For a period of a little over three years from June 2020—after covid had just broken out—to June 2023, core inflation was higher than 5%. Over the last three months, it has been lower than 5%. In September, core inflation was at 4.6%, the lowest it has been since March 2020, when it was at 3.8%. Core inflation is the inflation among the items that remain, after leaving out food, fuel and light items in the consumer price index. They form 54.1% of the overall index.
A possible explanation for the fall lies in the fact that the Reserve Bank of India (RBI) started raising the repo rate—the rate at which it lends to banks—in May 2022. Between then and now, the repo rate has gone up from 4% to 6.5%. This rise, among other things, has pushed up interest rates across the financial system.
The hope is that as interest rates go up, people and businesses cut down on their consumption, slowing down the growth in demand and the growth in wages, leading to lower inflation.
But this doesn’t happen overnight. The transmission of monetary policy of a central bank—in the form of higher interest rates slowing down consumption growth and discouraging corporates to borrow and expand—and that in turn helping control inflation, takes time. This time gap is referred to as the lag. Now, how long is the lag in the Indian case? Viral V. Acharya, while he was a deputy governor of RBI, had said in a November 2017 speech: “Monetary policy actions are felt… with a lag of 3-4 quarters on inflation.”
When RBI started raising the repo rate in May 2022, core inflation had stood at 6.2%. It continued to be above 6% until February 2023, except in July 2022 when it was at 5.95%. Since March 2023, it has been lower than 6%. Clearly, as Acharya had said, it has taken the monetary policy nearly three to four quarters to have an effect.
But one area where the higher interest rates haven’t seemed to have had an impact is in the disbursal of housing loans. From January to May 2022, before and around the time RBI started raising the repo rate, the growth in the outstanding housing loans of banks—which give out a bulk of these loans—had stood at around 13%. Post-May 2022, it has stood largely in the range of 14-16%. The increase in the months of July and August has been 37.4% and 37.7%, respectively. But this has been because of the merger of HDFC—which was a housing loan lender—with HDFC Bank. The data published by RBI on the lending done by banks by economic activity doesn’t adjust for this merger, forcing us to use June numbers.
The housing loan interest rates before May 2022 had stood at 6.5-7%. Now they are at around 8.4% to 10%, with housing loan equated monthly instalments (EMIs) having jumped 20%. But this hasn’t slowed down their disbursal. Why? The answer lies in looking at the breakdown of housing loans between priority sector loans and the non-priority loans. Priority sector housing loans are defined as: “Loans to individuals up to ₹35 lakh in metropolitan centres (with a population of 10 lakh and above) and up to ₹25 lakh in other centres… provided the overall cost of the dwelling unit in the metropolitan centre and at other centres does not exceed ₹45 lakh and ₹30 lakh, respectively.” The remaining loans are non-priority loans.
In the months leading up to May 2022, priority sector housing loans formed around 35-36% of the overall outstanding housing loans of banks. By June 2023, they had fallen to 31.5%, implying that banks are giving out more non-priority housing loans. Of course, these loans are largely taken on by the well-to-do, who do not get impacted much by the rise in EMIs.
In fact, the outstanding priority sector housing loans of banks from January to June have been just 1-2% higher than during the same months in 2022. When it comes to non-priority housing loans of banks, they have been around 22% higher from January to June in comparison to the same months in 2022.
Further, the percentages don’t explain this inequality well enough. The outstanding priority sector housing loans from June 2022 to June 2023 went up by ₹137.76 billion. In comparison, the non-priority sector housing loans went up by ₹2.47 trillion, nearly 17 times more. To be fair, this anomaly existed even before the Reserve Bank started raising rates, but it has only got worse, primarily because real estate in the formal sector continues to remain very expensive and the fact that prices of high-end real estate have rallied in the last 12-18 months.
Of course, actions of central banks have consequences. Things don’t always work in just one direction. The trouble is that the other direction rarely gets talked about. When RBI and almost every other central bank pushed rates down post-covid, it led to massive bubbles in stocks and cryptos and higher inflation. But there was very little talk about these bubbles in the communications of central banks. Now, as RBI has raised rates, the not-so-well-to-do have been pushed out even further from the housing markets, and there is very little talk about this K-shaped impact. Like the part does not always reflect the whole, the whole also rarely reflects all the parts.
When it comes to perfume, the actual scent is important. But, like, I just really, really enjoy surrounding myself with pretty things — which is why shopping for perfume bottles is one of my favorite things to do. Besides doomscrolling, but that’s neither here nor there.
So many fun and unique fragrances can double as home decor without ruining the scent. And think about how creative you can get with designing your little collection of pretty perfume bottles on your dresser, bathroom vanity or even out in the living room. It’s also so fun to get a “you smell really, really good” and a “that perfume bottle looks great in your room” at the same time.
Peep below for a list of some of my favorite pretty perfume bottles that will blend right in with any home decor vibe but still actually smell good.
1. Valentino Donna Born In Roma Eau de Parfum, $130
Featuring the signature Valentino studs, this perfume bottle can be a focal point in any room. As far as the fragrance itself, it’s a healthy mix of floral with a bit of woodsy edge.
2. Maison Margiela ‘REPLICA’ Mini Coffret Set, $75 (Orig. $99)
Obviously, the REPLICA perfume bottles are part of the brand’s appeal. However, I’m an even bigger fan of the delicate mini coffret perfume bottles. Featuring cult-favorite REPLICA perfumes like Beach Walk (my absolute favorite), Jazz Club, Lazy Sunday Morning, By the Fireplace and Bubble Bath, the value is unreal.
3. Gucci Flora Gorgeous Gardenia Eau de Parfum, $133
The Gucci Flora bottle is as cheerful and Bridgerton-y as the fragrance itself. With notes of pear blossom, white gardenia and patchouli, you’re basically ready to be out in society. But, like, without the women-as-property bit.
4. Gucci Flora Gorgeous Magnolia Eau de Parfum, $133
If purple as both a color and a general vibe is more your thing, then Gucci also made a deep berry Flora fragrance.
5. Gucci Flora Gorgeous Jasmine Eau de Parfum, $133
For good measure, I’m adding this gorgeous green bottle of the Gucci Flora parfum, with key notes of jasmine and sandalwood. You know, if you want to collect them all a la Ash Ketchum.
6. Jo Malone London Nashi Blossom, $112
This modern and simple Jo Malone bottle is perfect if you’ve curated a perfectly chic and minimal aesthetic. But the big sphere on top adds the perfect touch of spice to a playful spring scent.
7. CHANCE EAU TENDRE Eau de Toilette, $110
While the CHANEL No. 5 bottle is fun and all, it doesn’t come close to the absolute perfection that is the round CHANEL CHANCE bottle. I mean, I can basically smell the fresh and fruity floral scent from just looking at the picture.
8. Marc Jacobs Fragrances Daisy, $101
OK, is there anything more iconic in the perfume world than the actual daisy on top of the Marc Jacobs Daisy perfume? I think not!
9. Fenty Beauty by Rihanna Fenty Eau de Parfum, $140
If you haven’t smelled even a whiff of the Fenty perfume, I’m sorry to tell you that your life is utterly boring. With notes of magnolia, musk and blueberry (yes, blueberry), it’s an unreal spicy and sensual scent. Obviously, the sleek amber bottle is the perfect vessel for it.
If you liked this story, check out the best-smelling fall perfumes that feel like a warm blanket in a bottle.
More from In The Know:
All my friends are wearing this Amazon best-selling tennis bracelet, and it’s only $18
Sephora just released the ultimate perfume sampler if you’ve been looking for your new signature scent
7 casual fall maxi dresses under $100 to wear with leather jackets and booties this season
Fashion creator explains why people should ‘just buy pretty things’ to improve personal style
Listen to the latest episode of our pop culture podcast, We Should Talk:
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This deal is huge.
I don’t even want to think about all of the gross gunk on your hairbrush that scientists haven’t even discovered yet.
Viral beauty, fashion, kitchen gadgets, designer sunglasses and super cheap sheets are majorly marked down.
As someone who grew up in a small town with the closest mall almost an hour away, I didn’t discover Anthropologie until later in life (probably a good thing for my wallet TBH). But don’t worry, I’ve made up for lost time by purchasing every home, beauty, and clothing item I can afford and mentally adding the entire kitchen section to my non-existent wedding registry. What? A girl can dream.
As much as I love Anthropologie, however, I don’t always love their prices. So when I want to get a similar look at a more affordable price, I turn to Amazon. You might be surprised by how much Anthropologie-inspired home decor—ranging from pillows and throws to kitchen and dining items—you can find on Amazon for a fraction of the price. That’s right, you no longer have to shop in the sale section or break the bank to decorate your home in Anthro’s signature boho-inspired style. Keep scrolling for some of my favorite Amazon home decor finds that give you the same look for less (and two-day shipping!).
In this article
Decor & Lighting
Antique Gold Wall Mirror
The Gleaming Primrose Mirror is one of Anthropologie’s most viral products and for good reason. The vintage-inspired design and intricate details make it a beautiful addition to any room, but starting at $548, it’ll cost you a pretty penny. There are several similar designs out there, but none are quite as good as this option from Amazon. The details and color options are nearly identical to Anthropologie’s but at less than half the cost.
Grecian Bust Candle
Grecian busts have been a popular motif at Anthropologie for a while now, mostly in the form of their Grecian Bust Pot. These pots work beautifully as planters or vases, but if you don’t have a green thumb, you may want to opt for this Grecian bust-inspired candle from Amazon instead.
Faux Fur Throw Blanket
Every winter, Anthropologie brings out their line of ultra-plush faux fur throw blankets. Not only are they a great item to give for the holidays, but they also make any room feel extra cozy. However, most of their throws cost well over $100, which is a little steep if you’re buying them for multiple people or more than one room in your home. Thankfully, Amazon has this similar version for half the price.
4 colors available
Woven Pendant Lamp
In the words of Chandler Bing, could this BE any more beautiful? The woven details make this pendant look so luxe that no one would believe it’s only $140. Bonus: natural materials like wicker, rattan, and cane are popular right now thanks to the “tropicalcore” trend, and this light fixture is the perfect addition to bring some vacation vibes into your home.
Velvet Throw Pillow Covers
Soft velvet and bold colors are hallmarks of Anthropologie textiles, so these pillow covers fit right in with the brand’s eclectic style. While these covers don’t come with pillow inserts like they would at Anthropologie, you do get a set of four for only $32, which is a steal.
10 colors available
Brass Snail Figurine
One of my favorite things about Anthropologie is their selection of small but impactful decor pieces. I actually saw a snail figurine similar to this one at Anthro several years ago, and I’ve been kicking myself ever since for not buying it, so I’m glad to see a similar version available on Amazon. These snails would look absolutely adorable styled on a shelf or as paperweights on your desk.
Floral Flush Mount Light Fixture
With feminine, delicate details, this light fixture looks like something straight out of an Anthropologie catalog. Imagine it hanging in an elegant entryway, a stylish bathroom, or airy guest room. The best part? It’s less than $60.
Tufted Runner
Something I’ll never understand is why rugs are so expensive. Even the smallest size can cost hundreds of dollars, but this Amazon runner gives the Anthropologie look for much, much less. At less than $40, I’ll definitely be adding this to cart for my kitchen.
5 colors available
Boho Tufted Accent Pillow Cover
Add some texture to your couch or bed with this Moroccan-style throw pillow cover. Handwoven tufted accents give the cover a sophisticated look, and the thick and durable fabric give it a high-quality feel.
Wooden Bowl Centerpiece
If a hand-carved wooden bowl doesn’t scream boho-chic, I’m not sure what does. Pieces like this are great to have around the house for a variety of purposes. Style it on a coffee table with a candle and coasters, use it was a fruit bowl in the kitchen, or keep it by the front door as a catchall for your wallet and keys.
Woven Blanket
Woven blankets are another boho-style staple, and the colors and tassels on this one are what dreams are made of. Its lighter-weight fabric also makes this one easy to style over a chair or at the end of a bed.
10+ colors available
Kitchen & Dining
Fluted Ceramic Bowl
Another one of my personal favorite Anthropologie items is their Amelie Latte Bowls. I use mine almost daily to serve meals or to hold ingredients while cooking, and I love the French-inspired look of them. While these bowls aren’t that expensive in store, there is a slightly cheaper alternative available on Amazon for those who love a good deal.
4 colors available
Ceramic Berry Baskets
With the grandmillennial trend still going strong, quirky, vintage-inspired pieces like these berry bowls are especially popular. Not only are they functional in helping you keep your fridge more organized, but they also add a fun whimsical touch to your kitchen.
3 colors available
Candles & Candlesticks
Twisted Candle Sticks
For a trendy take on the classic taper look, try these twisted candles. They come in tons of different colors, so grab a four-pack of your favorite shade to re-create Anthropologie’s funky style for less.
10+ colors available
Ribbed Glass Candle Holders
These ribbed glass candlestick holders are a mix of boho and vintage, making them a beautiful addition to any tablescape. Each set comes with six candle holders in three different sizes and styles. Pro tip: mix and match the colors to create a more customized look.
4 colors available
Candle Warmer Lamp
I’ve seen so many gals on TikTok showing off their candle warmer lamps as part of their nighttime routines, and you can consider me influenced. I love the quirky look of the scalloped shade paired with the vintage look of the brass and wood base. And at just $20, this is an affordable way to create a cozy atmosphere for fall.
2 colors available
Rose Quartz Coasters
Anthropologie’s Gilded Agate Coasters are another one of their signature items. I have these in almost every room of my house and often give them as housewarming or Christmas presents. Although the coasters are stunning, they’re a little pricey at $16 a piece, which is why I was excited to find that Amazon sells this set of four natural gemstone coasters for only $40.
Monogram Mug
If you’re unfamiliar with the mug section at Anthropologie, I encourage you to run not walk to check them out. They have a fun selection of monogrammed, floral, and geometric options, but if you’re looking for a more affordable alternative, this mug gives Anthro vibes at an Amazon price.
Lidded Glass Jar Candle
Anthropologie is famous for their candle section, and this glass jar candle looks just like something you’d find in-store. It comes in a variety of colors and scents, but the best part is that it’s paraben- and paraffin-free.
7 colors available
All the Decor You Need to Get the Cottagecore Look This Fall
“I get it, not all apartments are cute,” Tommy says in the video, “but there’s always things you can do to improve.” These are some of the ugly-turned-stunning apartment tips that commenters most resonated with, along with a few that Tommy shared with BuzzFeed directly.
Just to reiterate: These are all renter-friendly! (And even though they’re geared toward a very particular type of apartment, these tips can be applied broadly in most homes.)
Imagine making $1,000 for every $100 you spend on real estate leads. Today’s guest, Joe Herrera of the Joe Taylor Group, does exactly that with a smart, simple Facebook advertising strategy. Listen and learn how to create viral property ads and how to consistently convert the leads that they generate. Plus, you’ll hear how to hold a team of Realtors accountable, what works best for buyer leads in 2023, and why you should not advertise a property’s price.
Listen to today’s show and learn:
About Joe Herrera [0:41]
Why Joe focuses on Facebook for real estate leads [4:43]
How to stop playing Zillow’s game [7:50]
An argument for not listing a property’s price [9:24]
Determining lead spend based on agents’ needs [12:55]
What to expect when you start running ads on Facebook [15:13]
How soon you’ll know whether or not a real estate ad is working [19:29]
How leads come in when running Facebook ads [21:34]
Why Zillow isn’t the right fit for Joe’s real estate business [24:49]
Focusing on the why instead of the what when working buyer leads [27:59]
Building the right relationship with potential clients [29:23]
What the 9-6-6 follow-up schedule looks like [31:50]
Joe’s coaching and lead-gen program for busy real estate agents [33:16]
Common conversion mistakes [36:45]
The difference between customer service and sales [39:51]
How to hold real estate agents accountable [41:40]
Joe’s real estate goals for the next few years [45:41]
The most relevant voice in real estate [49:16]
Joe Herrera
Joe Herrera is a multifaceted individual who seamlessly blends passion and responsibility into his various roles. As a keynote speaker, coach, mentor, lead generator, podcast host, and associate broker of Real Broker, Herrera’s enthusiasm for his work is contagious.
With more than a decade of experience as a lead conversion coach, Herrera has an impressive track record of generating more than 10,000 leads annually. His exceptional team, the Joe Taylor Group, closes an outstanding 1,000 units each year, expanding its presence to seven locations across North America. Notably, Herrera has graced the stage as a featured keynote speaker at prestigious real estate events across the U.S. and Mexico, sharing his expertise and insights.
In addition to his accomplishments in real estate industry, Herrera’s entrepreneurial spirit shines as he owns and operates several businesses specializing in investment and lead generation. His commitment to helping others extends further through his dedicated Velocity coaching business, where he pays it forward by guiding and supporting aspiring professionals.
As a Las Vegas area REALTOR®, Herrera understands the significance of buying or selling a home as a major life event for his clients. Beyond being a salesperson, he embraces his role as a trusted guide, providing unparalleled support and expertise throughout the process.
Outside of his professional pursuits, Herrera remains deeply connected to his community and family. He devotes his time to various acts of service, always ready to give back to those in need. An avid golfer, Herrera enjoys spending quality time with his kids, hitting the links at his favorite golf courses across the country.
Joe Herrera’s story is one of dedication, ambition, and genuine care for others – a testament to his remarkable character and the positive impact he brings to both the real estate industry and his community.
Related Links and Resources:
It might go without saying, but I’m going to say it anyway: We really value listeners like you. We’re constantly working to improve the show, so why not leave us a review? If you love the content and can’t stand the thought of missing the nuggets our Rockstar guests share every week, please subscribe; it’ll get you instant access to our latest episodes and is the best way to support your favorite real estate podcast. Have questions? Suggestions? Want to say hi? Shoot me a message via Twitter, Instagram, Facebook, or Email.
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October is officially one week away, making this week the best time to shop for and refresh your space with Halloween decor. Pottery Barn, Anthropologie, Target, IKEA, and West Elm all have some of the most fun and viral Halloween decoration ideas, but my absolute favorite place to find stylish and spooky home decor items is at JOANN. Not only does JOANN have some of the most festive, spooky season home decor, but it also has amazing prices, with sales starting super early in the season.
With JOANN’s current Lowest Prices of the Season sale, you can get between 50 and 60 percent off fall and JOANN Halloween decor, just in time for trick-or-treaters. Plus, this week’s JOANN coupons include a $1.99 shipping perk with promo code SHIP199SAVE at checkout.
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The market is awash with Halloween pieces at the moment and at this time of year you rarely find them on sale. Halloween pieces at competitors can be incredibly expensive for decor that you’ll only use once a year, so it’s smart to find finishing touches on markdown. What I particularly like about JOANN’s selection is that a lot of these pieces are made with iron instead of plastic, so they should hold up for years, saving you even more in the long run.
Place & Time Halloween Metal Moon Phase Candle Holder
Was $24.99, now $12.49 at JOANN Candlesticks are one of the biggest home decor trends of the season, and this moon phase option puts a spooky spin on the style. Constructed from 100 percent iron, this candle holder of moon phases is heavy-duty and built to last for seasons to come. It would look so cute on a tablescape with the viral DIY ghost candle from TikTok or added to a spooky fireplace display with flameless taper candles.
Place & Time Halloween LED Haunted House
Was $39.99, now $19.99 at JOANN Illuminate your mantle or bookshelf with this adorable Halloween LED Haunted House from JOANN’s Place & Time Crypts and Cobwebs collection. This haunted house is constructed from a durable mix of stone powder and resin, giving it a ceramic-like finish. We love it on its own on an entry table next to a tablescape of pumpkins and gourds or paired with other haunted houses from the JOANN collection.
Place & Time Halloween Metal Spider Bowl
Was $29.99, now $14.99 at JOANN Whether you’re shopping for a Halloween candy dish or are looking for unique serving dishes for an upcoming spooky party, the Halloween Metal Spider Bowl is another fantastic spooky addition to your Halloween decor. This 9-inch bowl features long, creepy crawly legs and a full spider body and head with plenty of room for candy corn, pub mix, popcorn, and other Halloween snacks.
Place & Time Halloween Black Metal Bats Wall Accent
Was $59.99, now $29.99 at JOANN If you want to deck out your walls for Halloween but are looking for something slightly more elevated than your traditional party decor, this chic Black Metal Bats Wall Accent from Place & Time is worth considering (and its sale price makes it a definite add to cart). The durable Halloween wall decor is constructed from 100 percent iron and would look spooktacular placed above a fireplace mantle, entryway wall, or even outdoors in a patio area.
Place & Time Halloween Orange Pumpkin & Ball Felt Garland
Was $19.99, now $9.99 at JOANN Autumn means festive garland, starting with this craftcore style felt garland featuring plush orange pumpkins. This 6-inch long garland is a fun and whimsical way to dress up your home for the spooky season and would look great placed along a mantle, wrapped around a wreath, or added to a children’s room bookshelf.
Place & Time Halloween Figural Ghost Pillow
Was $39.99, now $19.99 at JOANN If you love the viral Gus the Ghost pillow from Pottery Barn but are looking for a more budget-friendly option, consider the Halloween Figural Ghost Pillow from JOANN. This 14 x 17-inch ghost pillow is somewhat of a Pottery Barn dupe and features that same plush material and spooky spirit. It’s the perfect throw pillow for that living room accent chair, but it would also look adorable nestled up with other festive pillows on an entryway bench.
If JOANN’s sale items aren’t quite doing it for you, we’ve also covered the best places to buy Halloween decor so that you can welcome trick-or-treaters in style.
Looking for jobs where you work alone? If you’re an introvert or simply want minimal human interaction, here are 40 ideas.
Looking for the best jobs where you work alone? If you’re an introvert or simply want minimal human interaction, here are 40 ideas.
With there being so many different types of jobs out there nowadays, more and more people are looking for jobs where they can be by themselves, away from the busy office or customers. They find comfort in jobs where they can do tasks on their own, letting them really concentrate and do well in what they do best.
For me, I have worked mostly alone for over a decade now, and I wouldn’t change it for the world. I enjoy the flexibility of working on my own and having less stress.
Jobs that let you work this way are usually appealing to introverted individuals, those who like a calmer setting, or people who just work better with more independence.
Knowing which jobs let you work alone is really important for those who want to find the right mix of being on their own and getting things done well.
Top Jobs Where You Work Alone
There are 40 jobs where you can work alone listed below. If you want to skip the list, here are some jobs that you may want to start learning more about first:
Benefits of Jobs Where You Work Alone
More and more people are looking for jobs where they can work alone, and I get it! I have been working mostly alone for over a decade and I really love it.
After all, a person spends so much of their time working, so you might as well like what you’re doing. If you’re an introvert, or if you like working by yourself, there are jobs where you can do just that.
Some of the positives of working alone include:
Less stress if you’re an introvert – If you’re an introvert, then you may feel stress when working with other people, such as coworkers and customers.
Getting more stuff done in less time – Working alone may mean that you can complete your tasks faster because there are fewer distractions.
Having a more flexible schedule – Some jobs where you work on your own sometimes let you choose when you want to work, as long as you get the work done.
If you’re looking for jobs where you work alone, think about what you’re good at and what you enjoy (and also think about what you don’t like!).
40 Jobs Where You Work Alone
Below are 40 jobs where you can work on your own. The jobs below range from earning a part-time to a full-time income too.
1. Proofreader
Proofreaders check and edit written content for errors and inconsistencies, and this job requires strong attention to detail and excellent grammar skills.
If you’re good at paying close attention to details, then proofreading could be an ideal work-alone job for you.
Authors, website owners, and students often hire proofreaders to improve their work. There’s a high demand for proofreaders, and you can find jobs through many different platforms.
Even the most skilled writers can make mistakes in grammar, punctuation, and spelling. That’s why hiring a proofreader can be very helpful for pretty much anyone and everyone.
If you want to find online proofreading jobs, I recommend joining this free 76-minute workshop focused on proofreading. In this workshop, you’ll learn how to begin your own freelance proofreading business.
Recommended reading: 20 Best Online Proofreading Jobs For Beginners (Earn $40,000+ A Year).
2. Virtual Assistant
One of my first side jobs was as a virtual assistant and it was a fun and flexible way to earn income. While you do have a boss when you are a VA, a lot of the tasks that you do will require you to take charge and complete them by yourself in your own home.
A virtual assistant is someone who helps people with office tasks from a distance. This could be from your home or while you’re traveling. It might include things like replying to emails, setting up appointments, and managing social media accounts.
This job can pay you more than $50,000 each year.
If you want to find part-time or full-time virtual assistant jobs, I recommend joining the free workshop called “5 Steps To Become a Virtual Assistant“.
Recommended reading: Best Ways To Find Virtual Assistant Jobs
3. Bookkeeper
Bookkeepers are people who keep track of all the money-related things for businesses such as writing down sales, keeping a record of expenses, and making financial reports.
This is a job where you can work alone and a typical salary is $40,000+ each year. Plus, you’ll mainly be dealing with numbers and not people.
You can join the free workshop that focuses on finding virtual bookkeeping jobs and how to begin your own freelance bookkeeping business by signing up for free here.
Recommended reading: How To Find Online Bookkeeping Jobs
4. Blogger
Blogging is a great way to make money while working on your own. It’s one of the reasons I really enjoy it, haha! I get to work by myself, for myself, and I can pick the projects I want to work on.
As a blogger, you write content for others to read online. You get to choose what you want to write about as well as how you want to make money blogging because there are so many different options (like affiliate marketing or displaying ads).
You can begin a successful blog about a specific topic like finance, travel, lifestyle, family, and many others.
Blogging is my main source of income, and it has completely transformed my life. I have the freedom to travel whenever I want, set my schedule, and be my boss.
Since I began Making Sense of Cents, I’ve made more than $5,000,000 from my blog. I earned this money by working with companies through sponsored partnerships, affiliate marketing, display ads, and selling online courses.
Learn more at How To Start A Blog FREE Course.
5. Delivery Driver
Delivery drivers pick up and drop off packages. And, they get to work by themself most of the time as they are in the vehicle alone.
A delivery driver may drive a car, truck, or even a bike, depending on the company they work for. They don’t usually have a boss watching them all day nor have to deal with very many customers for long periods.
6. Book Reviewer
Book reviewers read books and share their thoughts in book reviews.
There are websites where you can get paid for sharing your thoughts about books and you may earn money through PayPal or a bank transfer, and sometimes you get to keep the book you reviewed.
They don’t just want positive reviews either, they want to know what you really think! You see, authors and publishers like to send out free copies of their books so that they can get honest opinions. Just like us, they know it’s helpful to read reviews before deciding if a book is worth the time.
Some sites that pay for book reviews include Online Book Club, Kirkus Media, and BookBrowse.
Recommended reading: 7 Best Ways To Get Paid To Read Books
7. Deliver RVs or Cars
You can earn money by traveling across the country and delivering vehicles for people and dealerships. Sometimes you’ll be towing the vehicle, and other times you’ll be driving it.
If you want a job with minimal human interaction, this can be a good one to look into as you are mostly by yourself. You simply pick up the vehicle, drive by yourself, and then drop it off.
For this job, you need to have a clean driving record. Those who do this type of work can earn around $300 to $400 (or much more!) for each vehicle they deliver. It depends on the distance they are traveling and what is being transported.
8. Digital or Graphic Designer
A graphic designer is someone who creates designs for others, such as people and businesses.
As a digital designer, you may be making things like images, printables, planners, t-shirt designs, calendars, business card designs, social media graphics, stickers, logos, and more.
Recommended reading: How To Make Money As A Digital Designer
9. Pet Sitter and Dog Walker
Pet sitters and dog walkers take care of pets while pet owners are away, such as on vacation or in the hospital. Some of the tasks include feeding, taking dogs for walks, and playing with them.
You might have pets come to your home or you can go to their owner’s place (this is something that is agreed upon beforehand). Dog walkers earn around $20 for every hour walking a dog. Looking after someone’s pet overnight can earn a person around $25-$100+ or even more each day.
I have personally paid a person to watch my dogs overnight in their home $100 a day. She was so wonderful too and my dogs loved her.
Now, with this job, you’re not working entirely alone, because you will be with pets. But, they can be great friends and companions!
Rover is a company you can sign up with and list your dog walking and pet sitting services.
10. House Cleaner
House cleaners make sure homes and businesses are nice and clean. They might work alone or with a small group. They can earn between $25 to $50 an hour for cleaning for others.
You can work for a cleaning company, but you’ll likely make more money if you have your own business.
Starting this kind of business isn’t expensive because you likely already have the cleaning supplies you need. You can advertise your services on Facebook, tell your friends and family, or make an account on Care.com.
11. Transcriptionist
An online transcriptionist’s main task is to listen to video or audio files and then type out everything that is being said, a process known as transcribing. The aim is to accurately write down what is heard, without any mistakes in spelling, grammar, or punctuation.
There are many different types of transcriptionists as well – legal, general, and medical transcriptionists.
This job requires strong typing and listening skills, and you can work from home all by yourself.
Online transcriptionists earn around $15 to $30 per hour on average, with new transcribers on the lower end of that.
A helpful free resource to take is FREE Workshop: Is a Career in Transcription Right for You? You’ll learn how to get started as a transcriptionist, how you can find transcription work, and more.
Recommended reading: 18 Best Online Transcription Jobs For Beginners To Make $2,000 Monthly
12. House Flipper
House flippers buy, renovate, and sell properties for a profit. This job involves managing renovation projects, and you can work alone or with a small crew.
House flipping is when someone buys a property at a lower price, fixes it up (like painting, redoing the kitchen, and improving the outside appearance), and then sells it for more money to make a profit. This is done to make a quick return on the investment.
Recommended reading: 10 Best Books on Flipping Houses To Make Money
13. Grocery Shopper
Grocery shoppers buy groceries for people like you and me, offering a helpful service for those who don’t have the time or can’t shop on their own. You’ll work on your own and talk to clients through an app on your phone.
One service you can easily sign up with to become a grocery shopper is Instacart. This is a popular site for people who want to make extra money by shopping for and delivering groceries.
Instacart shoppers make money from a mix of base pay, tips from customers, and sometimes bonuses or rewards (like for finishing orders during busy times).
You can sign up here to get started as a grocery shopper with Instacart.
Recommended reading: Instacart Shopper Review: How much do Instacart Shoppers earn?
14. Affiliate Marketer
Affiliate marketers share products or services with their followers for a commission. You do this by placing a referral link on your website, blog, or social media (like Instagram). When people use that link to buy something, you then get a commission.
For example, if you share a link to a book on Amazon and someone buys it through your link, you make some money. Companies like Amazon want people like you to help them sell things, so they’re happy to work with you as it helps them.
If you get someone to sign up through your special link, the company gives you a commission for telling others about their product. It’s like a little thank-you for your help!
This is one of my favorite jobs where you work alone from home, and what I do full-time!
Click here to get Affiliate Marketing Tips – Free eBook.
15. Flea Market Flipper
Flea market flippers find underpriced items at flea markets, yard sales, and thrift stores, then resell them for a profit. This job requires a good eye for valuable items and the ability to research market value.
Finding items to resell may be one of the best jobs to work alone on this list because we all have things in our house we could probably sell. Plus, there are always things that you can buy for a low price and possibly resell for a profit.
If you are looking for work-alone jobs, this is a great one to look further into.
I recommend signing up for this great webinar, Turn Your Passion For Visiting Thrift Stores, Yard Sales & Flea Markets Into A Profitable Reselling Business In As Little As 14 Days, that will help you learn how to make money by flipping items as well.
16. Sell Printables on Etsy
Creating and selling digital printables on Etsy is a great way to work independently and earn money.
Making printables can also be a pretty hands-off job since you only have to create one digital file for each product, and you can sell it as many times as you like. It’s quite affordable to start because you only need a laptop or computer and an internet connection.
Printables are digital items that customers can download and print at home. They can include things like bridal shower games, grocery shopping checklists, budget planners, invitations, printable quotes for wall art, and patterns.
I recommend signing up for Free Workshop: How To Earn Money Selling Printables. This free training will give you great ideas on what you can sell, how to get started, the costs, and how to make sales.
17. Mechanic
Mechanics diagnose and repair vehicles, working independently or in small shops. Strong problem-solving skills and knowledge of automotive systems are important.
Being a mechanic is a job where you often work on your own. While they might work in a garage with other mechanics, they often have their own tasks to do. They need to be really careful and pay close attention to make sure everything gets fixed just right.
18. Dog Treat Baker
Do you really like dogs? If you do, here’s a way to work mainly alone and make an extra $500 to $1,000 or even more each month.
You don’t need to know how to bake beforehand, because you can learn this skill. You can make special treats like cupcakes, cookies, cakes, and more, all for dogs.
You can sign up for this free training workshop that shows how to start a dog treat bakery.
You can learn more at How I Make $4,000 Per Month Baking Dog Treats (With Zero Baking Experience!).
19. Amazon Seller
Selling items on Amazon is a job where you work alone (mostly) and don’t have to deal with customers face-to-face.
Even if you’re new to selling on Amazon, you can make money by selling household goods, books, electronics, and more.
If you’re interested in learning about starting an Amazon business, you can join this free training that will teach you how to sell products on Amazon and make around $100 to $500+ each day.
20. Stock Photo Photographer
Stock photo photographers work on their own, and this job can be done without talking to anyone for the most part. Almost all of the tasks can be done with just a camera and then uploading photos on a site.
Stock image sites are some of the most popular ways for photographers to sell their pictures. These are sites where customers can buy pictures for websites, TV shows, books, social media accounts, and more. There are stock photos that I have purchased within this blog post that you can take a look at to see an example.
One great thing about stock photo sites is that they can be a great form of passive income. You can take pictures, upload them, and earn money from an older photo for months or even years in the future. There is no need to talk to anyone as everything is online and mostly automated.
Some stock photo websites include Shutterstock, iStock, DepositPhotos, and Dreamstime.
Recommended reading: 18 Ways You Can Get Paid To Take Pictures
21. Social Media Manager
Social media managers post on social media accounts for businesses and their goal is to bring in new customers and help a business grow.
Social media managers may post a picture or a video of a product or the company, join in a viral trend to get more views (such as on TikTok), answer common questions from customers, and more.
This includes social media platforms such as TikTok, Pinterest, Instagram, Twitter, and Facebook.
Salary can vary, and this job can be done part-time or full-time.
22. Landscaper
A landscaper improves and maintains outdoor areas, such as by taking care of the lawn, planting flowers, or even renovating a whole outdoor area (such as to make it more enjoyable to sit outside and have company).
If you’re interested in jobs where you work alone outside, this is one to consider as you will be outdoors and working on your own a lot. Customers may talk to you occasionally, but you are mostly by yourself.
Landscapers work at houses, apartment complexes, businesses, or somewhere else.
23. Data Entry Clerk
Data entry clerks enter, update, and check information in databases or spreadsheets. They type information such as numbers and names into computers to keep things organized and recorded.
This job can sometimes be done remotely and alone, with minimal supervision or interaction with customers.
Data entry jobs typically pay around $15-$20 an hour.
24. Editor
Editors review and improve written content for clients and they usually work on their own as most of their time is spent editing content.
Their job is to read articles, blog posts, advertising, books, and more to make them better. They fix any mistakes in grammar or spelling and help the words flow smoothly.
Editors typically earn anywhere from $40-$60+ an hour.
25. Freelance Writer
Freelance writers write content for clients, such as blog posts, advertising, and more. Freelance writing jobs where you work by yourself are common as you’ll be given a topic to write about from the client, and when you are done you may be given some feedback (such as paragraphs to improve or add to). But, that is usually as much human interaction as you’ll get if you want.
You can find different writing jobs on platforms like Upwork and Fiverr, or even find clients on your own.
I was a freelance writer for many years before switching to working full-time writing here on Making Sense of Cents. It is a great career path where you can work from home mostly by yourself.
Recommended reading: 14 Places To Find Freelance Writing Jobs – (Start With No Experience!)
26. Translator
Translators convert written content from one language to another, requiring fluency in at least two languages. Freelance and remote opportunities are available.
If you know another language, you might be able to find a work-from-home job where you can earn money by reading books and translating them. Another option is to get paid for proofreading or editing translated books to ensure they read smoothly and accurately.
There are lots of places you can find translation jobs, such as UpWork, Babelcube, Today Translations, Ulatus, Fiverr, and more.
27. Computer Programmer
Computer programmers write and maintain computer software, often working alone on projects.
They use coding to tell computers what to do and create all sorts of things like apps, games, and websites.
28. Canva Template Designer
Creating and selling Canva templates online allows you to work alone.
A Canva template is like a ready-made design that you can use for things like making posters, Pinterest pins, ebooks, or presentations. It’s like having a helpful starting point if you’re not super good at designing things from scratch. Canva templates come with empty spaces where you can put in your own words and pictures and you can also change colors and fonts to make them just how you like. They’re really helpful for people who want their things to look nice without spending a lot of time on it.
Making and selling Canva templates can be a great way to earn extra money as you only need to create them once, and then you can sell them as many times as you like.
Recommended reading: How I Make $2,000+ Monthly Selling Canva Templates
29. Voice Over Actor
A voice-over actor is the person whose voice you hear but don’t see in YouTube videos, radio ads, educational videos, and more.
Voice-over actors many times work right from their own homes!
Voice actors don’t need experience for this job (eventually, it does help, yes). Instead, they need to have a voice that the company is looking for.
Recommended reading: How To Become A Voice Over Actor And Work From Anywhere
30. Truck Driver
Truck drivers are people who move things from one place to another. To do this job, truck drivers need a commercial driver’s license (CDL). This job often involves working by yourself for long hours.
The salary for a truck driver can depend on things like what kind of items they’re moving and the miles they have to drive. Usually, they can make between $45,000 and $75,000 or even more in a year.
31. UPS Driver
UPS drivers deliver packages to people’s homes and businesses. They do this mostly on their own, in their trucks by themselves.
UPS drivers make a good income and they earn about $30-$45 per hour or even more, depending on how many years they have worked at UPS and where they work.
32. Security Guard
Security guards protect property and/or people, and they usually work alone.
A security guard’s salary depends on things like where they work, how long they’ve been doing the job, and what exactly they have to do. Usually, they can make between $25,000 and $35,000 in a year.
33. Self-Storage Facility Owner
Self-storage facilities are where people store their belongings, like boxes of their mementos, vehicles, RVs, and more.
Owning a self-storage business can be a way to make money and run a business with low expenses, plus they typically only have a couple of employees.
Many of the times when I’ve been to a self-storage lot, it’s been just the owner or an employee of theirs working. There are almost no customers either.
Recommended reading: How To Invest In Self-Storage For Beginners
34. Laundromat Owner
Similar to a self-storage business, a laundromat typically does not have very many employees.
Running a laundromat can be a way to make money, with low costs, as most things are automated (the washer and dryer machines do all of the washing).
Recommended reading: Are Laundromats Profitable? How Much Do Laundromats Make?
35. Get Paid To Text
When getting paid to text, you will many times be talking to someone else, but it is all done through text messages.
Some jobs may include:
Text Therapy or Coach
Answering questions, such as if you are a mechanic, doctor, lawyer, veterinarian, home expert, appraiser, computer expert
Customer support
Recommended reading: 28 Ways To Get Paid To Text And Make Money
36. Survey Taker
Taking online surveys and answering questions for focus groups is not a full-time job, but it can be a way to make some extra money.
You share your thoughts and answer straightforward questions, and in return, you can receive cash or rewards such as Amazon gift cards.
The survey companies I recommend signing up for and the best-paying survey sites include:
American Consumer Opinion
Survey Junkie
Swagbucks
InboxDollars
Branded Surveys
Pinecone Research
Prize Rebel
User Interviews – These are the highest paying surveys with the average being around $60.
Recommended reading: 18 Best Paid Survey Sites To Make $100+ Per Month
37. Twitch Streamer
Twitch is a site where you can make money playing video games, talking online in a live stream, and more. A streamer may be able to make money from their own home and all alone. Yes, they do need to be live recording their life, but they are their own boss.
There are many ways to make money on Twitch such as with paid subscriptions, display ads, selling merchandise (like t-shirts and mugs), and more.
Some of the most successful Twitch streamers make hundreds of thousands or even millions of dollars each year, but, it’s important to know that most don’t earn much at all.
Recommended reading: How Much Do Twitch Streamers Make?
38. Litter Cleanup Worker
If you own a business, it’s important to keep your place clean and tidy. Nobody likes to see trash lying around, right?
That’s why some business owners are happy to pay for someone to clean up before their business opens for the day. A clean area makes the place look nice and welcoming for customers.
This business can be started all alone and earnings on average are about $30 to $50 for every hour you work. It’s pretty simple too. You’ll just need a broom, a dustpan, and some tools to help you pick up litter easily. It’s almost like taking a stroll while you work! Plus, you can choose when you want to do it, so it can fit nicely into your schedule.
Recommended reading: How I Started A $650,000 Per Year Litter Cleanup Business
39. Google Rater
A Search Engine Evaluator, also known as a Google Rater, is a person who looks at websites and blogs and gives them a score based on how good and helpful they are for Google.
You don’t need to be a tech expert or have a fancy background for this job. Google actually wants regular people, just like you, to rate websites. Plus, you can do this in your own language. Google works in lots of different countries, so you can help out right from where you are.
Recommended reading: How To Become a Search Engine Evaluator
40. Actuary
An actuary is a financial expert who helps businesses figure out and manage their money-related risks, such as for insurance, pensions, and investments.
They use mathematics and statistics to forecast what might happen and help companies make smarter financial decisions.
Actuaries can earn a good salary, and as they get more experience and pass more exams, they can make even more money. Depending on where they work and how experienced they are, actuaries earn average salaries of anywhere between $70,000 to well over $100,000 each year.
Frequently Asked Questions About Jobs Where You Work Alone
Here are answers to common questions about finding jobs where you work alone.
What are jobs with no interaction?What jobs allow me to work by myself?
Yes, there are jobs where you don’t need to talk to people a lot. For example, being a night shift security guard, a transcriptionist, or a stock photo photographer.
How can I work alone from home?
There are jobs where you can work alone at home such as being a blogger, a transcriptionist, or a computer programmer.
What are jobs where you work alone with no degree?
Many jobs don’t require bachelor’s or master’s degrees (a high school diploma will work for many on the list above) and offer the opportunity to work independently. Mowing lawns, painting houses, repairing cars, or walking dogs often don’t require formal education and focus more on skills and experience.
Which part-time jobs are best suited for solitary workers?
Many of the jobs in this blog post can be done part-time, such as any of the freelance jobs, house cleaning, dog walking, and taking surveys. That is one of the joys of many of the jobs above – you can choose your schedule.
What trade jobs can one perform independently?
Trade jobs that you can perform independently include carpentry, welding, or plumbing. These professions usually require specific skills or certifications but may offer opportunities to work alone.
Are there any tech jobs ideal for people who prefer to work alone?
Yes, there are tech jobs that can work well for people who want to work on their own such as web developers, software engineers, or data analysts. These roles usually involve solving problems and working independently, though there might be some instances where collaboration is needed from time to time.
What jobs can be done in isolation with no experience required?
Jobs such as house cleaning, taking surveys, and flea market flipping can be good places to start for entry-level jobs.
How can I find work-alone job opportunities near me?
To find work-alone job opportunities near you, try perusing local job boards, classified ads, or online sites like Indeed or LinkedIn. You can also network with people in your community or join online forums related to your interests to find jobs.
Jobs Where You Work Alone – Summary
I hope you enjoyed this article on jobs where you work alone.
These jobs are like a safe space for people who like being by themselves. It’s a place where you can really concentrate and do your own thing with low social interaction. Jobs where you work alone often appeal to introverts and individuals who require fewer distractions.
Jobs like writing, coding, and freelancing let you work on your own. Not everyone may like working alone, but for those who do, it can be a lot less stressful and overwhelming.
I have been working mostly on my own for years now, and I really love it!
The question many in capital markets have been asking since the GSEs were put into conservatorship is this: Without Fannie, Freddie, or the Fed, who will buy the agency MBS? Today we are seeing this play out with a shortage of MBS buyers to the tune of about $2 billion in demand per day.
Supply and demand — when demand is low, MBS prices will drop at sale and the corresponding yields will rise.
Late last year, Laurie Goodman, the famed MBS expert and a leader at the Urban Institute in Washington, penned an article in Barrons to explain why rates were so high. She gives a very thorough explanation as to why the 30/10 spread is so high, stating, “Before and during the Great Financial Crisis, the Fannie Mae and Freddie Mac portfolios essentially served as shock absorbers, buying mortgage-backed securities, or MBS, when spreads were wide, selling when they narrowed.
“In 2009-2010, the combined portfolios were over $1.5 trillion. In the wake of the Great Financial Crisis, Fannie and Freddie have been mandated to reduce their portfolio size. The two portfolios together are now under $200 billion. Meanwhile, the Federal Reserve was a fairly consistent buyer of MBS after the financial crisis, as part of its quantitative easing strategy. But as of June 2022, the Fed began to allow its portfolio to run off.”
Today, as Laurie points out, the GSEs are restricted in what they can buy. Per the 4th amendment to the PSPA (preferred stock purchase agreement), essentially the governing document for the two companies in conservatorship, it is stated clearly. Historically, the GSEs could make up for the short in demand if needed.
For example, if the current short was absorbed by GSE purchases, the spread between 30-year mortgages and and the 10-year treasury would likely collapse to it’s more normalized level, likely bringing mortgage rates down about 100bps +/-.
But the PSPA 4th amendment states the following: “Limit Future Increases to the Retained Mortgage Portfolio: The PSPA cap on the GSEs’ retained mortgage portfolios will be lowered from the current cap of $250 billion to $225 billion by the end of 2022, aligning with the FHFA conservatorship cap the GSEs are required to comply with today, while providing the GSEs with flexibility to manage through the current economic environment. As of November 2020, Fannie Mae’s mortgage portfolio was $163 billion, and Freddie Mac’s mortgage portfolio was $193 billion.”
So why haven’t we seen spreads wider more often since conservatorship in 2008 until now? It’s simple really, the Federal Reserve engaged in three rounds of quantitative easing post-2008 during the Great Recession and then another massive round in the spring of 2020 due to COVID-19 recession fears. They created the short in supply that pushes prices up and yields down.
The problem now is that we have the greatest quandary in the markets. We are missing the two largest buyers of MBS on this planet. And to top it off, the FDIC is auctioning off the MBS and Treasury portfolios of the failed SVB, Signature, and First RepublicBank, which only increases supply into the market.
In a recent article in International Banking, Viral V. Acharya, C.V. Starr professor of economics, department of finance, New York University Stern School of Business (NYU-Stern), and Satish Mansukhani, managing director, investment strategy at Rithm Capital, state, “The Fed is thus caught between a rock and a hard place, with the demand- and supply-side effects of its tightening working in opposite directions. Which way will the pendulum swing? It is hard to know, but this may precisely be why interest-rate volatility has remained high.”
This is not a small market. Agency MBS is the dominant feature of the mortgage market with an approximate $9 trillion in outstanding volume. The hole being created here is enormous.
So what are the options?
First is to just leave this alone and let the markets function without interference. This would likely be the goal of fiscal conservatives who have argued that this excessive involvement by the Fed and the GSEs over decades has resulted in the market dysfunction we see today. Industry vet James Johnson penned a great piece for Rob Chrisman’s daily report in which he describes the current supply/demand conundrum and calls the period we are in as the “great reset,” a very appropriate reflection on the scenario today.
But there are other options to consider, and the reason to consider other options is because this excessive mortgage spread is hurting the people that this current administration is the most concerned with protecting.
High rates make affordability a significant barrier to homeownership. And with no end in sight, we as a nation are likely to only widen the opportunity gap between wealthier Americans and those with less means. First-time homebuyers and people of color who often have less inherited wealth and lower wages are the ones impacted the most in a time like this.
More importantly, this scenario is the unfortunate outcome of putting too much stimulus into the economy during COVID-19 combined with supply chain shortages that resulted in hyper inflation, leading us to todays scenario.
So option No. 2 is this: let the GSEs use their roughly $119bb available in remaining capacity within the limits of the PSPA to begin some purchase activity. And if there was a modification to the PSPA to allow a slightly higher balance, the GSEs could do what they have done all during the Great Recession and the COVID-19 pandemic and act as a “shock absorber” as Laurie Goodman describes. They could become tools to help stabilize a scenario, much of which was the result of the same set of agencies that produced the environment we are in today.
The unfortunate reality is that the FHFA would likely come under fire for using the permissible balance sheet to at least help temporarily. And those attacks would be something the administration would like to avoid in a heated election period. But this is an option and one that could help — particularly those who need the help the most and are now victims of hyper inflation that they did not participate in creating.
America is a great nation that has risen to beat back the Great Depression, two world wars, a variety of other conflicts, the oil patch crisis, and more leading up to the Great Recession and the COVID-19 crisis. But for the American dream, now threatened by this supply/demand imbalance, actions by federal agencies that played a partial role in the current scenario are also the ones that can help to balance out this dysfunction. And the ones who would be most impacted to the better would be those that need the help from our nation the most as they have been literally priced out of the housing market altogether.
And yes, there are other challenges, beginning with this terrible dearth in housing supply. But to use other variables as an excuse to not help here is a difficult argument to justify.
The bottom line is this, we have lost the biggest buyers of MBS in the world and this could keep rates artificially higher than would be the case in a more balanced supply versus demand environment. This is a project for the Biden administration to lead, which should include the NEC, Treasury, the Fed, HUD, and FHFA.
David Stevens has held various positions in real estate finance, including serving as senior vice president of single family at Freddie Mac, executive vice president at Wells Fargo Home Mortgage, assistant secretary of Housing and FHA Commissioner, and CEO of the Mortgage Bankers Association.
This column does not necessarily reflect the opinion of HousingWire’s editorial department and its owners.
To contact the author of this story: Dave Stevens at [email protected]
To contact the editor responsible for this story: Sarah Wheeler at [email protected]
Target’s fall home decor is here, and no surprise, I want everything. The pumpkins, candles and extra cozy throws hit the retailer a couple of weeks ago, but now that Labor Day has come and gone, we can finally turn our full attention to all things fall.
For me, Target’s candles — specifically the Heritage Pumpkin scent — are a seasonal favorite. However, you may be excited to hear that Joanna Gaines’ Hearth & Hand with Magnolia brand has a few new launches for the season, and so does Shea McGee of Studio McGee with Threshold.
You can go to your local Target to see the fall decor on display, or you can shop the wider selection online. But I should warn you — shopping online is a lot like shopping in store. You may go online thinking you know what you want, but you’ll probably end up buying a lot more. And with so much good stuff, I don’t blame you.
Prepare your bank account and take a look below at a few sure-to-be top sellers from the new fall collection to get you started.
1. Stanley 40oz Stainless Steel H2.0 Flowstate Quencher Tumbler – Hearth & Hand™ with Magnolia, $45
Full disclosure: This isn’t new this month. But this summer, Hearth & Hand with Magnolia collaborated with Stanley on a few new fall-appropriate colors for its iconic tumbler. The newer colors include brown, navy, dark green, taupe, white and a light green.
2. Teddy Boucle Throw Blanket – Threshold, $49
Teddy or sherpa fabrics aren’t going anywhere this year. Snag this extra cozy teddy blanket in three colors to drape over your bed or curl up with on the sofa.
This is a pumpkin-scented candle in an actual pumpkin — too cute. It even takes things to the next level with a wooden wick, which crackles like a fireplace.
4. Large Champagne Glass Pumpkin – Threshold, $25
You can never have enough pumpkin decor. Grab this pretty glass pumpkin for Halloween and Thanksgiving festivities. It’s not too spooky or Halloween-specific, so you really can keep it out all season long.
5. Fall Floral Branch – Threshold, $15
Build your own gorgeous fall floral display with these single branches. You can pair a few of them together or pair them with other faux florals for the season in your favorite vase.
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The chic minimalist glasses come in a set of four with matching reusable glass straws. It’s less than $20 for the whole shebang, which is so worth it.
Viral beauty, fashion, kitchen gadgets, designer sunglasses and super cheap sheets are majorly marked down.
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The SweatyRocks sweatpants hit the perfect Goldilocks spot of wildly affordable with actually good reviews.
By Prof. Viral V. Acharya, C.V. Starr Professor of Economics, Department of Finance, New York University Stern School of Business (NYU-Stern), and Satish Mansukhani, Managing Director, Investment Strategy, Rithm Capital
Since the onset of the Federal Reserve’s (the Fed’s) monetary tightening in 2022, the 30-year fixed mortgage rate in the United States (US) has gapped out to 7 percent. Around 300 basis points (bps) at present above the 10-year US Treasury yield (see Figure 1), this spread has historically been stable at around 200 bps; this was the case even during the pre-pandemic interest-rate hikes (2016-19) and quantitative tightening (QT, 2017-20) episodes.
Why is this time different?
We explain below that the current break from this trend is caused critically by the interplay of the Fed’s and domestic banks’ balance sheets. Changes in the risk appetites of institutional investors (bank and non-bank) and the profitability considerations of mortgage lenders have combined with this interplay to produce an unprecedentedly fast and amplified passthrough of monetary tightening to mortgage rates.
Deconstructing the 30-year mortgage rate
In addition to the 10-year Treasury yield, the 30-year primary mortgage rate serves as a commonly cited benchmark for the US economy and financial markets. Two contributors drive the spread between this mortgage rate and the Treasury yield.
The first contributor is the yield offered on the benchmark mortgage-backed securities (MBS) issued by government-sponsored enterprises Fannie Mae and Freddie Mac—the so-called “agency MBS basis”. This basis reflects the risk appetites of institutional investors to absorb or “warehouse” mortgage interest-rate risks on their balance sheets.
The second contributor is the profitability margin for mortgage lenders, known as the “primary-secondary spread”. It captures not only the market power of lenders in mortgage markets but also the banking sector’s balance-sheet constraints in intermediating for the real economy.
Consider, in turn, the 10-year Treasury yields and each of these contributors to the mortgage spread.
Punch #1: Higher 10-year US Treasury yields, driven up by real rates
Excessive monetary and fiscal stimulus throughout the pandemic combined with supply-side shocks to induce a surge in inflation since 2021. Until the last few months, this bout of inflation appeared rather unrelenting. In response, the Fed has tightened its monetary policy aggressively to cool inflation and the economy, and the 10-year Treasury yields, which were just 50 bps in 2020, are now close to 4 percent, a full 350 bps higher.
Viewed through another lens, the 10-year real rate has risen from a pandemic low of negative 100 bps to a post-GFC (Global Financial Crisis of 2007-08) high of 150 bps. Immediately before the pandemic, and even during the rate-hike and QT episodes of the mid-2010s, this real rate stood at barely 50 bps. The overall rise in real rates has also lifted mortgage rates.
Punch #2: A wider agency MBS basis, driven by higher volatility and a reversal in technicals
The agency MBS basis can be considered the market price of the unique option presented to US borrowers to refinance their mortgages or lock in attractive fixed rates (as is the case currently). The higher the volatility and the wider the outlook for the range of interest rates, the higher the price of this option. Compared to the mid-2010s’ rate hikes and QT, agency MBS spreads are 60 to 80 bps wider today.
For about 12 months after the onset of monetary tightening in March 2022, the 30-day rolling correlation of the agency MBS basis to interest-rate volatility (MOVE Index) remained high, ranging from 60 to 80 percent (that the two series were highly correlated until March 2023 can be seen in Figure 2).
However, the “technicals” of the MBS market today have shifted dramatically, with the Fed and domestic banks as the largest holders of this asset class. A key US bank dynamic has emerged since March 2023, given the collapses of three regional banks: Silicon Valley Bank (SVB), First Republic Bank and Signature Bank. In their wake, the agency MBS basis’s correlation to rate volatility has dipped, as seen by the rising agency MBS basis and declining MOVE Index. In contrast, the correlation of basis to the inverse of the stock valuation of regional banks has risen (again, see the individual series in Figure 2), reaching a peak of 35 percent in May 2023, marking the low in the regional bank index and simultaneously a high in the basis.
Punch #3: Wider mortgage-lender margins, driven by low volumes and high volatility
Turning to mortgage-lender margins, mortgage lending is a volume business in terms of the profits it generates for lenders and largely depends on refinancing transactions. Today’s high mortgage rates place a significant disincentive in the economics of the majority of US borrowers who have “locked in” at post-pandemic ultra-low rates, shriveling down lender volumes to mostly purchase transactions. The resulting low volume of home sales is thus translating into high competition among mortgage lenders.
High competition suggests banks should be willing to tighten margins. However, lender margins are modestly higher today than in the mid-2010s’ rate-hike and QT episodes, ranging back then between 90 and 100 bps compared to the present 110 and 120 bps. A key factor driving this margin wider is (again!) higher rate volatility, which increases the pipeline hedging costs of mortgage lenders during the period they commit to making a loan to closing and eventually pooling the loan into an MBS through securitization. This balance-sheet effect seems to have swamped the competitive effect.
Amplifying it all: banks’ and the Fed’s balance sheets moving in tandem
An additional factor has, however, made the confluence of these three effects even more potent.
The GFC, notably the distress in the housing and mortgage sectors, depleted both the capital and liquidity of banks, the largest mortgage lenders then. The nature of the post-GFC regulations and rules, notably the Dodd-Frank Act (Dodd-Frank Wall Street Reform and Consumer Protection Act), has made it costlier for banks to step into mortgages and MBS. In fact, a number of banks stepped away altogether from mortgage lending and servicing. The Fed filled this gap with some of its post-GFC quantitative-easing (QE) programs to support the mortgage and housing sectors. This backdrop led to relatively low levels of stable growth in the bank ownership of mortgages and MBS leading into the mid-2010s (see Figure 3).
However, as the Fed then halted QE and eventually embarked on QT, other rules, especially the favorable treatment of agency MBS as “high-quality liquid assets” in calculating the liquidity coverage ratio (LCR), led to a rise in the banks’ demands for MBS. This helped stabilize the MBS sector. And although banks made some (unrecognized) losses on their securities holdings by the end of the tightening cycle, cumulatively, the losses remained in aggregate below $75 billion.
Progression from this period into the pandemic saw the balance-sheet holdings of banks and the Fed paralleling (again, see Figure 3). The substantial stimulus led to an abundance of deposits (insured and uninsured) and low-yielding reserves at banks—but due to low demand in 2020, also a relative absence of sufficiently higher-yielding corporate loans in which to invest. The ultra-low rates and flat yield curve thus led to a search for yields, driving banks to buy Treasuries and agency MBS instead.
The post-pandemic monetary tightening of 2022 thus started with a far greater concentration of liquid-asset holdings in the hands of two large, correlated sets of balance sheets—namely, the Fed’s and the banks’. At present, new MBS issuances essentially have demand from neither, implying that the agency MBS basis is driven almost entirely by the risk appetites of non-bank institutional investors. As these investors are far more prone to rollover risks from heightened volatility, they demand greater risk premiums than banks typically would. This has significantly amplified the triple punch delivered to mortgage rates by monetary tightening.
What’s next?
An important lesson is that the unprecedented scale of fiscal and monetary stimulus during the pandemic worked through the commercial-banking system, creating the path dependency in how monetary tightening is now playing out, especially for mortgage markets.
Paradoxically, as mortgage rates rise, the willingness of labor in the US to adjust to sectoral demands lessens as the lock-in effects of ultra-low mortgage rates keep households from moving. This, in turn, keeps labor markets tight, wages high and inflation stubborn.
The Fed is thus caught between a rock and a hard place, with the demand- and supply-side effects of its tightening working in opposite directions. Which way will the pendulum swing? It is hard to know, but this may precisely be why interest-rate volatility has remained high.
ABOUT THE AUTHORS
Prof. Viral V. Acharya is the C.V. Starr Professor of Economics in the Department of Finance at the New York University Stern School of Business (NYU-Stern). He was the Deputy Governor at the Reserve Bank of India (RBI) from January 2017 to July 2019, in charge of Monetary Policy, Financial Markets, Financial Stability and Research.
Satish Mansukhani is the Managing Director, Investment Strategy, at Rithm Capital, a financial-services firm headquartered in New York City. In his prior roles as a sell-side strategist at Bank of America, Credit Suisse and Bear Stearns, Satish was perennially ranked for his work by Institutional Investor magazine.