments in … [Read more…]
The move was risky. And I don’t regret it one bit.
For all my decorating life, decades, I thought animal prints were for other people. Although I coveted the exotic look of a leopard-print throw or a tiger-striped rug, I lacked the courage to put one in my home.
That was then.
I now have two zebra-striped chairs in my living room. With the blessing of a designer I trust, I tapped the animal within. Now I wonder what took me so long.
My odyssey began a few months ago when I looked at my adjoining dining and living rooms and decided they looked tired. I wanted to update them, make them come alive, but I couldn’t afford to start over.
So, I called Christopher Grubb, a notable designer based in Los Angeles whom I’ve known for years, and asked for a consult. I would do all the legwork, if he could just tell me what to keep, get rid of, add and revamp. We agreed I would keep the traditional dining table, but replace the stodgy tapestry dining side chairs, which I’ve had for nearly 30 years, with more modern ones.
We would also keep the two dining room armchairs but reupholster them in a more contemporary fabric and move them into the living room. I’m loving this plan.
I gathered nine fabric swatches to test drive. I sent photos of all nine to Grubb. Then, before he could answer, I narrowed the selection down to six and sent him a picture of the finalists. Among the three fabrics I’d eliminated was a bold zebra print I grabbed on a whim but ruled out. (It’s for other people.)
“What happened to the zebra?” Grubb asked.
“Oh, it seemed a little, well, wild.”
Marni Jameson: To combine colors at home with confidence cue the color wheel
“It would look fantastic on those chairs,” he said. “And paint the wood glossy lacquer black.”
Designers take risks where the rest of us fear to tread.
My little heart turned a somersault. “Really?” That permission felt like the time my Dad let me drive our family’s red Dodge Charger by myself.
Next day, the tired tapestry armchairs along with seven yards of zebra fabric and I were exuberantly off to the upholsterer, who took one look at the project, raised his eyebrows and said: “That will be fun.”
When the chairs came back, I sent Grubb a photo.
“Dang! Those look great!”
I had to agree.
“You just created art chairs,” he said. “You turned them into not just useful pieces of furniture, but pieces of art.”
Many homeowners have furniture pieces that would look great flipped, he added, they just don’t see it. “They have heavy Mediterranean furniture that they are trying to bust out of to make their homes more contemporary, but don’t think the pieces belong going forward. Then we give it a twist. Maybe we paint a humdrum brown end table robin’s egg blue and turn it into a fun and functional accessory.”
If they’re worried they will “ruin” the piece, he says, “You don’t like it anymore as it is, so what’s to lose?”
“I’m a big fan of doing what you did,” said Dean Stills, co-owner of Stills Upholstery in Longwood. “I love to see people repurpose old furniture to make it fit their homes today by recovering it with more-modern fabric and changing the finish. It’s so much better than taking it to the curb.”
Grubb encourages anyone who wants to take a risk with their décor to go for it, but to bounce it off a designer first. “Most people know what they like, they just don’t know how to get there. We can help them add the wow factor.”
He encourages DIY decorators to work with designers like I did. “Do the legwork, then hire a designer to consult for an hour or two,” he said. “People don’t take risks, so we walk through room after room of beige and grey.”
None of us wants to be that person.
If you’d like to add some pizzazz to your home, here are some risky moves Grubb and Stills suggest you consider.
Use the power of paint. A glossy fun color on a dull brown piece of wood furniture is an inexpensive way to modernize it and turn it into an art piece. (It’s also easier than refinishing.) Consider painting a chest glossy lime or the frame of a mirror bright orange. When painting my wood chairs gloss black, Stills usedCrystal Conversion Varnish because it creates a tough, hard finish that holds up.
Change the hardware. Switching out distressed iron knobs or ornate vintage pulls for sleek ones in brushed gold or polished chrome can instantly and inexpensively enliven old furniture.
Refresh fabrics. Before retiring a piece of upholstered furniture, think about recovering it with an updated fabric. Older furniture, Stills said, is typically much better made than newer furniture sold today. Upholsterers can also replace and repair worn inner springs and foam.
Add a wow fixture. Chandeliers are a great place to take an expressive risk, Grubb said. “These standalone accessories don’t have to go with anything. They could be covered in feathers and look great.”
Incorporate some Lucite. Because it leans contemporary, just one Lucite piece, such as a chair, end table or bar cart can bridge old and new looks, Grubb said.
Mix in some metal. Shiny metallic finishes also feel contemporary. Adding chrome table lamps, bookends or side tables can modernize an otherwise traditional room.
Reframe the art. Traditional art doesn’t need a traditional frame. Put an old painting in a contemporary frame or eliminate the frame altogether.
Marni Jameson is the author of seven books including the newly released Rightsize Today to Create Your Best Life Tomorrow, What to Do With Everything You Own to Leave the Legacy You Want, and Downsizing the Family Home. You may reach her at [email protected].
Preneed insurance is a small whole life insurance policy that you purchase through a funeral home to prepay your final expenses. Unlike a standard life insurance death benefit, which goes to your survivors when you die, a preneed insurance payout goes to the funeral home you’ve selected.
People often buy preneed insurance because they’re worried about burdening their loved ones with funeral costs. The median cost of a funeral with a viewing and burial was $8,300 in 2023, according to the National Funeral Directors Association
. Some typical expenses that preneed insurance covers include:
Funeral home costs.
Embalming, preparing and transporting the body.
Casket or urn.
Death certificate fees.
How much does preneed insurance cost?
Preneed insurance allows you to lock in today’s rates for a funeral and burial and pay for these expenses in monthly installments. Plus, it’s usually easier to qualify for than a standard life insurance policy. However, you’ll often pay higher premiums for less coverage than you would for life insurance. You could even wind up paying more in premiums than the funeral actually costs
Washington State Office of the Insurance Commissioner. Funeral Insurance. Accessed Apr 9, 2024.
.
Not all prepaid funeral plans fall under the preneed insurance umbrella. Some funeral homes offer the option of paying expenses in an upfront lump sum. When funeral costs are paid with a single premium, the funds are deposited in a trust account rather than being used to buy a life insurance policy.
The cost of preneed insurance will vary based on your age, where you live and what type of final arrangements you want. Typically, premiums cost between $125 to $300 per month and are paid over three to 10 years.
If you’re considering preneed insurance, read the details of the contract carefully. Some services may be guaranteed, which means the funeral home will cover the expense regardless of how much it costs when you die. Other services are nonguaranteed, which means your loved ones may have to cover the difference between the cost of the service and what your plan covers.
Alternatives to preneed insurance
If you’re considering preneed insurance, there are a few alternatives you should be aware of. Final expense insurance, also known as burial insurance, is designed to cover your funeral and other end-of-life expenses, but nothing else. The death benefit is often higher than you’d get through a preneed policy, and it goes to your survivors instead of the funeral home.
If you have enough money to cover funeral expenses, you could also set up a savings account with a payable on death designation and make a loved one the beneficiary. The money will automatically transfer to the person you designate when you die, and they can use that money for your final expenses.
Learn more about life insurance for final expenses
Legislation targeting LGBTQ+ communities is intensifying across U.S. states. Since 2022, the number of states banning gender-affirming care has risen from four to 23, and 21 states banned or restricted abortion. Two-thirds of states also currently have laws on the books that criminally penalize certain activities based on a person’s HIV-positive status.
Recent Washington Post analysis of FBI crime data reveals that hate crimes in K-12 schools have more than quadrupled in response to restrictive laws.
In 2017, long before the most recent legislation, a survey by National Public Radio, the Robert Wood Johnson Foundation and the Harvard T.H. Chan School of Public Health found more than half of the LGBTQ+ community regularly reported experiencing threats, harassment or violence due to their sexuality or gender identity.
It stands to reason that community members may wonder how to plan for their safety and well-being. If you need to move due to safety concerns — and have some time to prepare for the move — any financial planning you can do beforehand will go a long way. Consider the following six tips from financial and LGBTQ+ experts around the country.
How to financially prepare for a move (if you can)
1. Evaluate your assets and expenses
Taking stock of your income, expenses and assets can help you figure out what it will take to make your move a reality. Lindsey Young, a certified financial planner in Baltimore, says reviewing regular expenses, moving expenses and any costs you may face from temporary unemployment can help you understand where your money is going and plan where you want it to go.
Moving is expensive, and the LGBTQ+ community already tends to earn less than straight and cisgender workers on average, according to a Human Rights Campaign analysis of full-time LGBTQ+ workers and Bureau of Labor Statistics data. Transgender men and women, LGBTQ+ people of color and LGBTQ+ women face even more pronounced pay gaps and discrimination.
However, the LGBTQ+ community also has a rich history of supporting one another through mutual aid. So, check with your support network to see what’s available. Be aware that seeking help and support is normal, especially during challenging political moments.
2. Acquire cash on hand
Once you know how much money you need, consider how you might get it and create cash flow, says Young. For example, can you take on extra shifts at work? A second job? Can your chosen family or a GoFundMe make up the difference?
If you need to move but don’t have cash, says Young, consider what existing lines of credit you can access, such as a home equity line of credit, or HELOC, or credit card.
Also, consider whether you would want — or be able — to take on repaying new debt over the next several months or years. Are you more comfortable taking on debt to make a move happen, or would you prefer to tough it out where you are? Young says there is no correct answer, and it’s a matter of “understanding what their priorities are to really figure out what the right path forward is.”
3. Assemble your documents and back them up
Wherever you are, it’s always helpful to get your important documents together in one place. Make photocopies of anything important, such as medical records and personal IDs, and upload them to a safe cloud location so you can access them anywhere.
4. Specify your power of attorney
Officially designating who will make medical and financial decisions on your behalf is essential to putting someone you trust in charge if something happens to you. Make your will and choose your power of attorney so one isn’t chosen for you.
This step is crucial for anyone concerned that their biological family members (or the state) might try to challenge their wishes, even if they’re married. If your situation is complicated, finding an attorney who specializes in LGBTQ+ clients can help ensure that your wishes are followed despite any contentious family relationships you may have.
The risk of not planning can include that your wishes and loved ones aren’t honored, says Frank Summers, a certified financial planner in Charlotte, North Carolina. “I know of situations in which the estate of somebody who passed away went to a family member who did not approve of their relationship, who didn’t like gay people and proceeded to make the life of the surviving partner extraordinarily difficult when that person is dealing with a tremendous and profound grief,” says Summers.
5. Connect to members of your community, old and new
Connecting to an LGBTQ+ organization or group in a new city might make you feel safer, as well as possibly open up connections to new jobs, health care providers and relationships.
As director of transgender services at The Center on Colfax in Denver, Sable Schultz has seen a significant uptick in people connecting to peer support group services in person and online as they prepare to move to Colorado. Considered a “refugee” state, Colorado has sheltered thousands of newcomers in 2024, and its Medicaid coverage includes gender-affirming services.
Summers sees particular groups of people impacted by legislation — trans and nonbinary people, people wanting to start families, people with children and people who require ongoing care. Needing to access care and not knowing if you’ll be able to get it (or, if you can get access, not knowing if you’ll receive care with respect) can be overwhelming and scary, especially in a state like North Carolina that recently banned gender-affirming care and severely restricted abortion.
So wherever you’re headed, identify a support group, Queer Exchange, Facebook affinity group, or a social service provider that can connect you with housing, medical care, community or other support nearby.
6. Plan a safe travel route
If you’re getting on the road, consider how you can safely get from one place to another, including where you can use the restroom. Be sure to check in with local queer groups to identify where travelers have successfully stopped and stayed in the past.
If moving or traveling requires you to go through states targeting the LGBTQ+ community, particularly trans and nonbinary people, make a plan for how you can drive along large interstates and stop in larger towns and cities, or at least places that identify themselves as allies to the community.
What to do if you have to move and can’t prepare
Conversations about money aren’t usually related to an immediate life or death scenario, but for too many members of the LGBTQ+ community, that is the current reality. Safety is top of mind, especially given the ongoing rise in hate crimes.
Schultz describes Colorado as a refugee state because it mandates health care protections — including requiring gender-affirming care of Medicaid services — as well as general protections around gender identity and gender expression.
Other states where gender-affirming care is practiced include Alaska, California, Connecticut, Delaware, Hawaii, Illinois, Kansas, Maine, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Hampshire, New Jersey, New Mexico, New York, Oregon, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia, Washington, Wisconsin, and Wyoming; and Washington, D.C.
If you’d feel safer in any of these states, it’s possible even a lack of financial planning shouldn’t keep you from making the move. For those who are currently unhoused or living out of their car, says Schultz, sometimes “it’s at least safer to be unhoused here [in Colorado] than it would be to be wherever they were. And they can at least get the health care that they need.”
There’s no shame in doing what you must to get to a safer place where you are valued and wanted. And if you’re an ally to the LGBTQ+ community, check in on your loved one. Consider what emotional, financial or other support you can offer them during this challenging time.
For college students, sending money to friends has never been easier thanks to peer-to-peer payment apps like Venmo, PayPal and Cash App. But that convenience poses risks, including vulnerability to errors, fraud and the tendency to overspend.
As a result, payment apps can contribute to financial stress at a time when young people are learning how to manage their finances on their own. “Peer-to-peer payment apps are cash on steroids because they’re a straw stuck into your bank account,” says Anne Lester, author of “Your Best Financial Life.”
Not only does that make spending easier and more “frictionless,” Lester explains, but it also means “if you trust the wrong person, then you’re in big trouble,” because it can be difficult or impossible to get the money back.
To keep young people safe while using payment apps, money experts suggest taking these extra steps to guard against scams and overspending.
Triple-check the recipient
One risk with peer-to-peer payment apps is sending the money to the wrong person by accident. “If you send money, make sure you are 100% certain you are sending it to the right person, because it’s very hard to get the money back,” says Nilton Porto, associate professor of consumer finance at the University of Rhode Island.
For college students living on tight budgets, Porto says, an incorrect payment could really impact their ability to pay for essentials like rent and food, even if they eventually get the funds returned.
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Protect against fraud
Porto suggests being wary of unexpected requests, even those purportedly from a roommate, that claim to be urgent. “We don’t need to send money to almost anybody right away,” he says, explaining that scam artists often use urgency as a way to trick people into sending cash to them. Similarly, disregard any requests received through one of the apps containing a link that requests personal information, as it could also be a scam.
Erin Lowry, author of the “Broke Millennial Workbook,” warns against downloading any unfamiliar payment apps. “I would not be an early adopter to a payment app,” she cautions, given that it has access to your bank account.
As an additional precaution, Lowry suggests connecting payment apps to a bank account that you don’t keep the bulk of your money in. “My payment apps are connected to a bank account that’s not my primary account, so if something were to happen, it’s a low risk,” she says.
Update your privacy settings
“Default privacy settings are usually public,” notes Amanda Christensen, an accredited financial counselor and extension professor at Utah State University. That means a young adult’s payments to friends or funds received for a job could be visible to the public.
“The social part of the payment apps is where we get some of the best scammers out there because they can see what’s being regularly paid for,” Christensen says. To adjust who can see your activity in Venmo, for example, go into “settings” on the app and scroll to find the various “privacy” options, such as public, friends or private.
Earn a return elsewhere
Christensen suggests establishing a habit of transferring any balance out of payment apps once a week. “Set a note in your phone,” she says, cautioning against treating the app like a checking account, where you let money sit.
Not only is cash sitting in an app vulnerable to fraud, but it also doesn’t earn a return like it could in a savings account. Jake Cousineau, author of “How to Adult” and a high school teacher, says he sees many young people receiving payments for side jobs like tutoring through payment apps. Instead of quickly transferring the money into a savings account, they let it linger, which means losing out on interest that would otherwise be accumulating. Payment apps also generally lack the protections from the Federal Deposit Insurance Corp. that come with bank accounts, he adds.
Don’t forget to budget
The convenience of payment apps makes it easy to overspend, Christensen notes. That’s why she suggests turning to cash at times for a week or so. “Reconnect yourself to the pain of spending,” she says.
Cousineau recommends not letting “these apps get in the way of having a detailed budget.” Just because you can easily send a friend $20 with a few taps doesn’t mean you should.
The apps might even be able to help. Porto says you can use the timeline of a payment app to help track your spending. Just as with a credit or debit card, you can scroll through your history to determine what changes you might want to make in the future. “You can see where all the money went, which can be very powerful for college students,” he says.
In other words, leverage the power of these payment apps to help you manage your money, instead of just spending it.
This article was written by NerdWallet and was originally published by The Associated Press.
We may earn commission from links on this page, but we only recommend products we believe in. Pricing and availability are subject to change.
Kelly Suzan Waggoner
April 10, 2024 at 7:50 AM
As economists await the release of this morning’s key Consumer Price Index inflation data, mortgage rates are up, with the 30-year fixed purchase rate hovering above 7% as of Wednesday, April 10, 2024.
The current average rate for a 30-year fixed-rate mortgage is 7.02% for purchase and 6.97% for refinance — up 10 basis points from 6.92% for purchase and up 4 basis points from 6.93% for refinance last Wednesday. Rates on a 15-year mortgage stand at an average 6.44% for purchase and 6.48% for refinance. The average rate on a 30-year fixed jumbo mortgage is 7.20%, up 24 basis points from last week.
Purchase rates for Wednesday, April 10, 2024
30-year fixed rate — 7.02%
20-year fixed rate — 6.81%
15-year fixed rate — 6.44%
10-year fixed rate — 6.37%
5/1 adjustable rate mortgage — 6.60%
30-year fixed FHA rate — 6.77%
30-year fixed VA rate — 7.09%
30-year fixed jumbo rate — 7.20%
Refinance rates for Wednesday, April 10, 2024
30-year fixed rate — 6.97%
20-year fixed rate — 6.81%
15-year fixed rate — 6.48%
10-year fixed rate — 6.37%
5/1 adjustable rate mortgage — 6.42%
30-year fixed FHA rate — 6.93%
30-year fixed VA rate — 7.81%
30-year fixed jumbo rate — 7.12%
Freddie Mac weekly mortgage report
Freddie Mac reports an average 6.82% for a 30-year fixed-rate mortgage, up three basis points from last week, according to its weekly survey of nationwide lenders published on April 4, 2024. The fixed rate for a 15-year mortgage is 6.06%, down five basis points from last week.
Sam Khater, Freddie Mac’s chief economist, says of the report, “While incoming economic signals indicate lower rates of inflation, we do not expect rates will decrease meaningfully in the near-term. On the plus side, inventory is improving somewhat, which should help temper home price growth.”
Current mortgage rates for April 10, 2024
The Fed rate does not determine mortgage rates, though it sets benchmarks that indirectly affect rates on financial products like mortgages, personal loans and deposit accounts. The Fed has a firm goal of a 2% inflation rate, and with favorable economic reports on the job market, it’s unlikely the reserve will cut rates until that goal is within reality’s reach.
Mortgage rates in the news
Mortgage lenders keep a close eye on the key interest rate set by the Federal Reserve, the U.S.’s central bank. Called the fed rate, it’s the benchmark that affects rates on deposit accounts, loans and other financial products. Typically, as the Fed rate rises, so do APYs on savings products like CDs, high-yield savings accounts and money market accounts. Mortgage and home loan rates don’t follow the fed rate as closely, but they do reflect the same elements the Fed evaluates when making decisions on the benchmark — especially inflation.
Key inflation report due today
The Federal Reserve increased the target interest rate 11 times from March 2022 to July 2023 in an effort to combat the highest inflation in four decades coming out of the pandemic.
Economists are awaiting the release of today’s Consumer Price Index data, which will answer whether inflation is continuing to cool. February’s Consumer Price Index data released on March 12 showed a month-over-month increase in consumer prices — a widely used indicator for inflation. The new data makes for an interesting week, what with the latest Producer Price Index due for release tomorrow.
Federal benchmark: Summer rate cut now in question
At the conclusion of its rate-setting policy meeting on March 20, 2024, the Fed left the federal funds target interest rate of 5.25% to 5.50% unchanged, marking the fifth consecutive time it’s held rates steady since July 2023. In its post-meeting statement, the Federal Reserve maintained it wouldn’t cut the key interest rate until it’s confident “that inflation is moving sustainably toward 2 percent.”
While bankers forecast three rate cuts by the end of the year, a growing group of economists now doubt whether the Fed will cut interest rates this year — including Minneapolis Fed president Neel Kashkari, who told Pensions & Investments last week, “If we continue to see inflation moving sideways, then that would make me question whether we need to do those rate cuts at all.”
Government agency Freddie Mac released its March 20 economic outlook on the housing and mortgage market that predicts mortgage rates to stay at 6.5% or higher through the summer.
NAR settlement could change homebuying
The summer homebuying season could bring with it a major change in the way Americans buy and sell homes. On March 15, the National Association of Realtors announced it had agreed to a settlement that, if approved by a federal judge, would bring an end to longstanding real estate broker commissions of up to 6% of a home’s purchase price. The settlement isn’t expected to affect mortgage rates, yet it paves the way for consumers to negotiate what they pay for an agent’s services, potentially saving homebuyers money in the long run — just in time for summer home sales.
4 top factors that affect your mortgage rate
The difference of even half a percentage point on your interest rate can save you hundreds of dollars a month and thousands of dollars over the life of your mortgage, but the mortgage rate you’re ultimately offered depends on the mortgage you’re interested in, payments you’re willing to pay up front and your overall financial health.
Your credit score. Knowing your credit score can help you shop around for lenders you’re likely to get approval through, as well as understand the type of mortgage for your lifestyle and income. The best mortgage rates go to borrowers with good to excellent credit — typically a FICO credit score of at least 670 — though even with fair credit, you may be able to find a mortgage offering decent rates.
Your down payment. The more money you can put down toward your home, the better it benefits your interest rate. Paying at least 20% of your home’s purchase price up front generally results in a lower interest rate — and you can avoid mortgage insurance, which increases your total cost.
Your loan term. While the 30-year mortgage remains a popular way for Americans to purchase homes, you can find terms of 20 years, 15 years and 10 years. Shorter loan terms usually come with lower interest rates, though with higher monthly payments. Longer mortgage terms can result in smaller monthly payments, though you’ll pay higher total interest over the life of your loan.
Interest rate type. Mortgage rates come with two basic types of rates — fixed and variable. Fixed-rate mortgages offer a consistent interest rate over the life of your loan, whereas adjustable-rate mortgages (ARMs) often start with a lower fixed rate for an agreed-on time and then adjust to a variable rate based on market conditions for the remainder of your term. Choosing between these two rates depends on your financial goals and tolerance for risk.
Frequently asked questions about mortgage rates
What are mortgage lenders?
Lenders are financial institutions that loan money to homebuyers. A lender is different from a loan servicer, which typically handles the operational tasks of your loan, like processing payments, talking directly with borrowers and sending monthly statements.
What does it mean to refinance a mortgage?
Refinancing is a process of trading in your current mortgage to another lender for lower rates and better terms than your current loan. With a refinance, the new lender pays off your old mortgage and you then pay your monthly statements from the new lender.
What factors influence mortgage rates?
Mortgage rates are determined by many factors that include inflation rates, economic conditions, housing market trends and the Federal Reserve’s target interest rate. Lenders also consider your personal credit score, the amount available for your down payment, the property you’re interested in and other terms of the loan you’re requesting, like 30-year or 15-year offers.
When is the best time to lock in a mortgage rate?
Mortgage rates can fluctuate daily, so it’s best to lock in a rate when you’re comfortable with the offered rate and conditions of the loan.
Can I negotiate my mortgage rate?
It’s not likely — lenders consider the market conditions and other financial factors when determining rates. You can, however, ask about how you can reduce costs in other ways when comparing mortgage lenders. For instance, many lenders offer lower rates in exchange for “mortgage points” — upfront fees you pay to your lender. A mortgage point could cost 1% of your mortgage amount, which means about $5,000 on a $500,000 home loan, with each point lowering your interest rate by about 0.25%, depending on your lender and loan.
Editor’s note: Annual percentage yields shown are as of Wednesday, April 10, 2024, at 7:45 a.m. ET. APYs and promotional rates for some products can vary by region and are subject to change.
We may earn commission from links on this page, but we only recommend products we believe in. Pricing and availability are subject to change.
Kelly Suzan Waggoner
April 8, 2024 at 7:43 AM
Rates on popular 30-year and 15-year fixed mortgages start the week at under 7%, though with a week-over-week increase on most terms as of Monday, April 8, 2024.
The current average interest rate on a 30-year fixed mortgage is 6.97% for purchase and 6.99% for refinance — up 9 basis points for purchase and 11 basis points for refinance over the past week. Increases on a 15-year term were a more modest 4 basis points week over week for both purchase and refinance, bringing rates to 6.48% for purchase and 6.42% for refinance. The average rate for a 30-year fixed jumbo mortgage is 7.09%.
Purchase rates for Monday, April 8, 2024
30-year fixed rate — 6.97%
20-year fixed rate — 6.75%
15-year fixed rate — 6.38%
10-year fixed rate — 6.27%
5/1 adjustable rate mortgage — 6.56%
30-year fixed FHA rate — 6.85%
30-year fixed VA rate — 7.05%
30-year fixed jumbo rate — 7.09%
Refinance rates for Monday, April 8, 2024
30-year fixed rate — 6.99%
20-year fixed rate — 6.74%
15-year fixed rate — 6.42%
10-year fixed rate — 6.28%
5/1 adjustable rate mortgage — 6.42%
30-year fixed FHA rate — 6.94%
30-year fixed VA rate — 7.69%
30-year fixed jumbo rate — 7.08%
Freddie Mac weekly mortgage report
Freddie Mac reports an average 6.82% for a 30-year fixed-rate mortgage, up three basis points from last week, according to its weekly survey of nationwide lenders published on April 4, 2024. The fixed rate for a 15-year mortgage is 6.06%, down five basis points from last week.
Sam Khater, Freddie Mac’s chief economist, says of the report, “While incoming economic signals indicate lower rates of inflation, we do not expect rates will decrease meaningfully in the near-term. On the plus side, inventory is improving somewhat, which should help temper home price growth.”
Current mortgage rates for April 8, 2024
The Fed rate does not determine mortgage rates, though it sets benchmarks that indirectly affect rates on financial products like mortgages, personal loans and deposit accounts. The Fed has a firm goal of a 2% inflation rate, and with favorable economic reports on the job market, it’s unlikely the reserve will cut rates until that goal is within reality’s reach.
Mortgage rates in the news
Mortgage lenders keep a close eye on the key interest rate set by the Federal Reserve, the U.S.’s central bank. Called the fed rate, it’s the benchmark that affects rates on deposit accounts, loans and other financial products. Typically, as the Fed rate rises, so do APYs on savings products like CDs, high-yield savings accounts and money market accounts. Mortgage and home loan rates don’t follow the fed rate as closely, but they do reflect the same elements the Fed evaluates when making decisions on the benchmark — especially inflation.
Federal benchmark: Summer rate cut expected
At the conclusion of its rate-setting policy meeting on March 20, 2024, the Fed left the federal funds target interest rate of 5.25% to 5.50% unchanged, marking the fifth consecutive time it’s held rates steady since July 2023. In its post-meeting statement, the Federal Reserve repeated earlier concerns about cutting its key interest rate until it’s confident “that inflation is moving sustainably toward 2 percent.” Bankers forecast three rate cuts by the end of the year, predicting the first to come not when the Fed meets again later this month, but instead at its summer meeting in June 2024.
The Federal Reserve increased the target interest rate 11 times from March 2022 to July 2023 in an effort to combat the highest inflation in four decades coming out of the pandemic. While inflation has cooled, Consumer Price Index data released on March 12 showed a month-over-month increase in consumer prices — a widely used indicator for inflation. The next CPI report is due for release next week on April 10, with inflation nowcasting from the Federal Reserve Bank of Cleveland suggesting a welcome decrease in rates of inflation.
Government agency Freddie Mac released its March 20 economic outlook on the housing and mortgage market that predicts mortgage rates to stay at 6.5% or higher through the summer.
NAR settlement could change homebuying
The anticipated summer rate cut could coincide with a major change in the way Americans buy and sell homes. On March 15, the National Association of Realtors announced it had agreed to a settlement that, if approved by a federal judge, would bring an end to longstanding real estate broker commissions of up to 6% of a home’s purchase price. The settlement isn’t expected to affect mortgage rates, yet it paves the way for consumers to negotiate what they pay for an agent’s services, potentially saving homebuyers money in the long run — just in time for summer home sales.
4 top factors that affect your mortgage rate
The difference of even half a percentage point on your interest rate can save you hundreds of dollars a month and thousands of dollars over the life of your mortgage, but the mortgage rate you’re ultimately offered depends on the mortgage you’re interested in, payments you’re willing to pay up front and your overall financial health.
Your credit score. Knowing your credit score can help you shop around for lenders you’re likely to get approval through, as well as understand the type of mortgage for your lifestyle and income. The best mortgage rates go to borrowers with good to excellent credit — typically a FICO credit score of at least 670 — though even with fair credit, you may be able to find a mortgage offering decent rates.
Your down payment. The more money you can put down toward your home, the better it benefits your interest rate. Paying at least 20% of your home’s purchase price up front generally results in a lower interest rate — and you can avoid mortgage insurance, which increases your total cost.
Your loan term. While the 30-year mortgage remains a popular way for Americans to purchase homes, you can find terms of 20 years, 15 years and 10 years. Shorter loan terms usually come with lower interest rates, though with higher monthly payments. Longer mortgage terms can result in smaller monthly payments, though you’ll pay higher total interest over the life of your loan.
Interest rate type. Mortgage rates come with two basic types of rates — fixed and variable. Fixed-rate mortgages offer a consistent interest rate over the life of your loan, whereas adjustable-rate mortgages (ARMs) often start with a lower fixed rate for an agreed-on time and then adjust to a variable rate based on market conditions for the remainder of your term. Choosing between these two rates depends on your financial goals and tolerance for risk.
Frequently asked questions about mortgage rates
What are mortgage lenders?
Lenders are financial institutions that loan money to homebuyers. A lender is different from a loan servicer, which typically handles the operational tasks of your loan, like processing payments, talking directly with borrowers and sending monthly statements.
What does it mean to refinance a mortgage?
Refinancing is a process of trading in your current mortgage to another lender for lower rates and better terms than your current loan. With a refinance, the new lender pays off your old mortgage and you then pay your monthly statements from the new lender.
What factors influence mortgage rates?
Mortgage rates are determined by many factors that include inflation rates, economic conditions, housing market trends and the Federal Reserve’s target interest rate. Lenders also consider your personal credit score, the amount available for your down payment, the property you’re interested in and other terms of the loan you’re requesting, like 30-year or 15-year offers.
When is the best time to lock in a mortgage rate?
Mortgage rates can fluctuate daily, so it’s best to lock in a rate when you’re comfortable with the offered rate and conditions of the loan.
Can I negotiate my mortgage rate?
It’s not likely — lenders consider the market conditions and other financial factors when determining rates. You can, however, ask about how you can reduce costs in other ways when comparing mortgage lenders. For instance, many lenders offer lower rates in exchange for “mortgage points” — upfront fees you pay to your lender. A mortgage point could cost 1% of your mortgage amount, which means about $5,000 on a $500,000 home loan, with each point lowering your interest rate by about 0.25%, depending on your lender and loan.
Editor’s note: Annual percentage yields shown are as of Monday, April 8, 2024, at 7:45 a.m. ET. APYs and promotional rates for some products can vary by region and are subject to change.
Vermont’s scenic landscapes blend seamlessly with the urban sophistication found in its cities, creating an inviting atmosphere for renters. Vermont offers a unique living experience, where the beauty of nature meets the convenience of urban living, making it an ideal destination for those looking to call the Green Mountain State home. From the charming streets of Burlington to the small town of Montpelier, this ApartmentGuide article will highlight the pros and cons of living in Vermont.
Renting in Vermont snapshot
1. Pro: Vibrant outdoor activities
Vermont’s landscape is a playground for outdoor enthusiasts, offering a plethora of activities from skiing and snowboarding in the Green Mountains to hiking the Long Trail. The state’s natural beauty, including the serene Lake Champlain, provides a perfect backdrop for adventure and relaxation.
2. Con: harsh winters
Vermont is known for its brutally cold winters that can present challenges for residents. The heavy snowfall and below-freezing temperatures in the winter months can make daily commutes difficult and increase heating costs significantly.
3. Pro: Tight-knit community
In Vermont, there’s a strong emphasis on community and localism. Farmers’ markets, community events, and local festivals are commonplace, fostering a close-knit environment where neighbors support each other. This sense of community is especially palpable in towns like Essex Junction.
4. Con: Limited nightlife and entertainment options
Compared to larger states like neighboring Massachusetts and New York, Vermont offers fewer options for nightlife and entertainment, particularly in its smaller towns and rural areas like Wilder. While Burlington boasts a more vibrant scene, other parts of the state may lack variety for those seeking extensive nightlife activities.
5. Pro: Environmental leadership
Vermont is a leader in environmental conservation and sustainability, boasting extensive green spaces, parks, and a commitment to renewable energy. The state’s efforts to preserve its natural resources and promote sustainability can be seen in its policies and community initiatives, such as the Vermont Clean Energy Development Fund, which supports renewable energy projects statewide, and the Vermont Land Trust, which conserves thousands of acres of land for public use and ecological preservation.
6. Con: Higher cost of living
Despite its many attractions, Vermont has a higher cost of living compared to the national average. This is reflected in its housing, healthcare, and general expenses. Residents may find themselves spending more on daily necessities than they would in other states. In popular metros like Burlington, the average rental price for a one-bedroom is $1,800, which can be a significant expense for those looking for housing options.
7. Pro: Quality local foods
Vermont is famous for its quality local foods, including maple syrup, cheese, and craft beer. The state’s focus on farm-to-table dining means residents and visitors can enjoy fresh, locally-sourced ingredients at restaurants and markets throughout the state. In fact, if you’re craving something sweet, you should try a scoop of Ben & Jerry’s ice cream, which was founded in Burlington.
8. Con: Limited public transportation
Public transportation options in Vermont are limited, especially in rural areas. This can make it challenging for those without personal vehicles to navigate the state, particularly during the winter months when weather conditions can disrupt travel. Even in larger cities like Burlington, the transit score is 39, making it a car-dependent location.
9. Pro: Fall foilage
Vermont’s stunning fall foliage is a major draw, as the state’s landscape transforms into a vibrant tapestry of reds, oranges, and yellows during the autumn months. Iconic locations such as the scenic Route 100, the quaint town of Stowe, and the picturesque shores of Lake Champlain offer breathtaking views of Vermont’s foliage at its peak.
10. Con: Small economy
The state’s economy is relatively small, which can limit job opportunities in certain sectors. While Vermont has a thriving agricultural and tourism industry, those seeking careers in more diverse fields may find fewer options compared to larger states.
11. Pro: Health-conscious community
Vermont’s residents place a high value on health and wellness, contributing to the state’s reputation as one of the healthiest in the country. This is supported by a wide range of outdoor activities, health food stores, and community wellness programs. Additionally, Vermont’s commitment to organic farming and sustainable agriculture ensures access to fresh, locally sourced produce.
12. Con: Rural isolation
Some may find Vermont’s rural character and small-town feel isolating, especially those accustomed to the hustle and bustle of larger cities. The state’s tranquil setting and slower pace of life, while appealing to many, may not suit everyone’s social and professional needs.
Methodology : The population data is from the United States Census Bureau, walkable cities are from Walk Score, and rental data is from ApartmentGuide.
Editor’s Note: Parts of this story were auto-populated using data from Curinos, a mortgage research firm that collects data from more than 250 lenders. For more details on how we compile daily mortgage data, check out our methodology here.
Mortgage rates have largely held steady after a stronger-than-forecasted jobs report on Friday. The 30-year fixed-rate mortgage was 7.24% APR today, down -0.02 percentage points from last week, according to data from Curinos analyzed by MarketWatch Guides.
In its monthly report on job growth, the Bureau of Labor Statistics announced an employment gain of 303,000 new jobs for March with the unemployment rate decreasing slightly from 3.9% to 3.8%. These “eye-popping” numbers could mean the Federal Reserve will hold off even longer on lowering interest rates, said Steve Wyett, chief investment strategist at BOK Financial in an email sent to MarketWatch.
While positive for the overall economy, this does not seem to be welcome news for the housing market. Joel Kan, the Mortgage Banker Association’s deputy chief economist, said in a report on Wednesday that today’s relatively high mortgage rates have continued to slow down home buying. Refinance rates are also 5% lower than last year.
Here are today’s average mortgage rates:
30-year fixed mortgage rate: 7.24%
15-year fixed mortgage rate: 6.58%
5/6 ARM mortgage rate: 7.03%
Jumbo mortgage rate: 7.20%
Current Mortgage Rates
Product
Rate
Last Week
Change
30-Year Fixed Rate
7.24%
7.26%
-0.02
15-Year Fixed Rate
6.58%
6.52%
+0.06
5/6 ARM
7.03%
7.01%
+0.02
7/6 ARM
7.24%
7.18%
+0.06
10/6 ARM
7.28%
7.22%
+0.06
30-Year Fixed Rate Jumbo
7.20%
7.14%
+0.06
30-Year Fixed Rate FHA
6.91%
6.97%
-0.06
30-Year Fixed Rate VA
6.96%
7.03%
-0.07
Disclaimer: The rates above are based on data from Curinos, LLC. All rate data is accurate as of Monday, April 08, 2024. Actual rates may vary.
>> View historical mortgage rate trends
Mortgage Rates for Home Purchase
30-year fixed-rate mortgages are down, -0.02
The average 30-year fixed-mortgage rate is 7.24%. Since the same time last week, the rate is down, changing -0.02 percentage points.
At the current average rate, you’ll pay $681.50 per month in principal and interest for every $100,000 you borrow. You’re paying less compared to last week when the average rate was 7.26%.
15-year fixed-rate mortgages are up, +0.06
The average rate you’ll pay for a 15-year fixed-mortgage is 6.58%, an increase of+0.06 percentage points compared to last week.
Monthly payments on a 15-year fixed-mortgage at a rate of 6.58% will cost approximately $875.51 per $100,000 borrowed. With the rate of 6.52% last week, you would’ve paid $872.21 per month.
5/6 adjustable-rate mortgages are up, +0.02
The average rate on a 5/6 adjustable rate mortgage is 7.03%, an increase of+0.02 percentage points over the last seven days.
Adjustable-rate mortgages, commonly referred to as ARMs, are mortgages with a fixed interest rate for a set period of time followed by a rate that adjusts on a regular basis. With a 5/6 ARM, the rate is fixed for the first 5 years and then adjusts every six months over the next 25 years.
Monthly payments on a 5/6 ARM at a rate of 7.03% will cost approximately $667.32 per $100,000 borrowed over the first 5 years of the loan.
Jumbo loan interest rates are up, +0.06
The average jumbo mortgage rate today is 7.20%, an increase of+0.06 percentage points over the past week.
Jumbo loans are mortgages that exceed loan limits set by the Federal Housing Finance Agency (FHFA) and funding criteria of Freddie Mac and Fannie Mae. This generally means that the amount of money borrowed is higher than $726,200.
Product
Monthly P&I per $100,000
Last Week
Change
30-Year Fixed Rate
$681.50
$682.85
-$1.35
15-Year Fixed Rate
$875.51
$872.21
+$3.30
5/6 ARM
$667.32
$665.97
+$1.35
7/6 ARM
$681.50
$677.43
+$4.07
10/6 ARM
$684.21
$680.14
+$4.07
30-Year Fixed Rate Jumbo
$678.79
$674.73
+$4.06
30-Year Fixed Rate FHA
$659.27
$663.29
-$4.02
30-Year Fixed Rate VA
$662.62
$667.32
-$4.70
Note: Monthly payments on adjustable-rate mortgages are shown for the first five, seven and 10 years of the loan, respectively.
Factors That Affect Your Mortgage Rate
Mortgage rates change frequently based on the economic environment. Inflation, the federal funds rate, housing market conditions and other factors all play into how rates move from week-to-week and month-to-month.
But outside of macroeconomic trends, several other factors specific to the borrower will affect the mortgage interest rate. They include:
Financial situation: Mortgage lenders use past financial decisions of borrowers as a way to evaluate the risk of loaning money.
Loan amount and structure: The amount of money that bank or mortgage lender loans and its structure (including both the term and whether its a fixed-rate or adjustable-rate).
Location: Mortgage rates vary by where you are buying a home. Areas with more lenders, and thus more competition, may have lower rates. Foreclosure laws can also impact a lender’s risk, affecting rates.
Whether borrowers are first-time homebuyers: Oftentimes first-time homebuyer programs will offer new homeowners lower rates.
Lenders: Banks, credit unions and online lenders all may offer slightly different rates depending on their internal determination.
How To Shop for the Best Mortgage Rate
Comparison shopping for a mortgage can be overwhelming, but it’s shown to be worth the effort. Homeowners may be able to save between $600 and $1,200 annually by shopping around for the best rate, researchers found in a recent study by Freddie Mac. That’s why we put together steps on how to shop for the best mortgage rate.
1. Check credit scores and credit reports
A borrower’s credit situation will likely determine the type of mortgage they can pursue, as well as their rate. Conventional loans are typically only offered to borrowers with a credit score of 620 or higher, while FHA loans may be the best option for borrowers with a FICO score between 500 and 619. Additionally, individuals with higher credit scores are more likely to be offered a lower mortgage interest rate.
Mortgage lenders often review scores from the three major credit bureaus: Equifax, Experian and TransUnion. By viewing your scores ahead of lenders considering you for a loan, you can check for errors and even work to improve your score by paying down balances and limiting new credit cards and loans.
2. Know the options
There are four standard mortgage programs: conventional, FHA, VA and USDA. To get the best mortgage rate and increase your odds of approval, it’s important for potential borrowers to do their research and apply for the mortgage program that best fits their financial situation.
The table below describes each program, highlighting minimum credit score and down payment requirements.
Though conventional mortgages are most common, borrowers will also need to consider their repayment plan and term. Rates can be either fixed or adjustable and terms can range from 10 to 30 years, though most homeowners opt for a 15- or 30-year mortgage.
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3. Compare quotes across multiple lenders
Shopping around for a mortgage goes beyond comparing rates online. We recommend reaching out to lenders directly to see the “real” rate as figures listed online may not be representative of a borrower’s particular situation. While most experts recommend getting quotes from three to five lenders, there is no limit on the number of mortgage companies you can apply with. In many cases, lenders will allow borrowers to prequalify for a mortgage and receive a tentative loan offer with no impact to their credit score.
After gathering your loan documents – including proof of income, assets and credit – borrowers may also apply for pre-approval. Pre-approval will let them know where they stand with lenders and may also improve negotiating power with home sellers.
4. Review loan estimates
To fully understand which lender is offering the cheapest loan overall, take a look at the loan estimate provided by each lender. A loan estimate will list not only the mortgage rate, but also a borrower’s annual percentage rate (APR), which includes the interest rate and other lender fees such as closing costs and discount points.
By comparing loan estimates across lenders, borrowers can see the full breakdown of their possible costs. One lender may offer lower interest rates, but higher fees and vice versa. Looking at the loan’s APR can give you a good apples-to-apples comparison between lenders that takes into account both rates and fees.
5. Consider negotiating with lenders on rates
Mortgage lenders want to do business. This means that borrowers may use competing offers as leverage to adjust fees and interest rates. Many lenders may not lower their offered rate by much, but even a few basis points may save borrowers more than they might think in the long run. For instance, the difference between 6.8% and 7.0% on a 30-year, fixed-rate $100,000 mortgage is roughly $5,000 over the life of the loan.
Expert Forecasts for Mortgage Rates
Mortgage rates have cooled significantly over the past several months. After the 30-year fixed-rate mortgage hit 8% last October, it ended 2023 closer to 7%. In fact, the average for Q4 2023 was 7.3%.
Analysts with Fannie Mae and the Mortgage Bankers Association (MBA) both project that rates will fall going into 2024 and throughout next year.
Fannie Mae economists expect rates to drop more quickly, falling below 6% by Q4 2024. Meanwhile, the MBA’s forecast for Q4 2024 is 6.1% and 5.9% for Q1 2025.
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More Mortgage Resources
Methodology
Every weekday, MarketWatch Guides provides readers with the latest rates on 11 different types of mortgages. Data for these daily averages comes from Curinos, LLC, a leading provider of mortgage research that collects data from more than 250 lenders. For more details on how we compile daily mortgage data, check out our comprehensive methodology here. Editor’s Note: Before making significant financial decisions, consider reviewing your options with someone you trust, such as a financial adviser, credit counselor or financial professional, since every person’s situation and needs are different.
A mortgage broker acts as an intermediary between you and potential lenders. The broker’s job is to compare mortgage lenders on your behalf and find interest rates that fit your needs. Mortgage brokers have lists of lenders they work with, which can make your life easier.
Mortgage brokers are licensed and regulated financial professionals. They gather documents from you, pull your credit history, and verify your income and employment, using the information to help you apply for loans and negotiate terms in a short time.
Once you settle on a loan and a lender that works best for you, your mortgage broker will collaborate with the lender’s underwriting department, the closing agent (usually the title company) and your real estate agent to keep the transaction running smoothly through closing day.
A mortgage broker can save you time and may offer you a wider array of options than if you shop on your own. But brokers don’t work for free, so you should expect to pay for their services at some point in the process.
1. What makes mortgage brokers different from loan officers?
Loan officers, as opposed to mortgage brokers, are employees of one lender who are paid set salaries, plus bonuses. Loan officers can write only the types of loans their employer chooses to offer.
Mortgage brokers, meanwhile, deal with many lenders to find loans for their clients. Mortgage brokers, who can work within a mortgage brokerage firm or independently, may be able to give borrowers access to a broad selection of loan types.
2. How does a mortgage broker get paid?
Mortgage brokers are most often paid by lenders, sometimes by borrowers, but, by law, never both. That law — the Dodd-Frank Act — also prohibits mortgage brokers from charging hidden fees or basing their compensation on a borrower’s interest rate.
You can also choose to pay the mortgage broker yourself. That’s called “borrower-paid compensation.” Though even when the fee is paid by the lender, often it is rolled into the loan itself, meaning the borrower eventually still pays the bill.
Shop around for mortgage brokers and ask how much to expect to pay in fees, which are typically 1% to 2% of the loan amount. The competitiveness — and home prices — in your market will have a hand in dictating what mortgage brokers charge. Federal law limits how high compensation can go.
3. Is a mortgage broker right for me?
You can save time by using a mortgage broker; it can take hours to apply for preapproval with different lenders, and then there’s the back-and-forth communication involved in underwriting the loan and ensuring the transaction stays on track.
However, that convenience comes at a cost, which is something to consider if you’re especially tight on funds. You also might sacrifice a sense of control and direct interaction with a lender when you turn the process over to a broker, a feeling that could be unnerving when making such a big purchase.
If you seek expert guidance and streamlined lender comparisons, and you are willing to pay a premium for these services, a mortgage broker may be right for you.
🤓Nerdy Tip
When choosing a lender, pay attention to lender fees. Specifically, ask what fees will appear on Page 2 of your Loan Estimate form in the Loan Costs section under “A: Origination Charges.” Then, take the Loan Estimate you receive from each lender, place them side by side and compare your interest rate and all of the fees and closing costs.
That head-to-head comparison among different options is the best way to make the right choice.
4. How do I choose a mortgage broker?
The best way to find a mortgage broker is to ask friends and relatives for referrals, but make sure they have actually used the broker.
Learn all you can about the broker’s services, communication style, level of knowledge and approach to clients.
Another referral source: Ask your real estate agent for the names of brokers that they have worked with and trust. Some real estate companies offer an in-house mortgage broker as part of their suite of services, but you’re not obligated to go with that company or individual.
Finding the right mortgage broker is just like choosing the best mortgage lender: It’s wise to interview at least three people to find out which services they offer, how much experience they have and how they can help simplify the process.
Check your state’s professional licensing authority to ensure they have mortgage broker’s licenses in good standing.
Also, read online reviews and check with the Better Business Bureau to assess whether the broker you’re considering has a sound reputation.
Frequently asked questions
What exactly does a mortgage broker do?
A mortgage broker finds lenders with loans, rates, and terms to fit your needs. They do a lot of the legwork during the mortgage application process, potentially saving you time.
How do mortgage brokers get paid?
Mortgage broker fees most often are paid by lenders, which may add to the total cost of a loan, though they sometimes can be paid directly by borrowers. Competition and home prices will influence how much mortgage brokers get paid.
What’s the difference between a mortgage broker and a loan officer?
Mortgage brokers will work with many lenders to find the best loan for your situation. Loan officers work for one lender.
How do I find a mortgage broker?
The best way to find a mortgage broker is through referrals from family, friends and your real estate agent. But don’t just take their word for it. Do your homework when selecting a mortgage broker by investigating their licenses, reading online reviews and checking with the Better Business Bureau.
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