Demand for mortgage loans increased last week as a troubling economic outlook led to a decline in rates, according to the Mortgage Bankers Association (MBA).
The market composite index, a measure of mortgage loan application volume, increased 1.15% for the week ending July 29, after falling for four consecutive weeks to the lowest level in more than two decades.
The refinance index rose 1.45% last week compared to the previous week. Meanwhile, the purchase index grew 0.97% in the same period.
However, compared to one year ago, borrower demand is weak. The MBA data indicates that, in comparison to the same week in 2021, the market index fell 62%. The refi index was down 82.6% in the same period, and the purchase index was 15.8% than this time last year.
“Mortgage rates declined last week following another announcement of tighter monetary policy from the Federal Reserve, with the likelihood of more rate hikes to come,” Joel Kan, MBA’s associate vice president of economic and industry forecasting, said in a statement. “Treasury yields dropped as a result, as investors continue to expect a weaker macroeconomic environment in the coming months.”
The Fed raised the federal funds rate by another 75 basis points, to 2.25%-2.50%, on July 27, bringing more concerns about a recession in the U.S. economy.
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Consequently, purchase mortgage rates dropped to 5.30% last week, from 5.54% in the previous week, according to the PMMS survey from Freddie Mac.
The MBA’s estimate also shows that rates are falling. The average contract 30-year fixed-rate mortgage for conforming loans ($647,200 or less) decreased to 5.43%, from the previous week’s 5.74%, the largest weekly decline since 2020. Jumbo mortgage loans (greater than $647,200) went from 5.32% to 5.06% in the same period.
“Lower mortgage rates, combined with signs of more inventory coming to the market, could lead to a rebound in purchase activity,” Kan said.
According to the Black Knight’s monthly mortgage monitor report, June had the record-low home price appreciation and the largest single-month increase of for-sale inventory in 12 years, showing a cool down in the housing market.
The MBA data shows the refinance share of all mortgage activity remained almost the same, from 30.7% the previous week to 30.8% of total applications this week.
The Federal Housing Administration’s (FHA) share of total applications fell 11.9% from the previous week’s 12.1%. The Veterans Affairs’s (V.A.) share of applications increased to 10.8%, from 10.6% and the United States Department of Agriculture’s (USDA) share held steady at 0.6%.
The share of adjustable-rate mortgages (ARM) applications declined from 9.1% to 8.4%. According to the MBA, the average interest rate for a 5/1 ARM decreased to 4.55% from 4.67% a week prior.
The survey, conducted weekly since 1990, covers 75% of all U.S. retail, residential mortgage applications.
Welp, it’ll be nice to close out 2020 and look ahead to a brand-new year that hopefully features a lot less drama and much more good news.
While the housing market actually absorbed both the COVID-19 pandemic and the presidential election surprisingly well, we can probably thank the record low mortgage rates for that. And the continued lack of inventory.
That has been the silver lining for existing homeowners, but it’s created an even wider divide between the haves and the have-nots, otherwise known as homeowners and renters.
So what does 2021 look like when it comes to mortgages and the housing market? Let’s dust off the old crystal ball and make some predictions.
1. Mortgage rates will hit new record lows
As of this writing, mortgage rates hit 14 new all-time lows in 2020. And there’s a decent chance they’ll hit a 15th before the year is complete.
This has many pundits calling for an end to the low rates. Sound familiar? It does because every single year they call for higher rates, only to be proven wrong over and over.
I expect mortgage rates to hit new all-time lows in 2021, though the caveat is that they may not remain there.
In other words, we could see 30-year fixed mortgage rates reach levels never seen before in the first half of the year, before they rise back above lows seen this year.
The good news is rates should remain low throughout the year if the 2021 mortgage rate predictions hold true.
And that means those who haven’t yet taken advantage of a rate and term refinance can do so and save some dough.
2. Lenders will stay really busy, but won’t break 2020 records
Thanks in part to those ultra-low mortgage rates, banks and lenders will continue to be absolutely slammed.
This is wonderful news for loan originators and mortgage brokers, but not so great for consumers.
Simply put, things will still be slow, so be patient. It may take months to close your mortgage as opposed to 3-4 weeks.
This is just the way things are going right now and you should set realistic expectations if you’re currently shopping for a new home loan.
In terms of loan volume, 2020 mortgage originations will likely surpass the massive totals seen back in 2003.
The question is where does the mortgage industry go from here? While rate and term refis will inevitably become less prevalent in 2021, record home purchase volume of more than $1.5 trillion is expected.
That should keep the party going for mortgage lenders focused on home purchase financing, but it could prove challenging to those that are refinance-heavy.
3. The cash out refinance will re-emerge as a popular product
That being said, while rate and term refis will fade into 2021, the emergence of the cash out refinance could pick up the slack.
Ultimately, borrowers are sitting on a ton of home equity at the moment, the most in history I believe.
At some point, it’s going to be tapped via cash out refinance loans, even if borrowers are forced to take a slightly higher interest rate in the process.
The other big question related to this is will lenders loosen underwriting standards to make up for any decline in new business?
That’s where things went so badly wrong a decade ago, especially as home prices were peaking.
But maybe the Qualified Mortgage (and still decent affordability) will be the difference maker this time around.
4. Mortgage brokers will grab more market share
Now let’s talk about mortgage brokers. Largely forgotten post-housing crisis a decade ago, they’ve been making major strides lately.
In fact, the second largest mortgage lender in the nation, after Quicken Loans, is United Wholesale Mortgage (UWM).
And Quicken also runs a massive wholesale lending division as well, so there’s a good chance you’ll be working with a mortgage broker in 2021 and beyond.
Brokers had a near-35% market share back in 2008 before it fell to around 7% in 2011. Today, it’s closer to 16% and likely to grow back to 20%+ sooner rather than later.
One thing helping brokers today is the abundance of technology that has leveled the playing field.
Even a one-woman shop can offer a better customer experience than a billion-dollar bank thanks to the many tools now readily available.
That, along with access to wholesale mortgage rates from dozens of lending partners, could give brokers the edge going forward.
5. COVID-19 related foreclosures will free up some inventory
Everyone and their grandmother knows that housing inventory is abysmal. There’s just nothing out there no matter where it is you’re trying to buy a home.
Once something does come on the market, it’s being scooped up in record time by desperate home buyers.
The National Association of Realtors recently noted that properties typically remained on the market for just about 20 days in October, down from closer to 40 a year ago.
My expectation is that 2021 will be no different – it’s going to be a seller’s market yet again, which means you really need to do your homework and be prepared to make an offer immediately.
The only possible relief could come from COVID-19 related foreclosures, assuming those actually transpire once forbearance options fizzle out.
NAR also said distressed sales (foreclosures and short sales) represented less than 1% of home sales in October, which was down from 2% in October 2019.
Take the time to research how mortgages work and get pre-approved so you’re ready to make your move at a moment’s notice. But also still do your due diligence and don’t buy a home sight-unseen.
6. Home prices will continue to surge higher
That critical lack of inventory, coupled with the still-low mortgage interest rates will lead to even higher home prices in 2021.
It’s pretty simple really, just a matter of supply and demand.
Speaking of, unsold inventory remains at an all-time low of 2.5-months at the current sales pace, which is well below the near-4-month figure seen a year ago, per NAR.
As such, the Realtor group expects existing home prices to rise a further 5.7% in 2021, and that might be conservative given the red-hot housing market combined with an ongoing pandemic.
Again, excellent news for those who already homes, but another unwelcome development for the many prospective first-time home buyers out there.
7. iBuyers will regain market share and usurp real estate agents
Despite a housing market that will remain on fire in 2021, I expect iBuyers to continue to gain market share.
They got derailed last spring thanks to the emergence of COVID-19, and actually stopped purchasing homes in many markets.
But now they’re not only returning to market, but also expanding to new metros nationwide.
Folks love convenience, even if there’s a cost. And when it comes to iBuying, the cost is likely a lower sales price, meaning you walk away with less.
However, home sellers may be skittish about letting others into their homes, so going with a sure thing from an iBuyer could be just the ticket.
It also allows home sellers to pivot to a replacement property without dealing with contingencies, which are basically a no-go right now with competition so fierce.
8. Remote closings and distanced real estate transactions will be the norm
To that same end, I expect the temporary measures to keep real estate distanced will become more of a mainstay in 2021.
So those remote closings, appraisal waivers and other flexible appraisal options, along with new methods to document income and verify employment before loan closing should continue.
Additionally, we should see more technology that supports these efforts, which is a nice silver lining of the pandemic.
All the promises about making the mortgage process easier may come to fruition a lot sooner because no one wants to be near each other.
However, as noted, it’ll still take a while to get a home loan because lender capacity will remain an issue well into 2021.
9. Home remodeling will remain white-hot as homeowners stay put and spend more time at home
One trend that we saw this year will also extend into 2021, and could in fact become even more popular. I’m talking about home remodeling.
Have you tried to book a contractor lately? Good luck! They’re all busier than ever because homeowners are spending more and more time in their properties.
That has made many of us question if we should upgrade our digs, or get to those projects we’ve been putting off for years.
Most existing homeowners don’t seem to be going anywhere, as evidenced by that lack of inventory and those low mortgage rates, so they’re fixing up what they’ve got.
While you might be considering a home equity line of credit to pay for your home improvements, a cash out refinance that features a fixed interest rate could be the better option.
10. The exodus out of urban centers to the suburbs will stay on trend
Lastly, I expect the urban exodus to continue in 2021, even if the vaccine proves successful and we get our heads back above water.
The damage of 2020 on our psyches is already done, which means some just won’t consider the urban lifestyle anytime soon, or ever again.
Once forgotten, the suburbs are back with a vengeance thanks to COVID-19, and the pandemic perhaps served as a not-so-gentle reminder that more space and fresh air isn’t such a bad thing.
Sure, urban living has its advantages, but its fragility has also been exposed big time.
And with remote work and less commuting no longer just a trend, it makes a lot more sense to be anywhere, even far from a city center.
California Democrats carved out the Dream for All money to help first-time buyers. The funds ran out after just 11 days with the average loan hitting $112,000.
Lea este artículo en español.
California lawmakers marketed its new loan program for first-time home buyers as a “Dream For All.”
But just 11 days after applications opened, the initial pot of money is tapped out, sucked dry by eager house hunters. It turns out the dream was only for a lucky couple thousand borrowers — a disproportionate number of them white, non-Latino and living in the Sacramento area.
The Dream for All program was paused on April 6, less than two weeks after the California Housing Finance Agency said it would make the program available to lenders. About $288 million in initial funding will be provided to 2,564 homebuyers, according to an internal document obtained by CalMatters.
exchange for a share in the home’s value when it is sold, refinanced or transferred. If the home appreciates in value, those gains to the state would then be used to fund the next borrowers.
The program was meant, in part, to help address California’s ethnic and racial wealth gap, with Black and Latino families having fewer net assetsthan the national average. Participation in the program was limited to households earning less than 150% of median earnings in their county. According to the initial characteristics shown in the agency document obtained by CalMatters, roughly two-thirds of the beneficiaries went to those making less than $125,000. The average loan was a little more than $112,000.
But those figures also show that the program was disproportionately used by white homebuyers. Senate President pro Tempore Toni G. Atkins, of San Diego, said in a statement Monday that the program was intended to reach those historically shut out of the housing market.
“While this program has been immensely successful in getting new homebuyers into the market quickly and in places with low homeownership rates like the Central Valley, clearly more work needs to be done to make sure that there is statewide awareness, particularly in communities of color,” Atkins said.
Learn more about legislators mentioned in this story
Toni Atkins
State Senate, District 39 (San Diego)
Expand for more about this legislator
State Senate, District 39 (San Diego)
Time in office
2016—present
Background
Small Businesswoman
How she voted 2021-2022
Liberal Conservative
District 39 Demographics
Voter Registration
No party
24%
Campaign Contributions
Sen. Toni Atkins has taken at least $29,015
from the Health
sector since she was elected to the legislature. That represents 9%
of her total campaign contributions.
The fact that the program ran out of cash in a two week spree speaks to just how voracious demand is for housing in California. It also suggests that some of the people who made use of the program were already well into the house hunting process.
That raises an important question: How many of the people who benefited from the loan program actually needed the help and how many would have purchased a home anyway?
“I would guess that 30 to 50% of the people who are using it could qualify or buy without it because I had plenty like that,” said Matt Gougé, a Sacramento loan officer, referring to his own clients.
Ryan Lundquist, a Sacramento appraiser and real estate analyst, said the demographics and current price trends across the region make Sacramento County “a prime target for first time buyers” and therefore a natural beneficiary of the program.
Gougé, the local loan officer, said news of the program spread by word-of-mouth throughout the capital community in the days before the state officially launched the program on March 27. The regional rumor mill may have been churning especially quickly given how much more plugged-in locals are to matters of state bureaucracy.
“Sacramento and the surrounding area’s loan officers and Realtors probably got a jump start,” he said.
While the initial funding for the program might be tapped out, the size and scope of the Dream for All program will likely be a subject of negotiations between Gov. Gavin Newsom and the overwhelmingly Democratic Legislature. In January, Newsom proposed a significantly smaller version of the 10-year, $10 billion program originally envisioned by Sen. Atkins. The governor proposed spending an initial $300 million on the program, a cut from the $500 million compromise signed last year.
Atkins, in her statement, told CalMatters that she was seeking to get more funding for the program in upcoming budget negotiations. The governor is expected to offer a revised state spending plan and a new financial forecast in May. Lawmakers must pass a balanced budget by June 15 in order to get paid.
Katie Ridder is famed for her gloriously colorful spaces.
Recently, the New York City-based interior designer and author exclusively shared her most important home decor ideas and rules with us for a perfectly finished room.
So if your rooms are nearly there but not quite, let Katie’s advice help you get them over the line.
1. Include tiny, eye-catching details
‘The thing that really marks out a well-designed and thought-out home is the really tiny details; that is often what’s missing, and what it takes a bit of thought to pull together,’ says Katie.
‘But when you introduce them – be it a beautiful trim on a lampshade or a painting that picks up on another color in the room or a high gloss paint finish on something unexpected – then the room comes together in a really special way.
‘A really brilliant example I have of this level of detail is Charlottenhof Palace, a former royal palace in Germany that has a blue and white striped room with fabric on the walls that looks like a tent; there is some red and white embroidery along the base of the upholstered walls, as well as on the curtains, which perfectly lines up and it’s that detail which brings it to another level. It might not be something you consciously notice if you’re not looking for it, but your brain registers it on a subconscious level.’
You can see Katie’s take on this above in the fabulous nook bed idea.
2. Make space for handmade pieces
‘I have such respect for artisans, of all kinds, whether they make beautiful lampshades or furniture or woodcraft; as a designer I rely on their skill to make pieces that make a room really sing.
‘Hand crafted pieces really bring something extra to a space because they reference the person behind the object and the time and skill that went into the piece.
‘Something handmade really elevates a room because by its very nature it is one of a kind. We used a decorative artist to paint the floors of one client’s home and it adds an unbeatable element of pizzazz.’
Our painted floor ideas gallery has plenty of inspiration for your own scheme.
3. Add personal touches
‘You don’t need a huge budget to add detail and personality. When my husband and I were first married, we decided to paint detailing on our furniture. He cut a stencil and I painted with it. In a recent project, I lined the back of a bookshelf with marbleized paper. It’s all about having something that no on else has; it forces you to be creative.’
Our painted furniture ideas are easy to copy for your own personal touch.
4. Ensure beautifully hung drapes
‘Beautifully hung curtains can look very smart. One trick I recently learned on a project is to tack the end of the curtain to the wall, and the middle of the curtain panel so that it all stays crisp, tidy and straight.’
We have all the curtain ideas you need to create a sumptuous scheme, whatever your budget.
5. Style your bed beautifully
‘A beautifully dressed bed is important as it is often the first thing that catches your eye. I like to have a coverlet tucked in very tight and then a duvet or a blanket folded in thirds at the end of the bed.
‘What I’m trying to do is make the bed look smaller, so it doesn’t dominate the space. For that reason, I don’t like monster mattresses – they look so out of proportion – and I do not use dust skirts – I get the bottom of the bed upholstered. Bed hangings – curtains around the bed – are also a really nice touch if you have space.’
We have a guide on how to style a bed for the uninitiated.
6. Repeat design motifs
‘Tying in design details and repeating them subtly across a room is a subtle way to make a room feel pulled together. I had one project where I had a pair of vintage ceramic lamps, with circles in their design. I paired them with a fabric which had embroidered sunbursts on it – it wasn’t the same design, but it reflected it just enough to work.’
Our feature on repetition in interior design will help you learn how to achieve this seamlessly.
7. Shop for white lampshades
‘Crisp white lampshades are the easiest and most stylish shades to pair with any lamp in any room; if in doubt, go white.’
8. Decorate the ceiling
‘You can never underestimate the power of wallpaper to transform the look of a room. I love a pattern. Don’t forget to look up: the ceiling can be a whole extra surface to decorate.’
Our ceiling wallpaper ideas and ceiling paint ideas offer up plenty of advice and inspiration.
9. Use red and blue
‘I think red has such clarity to it – it goes well with brown, navy, goes with everything. I often include red in my work. But I also think that you can never go wrong with the quintessential combination of varying shades of blue.
‘I’ve done a bathroom with patterned floor tile, cobalt wallpaper, and marine-colored curtains and it’s divine. In another living room in a Connecticut farmhouse, I’ve combined both red and blue, drawing on the two colors from the antique rug.
‘Even if you have disparate colors around the room, all it takes to tie the scheme together is to repeat a color in strategic places. The repetition doesn’t have to be in the biggest items, it can be picking up on a red in a painting and placing a red book on a coffee table and then on a border of a cushion.’
Decorating with red takes courage; decorating with blue less so – you can find advice for both in our features.
10. Introduce game-changing antique rugs
‘Rugs are an amazing way to add layers of depth and color to a room; and a great way to update a look if you fancy a change. I love antique carpets because they have a gravitas and interest to them.
‘Antiques are really important to me because they set a tone for a room in a bold way. The history and gravitas behind them lends an historical texture that newer pieces just don’t have.’
We have expert tips on both choosing an area rug and decorating with antiques.
11. Don’t neglect texture
‘Try to add textures on surfaces, because it brings a luxury air. Fabric on walls is particularly interesting to me because of the texture it provides, and the way that it can soften a room; my own living room is lined with a cream fabric that has a waxed French glaze. Or in a client’s kitchen I have used fish-scale patterned tiles behind the cooker and worksurfaces. The way the light reflects around the room adds a layer of interest and detail.’
12. Layer lighting
‘Lighting is tremendously important and can instantly set the tone – or kill it. I think it’s important to have down lights in the ceiling; the apertures are so small now that they’re not as glaringly obvious as they used to be, and then you pair that within the room with sconces, table lamps, and lighting for paintings – different heights of light create different moods and layers of interest.’
13. Bring in flowers
‘Flowers are so important to me. I love to bring some element of living nature into a room – even if it is just a branch. It makes the whole room feel friendlier and alive.’
Where Katie shops
Fabrics: I adore Christopher Farr for bold and colorful printed and woven fabrics, Christopher Moore and Robert Kime.
Antiques: we use Alexander Cohane who sources from Europe.
Paint colors: are always Benjamin Moore or Farrow & Ball, because they do beautifully rich shades.
Lighting suppliers: are Collier Webb or Charles Edwards and our lampshades are all custom made by local artisans.
According to the National Retail Federation, we’ll spend $68.8 billion outfitting our students for school this year. Yes, I said $68.8 billion. Sounds like a lot of money, right?
More than 80% of the nearly 8,700 people surveyed say that the still-crappy economy has affected the way they’ll shop for school supplies. For example:
30.7% will comparison-shop online
38% will buy store-brand or generic products
44.6% will spend less overall
Good ideas all, but I’d add another tactic: Start early.
Ideally, you’ve already begun. No? Then start looking now if you really want to save money. Don’t wait until two days before Labor Day and then go the one-stop-shopping route. The OSS retailers get you through the doors with a few loss-leader prices and make their money back on everything else.
The NRF notes that families with kids in elementary and secondary school spend an average of $603, and parents of college students fork over about $808. This includes clothing and electronics as well as notebook paper.
Can’t afford to spend that much? Don’t want to spend that much? Start by asking yourself…
What Do We REALLY Need?
Don’t buy stuff you’ve already got. This sounds elementary, as it were, but apparently it isn’t. Each year my sister and I buy school supplies to donate to a social services agency. And each year I see parents buying things like backpacks, lunchboxes and three-ring binders for the glum children they’ve towed into the store. I wonder whether the previous year’s backpack, lunchbox and binder…
Wore out
Spontaneously combusted
Were lost in a poker game
Maybe. But it’s also possible that some parents buy new because, well, it’s a new year. To which I say: Are you out of your mind? Why are you instilling the relentless need for new Stuff when the old Stuff might work just as well?
Have your kid to go through dresser, closet and desk. Send her spelunking under the bed for stray markers. Make a pile of crayons, spiral-bound notebooks and other stray educational tools. Inspect the three-ring binder for cracks. Test the backpack straps and make sure the zippers still work.
Congratulations. You now have less to buy. But maybe not much less. That’s because…
Your School’s “Must Have” List is Longer Than My Leg
A kid might have to bring everything from dry-erase markers to a personal box of tissues. Just for gits and shiggles I checked one of these lists.
Elementary-aged kids need, at minimum: a backpack, gym shoes, tissues, lunch bag, pencils, crayons, white glue, markers, erasers, scissors, pocket folders, binder, notebook paper, dividers, composition book, colored pens and a ruler.
What, no particle accelerator?
Warning! The following statement makes me sound really old.
In my day, we brought a three-ring binder, notebook paper and pencils. If we couldn’t afford paper pr pencils the school provided them. Crayons and scissors were doled out as needed for projects. Only the teacher had markers. Dinosaurs picked us up and delivered us back home.
Times have changed, so watch the office-supply stores (Staples, Office Depot, Office Max) for impossibly cheap school-supply sales. This morning I saw packages of pencils and index cards for one cent each. Buy the maximum amount allowed and you may get enough to last most (or all) of the school year.
Hit those sales as early as possible each week, because other parents have the same idea. Loss leaders may be sold within hours of the opening bell. If the ad doesn’t specifically prohibit rain checks, ask for one.
Note: Your third-grader may plead for a new lunch kit on the grounds that the other kids will laugh when he takes his PBJ out of a “Batman” lunchbox. He might be right. In our increasingly media-driven universe, it’s mortifying to eat from a pail emblazoned with the wrong superhero.
Or he might just be playing you for a sucker. (It happens.)
You might not mind buying a new lunchbox every time the fads change. But maybe you’re wondering how you’re going to pay for everything on that list and still keep the lights on. Or maybe you have an aversion to replacing items that are still perfectly usable. If so, then float a compromise: If you give in on the lunchbox, he’s not getting a new backpack. (Nor should he, if the old one is in good shape.) Get one of those insulated lunch kits, which tend to be more generic in appearance, rather than a box with a cartoon character on it.
Tip: Put a note on your June 2012 calendar to inventory what your kid lost or “forgot” to bring home, then visit the school’s lost-and-found. The L&F box at my daughter’s elementary school looked like a department store. How in the heck don’t parents notice that their kids’ lunch boxes, backpacks, notebooks or winter coats (!) didn’t make it home one day?
If money is really tight (hi there, all you downsized parents!), try these frugal hacks:
Look around your house for pencils and pens. Hint: The only place they aren’t is…right by the phone.
Whenever you’re in a place that gives away writing implements, take one and say thank you. If your fourth-grader is embarrassed to be seen with a credit-union pen, keep them around for doing homework and save the Bics and Dixon Ticonderogas for school.
If last year’s spiral-bound notebooks were only partly used up, tear out the old pages and start afresh.
Don’t give pencil sharpeners to kindergarteners or first-graders. They get a little carried away.
Hand sanitizer really is required in many schools. Small bottles of the stuff will likely go on sale at drugstores and office-supply emporia. Here’s the rule: Junior keeps it in his backpack, not his desk at school, so you can refill as necessary from the jumbo bottle you got at Costco.
Start looking now for discounted gift cards to pay for these things as well as for any clothing (more on that below).
Truly desperate? Talk to the school nurse or principal about doing a little “shopping” in the lost-and-found. At my daughter’s school, unclaimed goods were given to kids whose parents couldn’t afford certain items.
New, or New to You?
Who came up with the idea of the back-to-school wardrobe? The people who sell the wardrobes, that’s who. Before you re-kit your kid, think about whether it’s really necessary.
Understand: I am not advocating that your child go to school in shoes that pinch or jeans that show her ankles. What I am saying is that there’s no need to re-do a wardrobe if her clothes still fit and are reasonably presentable.
Just sayin’.
Having just-said it, allow me to suggest some ways to find lower prices on new clothes.
For starters, who says it has to be new? Consignment stores, thrift shops, and garage sales are all potential clothing sources. My niece uses all three sources and pays pennies on the dollar for name-brand clothing.
Clothing swaps are another possibility. Organize them through sports teams, parent groups or your place of worship. Online swap sites like ThredUp might be just the ticket.
Don’t forget The Freecycle Network, either — I see kids’ clothing on there all the time. Some parents even post pictures.
Remember: Nobody has to know your stuff isn’t new unless you choose to tell them. You probably shouldn’t, incidentally, since not everyone is frugal and some people are creeped out by the idea of clothes other people have worn. (What, they think no one has ever tried on the clothes they bought from the department store?)
Tip: If used clothes bug you, wash them. Problem solved.
New Doesn’t Necessarily Mean Expensive
Start watching the clearance tables, because some of those summer duds — jeans, T-shirts, et al. — will work for September and maybe beyond. (They’ll also work for next April; if prices are irresistible, buy a size up for spring.)
Tip: Live in a warm climate? Lucky dog. Just stock up on remaindered summer garb for the rest of the year.
Online stores have clearance sales, too. This is easier to do for younger kids and/or kids who fit in basic sizes, and who don’t care if you pick out their clothes. Be sure to look for online coupons and free-shipping codes through sites like Retail Me Not and Savings.com.
Don’t enjoy tracking bargains? Enlist the help of a price-comparison website such as Pricegrabber, FatWallet, and FindersCheapers. Tell these sites what you want and let them do the hunting and gathering. You might even be able to set a deal alert and receive an e-mail when those Levis go on sale, or a refund alert if something you already bought went on sale.
Excited for School
It’s not that I don’t think you should spend anything on your kids come September. On the contrary: I believe that there’s nothing like that new-crayon smell. A couple of symbolic purchases can help your child get excited about a new school year.
Kidding! Few children are truly excited about the day after Labor Day. (Full disclosure: I was. Then again, I got called “teacher’s pet” a lot.) It’s fun to see their friends again, but getting back into the educational harness is always a period of adjustment. Seeing that Junior has all the necessary tools can help re-orient him back into that universe.
Bring him into the equation by asking him to look through the Staples or Office Max flyers with you and compare what’s on sale to the list of necessary supplies. Suggest that money saved by sale prices and judicious re-use of last year’s stuff could defray the cost of a coveted item. You know, like those shoes that are $20 more than you want to pay.
A special purchase might add a bit of frisson and make the transition somewhat easier. You’d also be modeling my personal mantra: Save where you can so you can spend where you want.
Finally: Some cultures start the school year with candy or other treats, to emphasize the sweetness of knowledge. Consider instituting this tradition in your own household by serving a smoothie loaded with berries or slices of mango and pineapple on the first day of school.
Avoid doughnuts or Froot Loops, though. They may lead to running with scissors.
School supplies photo by Steven Depolo. Crayon photo by Chris Metcalf. Photo of the bouquet of pencils (which J.D. loves) by Melissa Doroquez.
Yes, your home tells your story and yes, it has a lot to say about your personality.
Now that we’ve gotten that one out of the way, let’s also jump past common situations like I live in a rental or I still live with my parents. Even if you haven’t gotten a chance to decorate your own dream home yet, there are still many aspects in your current home that make it yours.
Are you a neat freak or the type that finds order in chaos? Either way, without going into detail, your home is a quick tell of whether you’re an extrovert or an introvert. Customize and personalize your home so it will tell the truth about you. Write your own story before others do.
Let’s see some of the major telling signs of personality traits your home is sending out.
Your overall messiness or cleanliness
A lot of studies point to messy people being more likely to be creative. It appears that they can come up with better ideas in a messy environment. Obviously people can also assume you’re just lazy…. it depends on who’s judging.
On the flip-side, if you’re obsessed with cleanliness, empty counters and organizing everything around the house, you’re likely to be a Type A personality.
This means you’re outgoing, organized, love a seamless appearance and prefer aesthetic to function.
Experts have also taken their research up a notch and found that orderly people have the messiest sock drawers. The explanation for this would be that they are more concerned with prioritizing and organizing more important parts of their lives. Well… nobody’s perfect. 😅
The plain truth is that most of us can’t keep our houses spotless all the time.
But if you are one of the rare few with no hidden messes, you may be a fairly more anxious person trying your best to control everything in your environment.
The color palette you choose
As you probably know already, colors have particular connotations and they can tell a great deal about your personality.
The colors you choose for your walls, furniture or other decorations will set the mood inside your home and can show others if you’re a fiery or more of a laid-back person.
Or let’s oversimplify nicely: gold belongs to the luxurious one; red is associated with passion; green is mostly chosen by adventurous people who love nature; yellow shows positivity and optimism; blue is for the chilled one; black belongs to the deep thinker; pink is mostly chosen by joyful and loving people, purple by daring ones and so on.
Apparently, choosing a neutral palette means that you are a peacemaker, but white in particular says that you are a confident person. Who knew?
Window treatments and decorations
This is a good one! You’ve definitely passed by a house with long drapes and blinds that are always shut.
You instantly know that the person who lives there is not that chatty and wants to be left alone. They’re the ones most likely to say “I’m not buying anything, go away!”
On the other hand, if you choose window treatments in light or bright colors, you may be a joyful person who loves natural light and open spaces.
Displaying some pretty flower arrangements in your window will not only show that you’re a happy person, but also that you’re willing to share your happiness.
Extra seating
If you have more than enough stand-alone chairs, couches, bean bags and so on, you’re most likely a social person that loves having people over as often as possible.
You clearly love entertaining and care about your guests’ comfort.
Introverts have the tendency to have less seating places. Their home is their sacred shelter, it’s intimate and it’s usually designed to fit their needs.
Art display and accessories
Art décor and accessories can tell stories about our lives — they talk about places we’ve been, things we like to do and showcase our passion for art.
You know your host is an art lover or an artist when there are paintings and interesting sculptures all over the place. People can easily draw the conclusion that you’re a family person if you display lots of pictures with your family members.
Also, if you love decorative decanters, candles and untouched fine china, you’re probably very ambitious and you know that small things make a big impression.
Whether you’re a collector or you simply like showing others what you’re interested in, accessories are a great way to add uniqueness to your home.
Compared to banks, credit unions offer more individualized service. Plus, many of them also provide lower fees and higher rates on certain accounts. However, you must become a member of a credit union to utilize its services. In most cases, credit union membership is reserved for people who live, work, and worship in a certain area.
Some credit unions are also geared toward those in specific professions, like education or law or anyone who makes a donation or joins an organization. You’ll be pleased to learn that most credit unions have made their membership criteria more lenient and opened up their offerings to more types of people. In fact, many of them are quite easy to join.
14 Best Nationwide Credit Unions
While many credit unions are small and can only be found in select local areas, there are quite a few that are nationwide. If you travel frequently for work or pleasure, you might be in the market for nationwide credit unions.
Fortunately, most credit unions that have a nationwide presence are easy to join and offer a variety of benefits. To make your search for the best federal credit unions a bit easier, we’ve compiled this handy list.
1. Connexus Credit Union
Headquartered in Wisconsin, Connexus Credit Union is known as one of the largest credit unions in the U.S. It has over 400,000 credit union members across all 50 states. This is no surprise as it partners with well-known companies, such as Liberty Mutual Insurance, Kraft, Honeywell, and BMW.
To join, you’ll need to qualify through your employer that’s one of the credit union’s partner companies or donate at least $5 and open an account. As a credit union member, you can enjoy high APYs on checking accounts and other deposit accounts as well as low rates on mortgages, personal loans, and car loans.
The Xtraordinary Checking Account offers an APY of up to 1.75% on certain balances so you can make the most out of your hard earned money. White you don’t have to pay any fees, Connexus does require that you spend a certain amount on your debit card and sign up for eStatements to take advantage of the interest.
Furthermore, if you don’t use your checking account for more than 90 days and have a balance of $100 or less, you may have to pay an inactivity fee. Connexus has more than 5,600 shared branches and over 67,000 fee-free ATMs. Plus, the credit union offers higher rates and exclusive discounts throughout the year.
2. Navy Federal Credit Union
If you’re part of the military community, Navy Federal Credit Union should be on your radar. You can become a member if you have an active duty or reservist military member, worked for the Department of Defense, or are the immediate family member of someone eligible for membership. You’ll also be required to open a Navy Federal savings account and make a minimum deposit of $5.
The credit union has about 350 physical branches worldwide and many of them are near military bases in Maryland, Virginia, and California. There are also more than 30,000 fee-free ATMs. If you like to do your banking on your mobile device, you’ll be pleased to know that there is a highly rated app.
If you join Navy Federal Credit Union, you can enjoy no monthly fees or minimal fees on basic savings or youth savings accounts. NFCU also offers several checking accounts as well as competitive rates for share certificates, which are basically certificates of deposits (CDs).
3. Consumers Credit Union
Based in Illinois, Consumers Credit Union has 11 branches in the Chicago suburbs but opens its membership to anyone in the country. All members get access to more than 5,000 shared credit union branches and over 30,000 ATMs.
To join, simply pay $5 and fill out a short application form. Consumers offers some of the highest annual percentage yields or APYs on its rewards checking accounts. However, it requires that you make at least 12 debit card purchases per month, enroll in eDocuments, and have a monthly minimum of $500 in ACH deposits, direct deposits, and mobile check deposits.
If you prefer, you can choose from a no-frills checking account that doesn’t earn any interest. Other product offerings include four savings accounts, IRA certificates, and money market accounts.
4. Pentagon Federal Credit Union
Founded in 1935, PenFed Credit Union is known as one of the largest credit unions in the country. It serves more than 2.8 million members and has over $36.6 billion in assets. While this best credit union was originally only available to military members and their families, it eventually opened the doors to anyone. You can join as long as you deposit $5 into a savings account.
As a PenFed member, you can reap numerous benefits, including great rates on checking accounts, savings accounts, and money market certificates. In addition, you can sign up for early direct deposit and access more than 85,000 fee – free ATMs across the nation.
Even though PenFed is not part of a shared branch network, like other credit unions, it pays high rates, and has about 40 of its own branches throughout the U.S. There’s also a solid mobile app and customer phone support with evening and weekend hours.
5. SkyOne Federal Credit Union
SkyOne Federal Credit Union is one of the best credit unions and has a mission to help families become financially stable. It serves more than 40,000 members with $600 million in assets. Since its inception in 1949, SkyOne has offered a robust lineup of financial products, like interest-bearing checking accounts, money market accounts, credit cards, mortgages, and car loans.
Its share certificates come with exceptional rates that you might not find at other credit unions. SkyOne also has a free mobile banking app, a plethora of free educational tools, and a network of thousands of credit union branches for easy access.
The main downfall of this credit union is that it’s geared toward those who work in the air transportation industry so you might have a difficult time qualifying. Fortunately, membership has recently become a bit more lenient to accommodate more people.
6. Alliant Credit Union
Illinois-based Alliant Credit Union has more than 700,000 members across the country. Unlike other credit unions on this list, Alliant operates strictly online. If you like the idea of online and mobile banking, this credit union should definitely be on your radar. Its online accounts pay highly competitive interest rates that can be as much as 22X the national average.
Plus, you don’t have to worry about overdraft or ATM fees. You can also score up to $200 per month in ATM rebates. While its checking and savings accounts are the most popular products, Alliant also provides mortgages, auto loans, personal loans, and credit cards. At this time, Alliant does not offer any no-penalty or specialty CDs.
Customer service is available 24/7 and there’s also an online contact form you can use for less pressing questions or concerns. To become a member, join Foster Care to Success (FC2S). Once you do, Alliant will pay the $5 membership fee to the organization for you.
7. First Tech Federal Credit Union
First Tech Federal Credit Union made its debut in 1952 when it was first founded by employees of Hewlett-Packard and Tektronix. Today, the credit union partners with large companies, like Hewlett-Packard, Amazon, Microsoft, and Nike. You can join as long as you work at one of its partner firms or become a member of the Computer History Museum or Financial Fitness Association.
There are 33 branches, mainly in California, Washington and Oregon, but with several locations across Colorado, Georgia, Idaho, Massachusetts and Texas. As a member, you can enjoy in-person service at more than 5,600 Co-op Shared Branch locations in the U.S.and access your money at over 30,000 free ATMs.
It offers a long list of financial products, like checking accounts, savings accounts, credit cards, loans and investment accounts. Most of these offerings come with low minimum opening balance requirements and no monthly maintenance fees. First Tech Federal Credit Union is unique in that there are many business banking services that are rarely seen at other credit unions.
9. Bethpage Credit Union
While it is located in New York, Bethpage Credit Union opens its membership to anyone who makes a $5 payment, regardless of where they live. The credit union partners with hundreds of other credit unions to offer access to more than 5,000 branches and over 30,000 fee free ATMs. Virtual visits by phone and video appointment are also available.
Bethpage’s product lineup includes three checking accounts, four savings accounts, share certificates, and money market accounts. Believe it or not, even the free checking accounts pay interest. In addition to deposit accounts, the credit union provides mortgages, home equity lines of credit (HELOCs), car loans, auto refinancing, personal loans, retirement planning, health savings accounts, IRAs, and insurance.
You can access your accounts on the go with the handy mobile app, which includes convenient features, such as budgeting tools, online bill pay, and budgeting tools. Bethpage also offers access to a digital wallet and Zelle money transfers.
10. Latino Community Credit Union
Headquartered in North Carolina, Latino Community Credit Union has 15 branches in the state as well as 1,300 free ATMs through the CashPoints network. While it was originally built for the Latino community, you don’t have to be Hispanic or live in North Carolina to join. All you have to do is submit an application and pay a $10 membership fee.
Latino Community Credit Union is federally insured by the National Credit Union Administration (NCUA) and offers 24/7 customer service via phone. Compared to brick-and-mortar banks, it provides competitive interest rates and accounts with low minimum opening balance requirements.
If you’re part of the Hispanic community, you may also benefit from services in both Spanish and English as well as a financial literacy education program that’s focused on low-income Latino families and immigrants.
11. Boeing Employees’ Credit Union
If you’re a Boeing employee or live or work in Washington, Boeing Employees’ Credit Union can be a good fit. Just keep in mind that you’ll be required to open the Member Advantage Savings account, Member Share Savings account or Early Saver account.
You can enjoy nationwide access to more than 30,000 free ATMs, discounts on local events, such as sporting games and fairs and impressive rates on CDs, money markets and IRAs. Plus, there are no monthly service fees or minimum balance requirements.
Other noteworthy perks include free credit score monitoring, Zelle payments, online bill pay, and budgeting tools. You can find more than 50 physical branches in Washington as well as one location in North Charleston, South Carolina, for in-person banking.
12. Blue Federal Credit Union
Blue Federal Credit Union began as Warren Federal Credit Union and has been in business for more than 70 years. It offers more products than most credit unions, including checking accounts, savings accounts, credit cards, home loans, personal loans, and investment banking. This is great news if you’d like the diverse offerings that are widely seen at banks at lower price points.
In addition to a vast selection of financial products, Blue Federal Credit Union provides rates as high as 2x to 5x higher than the national average and access to thousands of partner credit unions across the nation. Thanks to the tiered membership rewards program, you can earn great rewards.
To join, donate to the Blue Foundation and open a Blue FCU Membership Share Savings account. Once you’re a member, you can bank online, visit branches in Colorado or Wyoming, or go to shared branches across the U.S.
13. Wings Financial Credit Union
Wings Financial Credit Union is worth exploring, even if you don’t work in the aviation industry. It has more than 26 branches in Minnesota, Michigan, Florida, Georgia, and Washington. Not only is it NCUA insured, it’s part of the Allpoint, CO-Op, and MoneyPass ATM networks that offer access to more than 80,000 free ATMs.
To become a member, you should live in work in an eligible location, work in the aviation industry, or make a $5 donation to Wings Financial Foundation, a non-profit organization that offers financial education programs and college scholarships.
The credit union pays high interest rates on many of its accounts and doesn’t charge monthly service fees. Depending on your goals, you can open the Wings Financial High-Yield Savings Account, Wings Financial Credit Union High-Yield Checking Account, Wings Financial Investment Money Market Account.
14. NASA Federal Credit Union
NASA Federal Credit Union dates back to 1949 when it first launched to serve NASA employees. Over time, the credit union has expanded and has more than 140,000 members to date. You can join even if you’re not affiliated with NASA as long as you become a member of the National Space Society.
Popular product offerings at NASA Federal Credit Union include the Premier Checking, Premier eChecking, Premier Preferred Checking, Shared and Special Savings account or Education Savings Account.
We can’t forget the Star Trek credit cards which offer 2x points for gas station purchases, and 3x points for purchases at StarTrek.com. Furthermore, if you spend $3,000 in the first 90 days, you get a bonus of 30,000 points. You may redeem your points for merchandise, gift cards, and more.
Credit Unions vs. Banks
If you’re used to banks or unfamiliar with credit unions, you might wonder how credit unions and banks compare. The truth is both types of financial institutions offers similar products, but there are several differences between them, including:
Financial Products
In general, banks offer more financial products and services than credit unions, especially large banks with a national presence. Credit unions primarily focus on checking accounts, savings accounts, and credit accounts. While loans and investment products are less common, they can still be found at some credit unions.
Rates and Fees
Banks tend to charge higher rates and fees than credit unions. However, online banks are usually more affordable and comparable to credit unions as they have lower overhead costs. It’s a good idea to shop around so you can compare rates and fees at a variety of financial institutions and hone in on the best option.
Technology
Credit unions typically are less technologically advanced than banks. The good news is more and more credit unions, especially those with a nationwide presence, are improving their technical offerings. Many of them offer mobile apps, online bill pay, and other advanced banking tools that were unheard of in the past.
Bottom Line
With this list of the best credit unions nationwide, you’re sure to find a credit union or two that checks all your boxes. Whether you’re new to credit unions or have used them for a while, these types of financial institutions can help you meet (or even exceed) your personal finance goals.
Credit Union FAQs
What is the difference between a bank and a credit union?
While a credit union is a member-owned, non-profit institution, a bank is a for-profit financial institution that is owned by shareholders or individuals. Credit unions are known for more personal service and flexibility. Whether you use a bank or credit union depends on your unique goals and priorities.
Do I have to join a credit union?
All credit unions may have certain membership requirements. Fortunately, many are lenient and let you join if you make a donation or pay a fee. Some credit unions will pay for you once you make a deposit into an account. Of course, some credit unions limit membership to people in certain geographical locations or professions.
Do credit unions have ATMs?
Yes! In many cases, credit unions partner with a large network of ATMs. This makes it easy for you to access your money regardless of where you are.
Are credit unions insured?
Reputable credit unions are insured by the National Credit Union Administration or NCUA, which is similar to the Federal Deposit Insurance Corporation or Federal Deposit Insurance Corp of traditional banks. This means if the credit union fails because of bankruptcy, for example, you’ll get your money back.
Are credit unions online?
While credit unions have a reputation for in-person branches with individualized service, online credit unions do exist. Several examples include Alliant Credit Union, Connexus Credit Union, and Quorum Federal Credit Union. If you like the idea of online banking, an online credit union might make sense.
What is the best nationwide credit union?
Not all nationwide credit unions are created equal. In fact, there are many options available with various pros and cons. To pinpoint the ideal online or local credit union for you, explore the institutions on this list and consider your priorities. Remember, you can join multiple credit unions if you’d like.
What is the best Alaska cruise for couples? If I could only do one Alaska voyage with my spouse, I know which one I would pick: A seven-night sailing out of Juneau on one of UnCruise Adventures’ small ships.
I love the adventure focus of these tiny, no-frills ships, which hold fewer than 100 people and focus on getting travelers into remote parts of Southeast Alaska for hiking, kayaking, whale watching and other outdoorsy pursuits.
That said, an Alaska cruise with UnCruise (so named because its cruises are designed to not be like a typical cruise) isn’t for everyone.
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If your idea of the perfect couples cruise to Alaska is being pampered at every turn (and you’re not worried about your budget), you might want to sign up instead for a sailing with an ultra-luxury line such as Silversea Cruises, Seabourn or Regent Seven Seas Cruises.
If you’re looking for an Alaska cruise for couples that won’t break the bank, I’d probably steer you to one of the Holland America ships sailing north to Alaska out of Seattle.
In short, there’s no one answer to the question of what’s the best Alaska cruise for couples. Many cruise ships and itineraries could fit the bill, depending on your vacation preferences.
Here we list our top picks for the best Alaska cruises for couples.
An off-the-beaten-path Alaska adventure with UnCruise
You’ve probably never heard of UnCruise Adventures. It’s such a tiny brand that all the customers who sail the line in a year probably wouldn’t fill a single giant Royal Caribbean ship. But if you’re a couple looking to get off the beaten path in Alaska for adventure, it’s the ship-based travel company you want to get to know.
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Specializing in Alaska trips, UnCruise operates a fleet of super-tiny vessels — the biggest carries just 86 people — that are so small they can go to remote, outdoorsy parts of Southeast Alaska that no big ship could visit. We’re talking tiny bays surrounded by miles of forests where you’ll be the only ones around. Or a tiny native settlement that is home to just hundreds of people.
The main focus of UnCruise sailings in Alaska is the Great Outdoors. The company is known for trips into wilderness areas of Southeast Alaska, where passengers can enjoy hiking, kayaking and wildlife-watching. You’ll go days without seeing anyone else but the handful of people on your vessel.
On an UnCruise Adventures trip, the vessel serves as a floating adventure platform that can get you into the most remote areas in a small-group setting. The vessels carry skiffs for exploring and landings, kayaks, paddleboards and other adventure toys.
Related: The 18 best small cruise vessels sailing the world
Just don’t expect anything too fancy. UnCruise vessels are comfortable but no-frills. Many were built decades ago when cruise vessels were more spartan. On most of the vessels, you’ll find a single casual dining area, a lounge that doubles as a bar and basic cabins. That’s it. What you’re paying for is where the ship can get you and the adventure of it all.
By their very nature, these are trips that mostly cater to couples. In fact, because of the adventure focus of the daily activities, the line restricts children on board to those at least 8 years old. The small vessels also do not have any family-focused attractions on board like you’d find on bigger cruise ships.
Note that UnCruise Adventures’ nine small vessels break down roughly into two categories. Ships with Wilderness in their names are more no-frills and described as expedition vessels; those with Safari in their names are higher-end and touted as boutique yachts. My favorites are the Wilderness vessels, which are less pricey, on average. But to each his own.
A luxury Alaska trip with Silversea Cruises
Couples who want the ultimate in pampering when exploring The Last Frontier — and for whom money is no object — might want to look at an Alaska cruise on one of several ultra-luxury ships that sail regularly to Alaska. They cater mostly to older couples and solo travelers and draw relatively few families, though you do sometimes find some children on board.
Silversea Cruises is the leader in this market, with two ships sailing to Alaska in any given year. For the 2023 season, the line is sending one of its newer ships, the 596-passenger Silver Muse and the older, 382-passenger Silver Whisper to Alaska. But in 2024, it’ll swap in its newest, snazziest vessel, the 728-passenger Silver Nova, for Silver Whisper. That’ll give it the most modern fleet of luxury ships in the state.
Other ultra-luxury lines that operate in Alaska are Regent Seven Seas Cruises, Seabourn and Scenic Luxury Cruises, each of which sends one vessel to the state for all or at least part of the summer season.
Related: The 8 best luxury cruise lines for elegance and exclusivity
What all three of the Silversea ships that will sail in Alaska over the next two years have in common is that they offer large, elegant and supremely comfortable suites (and every cabin is a suite on these ships); pampering service (that fancy suite comes with its very own butler); and gourmet cuisine of the sort you find at the finer restaurants in big cities.
Among the standout dining options on board is the modern French eatery La Dame, which offers a Michelin star-style evening that showcases ingredients like France’s sublime Limousin beef, presented with a flourish. The Atlantide restaurant offers such delicacies as caviar and lobster presented beautifully and at no extra cost.
Or if you want to have caviar in bed, your butler will only be too happy to arrange it — and will deliver it with white gloves and in full tuxedo tails.
In short, think of these ships as floating Four Seasons or Ritz-Carlton hotels. They offer those sorts of lodging experiences with the pricing to match.
A low-cost sailing from Seattle with Holland America
Looking for the best cruises to Alaska for couples on a budget? My picks are the seven-night sailings to the state that Holland America offers out of Seattle.
Often, the lowest starting prices for any cruise to Alaska are these sailings, both on an absolute and per-day basis.
For the 2023 season, for instance, many Holland America sailings to Alaska from Seattle are available for under $750 per person for seven nights, as of this guide’s posting. I even found some as low as $429 per person for a weeklong cruise.
That’s even lower than the typical starting prices for Alaska voyages offered by Carnival Cruise Line, which is the low-cost leader for sailings out of most U.S. ports. When I was pricing voyages for this story, I found few Carnival sailings available for under $750 per person, with most Carnival sailings starting around $800 per person or more for seven nights.
Related: The ultimate Alaska cruise guide
With a history in Alaska that goes back more than 70 years, Holland America is one of the longtime leaders in cruises to the state (along with its sister brand, Princess Cruises), and its target market is couples (skewing to the older side, with lots of retirees) rather than families.
Holland America bases two ships in Seattle for cruises to Alaska: the 2,104-passenger Eurodam and 1,964-passenger Westerdam.
A land-and-sea hybrid trip with Princess Cruises
If you’re a couple looking to see more of Alaska than its coastal areas, a hybrid trip combining a cruise with a multi-day land tour to inland areas is your best bet. These “cruisetours” are a specialty of Princess Cruises, as well as its sister company Holland America.
Princess has particularly robust offerings when it comes to such trips because it operates five wilderness resorts in Alaska that it incorporates into its itineraries. The resorts are spread across such iconic inland destinations as Denali National Park and the Kenai Peninsula.
Princess also has its own fleet of buses and rail cars to take you from its ships to its resorts, with all such transportation included in its packages.
The line sells 24 cruisetour itineraries that add three to 10 nights of land touring to a seven-night cruise. The options include Denali National Park-focused “Denali Explorer” routings that include a seven-night cruise; a scenic train ride to Denali National Park; two to four nights at a Princess lodge at Denali National Park; and an additional one or two nights in Anchorage or Fairbanks, Alaska, or both. These trips range from 10 to 13 nights in total.
In addition, Princess offers longer and more far-ranging “Off the Beaten Path” routings that add nights at the remote Copper River Princess Lodge in eastern Alaska near Wrangell-St. Elias National Park or the Kenai Princess Wilderness Lodge on the Kenai Peninsula. These trips range from 13 to 15 nights in total.
Even longer “Connoisseur” cruisetours combine stays at up to five Princess lodges in multiple locations around the state and last up to 17 nights.
Related: The coolest things to do on an Alaska cruise
All cruisetours are offered in conjunction with one-way voyages between Vancouver, British Columbia, and Alaska — something that Princess offers in abundance each summer during the short Alaska cruise season.
Many of the ships that sail on such itineraries have permission to visit Glacier Bay National Park, a highlight of any Alaska trip. Princess takes more guests to Glacier Bay National Park than any other cruise line, as 74% of all its itineraries include a visit to the park.
A more in-depth Alaska escape with Viking
For couples looking for a more in-depth exploration of Alaska’s coastal areas than most lines offer, Viking may be the perfect choice. A relative newcomer to Alaska sailings, the upscale cruise brand operates longer Alaska sailings than is the norm, with every one of its Alaska departures lasting at least 10 nights.
The longer sailings allow for calls in a broader mix of coastal Alaska towns than you’ll find on the seven-night itineraries that are more typical for cruises to Alaska. In addition to stops at classic Southeast Alaska cruise destinations such as Juneau, Skagway and Ketchikan, Viking’s 10-night Alaska itineraries include a visit to Valdez, Alaska — a less touristy coastal town known for its fishing boat fleet that’s home to fewer than 4,000 people — and a cruise into little-visited Yakutat Bay.
Most Viking sailings to Alaska also begin or end with an overnight call in Anchorage, which is too far north for ships on seven-night Alaska itineraries from Seattle and Vancouver to reach. Passengers can visit attractions in and around the city that they couldn’t see on the sailings offered by almost every other line.
Viking, notably, offers included-in-the-fare tours in every one of these ports, allowing every passenger on board to get a guided experience during stops without paying extra. (Generally, Viking voyages are highly inclusive, keeping with its “no nickel-and-diming” philosophy.)
Related: The 5 best destinations you can visit on a Viking cruise
On board, Viking’s programming revolves heavily around what the line calls “cultural enrichment” — lectures by experts on topics related to the places its ships visit (in this case, Alaska), as well as cultural and culinary offerings that often have a local tie-in.
Indeed, Viking is known for catering specifically to a certain type of thoughtful, inquisitive, generally older traveler who is as interested in learning while on vacation as being pampered. Agewise, its sweet spot is travelers (mostly couples) who range from 55 to 75 years in age. So, if you’re on the younger side, this might not be the perfect couples cruise for you.
What Viking ships don’t offer is a lot of onboard amusements aimed at families and younger travelers. In fact, the line doesn’t even allow children under the age of 18 on its ships. It’s one of the only major cruise brands in the world with such a rule. That makes it by definition a cruise line for couples as well as some solo travelers.
For 2023 and 2024, Viking will base one ship in Alaska during the summer (the 930-passenger Viking Orion), but it’ll expand in 2025 with a second vessel (the 930-passenger Viking Sea). In addition to 10-night sailings to Alaska, the ships occasionally offer longer, 22-night sailings that extend beyond Alaska all the way to Japan.
Bottom line
More than a dozen major cruise lines operate Alaska cruises during the spring, summer and fall, giving couples wanting to explore the state on a cruise a wide range of choices.
What is the best Alaska cruise for couples? There is no one right answer. It’s defined by your personal interests and travel style, with the best Alaska cruise for you and your companion depending on how much adventure you prefer on a vacation, how much luxury you require, your budget and more.
Purchase mortgage rates declined this week on the news that inflation appears to have peaked and appear to be stabilizing.
The 30-year fixed-rate mortgage decreased this week to an average of 5.13%, down from last week’s 5.22%, according to the latest purchase mortgage survey from Freddie Mac. A year ago this time, rates averaged 2.86%. The index compiles rates reported by lenders during the past three days.
“Inflation appears to be beyond its peak, which has stopped the rapid increase in mortgage rates that the housing market was experiencing earlier this year,” Sam Khater, chief economist at Freddie Mac, said in a statement.
Mortgage rates reflect the Federal Reserve’s actions to control persistent inflation. The Fed raised interest rates by 75 basis points in July’s meeting, marking its fourth rate hike this year.
According to the meeting minutes released on Wednesday, the Fed sees more hikes in the future, but the pace could slow given that the Consumer Price Index (CPI) in July was flat from the previous month.
Regarding the housing market, officials said in the minutes, “In contrast to many other borrowing rates, residential mortgage rates fell since the June FOMC meeting, in line with the drop in longer-term yields, but remained near their highest levels since 2010.”
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They added: “Credit in the residential mortgage market remained widely available for borrowers with higher credit ratings but tight for households with low credit scores. Volumes of home purchase mortgage originations declined in May and mortgage refinance volumes continued to fall,” they said.
Affordability challenges have reduced borrowers’ appetite for mortgage loans. According to the Mortgage Bankers Association (MBA), the market composite index, a measure of mortgage loan application volume, declined 2.3% for the week ending Aug. 12, to the lowest level since 2000.
The refinance index had a 5.44% decline from the previous week, and the purchase index was down 0.8%.
“The market continues to absorb the cumulative impact of the large price and rate increases that led to a plunge in affordability,” Khater said. “As a result, over the rest of the year, purchase demand likely will continue to drag, supply will modestly increase, and home price growth will decelerate.”
On HousingWire’s Mortgage Rates Center, Black Knight’s Optimal Blue OBMMI pricing engine measured the 30-year conforming mortgage rate at 5.505% Wednesday, up from 5.351% the previous week. Meanwhile, the 30-year fixed-rate jumbo was at 5.323% Wednesday, up from 5.261% the week prior.
According to Freddie Mac, the 15-year fixed-rate purchase mortgage averaged 4.55% with an average of 0.7 points, down from last week’s 4.59. The 15-year fixed-rate mortgage averaged 2.16% a year ago.
The 5-year ARM averaged 4.39% this week, down from 4.43% the previous week. The product averaged 2.43% a year ago.
We’re covering this important topic at our HousingWire Annual event Oct. 3-5. Register here to join us in Scottsdale, Arizona.
Equal parts sophisticated minimalism and earthy mountainside respite, interior designers share how to include this new design trend in your home, even if there are no mountains in sight.
From cottage chic and coastal grandmother to rustic farmhouse, trends that center homes around earthy tones, reclaimed pieces, and natural elements have existed for years. Mountain modern style is the newest iteration to join the pack, only it draws inspiration from rugged peaks, rocky slopes, and windblown prairies. Here, interior designers define and explore this minimalist-meets-rustic aesthetic—and share how to make it work in your own home, whether you live in Colorado or New York City.
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What Is Mountain Modern Style?
This trend’s name says it all: Mountain modern style translates the tones and clean lines found on mountains, resulting in a minimalist but warm interior punctuated by organic textures and unique art. “It is all about bringing the outdoors in through décor choices like nature-inspired color palettes, fabrics that are both aesthetically inspired by the outdoors and can also take a beating, animal-inspired artwork, and a mix of vintage and found items,” says Max Humphrey, an interior designer based in Portland, Ore.
Incorporating simple modern finishes is a tenet of mountain modern style; they create a clean and light counterbalance to purposefully unrefined details. In this sense, it steps away from the traditional “alpine” design that often feels dark, heavy, and dated. “The appeal of mountain modern design are the clean-cut lines, minimalism, and sophistication that homeowners want to bring to their mountain respite,” says interior designer Jackie Johnson.
Using Mountain Modern Style in Urban Settings
While mountain modern lends itself to homes nestled in the mountains, you don’t necessarily have to dwell in the alpines to pull inspiration from this trend. Just be aware that a little goes a long way if you’re not designing a mountain house, says Humphrey. Going overboard in a suburban or urban space could result in a space that feels inauthentic—or worse yet, borders on cheesy theme park. The goal is to incorporate warm, natural touches in ways that make sense for the space. And true to the “modern” portion of this trend, less is alway going to be more.
How to Add Mountain Modern Style to Your Home
Not sure where to start? Let this interior design advice guide you.
Strategically Layer Natural Textures and Tones
Mountain modern lends itself to layered earth tones and natural textures just as they would appear in nature. “Think of the details in the layering of the textures like wood, metal, and fabric that bring the space to life, rather than layering on more décor,” says Johnson. “In this case, less is more.”
You’ll want furniture with clean lines, minimal large-scale pieces that create interior vistas, and just a few accessories. Here are some ways you can subtly layer textures and tones into your space:
Natural Fabrics: Leathers and hide-on-hair fabrics can be incorporated via dining chairs, bar stools, accent chairs, and pillows.
Metal Accents: Metal legs on furniture, hardware with some patina, black steel windows and doors, and metal beams are beautiful mountain modern touches.
Wood Details: Try kitchen cabinetry in rift white oak, wood paneling on the walls of powder baths or feature rooms, and live edge tables.
Real Stone: You can add real stone via countertops, backsplashes in your bar or kitchen, or a waterfall island.
Use Rustic Materials in Authentic Ways
Marrying “mountain” and “modern” is key for this aesthetic. “The cleanliness and modern function is the attraction, but for many people, it lacks soul,” says Jordan Obermann, co-founder and co-principal of Forge & Bow. “Using rustic materials in real ways brings a sense of history to the home,”
His solution for striking that perfect balance is to understand the history of the home, keep finishes simple and streamlined, and to let the building materials shine. From there, you can incorporate rustic details where they make the most sense.
Focus on Natural and Accent Lighting
Let the sun be your primary source of light during the day. That means large, open windows that aren’t hidden behind curtains. Incorporate task and accent lighting for early mornings and evenings. “You’ll notice in the national park lodges there’s no overhead can lights,” says Humphrey. “Typically, there’s multiple sources of light, such as chandeliers, table lamps, and floor lamps. It gives you options at home to set the mountain mood.”
Let Windows Be Your Art
If you’re lucky to live in the mountains—and luckier yet to have a stellar view—let nature be your featured artwork. Arrange your space so that you’re invited to gaze outside, and keep window dressings light and to a minimum. If budget allows, consider incorporating a new window or widening an existing one. As an alternative, consider transforming a small door into a larger one, or swap in a full-glass door versus covered iterations.
Lean Toward Warmth
“Clean lines and modern finishes can lean both warm or more cold or sterile, but by bringing in the rustic principles of mountain modern, cold doesn’t work,” says Obermann. “Keep your finishes—even if they are more modern—warm and inviting.” This can be incorporated through the right wall color, large, cozy textiles, inviting furniture, and lighting.
Incorporate Art Prints
In lieu of (or perhaps in addition to) actual mountain views, art prints can bring a little mountain modern into your home. “Whether it’s vintage travel posters or flea market paintings of outdoor scenes, art is a good way to remind you of your travels or inspire you to go outside,” Humphrey says.
Install Earthy Wallpaper
Wallpaper is an easy way to bring some mountain modern magic into your home. “Even a floral print or a plaid or gingham paper that resembles a camp blanket can be a wink towards mountain modern, and can be used in a big way or sparingly in an accent wall or a guest room,” says Humphrey. When in doubt, stick to earthy hues such as forest green, cream, or sky blue that evoke nature.