Uncommon Knowledge
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
The recent rise of the average long-term U.S. mortgage rate, which poses a new obstacle to aspiring homeowners hoping to purchase a property during this homebuying season, could have dramatic consequences on the country’s housing market.
The national weekly average for 30-year mortgages, the most popular in the nation, was 6.88 percent as of April 11, according to data from the Federal Home Loan Mortgage Corp., better known as Freddie Mac. That was 0.06 of a percentage point higher than a week before and up 0.61 compared to a year before. The national average for 15-year mortgages was 6.16 percent, up 0.1 of a percentage point compared to the previous week and 0.62 compared to a year before.
Read more: How to Get a Mortgage
On Monday, experts monitoring mortgage rates on a daily basis noted that the national average for 30-year fixed mortgages reached 7.44 percent—the highest they’ve been so far this year and close to the 23-year weekly record of 7.79 percent reached on October 25, 2023. On Monday, the 15-year mortgage rate was 6.85 percent. At its peak on October 25, 2023, it had reached 7.03 percent.
“Big one-day jump,” commented journalist Lance Lambert on X, formerly known as Twitter. “The average 30-year fixed mortgage rate ticks up to 7.44 percent. New high for 2024.”
The rise in mortgage rates comes as homebuying season, a time when the number of homes listed for sale increases, is heating up. This climb in inventory starts in spring and normally peaks in summer before declining as the weather gets colder, marking one of the busiest times of the year for home sales. But higher mortgage rates could have an early chilling effect on the market.
Read more: Compare Top Mortgage Lenders
The median monthly U.S. housing payment hit an all-time high of $2,747 during the four weeks ending April 7, up 11 percent from a year earlier, according to a report from real estate brokerage Redfin last week. It noted that the average 30-year fixed mortgage rate, then at 6.82 percent, was more than double pandemic-era lows.
There’s not much hope that mortgage rates will come down soon, as the U.S. Labor Department said last week that inflation has risen faster than expected last month, at 3.5 percent over the 12 months to March. That was up from 3.2 percent in February.
“For homebuyers, the latest CPI [consumer price index] report means mortgage rates will stay higher for longer because it makes the Fed unlikely to cut interest rates in the next few months,” said Redfin Economic Research Lead Chen Zhao. “Housing costs are likely to continue going up for the near future, but persistently high mortgage rates and rising supply could cool home-price growth by the end of the year, taking some pressure off costs.”
Jamie Dimon, CEO of JPMorgan Chase, voiced concern last week over “persistent inflationary pressures” and said the bank was prepared for “a very broad range of interest rates, from 2 percent to 8 percent or even more, with equally wide-ranging economic outcomes.”
While the jump in mortgage rates appears modest, it makes a huge difference for borrowers, who might end up paying hundreds of dollars a month more on top of what’s already one of the most significant expenses in their lives.
Many might decide that they can’t afford to buy a home—which is what happened when mortgage rates suddenly skyrocketed between late 2022 and early 2023 as a result of the Federal Reserve’s aggressive interest rate-hiking campaign.
Between late summer 2022 and spring 2023, a drop in demand caused by the unaffordability of buying a home led to a modest price correction of the housing market. But prices have since climbed back due to the combination of pent-up demand and historic low inventory.
While the Federal Reserve doesn’t directly set mortgage rates, these are hugely influenced by the central bank’s decision to hike or cut interest rates. The Fed left rates unchanged in March and is considered unlikely to cut them this month considering the latest data on inflation.
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
Source: newsweek.com
Connecticut’s rich historical heritage is evident in its well-preserved landmarks and museums. For example, the Mark Twain House in Hartford offers a glimpse into the life of one of America’s most beloved authors. This deep historical context provides residents and visitors alike with a unique window into the past.
Connecticut’s cost of living surpasses the national average, with notable spikes observed in housing, healthcare, and transportation expenses. In Greenwich specifically, the median sale price stands at $2,181,250, while the average rental price for a one-bedroom apartment hovers around $3,710, underscoring the challenges of affordability in the area.
Connecticut is home to some of the nation’s top educational institutions, including Yale University in New Haven. This access to quality education from primary levels through to higher education institutions ensures residents have ample opportunities for academic and professional development.
Connecticut’s winter weather can be harsh and unforgiving, with frequent snowstorms and freezing temperatures making outdoor activities challenging. Residents often contend with icy roads, hazardous driving conditions, and increased heating costs during the colder months. Cities like Waterbury often face significant snow removal challenges, impacting residents’ mobility and comfort.
Connecticut boasts natural beauty that captivates residents and visitors alike, from the picturesque coastline along Long Island Sound to the tranquil forests of the Litchfield Hills. Iconic destinations such as Gillette Castle State Park, with its stunning architecture set amidst lush woodlands, and the charming coastal town of Mystic, known for its historic seaport and maritime heritage, showcase the state’s diverse landscapes.
Major cities in Connecticut and the surrounding areas, such as Stamford and Hartford, often experience heavy traffic congestion. This can lead to long commute times and increased stress for residents. The congestion is particularly noticeable during peak hours on highways like I-95 and Route 15.
Connecticut’s vibrant arts and culture scene thrives with a plethora of museums, galleries, and theaters that cater to diverse tastes and interests. For instance, the Wadsworth Atheneum Museum of Art in Hartford stands as the oldest public art museum in the United States, showcasing a rich collection spanning thousands of years. Additionally, the Goodspeed Opera House in East Haddam is renowned for its world-class productions of musical theater, attracting theater enthusiasts from across the region.
Compared to larger metropolitan areas, some parts of Connecticut offer limited options for nightlife. While cities like New Haven and Hartford have some lively spots, smaller towns may lack the variety and vibrancy found in bigger cities, leading to fewer entertainment options in the evenings.
Connecticut’s outdoor recreation opportunities are abundant, offering residents and visitors a chance to explore the state’s natural wonders. From hiking along the Appalachian Trail to kayaking on the Connecticut River, outdoor enthusiasts have endless options to enjoy the great outdoors. Moreover, destinations like Sleeping Giant State Park with its scenic trails and Hammonasset Beach State Park with its sprawling beaches provide opportunities for hiking, swimming, picnicking, and birdwatching.
Connecticut’s seasonal allergies can pose challenges for residents, particularly during the spring and fall months. Pollen from trees, grasses, and weeds can trigger allergic reactions such as hay fever, sneezing, and itchy eyes for those sensitive to airborne allergens.
Connecticut’s transportation options offer residents convenient and accessible ways to navigate the state and beyond. With an extensive network of highways, including Interstate 95 and Interstate 91, commuting to neighboring cities like New York City and Boston is relatively straightforward. Additionally, the state’s Metro-North Railroad provides efficient rail service connecting major cities, while local bus systems offer reliable public transportation within urban areas.
Connecticut faces occasional natural disasters, predominantly hurricanes and severe storms, which can pose risks to residents and property. Coastal areas are particularly vulnerable to flooding and storm surges during hurricane season, necessitating preparedness and evacuation plans. Additionally, the state experiences occasional earthquakes, although they are less common and typically result in minimal damage.
Methodology : The population data is from the United States Census Bureau, walkable cities are from Walk Score, and rental data is from ApartmentGuide.
Source: apartmentguide.com
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Mon, Apr 22 2024, 11:28 AM
When I was a kid, whenever I would walk by a pay phone or newspaper vending machine, I’d check the coin change slot. Or periodically check under my Dad’s La-Z-Boy… every penny or dollar counted! (Nowadays, I still get excited when I find a forgotten quarter in my own pants or backpack.) Plenty of folks at last week’s Great River Conference were trying to do the modern equivalent of that by learning about the current vendor offerings of technology, or meeting with their current vendors to see if pennies or dollars could be saved on every loan given the current $12k+ cost per funded loan. Smart and compliant speed and efficiency are critical… speaking of which, found here, today’s podcast features an interview with Guaranteed Rate’s Victor Ciardelli on the company’s goal of closing a loan in one-day and how they will get there. This week’s podcasts are sponsored by Calque. With The Trade-In Mortgage powered by Calque, homeowners can buy before they sell, make non-contingent offers, and tap their home equity to fund the down payment on their next home.
Lender and Broker Products, Software, and Services
When people say they can see miles and miles on a clear day, they aren’t wrong: the horizon is about 3 miles away, with some variation depending on your height. And whatever may lie beyond, Dark Matter Technologies is helping lenders prepare with its first annual Horizon user conference. The event kicks off Wednesday at the Fontainebleau Miami Beach and will bring together hundreds of industry notables to network, get the inside scoop on Dark Matter’s innovation roadmap, and explore business trends including market growth strategies, AI, and cybersecurity. Feeling a little FOMO? Request a consultation today and your team could be working smarter with the Empower LOS, and catching some Florida sun, by this time next year.
Does it feel like your current point-of-sale vendor has lost focus on mortgage? As a mortgage-specialized partner, Maxwell is committed to giving lenders a competitive advantage in a changing mortgage market. With Maxwell Point of Sale, lenders can tailor workflows to fit the unique needs of their organization, so back-end teams can work quickly without costly interruptions. Compared to a top competitor, Maxwell Point of Sale averages a 5.9 percent higher pull-through rate from rate-lock to close. For the average lender using Maxwell POS, this equates to $42MM in additional loan volume. Schedule a call with the team to learn how Maxwell Point of Sale can start working for you, your borrowers, and your lending team quickly.
Take your accounting department from “Cost Center” to Revenue Generator” with Loan Vision & LV-PAM. Loan Vision customers report a 10 percent reduction in loan fallout, 30 percent+ decrease in days to close the books, and 20 percent+ reduction in accounting headcount. Interested in learning how Loan Vision can reduce internal costs and help you gain a competitive edge? Contact Carl Wooloff to schedule a call today.
LoanStream wants you to Spring into more business with its April Specials on Prime, Non-QM and Closed End Seconds now through April 30th, 2024. Includes 25 BPS Price Improvement on FHA/VA loans 620+ FICO (excludes DPA and CalHFA) on Prime, 25 BPS price improvement on all Non-QM loans (excludes Select) and 25 BPS Price Improvement on all Closed-End Seconds. Restrictions apply so contact your LoanStream Account Executive to learn more. Specials are valid for loans locked 4/1/2024 through 4/30/2024. Offers subject to change at any time, terms and conditions apply.
Symmetry Lending introduces its April Special for Piggyback Pricing! Enjoy a remarkable discount on Piggyback HELOC transactions until April’s end, including a -1.00 percent Spring Discount for qualified customers with a FICO score of 740+ and a draw of $200k+, equating to Prime + .25 percent margin. This offer demonstrates appreciation for clients’ support and trust. Ready to seize this opportunity? Connect with your Symmetry Lending Area Manager to formulate a plan for getting these solutions in front of your clients today!
eClosing Survey by STRATMOR
Today, Snapdocs released new industry research that found lenders using the company’s eClosing platform experience 18-day faster loan velocity than their industry peers. The survey was conducted by STRATMOR Group with data self-reported by mortgage lenders. I got a note from Michael Sachdev, CEO of Snapdocs that said eClosing technology, when paired with the right partner to scale adoption, is helping lenders set new industry benchmarks for loan processing speed, operating costs, and borrower satisfaction. So often we see vendors make claims about their product value, but this report is a good example of that validation being sourced directly from the lender users themselves.
Agency and Investor News
Last week, the Department of Housing and Urban Development issued a HUD final rule that it says will increase lender participation in the Section 184 Indian Housing Loan Guarantee program, strengthen regulations to meet growing demand, and ensure the program will remain a vital resource for Native American families for years to come. Miki Adams, president of CBC Mortgage Agency, a correspondent investor that is wholly owned by the Cedar Band of Paiutes in Utah, stated, “The Section 184 program is a vital tool for so many Native American homebuyers. The new regulations will bring more clarity and predictability to this important program, and we applaud the Administration for the improvements and their efforts to work closely with Tribal leaders and other stakeholders. There is still more that must be done to modernize the program and we look forward to working collaboratively with HUD on future improvements.”
Loss mitigation: what would you do? A borrower is out of work, is three months delinquent on their mortgage payments, has been offered a new job in another state, and will relocate within 60 days. They’re also unable to catch up on their arrears and have equity in the home. What should the servicer do? Review this and other scenarios from Fannie Mae’s March Loss Mitigation webinar and download the presentation.
Fannie Mae has launched “Mission Index,” a new initiative to sell agency mortgage-backed securities (MBS) that cater to socially conscious investors, aiming to attract more buyers to the market, Bloomberg reported. Fannie Mae assigns scores to MBS pools based on affordable rental housing availability, borrower location (high-poverty or rural areas), and other indicators, giving investors more visibility into the underlying mortgages and stimulate lending to underserved borrowers, potentially leading to lower interest rates for these borrowers.
Saving for a down payment is a barrier first-time homebuyers face. While there are numerous down payment assistance programs (DPA) available, it can be difficult for housing professionals to find programs that meet the specific needs of their borrower. Given the number of DPA programs in the market, there hasn’t been a consistent way to match the right DPA program to the needs of a particular borrower. To address this issue, Freddie Mac launched DPA One®, a free online solution to help DPA program providers reduce submission errors and program requirement questions from lenders by developing a single, standardized, online access point to manage their DPA program information. To learn more, read Freddie Mac’s case study about how one of Freddie Mac’s housing finance agency partners, Southeast Texas Housing Finance Corporation (SETH), is promoting affordable housing in the Southeast Texas community.
As part of a recent Fannie Mae Mortgage Lender Sentiment Survey® (MLSS) special topic analysis, Fannie’s economists surveyed senior executives of mortgage lending institutions to better understand how they feel about Technology Service Provider (TSP) solutions, particularly as TSPs have become an increasingly essential part of lenders’ day to day operations. The results are in a new Perspectives blog.
Ginnie Mae announced revisions to its monthly single-family reporting requirements to include expanded Payment Default Status (PDS) reporting. The expanded PDS dataset will include loan default information, any mitigation actions taken, and the timing of those actions. For more information regarding the transition to the new reporting requirements, see All Participants Memorandum (APM) 24-06.
In Bulletin 2024-1, Freddie Mac announced changes to trust income requirements pertaining to history of receipt for trust income with pre-determined fixed payments, and documentation of continuance for all trust income types. Pennymac is aligning with these changes effective with loan deliveries on or after April 30, 2024. View Pennymac Announcement 24-36 for details.
Pennymac posted Announcement 24-37 informing it will update Conventional LLPAs effective for all Best Efforts Commitments taken on or after Monday, April 22, 2024.
Capital Markets
Investor attitudes drive investor demand, and therefore rates. So, what is driving investor attitudes? There is the escalated geopolitical uncertainty between Iran and Israel (central bankers are girding for potential oil shocks that could reignite consumer-price growth), there is rising volatility amidst fear of a potential rate increase due to sticky inflation (voting Fed members have not ruled out the possibility of a future rate hike and have urged patience for any potential easing at least until year-end), there is also cautious optimism surrounding the world economy (earnings season continues on Wall Street this week), and new economic releases are always on the docket, even if most are backward-looking (Q1 GDP, due out later this week, is expected to have risen to 2.9 percent as of the most recent estimate).
More germane to the mortgage industry, we learned last week that existing home sales were down 4.3 percent during the month of March. Meanwhile, housing starts fell 14.7 percent in March although some of the decline was attributed to weather conditions in parts of the country. In terms of the American consumer, retail sales in March rose 0.7 percent which was well above market expectations for a 0.3 percent increase. Additionally, retail sales from February were revised higher from the initial release. The 1.1 percent jump in control group sales led some economists to increase their forecast for personal consumption growth in the first quarter.
Bank economists are growing more optimistic about the outlook for credit conditions compared to the latter half of 2023, according to the American Bankers Association’s latest Credit Conditions Index. Conditions are expected to improve for a second consecutive quarter in Q2, which would mark the highest level in two years, reflecting a moderate increase in optimism. Job growth is expected to continue, inflation is forecasted to ease toward the Fed’s 2 percent target, and three rate cuts are expected by the end of the year.
This week’s highlights include month-end supply consisting of $183 billion in fixed coupons and $44 billion 2-year FRNs auctioned over tomorrow through Thursday, flash PMIs from S&P Global, new home sales, Fed surveys, durable goods, Q1 GDP, PCE, and Michigan Sentiment. No Fed speakers are scheduled with the Fed in blackout ahead of the May 1/2 FOMC meeting. The week gets off to a quiet start with one data point, Chicago Fed National Activity Index for March, due out later this morning. We start Monday with 30-year Agency MBS prices worse roughly .125 from Friday evening and the 10-year yielding 4.65 after closing last week at 4.62 percent.
Employment
radius financial group inc. is looking for an experienced Accounting Manager to lead all accounting operations. radius is a full-service retail mortgage banker that has been making mortgages better through a customer obsessed and team inspired culture since 1999. We are seeking an experienced Accounting Manager to lead all loan accounting, financial reporting, accounts payable and payroll functions. The Accounting Manager will report to the CFO and must have experience in a mortgage accounting system (Loan Vision is a plus), branch reporting and MSR accounting. Remote candidates will be considered and should send confidential inquires to Mike Clark.
Imagine a world where you, as a loan officer, aren’t stuck choosing between a broker model and a retail model. What if there was a company that blended the best of both worlds: the transparency of a broker model with the solid support of a retail banking platform? What if this company not only generated qualified local leads for you but also helped you add value for your existing realtor partners and connect with new ones? What if I told you this company is not just a dream: It’s real and it’s here to revolutionize your workflow. Please schedule a confidential Zoom meeting with Next Wave Mortgage.
TAYGO INC. presents an enticing new opportunity for a SaaS Sales Representative! This pivotal role is instrumental in propelling the success of TAYGO through selling our SaaS solutions to prospective clients. The key focus is comprehending the requirements and challenges of mortgage lenders (as well as mortgage brokers) and adeptly showcasing how our products, WEB-GO and RIN-GO, can optimize their operations and business performance. You must have a strong understanding of CRM products, their features, and the mortgage industry. You must effectively engage with prospects to understand their needs. You must also carefully monitor existing clients’ activities to identify upsell opportunities. You must have exceptional communication skills for online demos and meetings, cold or warm calls and emails. Your expertise, patience, and ability to build and maintain strong customer relationships will be vital in achieving our sales goals and ensuring customer satisfaction. Please send your resume to [email protected].
Alanna McCargo, President of the Government National Mortgage Association (Ginnie Mae) and whom I have had the opportunity to spend some time with, will resign from public office, effective May 3. “McCargo has served in the Biden-Harris Administration since January 2021, first as the Senior Advisor for Housing Finance in the U.S. Department of Housing and Urban Development (HUD) for former Secretary Marcia Fudge and then later nominated by President Biden to lead Ginnie Mae. McCargo’s confirmation, with bipartisan support by the U.S. Senate, made history as she became the first woman and woman of color at the helm of this U.S. Government corporation.”
The announcement came with the usual platitudes from Ms. McCargo about the Administration and Ginnie Mae and its “complex $2.5 trillion guarantee business” as well as others saying some very nice things about her.
Principal Executive Vice President (PEVP) Sam Valverde will serve as the Acting President upon President McCargo’s departure. Senior Advisor for Strategic Operations and Interim Chief Operating Officer Laura Kenney will assume additional responsibilities as part of this transition.
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Source: mortgagenewsdaily.com
Louisiana has a rich mix of culture, history, and natural beauty. From the vibrant jazz rhythms that echo through the streets of New Orleans to the historic charm of Baton Rouge, the state captivates visitors with its unique blend of Creole and Cajun influences. Whether exploring the lively French Quarter or meandering along the serene bayous, Louisiana offers a sensory feast for the adventurous traveler. However, living in Louisiana comes with its own set of challenges. In this ApartmentGuide article, we’ll go through the pros and cons of living in Louisiana, providing you insight on what life is like in the state.
Louisiana’s cultural heritage is evident in its diverse architecture, vibrant traditions, and exuberant festivals. For example, the French Quarter in New Orleans stands as a living testament to the state’s colonial past, with its picturesque streets lined with historic buildings dating back centuries. Annual events like Mardi Gras and Jazz Fest epitomize Louisiana’s multicultural influences, drawing visitors from around the globe.
Louisiana’s geographical location along the Gulf Coast exposes it to a significant risk of hurricanes, which can result in catastrophic damage to homes, infrastructure, and communities. For instance, Hurricanes Katrina and Rita in 2005 left a trail of destruction in their wake.
Louisiana’s culinary scene is renowned worldwide for its tantalizing array of flavors and dishes that reflect the state’s cultural melting pot. From iconic classics like gumbo and crawfish boils to innovative fusion cuisine blending Cajun, Creole, and international influences, Louisiana offers a gastronomic adventure for food enthusiasts. For instance, the West Bank area of New Orleans is celebrated for its Vietnamese-Cajun cuisine, where dishes like pho and crawfish are creatively combined to create unique culinary delights.
Louisiana’s warm and humid climate provides an ideal breeding ground for mosquitoes and other pests, which can be a persistent nuisance and pose health risks to residents. From pesky mosquitoes swarming during outdoor activities to invasive species like Formosan termites wreaking havoc on homes and structures, you’ll want to try preventative measures to mange them.
Louisiana’s natural beauty is as diverse as it is breathtaking, encompassing swamps, bayous, and coastal marshes teeming with wildlife. Residents have many opportunities to immerse themselves in the picturesque scenery, whether it’s embarking on a swamp tour to encounter alligators and herons, kayaking through the tranquil waters of the Atchafalaya Basin, or birdwatching in the pristine habitats of the Sabine National Wildlife Refuge.
Louisiana ranks as one of the top 10 states with the worst infrastructure. The state faces ongoing challenges, including aging roads, bridges, and levees, which are susceptible to damage from hurricanes and other natural disasters. For example, the state’s transportation network may suffer from congestion, potholes, and delays, impacting residents’ daily commutes and hindering economic development.
With genres ranging from jazz and blues to zydeco and Cajun music, Louisiana’s music scene is known around the globe. Cities like New Orleans and Lafayette are great cities to find some live music, where residents can revel in performances by local musicians and renowned artists. From the soulful melodies of jazz bands in Frenchmen Street to the infectious energy of zydeco dance halls, Louisiana’s music scene is an integral part of its cultural identity.
Urban areas in Louisiana, particularly New Orleans and Baton Rouge, grapple with heavy traffic congestion, especially during peak hours, leading to frustration for drivers and increased pollution levels. From gridlocked highways to bottlenecked intersections, navigating the city streets can be a daunting and time-consuming task, impacting productivity and quality of life for residents.
Louisiana residents are fervent sports enthusiasts, with football reigning supreme as a source of community pride and camaraderie. Whether it’s cheering on the New Orleans Saints in the electric atmosphere of the Superdome or the LSU Tigers at the iconic Tiger Stadium, sports culture unites fans across the state in a shared passion for their teams.
Louisiana’s subtropical climate brings high humidity levels, especially during the hot and humid summer months, which can make outdoor activities uncomfortable and exacerbate feelings of heat exhaustion. From sticky, sweltering days to muggy nights, coping with the oppressive humidity can take a toll on residents’ physical comfort and well-being.
You’ll find a festive atmosphere year-round in this state, with a calendar brimming with cultural celebrations and events that showcase Louisiana’s way of life. From the colorful pageantry of Carnival season with its elaborate floats and masked revelers to community festivals celebrating everything from seafood to music, there’s always something to celebrate in Louisiana.
Outside of larger cities like New Orleans, public transportation options in Louisiana may be limited, leaving residents without access to personal vehicles at a disadvantage. For instance, rural areas may lack reliable bus services or commuter rail connections, making it challenging for residents to access essential services, employment opportunities, and educational institutions.
Methodology : The population data is from the United States Census Bureau, walkable cities are from Walk Score, and rental data is from ApartmentGuide.
Source: apartmentguide.com
Rhode Island boasts a rich historical heritage, evident in its colonial-era architecture, maritime museums, and significant landmarks. Cities like Providence and Newport are treasure troves of history, with attractions such as the Providence Athenæum, one of the oldest libraries in the country, and the Newport Mansions, opulent Gilded Age residences open to the public.
Rhode Island’s high cost of living can pose challenges for residents, particularly in areas such as housing and utilities, which often exceed national averages. The state’s limited land availability and high demand for coastal properties contribute to inflated real estate prices and rental rates, making housing affordability a concern for many. For instance, Providence, Rhode Island’s largest city has a median sale price of $470,00 and an average rental price for a one-bedroom apartment of $2,075.
Rhode Island’s abundant coastline offers residents easy access to some of the most beautiful beaches on the East Coast, perfect for leisurely strolls, sunbathing, and water sports. From the sandy shores of Misquamicut Beach to the tranquil coves of Block Island, there’s a beach to suit every preference and activity.
Rhode Island’s public transportation system is limited, with fewer options compared to larger metropolitan areas, making car ownership essential for many residents. While the Rhode Island Public Transit Authority (RIPTA) provides bus services across the state, routes may be infrequent or limited in coverage, especially in more rural areas. Cities like Central Falls has a transit score of 36, meaning that most errands require a car.
The state boasts a vibrant arts and cultural scene, with numerous galleries, theaters, and live music venues. Providence, in particular, is home to the renowned Rhode Island School of Design Museum and the Providence Performing Arts Center, enriching residents’ lives with diverse artistic expressions.
Rhode Island’s weather variability presents a challenge to residents, as they must adapt to frequent fluctuations in temperature and conditions throughout the year. The unpredictability of coastal weather can disrupt outdoor plans and activities, from sudden rain showers to icy winter storms, impacting daily routines and travel.
Rhode Island is renowned for its excellent seafood cuisine, offering residents and visitors alike a delectable array of fresh catches from its coastal waters. From succulent lobster rolls served in quaint seaside shacks to flavorful clam chowder and crispy fried calamari, the state’s culinary scene celebrates its maritime heritage.
Rhode Island’s status as the smallest state in the U.S. can present challenges for residents, particularly in terms of limited land space and resources. The compact size of the state means that housing options may be more limited and densely packed, leading to higher property prices and potential congestion in urban areas. Additionally, the state’s small size may result in fewer job opportunities and amenities compared to larger states.
Rhode Island’s strong sense of community fosters close-knit neighborhoods and supportive networks among residents, creating a welcoming and inclusive atmosphere. Whether through annual events like WaterFire in Providence or local gatherings in historic towns like Bristol, residents come together to celebrate shared traditions.
Rhode Island grapples with traffic congestion, especially during peak commuting hours on interstate 95 along with tourist seasons, which can lead to delays and frustration for residents. The limited road infrastructure, particularly in urban areas like Providence, exacerbates congestion, resulting in longer travel times and increased stress for commuters.
Rhode Island’s close proximity to major cities like Boston and New York City offers residents convenient access to a wealth of cultural, educational, and employment opportunities. Within a short drive or train ride, residents can explore world-class museums, attend concerts and sporting events, or pursue career advancements in bustling metropolitan centers.
Rhode Island’s high property taxes can be a significant financial burden for homeowners, often ranking among the highest in the nation. With property tax rates averaging over 1.3% of a property’s assessed value, residents may find themselves grappling with hefty tax bills each year.
Methodology : The population data is from the United States Census Bureau, walkable cities are from Walk Score, and rental data is from ApartmentGuide.
Source: apartmentguide.com
South Carolina has an abundance of beautiful beaches that cater to every beachgoer’s taste. From the bustling shores of Myrtle Beach, offering entertainment and excitement, to the serene and unspoiled landscapes of Hunting Island State Park, there’s a beach for every mood. Even historic Charleston boasts its own share of sandy havens like Folly Beach, where residents can unwind and enjoy breathtaking sunsets over the Atlantic Ocean.
Living in South Carolina comes with the inherent risk of hurricanes, especially for coastal residents. Cities like Charleston and Myrtle Beach are particularly vulnerable to storm surges, flooding, and wind damage during hurricane season. For example, Hurricane Hugo in 1989 and Hurricane Florence in 2018 caused widespread destruction and displacement, highlighting the importance of preparedness and evacuation plans for residents in hurricane-prone areas.
For golf enthusiasts, South Carolina is nothing short of paradise, with a plethora of world-class courses set against stunning backdrops. The Ocean Course at Kiawah Island Golf Resort stands out as a challenging masterpiece, having hosted major championships like the PGA Championship. In Myrtle Beach, golfers can indulge in endless rounds amidst picturesque fairways and lush greens, with options ranging from championship courses to budget-friendly layouts.
South Carolina’s lush landscape contributes to high pollen levels, particularly during the spring months, which can exacerbate allergies and respiratory issues for some residents. Areas with abundant vegetation, such as the Upstate region and the Lowcountry marshes, often experience elevated pollen counts.
South Carolina’s culinary scene is a melting pot of flavors, drawing inspiration from Southern traditions and Lowcountry ingredients. Charleston, often hailed as a culinary capital, boasts acclaimed restaurants like Husk, where diners can savor elevated Southern fare crafted with locally sourced ingredients. In Columbia, foodies can explore the vibrant food truck scene or indulge in hearty Southern staples like shrimp and grits at renowned eateries such as Motor Supply Co. Bistro.
South Carolina’s warm climate provides a haven for insect pests year-round, ranging from mosquitoes and ticks to fire ants and termites. Residents may contend with mosquito-borne illnesses, especially in coastal and marshy areas. Additionally, invasive species like the emerald ash borer and the Asian tiger mosquito pose threats to local ecosystems and public health.
Mild winters in South Carolina offer residents a welcome respite from harsh northern climates, making the state an attractive destination for those seeking year-round comfort. With temperatures rarely dipping below freezing in most areas, outdoor activities like hiking, golfing, and exploring the state’s natural beauty can be enjoyed throughout the winter months.
Rural areas and smaller towns often lack comprehensive public transit systems, making it challenging for residents without access to a car to commute to work or run errands. For example, the absence of commuter rail services and limited bus routes in regions like the Upstate and the Midlands suggest the need for alternative transportation solutions to alleviate traffic congestion.
South Carolina’s rich history is woven into its towns and cities, with historic landmarks and preserved sites offering glimpses into the past. Charleston’s cobblestone streets and stately homes tell the story of the city’s colonial heritage, while the Charleston Museum provides an immersive journey through the state’s history. In Beaufort, residents can explore the Gullah Geechee Cultural Heritage Corridor, preserving the unique culture and traditions of the Gullah people.
Major urban centers in South Carolina, such as Charleston and Greenville, grapple with traffic congestion during peak commuting hours and tourist seasons. Growing populations and infrastructure contribute to gridlock on highways and arterial roads. For instance, I-20 and I-26 in the Midlands is known as the “Malfunction Junction,” experiences chronic congestion, leading to delays.
Methodology : The population data is from the United States Census Bureau, walkable cities are from Walk Score, and rental data is from ApartmentGuide.
Source: apartmentguide.com
“Raising the deductible amount provides important flexibility for lenders and property owners to obtain and maintain appropriate property insurance that covers their properties in the event of catastrophic weather damage while maintaining appropriate safeguards to ensure that properties are adequately insured,” said Ethan Handelman, deputy assistant secretary for multifamily housing at HUD. The previous policy … [Read more…]
It’s the season of new beginnings and fresh starts: Spring cleaning, the outdoors, weddings, gardening and… real estate.
But in a housing market marked by high mortgage rates, low housing inventory and steep home prices, we still haven’t seen a typical spring homebuying season.
Though mortgage application volume is higher than it was last fall when home loan rates peaked above 8%, it’s still 10% lower than it was last year.
As temperatures go up in 2024, experts anticipate a somewhat healthier spring market, with inventory and home listings growing. So far, however, it hasn’t been such a great kickoff: In April, the average rate for a 30-year fixed mortgage pushed back above 7% in response to hot inflation data.
But context is critical, according to Logan Mohtashami, lead analyst at HousingWire. “Last year was the all-time low in new listings data,” he said.
Here’s a look at how the spring market is shaping up and what buyers can do to navigate it successfully.
There are several reasons behind the rush of home listings and sales in the springtime and early summer months, according to Jeb Smith, realtor and CNET Money Expert Review Board member.
Beyond seasonal trends, the housing market is highly sensitive to broader economic shifts. Over the past two years, high inflation and surging mortgage rates have done significant damage to affordability for the average homebuyer.
From May 2019 to May 2023, average mortgage rates increased by more than 2%, causing a roughly 25% drop in home sales, according to data from Redfin. Homeowners who are currently “locked in” with low home loan rates have less incentive to sell, which keeps prospective buyers “locked out.”
Meanwhile, many prospective buyers are priced out of the market. According to Zillow, the monthly mortgage payment on a typical US home has almost doubled since January 2020. The average income needed to afford a home is now more than $106,500 — an 80% increase over four years — while the typical US household earns around $81,000 each year.
High mortgage rates also negatively impact existing housing inventory, said Daryl Fairweather, chief economist at Redfin. Because most sellers are also buyers, homeowners would rather hold onto their sub-5% mortgage rates than take out a new home loan at a 7% rate.
This “rate-lock” scenario — with sellers reluctant to give up their existing mortgage — is starting to loosen, according to Orphe Divounguy, senior economist at Zillow Home Loans. Homeowners have accrued substantial equity over the last period and are more motivated to cash in on it. “Any who were waiting for rates to fall have likely given up,” Divounguy said.
Shrinking housing supply over the past several years has given sellers the upper hand. After all, you can’t buy what’s not for sale.
“In most areas of the country, we still have more buyer demand than inventory, which is typically indicative of a seller’s market,” Smith said. Because of that imbalance, many housing markets continue to be very competitive with multiple offers on homes, he said.
Yet in some areas where supply has returned to pre-pandemic levels, buyers have more of the upper hand. Divounguy said that in markets where new construction has taken off and existing inventory has recovered, price growth is slower, giving buyers better traction in negotiations.
Generally speaking, however, housing supply is still too low. “Even with home sales still trending at record-low levels, we have too many people chasing too few homes,” Mohtashami said.
In a buyer’s market, there’s a surplus of homes for sale and not enough buyers. Buyers have more options and leverage to negotiate lower prices or other concessions from sellers.
In a seller’s market, demand for homes exceeds supply. With more buyers ready to make offers on fewer homes, sellers are at an advantage and asking prices are generally higher.
If mortgage rates were to drop significantly, we’d likely see a substantial uptick in buyer and seller activity. However, 6% mortgage rates are still several months away, keeping a lid on the number of new listings this spring.
At the same time, homeseekers who need to relocate — or those getting tired of waiting on the sidelines — are starting to adjust to the new normal. Many families can’t put their lives on hold forever, and another era of sub-3% mortgage rates isn’t on the horizon.
“Buyers seem to now be accepting this higher-rate environment and are getting back into the market,” said Melissa Cohn, regional vice president at William Raveis Mortgage. Many of them know they have the option to refinance to a lower rate when mortgage rates eventually come down, she said.
In February, new listings increased 14.8% from the prior year, the largest annual gain since May 2021, according to Redfin. Currently, there are about 25% more available homes for sale compared with 2023, adding up to around 100,000 extra single-family homes on the market, Smith said. But again, context is critical.
“Even with this increase, the number of homes for sale is still much lower than what we saw before the pandemic hit, indicating we’re not yet back to a ‘normal’ market,” Smith said.
With buyer demand outweighing existing supply, home prices continue to go up. In February, the median sale price was $412,778, which is 6.6% higher than the previous year.
Ultimately, the right time to buy a house depends on your finances, goals and timeline. The housing market has its patterns and fluctuations, but that doesn’t mean it has to dictate what works for you.
If you find a home that meets your needs and aligns with your budget, go for it. You can always refinance to a lower mortgage rate later.
But if you decide to delay buying a house, you can take steps toward having a more solid foundation as a future homeowner. By waiting, you’re giving yourself time to save for a bigger down payment, improve your credit and be in an overall better position to purchase a house, even if it’s not for several spring seasons down the road.
Source: cnet.com
Set against the vast desert landscape of Arizona, the city of Mesa embodies the essence of Southwestern living. As the third-largest city in the state, Mesa boasts a unique blend of rich cultural heritage, outdoor adventure, and modern amenities. From its historic downtown district to the breathtaking vistas of the nearby Superstition Mountains, Mesa offers residents a lifestyle that seamlessly intertwines tradition with innovation. With over 300 days of sunshine each year it’s no wonder people find themselves asking, “Should I move to Mesa?” In this article, we’ll discuss the pros and cons of living in this city to help you decide if it’s the right place for you. Let’s get started.
Walk Score: 38 | Bike Score: 60 | Transit Score: 27
Median Sale Price: $458,500 | Average Rent for 1-Bedroom Apartment: $1,300
Mesa neighborhoods | Houses for rent in Mesa | apartments for rent in Mesa | Homes for sale in Mesa
Mesa is a paradise for those who love the outdoors. With its proximity to the Tonto National Forest and the Superstition Mountains, locals have easy access to hiking, mountain biking, and camping. The city’s parks, such as Red Mountain Park, offer ample green spaces for picnics, sports, and leisure activities. The Salt River provides opportunities for tubing and kayaking, making Mesa a great place for adventure seekers and nature lovers.
One of the biggest challenges of living in Mesa is the intense summer heat, with temperatures often soaring above 100 degrees Fahrenheit. This extreme weather can limit outdoor activities during the hottest months, from June to September. Residents must rely heavily on air conditioning, leading to higher electricity bills. The heat also can also pose health risk for some individuals.
Mesa boasts a vibrant cultural scene unique to the city. The Mesa Arts Center is a hub for arts and entertainment, offering theater productions, concerts, and art exhibitions. The Arizona Museum of Natural History and the i.d.e.a. Museum is a popular place to visit for those interested in science and creativity. These cultural institutions enrich the community, providing educational and leisure activities for all ages.
While Mesa offers some public transportation options, including buses and a light rail that connects to Phoenix, the system’s coverage is limited. With a Transit Score of 27, it can be challenging for those without a car to navigate the city efficiently. The reliance on personal vehicles contributes to traffic congestion and can be a barrier for residents seeking eco-friendly transportation options or those who prefer not to drive.
Mesa has been experiencing significant economic growth, attracting businesses and job seekers alike. The city’s strategic location in the Phoenix metropolitan area, coupled with a supportive business environment, has led to the development of key industries, including aerospace, healthcare, and technology. This growth provides locals with diverse employment opportunities and contributes to the local economy.
Due to its location in the Valley of the Sun and the presence of industrial activities, Mesa sometimes faces air quality issues. Dust storms, known locally as “haboobs,” along with high ozone levels, can affect those with respiratory conditions. The city’s air quality can be a concern, particularly during the summer months when pollutants tend to accumulate.
Mesa’s location in the Phoenix metropolitan area offers the advantage of being close to other cities, including Phoenix, Scottsdale, and Tempe. This proximity allows people to easily access the amenities, job opportunities, and entertainment options available in these neighboring cities. Whether for work or leisure, Mesa’s central location provides the best of both worlds—suburban comfort with urban convenience.
Due to the desert climate and the need for water conservation, Mesa sometimes implements water usage restrictions, especially during the hot summer months. These restrictions can affect activities such as watering lawns or filling swimming pools. While necessary for sustainability, these measures can be inconvenient for residents and require adjustments to daily routines.
With a Bike Score of 60, Mesa has a network of bike-friendly routes, trails, and amenities that make cycling a convenient mode of transportation and recreation for residents. For example, the Mesa Canal Path follows the historic Arizona Canal and provides cyclists with scenic views of the city. Additionally, Mesa features dedicated bike lanes and shared pathways along major roads and streets, enhancing safety and accessibility for cyclists.
Source: rent.com
Along the scenic shores of the Chesapeake Bay, Maryland offers a captivating blend of vibrant urban centers and picturesque landscapes. From the bustling streets of Baltimore, with its historic charm and lively cultural scene, to the quaint waterfront town of Annapolis, steeped in colonial heritage and nautical tradition, this state has a lot to offer its residents. However, living in Maryland comes with its challenges. In this ApartmentGuide article, we’ll dive into the pros and cons of living in Maryland giving you a clear picture of what to expect.
Maryland has a wealth of rich historical sites that offer residents a fascinating glimpse into the past. From the colonial-era streets of Annapolis to the Civil War battlefields of Antietam, history buffs can immerse themselves in the state’s diverse heritage. These landmarks along with historical sites provide insight into Maryland’s significant role in shaping American history.
Maryland’s high cost of living, especially in cities like Bethesda and Columbia, poses a challenge for many residents. Housing costs, including rent and property prices, are notably steep, making it difficult to afford adequate accommodation. In fact, the median sale price in Bethesda is $1,123,750 where rent for a one-bedroom apartment is $2,522. Additionally, expenses for everyday necessities such as groceries, healthcare, and transportation tend to be higher compared to national averages, impacting residents’ overall quality of life and financial well-being.
Maryland offers residents access to quality education through its esteemed institutions and strong public school system. Universities like Johns Hopkins and the University of Maryland rank among the nation’s top academic institutions, providing students with world-class education and research opportunities.
Maryland’s major urban centers, particularly the Baltimore-Washington metropolitan area, grapple with significant traffic congestion. Daily commutes are often plagued by long delays and gridlock on highways and major thoroughfares.
From the sandy beaches of Ocean City to the rolling hills of the Appalachian Mountains in Western Maryland, the state’s varied terrain caters to outdoor enthusiasts of all kinds. Residents can explore scenic hiking trails in places like Patapsco Valley State Park, kayak along the tranquil waters of the Chesapeake Bay, or enjoy birdwatching in the marshes of Blackwater National Wildlife Refuge on the Eastern Shore.
Maryland’s weather is characterized by variability, with residents experiencing a range of climatic conditions throughout the year. Winters can be cold and snowy, while summers are hot and humid, with occasional heatwaves. Additionally, the state is prone to severe weather events such as thunderstorms, hurricanes, and nor’easters, which can disrupt daily life and pose risks to property and safety.
Maryland’s proximity to the Chesapeake Bay and the Atlantic Ocean ensures a bounty of delicious seafood for residents to enjoy. The state is renowned for its blue crabs, prized for their sweet and succulent meat, which are a staple of Maryland cuisine. Residents can indulge in iconic dishes like crab cakes, steamed crabs, and Maryland crab soup at local seafood restaurants and crab shacks throughout the state.
Maryland’s diverse environment and seasonal changes contribute to high pollen levels, triggering allergies for many residents. Springtime brings pollen from trees like oak, maple, and birch, while summer and fall see increased pollen from grasses and weeds.
Maryland’s strategic location along the East Coast provides residents with easy access to major cities like Washington D.C. and Philadelphia. Commuters can take advantage of commuter rail services like MARC and Amtrak to travel to urban centers for work or leisure. This proximity to major cities also offers cultural amenities, entertainment options, and job opportunities for Maryland residents.
Maryland’s humid subtropical climate brings high humidity levels, especially during the summer months, creating uncomfortable conditions for residents. Coastal areas like Annapolis and Ocean City experience muggy air and oppressive humidity, making outdoor activities challenging. The combination of heat and humidity can lead to discomfort, dehydration, and heat-related illnesses.
Methodology : The population data is from the United States Census Bureau, walkable cities are from Walk Score, and rental data is from ApartmentGuide.
Source: apartmentguide.com