Applications to buy new construction homes dropped 12% year over year in June due to higher mortgage rates and economic uncertainty, according to the latest builder application survey from the Mortgage Bankers Association (MBA). Month over month, application volume dipped by 10%.
New residential construction and permitting activity weakened from March through May, which reduced the number of homes available for home buyers, according to survey results.
MBA estimates about 620,000 new single-family homes were sold in June at a seasonally adjusted annual rate, marking a 15% drop, or more than 100,000 homes, compared to May.
“Higher mortgage rates and heightened economic uncertainty cooled borrower demand in June, leading to new-home purchase applications declining to the lowest level since April 2020,” said Joel Kan, associate vice president of economic and industry forecasting at the MBA.
Mortgage rates have been volatile in recent weeks, following the Federal Reserve‘s interest rate hike of 75 basis points last month. After falling 40 bps two weeks ago to 5.30%, purchase mortgage rates climbed back last week to 5.5%, according to the latest Freddie Mac PMMS.
The average loan size dropped to $426,966 in June from May’s $430,855, MBA said.
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Conventional loans accounted for 73.7% of loan applications. Federal Housing Administration (FHA) loans made up 15%, Veterans Affairs (VA) loans were 10.7% of total applications and Rural Housing Service (RHS) and United States Department of Agriculture (USDA) loans contributed 0.5%.
The survey tracks application volume from mortgage subsidiaries of homebuilders across the country. Using this data, MBA provides an early estimate of new home sales volumes at the national, state and metro level.
After capping the 2021 season with a Super Bowl win for the Los Angeles Rams, cornerback Jalen Ramsey‘s performance seemed to justify the five-year, $105 million contract he signed with the team in 2020.
But that same contract spelled salary-cap trouble, following a woeful 2022 season for the Rams. As such, Ramsey was traded to the Miami Dolphins for a draft pick in March. And while the trade means a change of coasts, at least Ramsey will continue to reside in a sunny clime.
As a result of the deal, Ramsey is selling his knockout 10,100-square-foot mansion in Hidden Hills, CA, for $13,995,000. If he snags that amount, he’ll make out nicely. Ramsey bought the seven-bedroom home (which includes a recently added guesthouse) in 2020 for $9.5 million.
The property offers amenities galore, including a basketball court, home gym, sauna for post-workout aches, gaming room, move theater, wine cellar, and a training hill built into the backyard for sprinting practice.
Privacy and serenity are guaranteed in this swanky, guard-gated community—an area that’s famously populated by celebrities and captains of industry.
This masterpiece of a home features three levels of posh details, such as Italian marble and white oak floors. An open layout allows seamless movement from room to sun-filled room.
Watch: Former QB Ben Roethlisberger Is Selling a Pennsylvania Spread
—
There are fireplaces in the living area and primary bedroom, which has a two-sided version with a mini living room on one side. The primary bath is immense, with a standalone soaker and walk-in shower.
But the outdoor spaces might be even more amazing than the house itself, thanks to the many full-sized trees, terraced gardens, huge pool, and built-in barbecue area.
Ramsey starred in college at Florida State before he was drafted by the Jacksonville Jaguars in 2016. His seven seasons in the NFL have been impressive: He’s garnered 375 solo tackles, 77 assists, 19 interceptions, and one Super Bowl ring.
Offering a unique blend of academic excellence, cultural vibrancy and scenic beauty, New Hampshire’s true charm lies in its quaint college towns.
This article will take you on a journey through the best college towns in New Hampshire, highlighting their unique features and allure. From the prestigious Dartmouth College in Hanover to the buzzing urban campuses in Manchester, New Hampshire’s college towns boast a wealth of opportunities and experiences for students and lifetime locals alike.
Epitomizing New England charm, Hanover is home to Dartmouth College, an Ivy League institution known for its stellar academics. Established in 1769, Dartmouth College boasts a picturesque campus adorned with Georgian-style architecture and lush green spaces. The town’s vibrant culture, coupled with its stunning location on the Connecticut River, makes it a popular choice for students seeking a well-rounded college experience.
As you stroll through the quaint streets of Hanover, you’ll be greeted with a myriad of boutique shops, cafes and restaurants, reflecting the town’s diverse and international community. You can enjoy gourmet coffee at Dirt Cowboy Café, a beloved local hangout, or savor a hearty farm-to-table meal at the award-winning Pine.
Hanover’s proximity to the Appalachian Trail and the White Mountains provides ample opportunities for outdoor enthusiasts to explore the area’s natural beauty. Students and locals alike can be found hiking, skiing or taking leisurely walks along the Connecticut River on sunny afternoons.
Next on our journey through the best college towns in New Hampshire is Durham, home to the University of New Hampshire (UNH). UNH is a rural public research institution known for its strong programs in medical engineering, business and environmental sciences. The picturesque campus, surrounded by small-town charm, offers a perfect blend of academic rigor and opportunity for community engagement.
Durham has a vibrant yet laid-back vibe, where students can unwind after a day of classes at one of the many local eateries or take a leisurely walk along the Oyster River. For those looking to embrace the outdoors, College Woods, a 250-acre nature preserve, offers miles of hiking and biking trails just a stone’s throw away from campus.
Durham is also home to the Paul Creative Arts Center, which hosts a variety of concerts, art exhibits and theater performances throughout the year. The University’s renowned Memorial Union Building, affectionately known as ‘The MUB,’ serves as the epicenter of student life and provides ample opportunities for socializing and entertainment.
Located in southwestern New Hampshire, Keene is home to Keene State College, a liberal arts institution with a strong emphasis on interdisciplinary learning and community engagement. The college is known for its education, film production and sustainable development programs. Keene’s vibrant artistic community benefits from the stunning natural beauty of the Monadnock Region, which makes it a true haven for creative and environmentally conscious students.
The town’s historic Main Street is lined with an eclectic mix of shops, galleries and restaurants, reflecting Keene’s bohemian spirit. Students can browse through locally crafted pottery at the Hannah Grimes Marketplace, indulge in artisanal chocolates at Life is Sweet or catch a live music performance at the cozy and intimate Machina Arts.
Outdoor enthusiasts will find no shortage of activities in Keene, with easy access to the Monadnock Region’s picturesque hiking trails, state parks and lakes. The city’s annual Monadnock Pumpkin Festival, held in October, is a testament to the strong sense of community and celebration of the region’s natural bounty.
Manchester boasts a thriving artistic community, making it an attractive choice for students seeking a more urban college experience. The city is home to several higher education institutions, including Southern New Hampshire University (SNHU) and the University of New Hampshire at Manchester.
SNHU is a private institution that offers an extensive range of degree programs, from liberal arts to business and technology. Its innovative online education platform has garnered international recognition, attracting students from all corners of the globe.
UNH Manchester is the urban branch of the University of New Hampshire and provides undergraduate and graduate programs with a strong emphasis on experiential learning and community partnerships.
Downtown Manchester is a hub of activity anchored by the historic Palace Theatre, which hosts a variety of performances, from Broadway shows to concerts and comedy acts. The Currier Museum of Art, with its extensive collection of European and American artwork, offers a unique cultural experience for art enthusiasts. Foodies will find themselves in culinary heaven, as the city’s burgeoning culinary scene showcases a diverse array of global cuisines, farm-to-table restaurants and craft breweries.
For students seeking a respite from city life, Manchester’s numerous parks, like Derryfield Park and Livingston Park, provide ample green spaces for relaxation and recreation. The nearby Lake Massabesic and the Uncanoonuc Mountains offer opportunities for hiking, biking, fishing and more, allowing students to unwind and recharge in the warm embrace of Mother Nature.
Plymouth, a small town nestled between the White Mountains and the Lakes Region, is home to Plymouth State University. Known for its strong education and meteorology programs, Plymouth State University offers a close-knit academic environment that fosters a strong sense of community and encourages personal growth alongside academic enlightenment.
The historic Main Street in Plymouth is home to a variety of local shops, eateries and the iconic Flying Monkey Movie House and Performance Center, which hosts live music, film screenings and theatrical performances. Students can enjoy an artisan cup of coffee at Café Monte Alto or indulge in a delicious slice at the locally renowned Tenney Mountain Pizza.
Outdoor enthusiasts will find plenty to do in Plymouth, with easy access to the White Mountains and the Lakes Region, offering next level recreational activities like skiing, snowboarding, hiking and kayaking.
Find your new apartment in a New Hampshire college town
Whether you’re a prospective student, a curious traveler or a local looking to rediscover your home state, the college towns in New Hampshire offer a unique blend of academic excellence, vibrant culture and stunning natural beauty. From the Ivy League allure of Hanover to the urban appeal of Manchester, New Hampshire’s college towns are a treasure trove of experiences waiting to be explored. Pack your bags, lace up your boots and get ready to embark on a journey through these charming academic paradises in person to fully embrace the magic of New Hampshire’s college towns.
Alright, folks. It’s time to get into the spooky, fun-filled spirit of Halloween. Instead of focusing on the big metros that often grace our lists, we wanted to spotlight some of the smaller, unusually named communities that have haunting names.
But instead of just listing these small towns, we’ve gone a step further by explaining how (most of) these towns got their names. Some will frighten you. Okay, that might be a stretch. At any rate, this here is prime (albeit random) Halloween knowledge that you’ll want to share on October 31st!
Bad Axe, MI: Back in 1861, two surveyors set up camp in the area and came across a badly damaged axe. To mark the site, they made a sign that read “Bad Axe Camp”, hence the city’s name was born and was officially established in 1905.
Bat Cave, NC: This is the home of Bluerock Mountain, otherwise known as Bat Cave Mountain. It features a cave that houses several species of – you guessed it – bats! Fun fact: This mountain is reportedly the “largest known granite fissure cave in North America”. Sorry, it’s not open to the public.
Black Creek, GA: The origins of this tiny Savannah town have been buried six feet under, which is far beyond Google’s reach, apparently.
Casper, WY: Commonly referred to as “The Oily City”, Casper’s name originated from Lieutenant Caspar Collins who was killed in 1865 by enemy forces. Nope, that’s not a typo, folks, at least not on our part. The change in spelling is due to a typo that was mistakenly submitted when the town name was officially registered with the state of Wyoming.
Cape Fear, NC: Widely recognized as the name of a 1962 thriller (and its 1991 Martin Scorsese remake), Cape Fear is a tiny town halfway between the larger metros of Raleigh and Fayetteville. Cape Fear’s name dates back to a 1585 expedition in which a ship became stuck behind the cape. The crew was afraid they’d wreck, giving birth to the name Cape Fear.
Dead River Township, ME: Town history: Missing. Reward: Non-existent. Sorry.
Deadwood, OR: This small town takes its name from nearby Deadwood Creek, an area known for a series of wildfires caused by dead timber snags along the water.
Frankenstein, MO: Sorry to burst your bubble, but this small town does not take its name from the popular square-headed monster. It’s actually named after Gottfried Franken in honor of the land he donated to build a church back in 1890.
Pumpkin Center, CA: We’ve uncovered the grim truth. How odd that this town is just 13 minutes away from Bakersfield? RIP, pumpkins.
Sleepy Hollow, NY: Located on the coast of the Hudson River just minutes from White Plains, Sleepy Hollow was known as North Tarrytown up until 1996. At that time, residents voted for the name change in honor of local author Washington Irving’s story “The Legend of Sleepy Hollow”.
Slaughter, LA: The name of this small and fairly new Baton Rouge town comes from an award-winning fictional novel by Michael Ondaatje. Buddy Bolden: Coming Through Slaughter, is largely based on the legendary New Orleans jazz musician.
Slaughters, KY: A simple bet is how this town earned its name. Augustus G. Slaughter won a card game, ultimately winning the right to name the town as well as the local post office where he served as postmaster from 1860 to 1865.
Tombstone, AZ: During the late 1800s, U.S. Army scout Ed Schieffelin searched the area looking for “valuable ore samples”. Around the same time, three army officers were killed by Indians. Schieffelin’s friend told him, “The only rock you will find out there is your own tombstone.” Ed continued his search, eventually locating a stash of silver ore. He named this spot Tombstone, which became the name of the town. It’s since been dubbed “The Town Too Tough to Die”.
New York is home to the incredibly adorable Gingerbread House, California flaunts its unique Flinstone’s House, so it was only natural to have Washington join the race for the country’s most unique, straight-out-of-a-cartoon home.
The contender: a charming fairytale cottage in Ocalla that looks like it’s ready to welcome its new Snow White (and however many dwarves she’d like to bring along.)
The storybook home, built in 1982, has 4 bedrooms, 4.5 baths, and encompasses approximately 2,800 square feet. Asking price: $925,000.
Among the quirks of this adorable Snow White cottage: there are no square corners in the house, the hand-built doors all boast extensive iron work throughout, and the walls appear to more like a magical cave. You even get a storybook tree house to keep your little dwarves entertained.
If moving to your own fairytale home is what you seek, make sure you check out the full details of the Snow White cottage home and get in touch with Rick Ellis, the listing agent with John L. Scott Real Estate.
But if you happen to be around $1 million short of that dream, here’s your chance to step inside one of the most unique storybook homes out there:
More quirky homes:
Brooklyn’s Century-Old Gingerbread House is NYC’s Most Adorable Home The Oldest Ellis Island Ferry Makes One Hell of a Party Home UFO-Shaped Palm Springs Home (Once Owned by Bob Hope) Finally Finds a Buyer Is Mark Bell Prepping his Gorgeous Star Trek Home for Sale?
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Eating cheap is easy. Given $10 to buy ingredients for a meal for four, even the most hopeless home cook could whip up grilled cheese and tomato soup or a simple spaghetti-and-meatballs combo.
But putting together a gourmet dinner for under $10 is more challenging. So we asked food and finance bloggers, as well as home cooks, to send in their best suggestions. (We’ve shared them below with recipe details, or, where available, linked to their blogs.)
Now Frugal Foodie has a challenge you: what’s your best super-cheap yet gourmet meal? Post it in the comments, and don’t forget to “like” your favorite submissions.
(All cost estimates are based on non-sale New York City supermarket prices. If it’s a cheap meal inNYC, we figure cooks in most other places in the country will spend even less. Prices are also adjusted for quantity: if a recipe calls for half an onion, you’ll probably find something to do with the other half. Finally, estimates don’t take into account basic ingredients you likely already have, like flour, olive oil or dried spices.)
One Pan Chicken and Rice
by Hilary Allard of Sliced and Diced
Cost: $5.73, or $1.43 per serving.
Allard’s sauté uses one pot and is finished in the oven, minimizing dishes as well as cost. Even better, cooks can swap out Mexican flavors (black beans, cumin, scallions and tomatoes with green chilies) for Indian and Mediterranean variations without affecting their bottom line.
Caramelized Cauliflower Fritatta
by Michael Natkin of Herbivoracious
Cost: $7.08, or $1.77 per serving
Fresh herbs give Natkin’s frittata zing, but can make a big dent in the budget if you’re not already growing your own. (Those who are would pay just $5.59, or $1.40 per serving, and be able to include as many types of fresh herbs as Natkin suggests instead of using just a $1.49 bunch of parsley, as we calculated.)
Monday Spinach Rice Medley
by Katie Clark and Telly Kousakis of More Dough Than Dollars
Cost: $7.15, or $1.79 per serving
Inspired by a kitchen cleanout project, Clark’s meatless dish could easily be upgraded for a few dollars more by adding cooked, sliced sausage (her suggeston).
Strawberry Chicken Salad
by Frugal Foodie of Mint.com
Cost: $8.49, or $2.12 per serving
Marinate a pound of chicken in a little olive oil, lemon juice and ground black pepper. Grill until cooked through, slice and set aside to cool. Tear up a head of romaine, and top with the chicken, sliced strawberries and a slices avocado. For a dressing, puree some of the remaining strawberries with a splash of balsamic vinegar (or alternately, a splash of olive oil and lemon juice) and some black pepper.
Venetian Chicken
by Nina Hoffman of RecipeLion.com
Cost: $8.95, or $2.24 per serving
Go ahead and buy a bottle of wine to add the optional two tablespoons in this slow cooker meal. You’re saving enough cash to justify the splurge.
Classic Turkey Chili
Maris Callahan of In Good Taste
Cost: $8.96, or $2.24 per serving.
Another great one-pot meal, Callahan’s chili could also be prepared in a slow cooker for a super-easy weekday dinner. Prepare it to your taste with different veggies and spices.
Polenta Pie
by Julie Arnheim of Rubbing Nickels
Cost: $9.58, or $2.40 per serving.
Ground turkey, polenta and fresh herbs are the most expensive ingredients in this take on shepherd’s pie, but you can economize further by preparing your own polenta (saves $2).
Cuban Shredded Beef
by Art Ginsberg of MrFood.com
Cost: $9.60, or $2.40 per serving
Shred this slow-cooked beef dish before serving it over rice or on a roll. (Frugal Foodie’s mom makes a version of this that subs out the green bell pepper for a few sliced white mushrooms.)
The key to this kicky dish: a spicy Asian-style marinade. Substitute peanuts for the pine nuts, or eliminate the nuts altogether to cut $3 from the bill.
Taco Salad Bar
Jenetta Lea Penner of Frugal Freebies and Deals
Cost: $9.98, or $2.50 per serving
A family friendly taco bar can easily come in at less than $10, especially if you’re shopping the sales for ingredients, Penner says. Her picks for this version: ground beef (browned at home in your choice of spices), a tomato (chopped), cheddar (bought in block form and grated), a head of lettuce (torn), a can of black beans (drained and warmed) and a jar of salsa. It’s enough that you’ll probably have leftovers, too.
Frugal Foodie is a journalist based in New York City who spends her days writing about personal finance and obsessing about what she’ll have for dinner. Chat with her on Twitter through @MintFoodie.
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How to Use Grains for Hearty, Healthy & Cheap Meals
That’s the takeaway from a recent Morningstar analysis, which reported in on a seeming contradiction in stock prices. The market as a whole, Morningstar writes, is expensive. But those prices are a bargain compared to what the underlying companies generally should cost.
At threshold level, stock prices have gone way, way up over the last several years. As Morningstar writes, its U.S. Market Index is up about 8.6% in 2023 alone and 16.2% over the recent low last October. That’s despite 2022’s inflation, which has largely but not yet completely abated, and ongoing concerns of a potential recession in late 2023.
“We still think the U.S. equity market looks expensive and has been getting more expensive since the start of the year,” wrote Morningstar while quoting Jim Masturzo, chief investment officer of multi-asset strategies at Research Affiliates. “The market is holding up well given the macroeconomic environment.”
So where can investors find the best bargains?
For hands-on help strategizing your investments, consider matching for free with a vetted financial advisor.
For the Best Bargains, Look to Value Stocks
Look at the S&P 500, and you’ll also see lofty share prices. From an October 2022 low around 3,500, the S&P 500 is now back to hovering near 4,200 points. Even if you disregard the March, 2020 low as an aberration, this is a huge gain from the S&P 500’s pre-Covid value of around 3,300 points.
So the stock market is doing well, with high prices that are going steadily up. Much of that, writes Morningstar, is down to technology stocks that have posted huge gains in recent months and years. These are “the big technology stocks that dominate the weightings in broad market indexes, such as Apple (AAPL) — up 35% in 2023 — and Alphabet (GOOGL) — is up 39% so far this year. That, say some strategists, has left large growth stocks particularly expensive.”
Expensive is one word for it. At time of writing Apple traded for $177 and Alphabet for $123. Stocks like Tesla (TSLA) and Meta (META) traded for $197 and $263 per share, respectively. Although, to be fair, none of these compare with the likes of Chipotle Mexican Grill (CMG), which has a current share price of $2,064.
Yet despite these high prices, Morningstar feels that now is still a good time to buy. “[B]y Morningstar’s fair value estimate measures, stocks are actually undervalued by more than 9%, with value stocks looking particularly cheap,” Morning star writes. “That market discount, however, has been narrowing significantly since the October low.”
The key to this analysis is that term “value stocks.” Morningstar sees a market rich in value stocks.
Stocks are considered value stocks when they have a low share price compared with the underlying value of the company. For example, if you poured over the books of a company and decided that it was fairly worth about $20 per share, but it is currently trading for $15 per share, you would consider it a value stock.
Value stocks are generally considered a good buy for long term investors. Historically the market has been good at correcting a company’s share price to its fundamental value, a process known as “market efficiency.” Investors who buy a stock trading below the company’s fair valuation can generally expect that share price to rise over time to the level of its fundamental value. (some economists have criticized the market efficiency theory in the era of soaring tech sector valuations.)
The tricky part is figuring out that company’s underlying value.
How to Analyze a Company’s Underlying Value in Search of Bargain Stocks
Investors use a number of different metrics to decide what a company should trade for, including indicators like volatility (lower volatility tends to mean stronger value), dividends (higher dividends show stronger cash flow) and peer/competitor share price (higher priced competitors suggest a valuable industry). However the most common indicator that investors reach for is a company’s Price-to-Earnings Ratio, or P/E ratio.
A P/E ratio measures a company’s share price against its total earnings per share. For example, say that a company trades for $40 per share. It has released 1 million shares of stock total and it had $20 million in total earnings last year, giving it earnings of $20 per share. The company’s P/E ratio would be 2 ($40/$20).
The price to earnings ratio shows how much value you get for every dollar invested in a given stock. In our case above, for example, you pay $2 in share price for every $1 of company earnings. Or, to put it another way, every $2 that you invest in the company buys you $1 of value.
In general, across the market, 16 is considered an average price-to-earnings ratio. This means that with an average investment you pay $16 for every $1 of underlying earnings. Companies with low P/E ratio, whether compared with peer industries or the market at large, are generally considered value stocks. It’s likely that other investors will bid the price of this asset up because it offers better value than comparable investments.
All of which brings us back to Morningstar’s analysis.
As we noted above, Morningstar sees a market rich in value stocks. This is due to several different factors, including both standard P/E ratios and an adjusted form of this analysis known as the Cyclically Adjusted P/E, or “CAPE,” ratio. A CAPE analysis uses a company’s inflation-adjusted earnings over the past 10 years, rather than the firm’s most recent earnings report, in order to try and eliminated short-term anomalies in the business cycle. With both a standard P/E and a CAPE analysis, Morningstar writes, “fair value suggests stocks are undervalued.”
“Up 8.6% this year to date, the Morningstar U.S. Market Index sports a price/earnings multiple of 19.8 times based on trailing 12-month earnings,” Morningstar writes. “That compares with a P/E of 24.2 times at its peak in late 2021 and 17 times at the low in mid-October 2022… [And] value stocks are cheap relative to growth stocks [with] the materials sector trading at a P/E of 15 compared with an average closer to 18. Energy stocks are trading at a P/E of 7 compared with an average of 16.”
This is even true outside of the United States, where emerging markets are trading at a P/E ratio of 13.5.
Now, it’s important to understand that investors still do need to look for value. The large cap stocks out there, especially in technology, are expensive. “They are very high historically and relative to interest rates, liquidity, and inflation,” Morningstar’s analysis notes. What this means, in a nutshell, is that technology stocks have quite possibly met or exceeded their fundamental value. These companies have commanded a lot of growth, which means there’s not much of a gap left between their share price and their value.
The high-priced stocks that are demanding hundreds of dollars per share may grab headlines, but they aren’t necessarily driving the market’s value. Instead, look for the stocks with strong business fundamentals and a low P/E ratio.
Because despite the strong market, they’re out there, and now might be a great time to buy them.
The Bottom Line
A recent Morningstar analysis suggests that now might be a great time to buy into the market. Even though prices are high, they’re often low relative to the underlying value of companies at large, making this a strong moment for would-be investors.
Fundamentals Investing Tips
A P/E ratio is part of what’s known as “fundamental analysis.” This means that you look at the underlying company’s strengths and weaknesses to look for good investment opportunities. It’s an essential part of any long-term investor’s toolkit.
You know what else is an essential part of your toolkit? Good advice. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Eric Reed
Eric Reed is a freelance journalist who specializes in economics, policy and global issues, with substantial coverage of finance and personal finance. He has contributed to outlets including The Street, CNBC, Glassdoor and Consumer Reports. Eric’s work focuses on the human impact of abstract issues, emphasizing analytical journalism that helps readers more fully understand their world and their money. He has reported from more than a dozen countries, with datelines that include Sao Paolo, Brazil; Phnom Penh, Cambodia; and Athens, Greece. A former attorney, before becoming a journalist Eric worked in securities litigation and white collar criminal defense with a pro bono specialty in human trafficking issues. He graduated from the University of Michigan Law School and can be found any given Saturday in the fall cheering on his Wolverines.
LOS ANGELES — The average long-term U.S. mortgage rate rose this week to its highest level since mid March, driving up borrowing costs for prospective homebuyers facing a housing market that’s constrained by a dearth of homes for sale.
Mortgage buyer Freddie Mac said Thursday that the average rate on the benchmark 30-year home loan rose to 6.57% from 6.39% last week. The average rate a year ago was 5.10%.
High rates can add hundreds of dollars a month in costs for homebuyers, limiting how much they can afford in a market that remains unaffordable to many Americans after years of soaring home prices and limited housing inventory.
The median monthly payment listed on applications for home purchase loans in April rose to $2,112, up nearly 12% from a year ago and a 0.9% increase from March, the Mortgage Bankers Association said Thursday.
The average rate on a 30-year home loan has risen two weeks in a row, echoing moves in the 10-year Treasury yield, which lenders use as a guide to pricing loans.
The 10-year Treasury yield has been mostly rising of late, climbing to 3.79% in afternoon trading Thursday. Two weeks ago, it was at 3.39%.
The move up in bond yields comes as investors react to stronger-than-expected economic data and the implications that could have on whether the Federal Reserve will raise interest rates again next month.
Bond traders are also factoring in the possibility that the U.S. government may default on its debt as the White House and Republican leadership wrangle over a deal to raise the federal government’s debt ceiling so it can avoid an unprecedented default as soon as June 1.
“The U.S. economy is showing continued resilience which, combined with debt ceiling concerns, led to higher mortgage rates this week,” said Sam Khater, Freddie Mac’s chief economist.
Investors’ expectations for future inflation, global demand for U.S. Treasurys and what the Fed does with interest rates influences rates on home loans.
The Fed has raised its benchmark interest rate 10 times in 14 months. At its last meeting of policymakers, the central bank signaled that it could finally pause its yearlong campaign of rate jumps, though a pause would likely only nudge mortgage rates slightly lower.
Low mortgage rates helped fuel the housing market for much of the past decade, easing the way for borrowers to finance ever-higher home prices. That trend began to reverse a little over a year ago, when the Fed started to raise its key short-term rate in a bid to slow the economy and cool the highest inflation in four decades.
Homebuying this spring got off to a lackluster start as prospective buyers grappled with higher borrowing costs and a near record-low inventory of homes on the market.
Sales of previously occupied U.S. homes fell 23.2% in the 12 months ended in April, marking nine straight months of annual sales declines of 20% or more, according to the National Association of Realtors. The national median home price fell to $388,800 last month — down 1.7% from a year earlier and the biggest year-over-year drop since January 2012.
The modest pullback in home prices reflects heated competition among buyers, especially those vying for the most affordable homes. At least one-third of the homes sold last month went for more than their list price, according to the National Association of Realtors.
The average rate on 15-year fixed-rate mortgages, popular with those refinancing their homes, rose to 5.97% this week from 5.75% last week. A year ago, it averaged 4.31%, Freddie Mac said.
Here’s the story, of a house named Brady. HGTV has put the famous “Brady Bunch” house in Los Angeles, with its instantly recognizable street view, on the market.
The saga of this house has a new storyline, and it’s a real cliffhanger: Will HGTV be able to recoup its investment in the famous home, which was used only for exterior shots on the iconic ’70s TV show?
The home has since been rebuilt, inside and out, as a replica of the set piece from the show. The $5.5 million list price is on the high end of the suburb of Studio City. The area has a median list price of $1.9 million.
But this is a very special home—especially since HGTV got its hands on it in 2018.
A very Brady abode
Locals have long known about the iconic home, and longtime fans visit frequently to take photos of the exterior. The exterior has essentially stayed much the same way it had appeared in “The Brady Bunch,” which aired from 1969 to 1974, then entered into perpetual syndication.
Some say it’s the most photographed private residence in America, right after the White House.
The owners thought that the notoriety would add some value, so they listed their famous split-level in 2018 for an ambitious $1,885,000. It was built in 1959.
What they didn’t expect was HGTV entering a bidding war with former ‘N Sync member Lance Bass and several others. The network prevailed, paying $3.5 million for the home. It had big plans to put the house back on TV.
‘A Very Brady Renovation’
The network taped a limited series, called “A Very Brady Renovation,” in which show hosts Drew and Jonathan Scott worked alongside other HGTV stars to re-create every detail of the iconic home. Joining them were the now-grown cast members who played the six Brady kids.
The renovation series drew in more than 28 million viewers.
The interior scenes of the TV series were actually shot on nearby sound stages, so it was quite a challenge to find period furnishings and finishes and to redesign the home so it looked exactly like the one on TV.
HGTV poured $1.9 million into the massive renovation, which added 2,000 square feet to the property’s original footprint. That included a full second story.
Including the renovation costs, HGTV’s investment in the five-bedroom, five-bath, 5,140-square-foot property totals $5.4 million, which is just about the current asking price.
What it looks like now
So what will the next owners get? Among the standout features added are the floating staircase, the burnt-orange-and-avocado-green kitchen, the kids’ Jack-and-Jill bathroom, and the backyard with a swing set, teeter-totter, and Tiger’s doghouse.
Customized pieces include the green floral couch and the credenza with a horse sculpture in the living room.
Fun fact: The show producers reached out to collectors to find the horse sculpture used on the set, and when one couldn’t be located, they ended up printing one in 3D.
Would you live there?
So, would anyone actually want to live in a home filled with shag carpeting, wood paneling, and pastel-colored walls in all the bedrooms and bathrooms?
How comfortable would you be in a $5.5 million home outfitted with appliances that were brand-new in the 1970s but not exactly state-of-the-art now, and a backyard that features a swing set rather than a pool?
And then, there are the caveats for potential buyers: “Fireplaces and some appliances/fixtures are decorative only. The home is being sold as is.”
The home is located in a lovely, mostly quiet neighborhood within walking distance of great shops and restaurants, and backs up on the L.A. River.
So, is this a house that’s made more for TV than real life?
Is it ready for a real-life bunch?
Though true to its TV counterpart, this home’s retro kitchen and bathrooms are no longer in vogue.
While the midcentury modern style is still popular, you don’t see a lot of people bringing back that 1970s style. After a while, those period rooms might become an eyesore.
There’s also the tourist problem.
Coldwell Banker luxury property specialist Gail Steinberg, who lives about a block from the famous home, has had intrepid fans stopping her on the sidewalk to ask, “Do you know where the ‘Brady Bunch’ house is?”
Interest in the house has gone up significantly since the HGTV show, and it draws a steady stream of people cruising by to snap pictures.
Still, Steinberg believes the $5.5 million asking price is not unrealistic.
“Look how far above the asking price it went for last time it sold,” she says.
Could the home become a short-term rental?
If the zoning permits short-term rentals, the new homeowners could fetch a pretty penny from folks who want to bask in the home’s nostalgic glory. But the remodeled interiors seem too valuable to risk exposing to careless renters.
It might have value as a location for photo, TV, and movie shoots. But Los Angeles puts limitations on that as well—for the wellbeing of the neighbors. So it’s also not a dependable source of income.
Also, consider security
“There’s security parked out in front 24/7,” Steinberg notes. Apparently, that’s been necessary ever since HGTV very publicly took over the property, as there are no walls or hedges protecting it from zealous fans.
That’s also an expense the new owners will have to shoulder.
So who is the most likely buyer?
Steinberg believes a high-rolling real estate collector—perhaps someone who would stay in the home occasionally for fun—would happily pay $5.5 million, or more.
Often, buyers at that level pay cash and aren’t affected by high-interest rates, she adds.
Also, a wealthy collector would be less likely to be intimidated by the caveats in the listing: “Intellectual property rights are not included in the sale. Buyer is advised to do their own due diligence to investigate the legal rights and usage of the home including zoning, permits, rental laws, etc.”
But, there’s always bragging rights.
“It’s an ego thing,” Steinberg says. “‘I own the ‘Brady Bunch’ house!’”
Win-win
Neighbors would be most likely OK with the “Brady Bunch” house going private. The street would no longer be a tourist magnet, and a home selling for upward of $5.5 million in the area would surely raise their property values.
Other very deserving people would also benefit from the house selling at a premium. HGTV plans to use a portion of the proceeds from the sale to help fight child hunger.
They say people in glass houses shouldn’t throw stones.
But if you lived in the one on Fishers Island, NY, you could toss a few rocks right into Long Island Sound.
Showing more like a “livable art gallery,” according to the listing, the glass-and-steel, waterfront dwelling designed by Thomas Phifer is this week’s most popular listing on Realtor.com®.
Other real estate offerings that made our weekly popularity contest include a Queen Anne in North Carolina, a modern marvel in Indiana, and an Ohio home with an exotic waterfall in the basement.
For a full look at this week’s 10 most popular homes, keep on scrolling.
Price: $825,000 Why it’s here: Behold the Castle in the Pines! Here is the opportunity to live like royalty in your very own castle.
A wrought-iron gate opens to the four-bedroom home with a turret. The entire 3,435 square feet of space has been decked out in medieval style. From custom, arched doors and hanging candelabras, to a knight in armor at the entry, to a sitting room overlooking a mountaintop scene, this kingdom was designed to delight.
It is currently in operation as a short-term rental and is pending sale.
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Price: $575,000 Why it’s here: This ultramodern home is a pretty standout in Houston.
Designed by architect W. Irving Phillips Jr., the 3,032-square-foot concrete townhome is located within walking distance of downtown. Offering just two bedrooms, the open floor plan has industrial, loft-style beams and soaring ceilings, along with concrete and hardwood floors. The primary suite is on the third floor and has two oversized closets and access to a covered terrace.
A monthly homeowners association fee of $472 includes maintenance and use of the pool.
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Price: $965,000 Why it’s here: Attention, historic-home lovers: The stately Smathers-Gautier-Messer House is nestled between two mountain ranges.
The Queen Anne beauty built in 1898 boasts wavy glass windows and octagonal towers. Inside, there is a Colonial Revival staircase and paneled wainscoting. The six-bedroom estate also features high ceilings, custom millwork, nine fireplaces embellished with Italian tile, and pocket doors.
The 2.5-acre lot also comes with a barn and a small cottage.
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Watch: Hollywood Beginning: Movie-Themed Vacation Home in Florida Wows for $11.75M
Price: $134,900 Why it’s here: Calling all Hobbit fans! This triple-dome home offers eco-friendly living.
The three-bedroom abode boasts 1,593 square feet of unique space. Built in 2004, the domicile is in need of restoration, as the price reflects.
“Interior walls have been removed to the steel frame, allowing you to build your ultimate vision,” the listing notes.
The 3-acre lot also has a fenced dog run. The property is being sold as is and must be a cash sale.
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Price: $880,000 Why it’s here: This magnificent home in the middle of Bittner Woods was the work of award-winning architect Earl R. Flansburgh.
The four-bedroom residence offers stylish, one-level living. Built in 1970, the 2,584-square-foot home was “professionally redesigned in 2020 with the help of Susan Yeley Homes,” according to the listing.
Oak hardwood and terrazzo floors can be found throughout the open floor plan. A central, open-air atrium connects all of the rooms. Clean lines, natural materials, and lots of glass seamlessly blend the interior with the outdoor space.
The property is pending sale.
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Price: $799,000 Why it’s here: This A-frame beauty was built in 1964 as the personal home of local architect William Wayman. It has since been “respectfully remodeled,” the listing notes.
The sleek, 2,481-square-foot, four-bedroom home boasts wood paneling, skylights, and beamed ceilings. The two-story living room has a gas fireplace and lots of glass to take in the southern views. There are two separate living spaces; three bedrooms are upstairs, and one is downstairs with a full kitchen.
The property is pending sale.
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Price: $37.5 million Why it’s here: A venture capitalist is selling this ultraluxe mansion on the exclusive enclave of Star Island. The guard-gated island has been home to celebs such as Gloria Estefan, Shaquille O’Neal, and Jennifer Lopez.
This six-bedroom mansion on the waterfront boasts 9,747 square feet of living space. The foyer features a 30-foot ceiling and a custom staircase. Luxury finishes include custom millwork and travertine, marble, and wood flooring.
Built in 1992, the high-end home has a chef’s kitchen and a primary suite with access to the pool area.
The 1-acre lot includes a heated pool, outdoor kitchen, and a private dock.
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Price: $499,900 Why it’s here: Here’s the chance to own two homes and a chapel on nearly 50 acres overlooking a private lake.
This six-bedroom house has 5,600 square feet of living space and comes with a commercial kitchen and dining hall. The open floor plan also includes a spacious living room with a brick fireplace and four bathrooms.
The property offers a variety of potential uses, including as a church retreat, rental property, or bed-and-breakfast.
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Price: $519,999 Why it’s here: The Mansion on the Hilltop comes with an exotic waterfall in the basement!
This four-bedroom home looks like a traditional, stone-front dwelling from the outside. Inside, the 5,800-square-foot floor plan features a two-story entry with a dramatic staircase. Built in 2000, the home features arched doorways and an abundance of windows and glass doors to take in views of the 5-acre parcel.
The real surprise happens when you head downstairs, where you will find an unexpected waterfall and an impressive taxidermy collection. There’s also a hot tub.
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Price: $8,250,000 Why it’s here: From the outside, this mesmerizing mansion built of glass looks like a vast, open space.
The 4,744-square-foot estate sits prominently on Fishers Island and offers breathtaking views of Long Island Sound. Featuring one-story living at its best, the home was designed by architect Thomas Phifer. Built of glass and steel in 2008, this one-bedroom home boasts black bamboo flooring and white gallery walls.
The landscaped gardens on the 3-acre lot “allow one to live in a garden with art as the owner desired,” the listing notes.