If there was one objective hurdle to clear in order to consider the present week completely uneventful in terms of big picture rate momentum, it would have been that the 10yr Treasury yield hold inside the 4.34 – 4.50 range. Thanks to today’s friendly revision in consumer inflation expectations, the hurdle was cleared without a millimeter to spare. With that, these business days plus the adjacent weekend days add up to 11 uneventful days for the bond market. Next week isn’t much better in terms of big ticket data, but Friday’s PCE price index is a notable exception.
Durable Goods
0.7 vs -0.8 f’cast
last month revised to 0.8 from 2.6
Consumer Sentiment, final
69.1 vs 67.5 f’cast
1yr inflation expectations
3.3 vs 3.5 f’cast
5yr inflation expectations
3.0 vs 3.1 f’cast
10:07 AM
Buyers held out until the safe read on consumer inflation expectations. Now turning green with 10yr down 0.2bps at 4.474 and MBS unchanged (up an eighth from lows).
12:47 PM
Steady at modestly stronger levels. MBS up 2 ticks (.06) and 10yr down .6bps at 4.47
02:50 PM
Early close has come and gone without any major changes to mid-day prices seen in the last update.
Download our mobile app to get alerts for MBS Commentary and streaming MBS and Treasury prices.
NEW YORK (AP) — Mortgage rates, credit card rates, auto loan rates, and business loans with variable rates will all likely maintain their highs, with consequences for consumer spending, after the Federal Reserve indicated Wednesday that it doesn’t plan to cut interest rates until it has “greater confidence” that price increases at the consumer level are slowing to its 2% target.
The central bank kept its key rate at a two-decade high of roughly 5.3%, where it has been since last August.
Here’s what to know:
WHAT DOES THIS MEAN FOR BORROWERS?
Credit card rates are at or near all-time peaks, and mortgage rates have more than doubled in recent years.
According to LendingTree, the average credit card interest rate in America today is 24.66%, unchanged from last month, though that rate has risen for 24 of the last 26 months.
“That isn’t likely to fall anytime soon, despite the Fed taking its foot off the gas,” said LendingTree Credit Analyst Matt Schultz. “That’s likely the unfortunate reality for the next several months.”
In the battle against credit card debt, 0% balance transfer cards “are still your best weapon,” according to Schultz, but “they’re getting harder to get and their fees are rising.”
With delinquencies and debt totals also increasing for consumers, some banks are becoming more hesitant about taking on transferred balances, he said, meaning consumers will need good credit to get approval.
WHAT’S IN STORE FOR SAVERS?
Yields on savings accounts and certificates of deposit (CDs) have been hovering at high levels, thanks to the Fed’s increased interest rates, according to Ken Tumin, banking expert and founder of DepositAccounts.com. That said, “several banks have been lowering deposit rates (with the) expectation that the Fed will start cutting rates at some point this year.”
Certificate of deposit rates have been the first to fall, and a few online banks have also started lowering online savings account rates. Ally Bank dropped its rate to 4.25% from 4.35% and Discover to 4.25% from 4.30%.
Even so, most online banks held their online savings account rates steady in 2024, and several online banks still offer yields of 5.25%. The highest online yield is currently 5.55%, with the average online 1-year CD yield 4.94% as of April 1st, according to DepositAccounts.com.
Tumin notes that “brick-and-mortar bank deposit rates continue to be slow in their movement higher,” saying that while their average rates have gone up sharply in the last year, “they are still very low compared to online rates.”
The average savings account yield for all banks and credit unions, of which the vast majority are brick-and-mortar, is 0.52% as of April 24th.
WHAT ABOUT MORTGAGES?
The Fed doesn’t directly set mortgage rates, but it does influence them. The bond market, inflation, and other factors all contribute to the high mortgage rates currently facing consumers.
The average rate on a 30-year, fixed-rate mortgage recently rose to above 7% for the first time since November. LendingTree Senior Economist Jacob Channel notes that mortgage rates can shift even as the Fed holds its benchmark rate steady, and that consumers should consider many economic data points before deciding to take on a mortgage.
“Even in the face of relatively steep mortgage rates and high prices, now could still be a good time to buy a home,” he said. “Timing the market is virtually impossible… In that same vein, there are a lot of people who won’t be able to buy until the market becomes cheaper.”
High shelter and rent costs have contributed to steep inflation in recent months.
A Bankrate study found that renting is cheaper than buying a typical home in all 50 of the largest U.S. metro areas. As of February, the typical monthly mortgage payment on a median-priced home in the U.S. was $2,703, while the typical national monthly rent was $1,979. That’s a nearly 37% gap between the costs of renting and buying a home.
“While it would be nice if the Fed could fix everything on its own, it probably can’t, at least not without causing a great deal of weeping and gnashing of teeth,” said Channel.
I NEED TO BUY A CAR. WHAT’S THE OUTLOOK FOR AUTO LOANS?
While vehicle prices have steadied through late 2023 and early 2024, Bankrate Chief Financial Analyst Greg McBride predicts that high interest rates on auto loans will linger for those with weak credit profiles. Borrowers with stronger credit may see more competitive rates, but the Fed’s decision will continue to make auto loans expensive, even if vehicle prices decline. The average car loan hasn’t been this pricey since 2008.
McBride predicts five-year new car loan rates will reach an average of 7.0% and four-year used car loans, 7.5% by the end of 2024.
In the past year, borrowers have f aced especially expensive monthly payments due to high interest rates, and auto loan delinquency reached its highest rate in nearly thirty years. The average monthly car loan payment was $738 for new vehicles and $532 for used ones in the fourth quarter of 2023, according to credit reporting agency Experian.
New vehicles cost an average of $47,218 in March 2024, according to Kelley Blue Book, a price that, combined with high interest rates, pushes many buyers out of the market for new cars.
IS THE FED MAKING PROGRESS ON SLOWING INFLATION?
Not as quickly as it would like.
Several recent reports on prices and economic growth have undercut the Fed’s belief that inflation was steadily easing.
“Inflation has shown a lack of further progress toward our 2% objective,” said Chair Jerome Powell.
While inflation has cooled from a peak of 7.1% to 2.7%, average prices remain well above pre-pandemic levels, and the costs of services continue to grow — including for rents, health care, restaurant meals, and auto insurance.
___
“The Associated Press receives support from Charles Schwab Foundation for educational and explanatory reporting to improve financial literacy. The independent foundation is separate from Charles Schwab and Co. Inc. The AP is solely responsible for its journalism.”
The U.S. Department of Housing and Urban Development (HUD) announced this week that it is extending a 90-day foreclosure moratorium for all Federal Housing Administration (FHA)-insured mortgages to the federal disaster area in Texas stemming from severe weather, tornadoes and flooding that hit several counties beginning on April 26.
The initially-declared federal disaster zone included the counties of Harris, Liberty, Montgomery, Polk, San Jacinto, Trinity and Walker. On Wednesday, Gov. Greg Abbott (R) added Calhoun, Delta, Jones and Lamar counties to the state-designated disaster area, but these areas have yet to be added to the federally declared area.
The HUD relief includes a 90-day moratorium on foreclosures for FHA-insured loans, in addition to those under the Section 184 Indian Home Loan Guarantee program for Native American borrowers. Additionally, Texas residents with Home Equity Conversion Mortgages (HECMs) in these counties will be granted a 90-day extension in a foreclosure evaluation.
“Homeowners affected by the disaster should contact their mortgage or loan servicer immediately for assistance,” HUD said in its announcement. “Conventional mortgage holders may also be eligible for additional relief through their mortgage holder.”
The areas suffered severe damage after a total of 14 tornadoes struck the region beginning April 26, according to the National Weather Service and reporting from a local NBC News affiliate. One tornado had wind speeds of 110 mph while others severely damaged homes, trees and vehicles.
Subsequent reporting by The Texas Tribune said that at least three people were killed by the storms as the state and federal governments began tallying the damage.
A separate system of severe weather struck the city of Houston last week, which could leave parts of the city without power for weeks. At least four fatalities have been confirmed.
In what should be a reassuring display of good timing, mortgage rates fell for the third week in a row — right at the start of homebuying season.
But mortgage rates are still too high for the comfort of many would-be buyers. That seems to be why home sales stumbled in April, and they might not be much better in May.
The average rate on the 30-year fixed-rate mortgage dropped to 6.87% in the week ending May 23, according to rate information provided to NerdWallet by Zillow. It was a decline of 11 basis points from the previous week. (A basis point is one one-hundredth of a percentage point.)
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Won’t affect your credit score
A slump in home sales in April
The 30-year mortgage has fallen almost half a percentage point in three weeks. If you think this decline means real estate agents are gleefully slapping “Sold” stickers on oodles of “For Sale” signs, sorry to disappoint you.
“Purchase activity continues to lag despite this recent decline in rates,” said Joel Kan, deputy chief economist for the Mortgage Bankers Association, in a news release. This slowdown is a continuation of a worrisome trend.
A combination of high mortgage rates, elevated prices and scant inventory weighed on home sales in April. People bought existing homes at an annual pace of 4.14 million dwellings last month, according to the National Association of Realtors. That was a 1.9% decline from March as well as from the previous April.
Buyers are reluctant
The height of the homebuying season is May through August. If this crucial four-month period had walk-on music, Led Zeppelin would set the right mood. But April was more Vivaldi than Zep. April’s soft sales mean sellers might end up disappointed this spring and summer.
“This year, more sellers are back well ahead of the spring shopping season,” said Orphe Divounguy, senior economist for Zillow, in a news release. “However, buyers — faced with a sharp increase in mortgage rates — have been slower to return.”
He was talking about a rise in mortgage rates that happened in March and April, when April’s home buyers locked their interest rates. Here’s a sobering factoid: Even though rates have fallen three weeks in a row, they’re a little higher than where they stood back in March and early April. That’s why May is shaping up to be a disappointing start to the homebuying season.
Financial markets are betting that the Federal Reserve will cut short-term interest rates at least once this fall. That would probably send mortgage rates downward, too.
“Lower mortgage rates later this year will provide a breather, though the average potential home buyer continues to maintain a wait-and-see approach,” said Selma Hepp, chief economist for CoreLogic, in a news release.
Explore mortgages today and get started on your homeownership goals
Get personalized rates. Your lender matches are just a few questions away.
The OIG also investigated several cases of fraud, including a $165 million mortgage fraud conspiracy, a multimillion-dollar COVID relief fraud scheme, and a civil settlement related to misconduct in residential mortgage-backed securities. These investigations resulted in numerous convictions, prison sentences, and financial penalties. “One successful action this period involved a real estate investor who pleaded … [Read more…]
How can home buyers feel more confident when choosing a mortgage lender?
The first thing to understand about home lenders is that many of the companies that advertise mortgage loans are not really lenders. They are brokers. The money is not coming from them — it is coming from a lender (to whom the broker takes the loan). As an example, I financed my last mortgage through Right Choice Mortgage. However, the loan was made to me from Glendale Credit Union.
The second thing to understand is that even if you go directly to a lender, the lender may still act as a broker. A lender, such as Bank of America, could give you a mortgage. But they could just as easily “sell off” the mortgage to a group of investors in the mortgage aftermarket. Why? Because this frees up the bank’s capital to make more loans.
Who you choose to help you obtain a mortgage really depends on two things: 1) Your personal financial situation and, 2) What sort of relationship you want with a mortgage lender. If you have a complex personal financial situation, such as having multiple sources of income, being self-employed, having investment properties, and owning LLCs, or previous bankruptcies, you may find that some mortgage companies don’t want to bother working with you (because it will take more time and effort to get your mortgaged approved). Also, many of the large automated or semi-automated mortgage companies where you apply online don’t have the right “boxes” on their application for you to explain everything. You can end up in a quagmire of endless frustration working with these companies.
Even if you have a straightforward financial situation, you still must decide what sort of relationship you want with the mortgage company. Are you okay doing everything online or do you need to fill out forms by hand? Do you want to speak to the same person every time or are you okay with talking to whichever one of the hundreds of people in the call center answers the phone? Do you need someone who can walk you through the process and explain things to you, or are you an old “mortgage pro” who understands how the system works? Making the right decision will make your mortgage application process a whole lot easier.
Whoever you choose to work with to get a mortgage, before getting in too deep, find out how they do business and if their style fits in with your needs. Finally, if you do use one of those online brokers, if you can’t find the phone number on the home page, don’t use them.
How do changing interest rates affect mortgages in different communities?
Interest rate changes affect home buying. When interest rates drop, homes become more affordable because loan payments go down. As an example, if you purchased a home for $600,000 (the average price of a home in California) and put 20% down, you would have a $480,000 mortgage. At 3% interest your payment before taxes and insurance would be $2,024. At a 5% interest rate, your payment would be $2,577, or 27% higher. As lenders typically look for your cost of housing to be no more than 30% of your income, lower interest rates should allow more people to get mortgages, and higher interest rates will restrict mortgages.
However, changes in mortgage interest rates do not affect all communities the same. Obviously very rich people, who may still mortgage their homes for tax or financial planning purposes, have few restraints on their ability to get a mortgage. At the lower end of the scale, the least expensive house may continue to sell well when interest rates rise because there are many programs to help underserved and first-time buyers. FHA loans are specifically intended for lower-income, lower-credit, and/or first-time home buyers. This program, which is backed by the Federal Housing Administration, makes it easier to become a homeowner by relaxing the standards borrowers must meet to get a mortgage.
The communities that get hit hardest (or benefit the most) when interest rates change are those communities where the home prices are above average, but not high enough to be of interest to rich people. As an example, in California, that might include communities where the home prices are in the $1 million to $1.5 million range. I recall the recession of 2008, when the value of real estate dropped substantially, there was still demand for the least expensive houses and still demand for mega-mansions of the rich. But those million-dollar homes couldn’t find many buyers.
What’s one tip you would give to members of underserved communities looking to get the best mortgage rate possible?
I offer three tips to members of underserved communities to get the best rates possible. First, do whatever you can to improve your credit score. Even in underserved communities credit scores are one of the primary indicators of credit worthiness used by our financial system.
Second, work with a bank or lender that is familiar with all the programs that are available to underserved communities. Some mortgage companies may not want to use these programs because they may be extra work. Find a mortgage company who can talk frankly to you about those programs that are available and that you can use to your benefit.
Finally, make sure the mortgage company knows that you are a member of an underserved community. Today when we do a lot of business online or on the phone, it may be difficult for the lender to know that you are member of an underserved community which under the broad-based definition recently provided by the White House is said to include “people of color and others who have been historically underserved, marginalized, and adversely affected by persistent poverty and inequality.” That definition covers a lot of people.
What do Gwyneth Paltrow, Chrissy Teigen, Lenny Kravitz, and Travis Barker all have in common? Home decor brands. No matter their skillset or the reason for their fame, it seems that a home decor or accessories collection is the latest, hottest item for celebrities.
With the wide variety of famous people who have either created or curated collections of home decor ideas, it’s hard to keep track. Lucky for you, we’re here to make it easy. The team at Homes & Gardens compiled a complete encyclopedia of over 25 celebrity home collections, collaborations, and brands, you can shop right now.
Bobby Berk Home furniture collection with Wayfair is a stylish ode to contemporary design. Berk’s affordable collaboration celebrates geometric patterns with rugs and artwork while furniture uplifts organic, non-traditional lines.
Bobby Berk Home Brown and Cream Carpet
Chrissy Teigen
Cravings by Chrissy Teigen
Chrissy Teigen’s colorful range of Cravings cookware was created to make cooking fun. The mood-boosting shades of crockery add a pop of color to any kitchen idea, and the multi-purpose appliances are designed to promote a clutter-free cooking space by minimizing the number of pieces you need.
Lowkey Lavender Brasier
Cut & Serve Board
‘The Perfect Pan’
Courteney Cox
Homecourt
If you identified with Courteney Cox’s ultra-clean character on Friends, Monica, then Homecourt might just be your favorite brand on this list. Post-sitcom, the actress launched this line of unique cleaning products and home fragrances she calls, ‘beauty products for the home.’ Each piece looks just as good as it smells.
Mandarin Basile Candle
Linen Dishcloth
Kitchen Trio
Diane Keaton
Keaton Industries x Perigold
Icons create icons. In her Keaton Industries collaboration with Aidan Gray for Perigold, iconic actress Diane Keaton designed a collection of industrial chic lighting options that rival her inimitable style. The black, white, and graphite shades pack a huge punch, despite their minimalist color scheme.
Design expertise in your inbox – from inspiring decorating ideas and beautiful celebrity homes to practical gardening advice and shopping round-ups.
Diane Keaton Light Pendant
Drew Barrymore
Beautiful by Drew Barrymore at Walmart
Perhaps no celebrity home range has received as much attention as Drew Barrymore’s ‘Beautiful by Drew’ line with Walmart. From kitchenware to living room furniture and decor, Drew has it all.
The collection not only lives up to its lofty namesake, but offers its eponymous beauty at an unbeatable price point. Consumers can’t get enough, evidenced by the fact that pieces like the Beautiful by Drew Chair and Beautiful by Drew Airfrier have sold out time and time again.
Slim Espresso Maker
Wheeled Kitchen Cart
Beautiful Drew Chair by Drew Barrymore, Sage
Drew and Johnathan Scott
Scott Living
The Property Brothers’ brand Scott Living is available at Wayfair (Scott Living Wayfair) and Kohl’s (Scott Living Kohl’s), and embraces simple, no-nonsense design. From easy geometric mirrors to classic sheer curtains and decorative vases, Scott Living is a masterclass in decorating a neutral living room.
Ceramic Decorative Table Set
Ellen DeGeneres
ED by Ellen
We all know that Ellen Degeneres has a penchant for real estate, and ED by Ellen proves that this talent extends to interior design. The ultra-chic brand is inspired by the talk show host’s lifestyle and love of contemporary design. Her mid-century modern furnishings and modern farmhouse pieces are designed to last a lifetime.
Cay Large Pendant
Eva Mendes
Skura Style
‘Skura’ is Swedish for ‘scrub,’ the perfect name for these ergonomic, Scandinavian-inspired sponges and cleaning supplies. Eva became a co-owner after discovering how much she loved doing the dishes with a Skura Style Sponge, and she’s never looked back.
Eva’s Essentials
From $26 at Skura Style
If you want to try Skura Style but aren’t sure where to start, this Eva Mendes-approved set is the perfect foray into the brand. It includes a 4 pack of their signature SKRUBBY Sponges, two scouring pads, and a 10-pack of microfiber cloths.
Gwyneth Paltrow
Goop x CB2
Everyone knows Gwyneth is a lifestyle goddess, and it was only a matter of time until her health, wellness, and design expertise made it into the world of interiors. Goop x CB2 is her beautiful collection of furniture and home accessories. Spoiler: it actually looks like something you’d see in Paltrow’s home.
GWYNETH 68″ BOUCLE LOVESEAT BY GOOP
Hilary Duff
Below60°
With Below60°, Hilary Duff made home fragrances all natural and design-led. What more could you want? Her discreet fragrance diffusers are made to blend seamlessly into your existing decor, and the three lovely fragrances are made of natural, clean ingredients.
Starter Kit
From $58.99 Below 60
This discrete diffuser is perfect for filling your home with Hilary Duff’s 100% natural fragrances. The starter kit is sold with the expertly-designed plug-in fragrance diffuser and three signature scents: Hilary’s takes on vanilla, mint, and citrus.
Joanna Gaines
Magnolia Home
As an icon in the interiors space, it only makes sense that Joanna Gaines has an iconic brand, Magnolia Home. Her range encompasses a variety of beautiful furniture and unmissable kitchenware.
Staub Oval Cocotte
Taupe Embossed Baker
Wood with Antique Brass Canister
Kelly Clarkson
Kelly Clarkson Home
Kelly Clarkson Home perfectly embodies Clarkson’s warm, rustic interior design style. Her collection of furniture and homewares can be found exclusively at Wayfair.
Saffron and Light Gray Rug
Handmade Chunky Throw
Timber Pillar Candles
Kim Kardashian
SKKN by Kim
Though SKKN by Kim started as a skincare brand, the socialite has expanded into home accessories. Each piece carries Kardashian’s cool minimalist signature look. We can completely see the style dominating bathroom trends for 2024.
SKKN Tissue Box Cover
SKKN Wastebasket
SKKN Home Essentials
Kris Jenner
Safely
We didn’t know cleaning supplies could be called ‘chic’ until we saw Kris Jenner’s line, Safely. This colorful collection of sprays, soaps, and fragrance diffusers makes cleaning the kitchen easy.
All-Purpose Cleaner
Liquid Dish Soap
Lenny Kravitz
Kravitz Design x CB2
CB2 x Kravitz Design
Unsurprisingly, Lenny Kravitz’s collection with CB2 is oh-so cool. The Kravitz Design collab takes inspiration from around the globe for a warm, sultry aesthetic we’re dying to bring to our own homes.
White Ceramic Table Lamp
Onca Bath Mat
Oak Wood Nightstand
Lisa Vanderpump
Vanderpump Alain
Lisa Vanderpump has teamed up with designer Nick Alain to create a gorgeous lighting line. Vanderpump Alain embraces everyday glamor with shimmery and unique lights and lamps.
Chandelier
Jessica Simpson Home is giving modern Americana in the best way. Simpson’s collection of fashion-forward bedding is cozy and timeless. If you’re loving the current Western trend, but aren’t sure how to tap in, this is a great place to start.
Coral Gables Euro Sham
From $28.00 at Jessica Simpson
This beautiful decorative pillow features an applique border with rows of coral stitching along the edge for a timeless and cozy look
Martha Stewart
The World of Martha
Martha Stewart is the uncontested lifestyle queen. So while cooking may be her passion, the home maven still makes time for interior design with The World of Martha collection. Encompassing everything from the best bedding to cookware, it’s a great place to shop for quality items at a reasonable price.
Enamel Cast Iron Dutch Oven
10 Piece Stainless Steel Cookware Set
Naomi Cotton Percale Queen Quilt Set
Miranda Kerr
Miranda Kerr for Royal Albert
If you like a tea party, you’ll love Miranda Kerr’s Friendship Collection for Royal Albert. Inspired by the model’s love of the natural world, the bright and colorful collection features motifs of butterflies, peonies , and other blue florals. The bone china pieces are perfect for tea or formal dining.
Miranda Kerr for Royal Albert Friendship Accent Plate Set
decorating with pink, there’s no where better to shop than Paris Hilton’s Be an Icon Collection at Walmart. Hilton’s range of pink cookware and kitchen tools is fun and playful with several heart-shaped pieces. As the name suggests, it’s iconic.
Paris Hilton Nonstick Aluminum Cookware
Paris Hilton 4-Piece Cheese Board
Paris Hilton Microwave Popcorn Maker
McGee & Co.
McGee and Co.
If you’re a fan of modern farmhouse decor Shea McGee’s brand is the best place to shop it. The naturally inspired, minimalist look compliments any interior design scheme and the collection is always growing.
Shady Lady Faux Tree
Glennon Pendant
LaPorta Ivory Rug By Chris Loves Julia x Loloi
Reese Witherspoon
Draper James
Though Witherspoon’s brand Draper James is best known for their polished, Nashville-inspired clothing, the Legally Blonde actress has also created an enviable collection of kitchen, tableware, and candles.
Orange Blossom Cedar Candle
Travis Barker
Travis Barker x Buster + Punch
Though Travis Barker curating a collection of home accessories wasn’t on our bingo card, we’re so glad he did. TB’s collection with Buster + Punch is an artful blend of luxury design with rock ‘n roll.
Skull Doorstop
Skull Candlestick
Skull Table Lamp
Venus Williams
V Starr
Though Venus Williams’s design studio isn’t a homeware brand per se, V Starr is killing it as a celebrity design brand. Venus is responsible for designing one of our favorite celebrity homes, sister Serena Williams’s house. We love to see it.
As interest in home decor soars, we can’t wait to see who else joins the ranks of celebrities killing it in the world of design.
Looking for the best college towns in California? You’ve come to the right place. California has some of the finest college towns in the country.
Whether you’re searching for an off-campus apartment in Berkeley or a secluded home in Santa Cruz, we’ve got the info you need on the best spots to enjoy your college time and the years that follow.
Let’s dive into nine of California’s top college towns and find the one that’s right for you.
UC Berkeley is famous for its strong engineering and computer science programs. Many students also flock to Berkeley for its political science and business programs as well. Both are known for their rigorous curriculum and world-class faculty.
Berkeley and the university work hand-in-hand. The town provides internship and research opportunities, particularly in tech and politics. The Berkeley Startup Cluster supports student entrepreneurs, while partnerships with Lawrence Berkeley National Laboratory offer coveted research opportunities.
Apartments near UC Berkeley | Houses for rent near UC Berkeley
Stanford University excels in computer science, engineering, and business. The school’s medical and law schools are also highly respected and competitive. Stanford is renowned for its humanities programs as well, particularly literature and philosophy.
Stanford and Palo Alto have a close relationship. Many startups and tech giants in Silicon Valley partner with Stanford, providing students with sought-after internships and job opportunities. The local hospitals and clinics also collaborate with the university, benefiting medical students. The Stanford Research Park hosts a handful of companies that work closely with students on projects and research.
Apartments near Stanford University | Houses for rent near Stanford University
Cal Poly San Luis Obispo is known for its engineering and architecture programs. These majors consistently rank among the best in the country. Students also flock to Cal Poly for its agriculture and business programs, both known for their practical approach and strong industry connections. The university’s emphasis on “learn by doing” attracts students eager for hands-on experience.
San Luis Obispo and Cal Poly have a very close relationship. Agricultural students benefit from partnerships with local farms and wineries, providing real-world experience. The San Luis Obispo Chamber of Commerce works with Cal Poly to connect students with local businesses, enhancing their professional development opportunities.
Apartments near Cal Poly | Houses for rent near Cal Poly
UC San Diego is a leader in the fields of biology and oceanography. The university’s engineering and computer science programs are also highly rated. Many students come to UCSD for its innovative and research-oriented environment.
San Diego and UCSD have a symbiotic relationship. The city’s biotech industry collaborates closely with the university, providing students with valuable internships. Local marine institutes work with the oceanography department, offering hands-on research opportunities. The San Diego Supercomputer Center at UCSD partners with various industries for advanced research projects.
Apartments near UC San Diego | Houses for rent near UC San Diego
UC Santa Barbara is famous for its physics and marine biology programs. The university also offers strong programs in environmental science and engineering.
Santa Barbara and UCSB are tightly linked. The local marine research centers collaborate with the university’s marine biology program. Environmental science students benefit from partnerships with nearby environmental organizations, providing the type of practical experience that’s needed to fill out a resume.
Apartments near UC Santa Barbara | Houses for rent near UC Santa Barbara
UC Davis has great veterinary and agricultural programs. The university also excels in environmental science and engineering. Many students choose UC Davis for its focus on sustainability and research. The school also has strong programs in food science and plant biology.
Davis and the university have a strong connection. The town’s agricultural prowess provides internships and job opportunities for students. Veterinary students benefit from the nearby animal hospitals and clinics, gaining practical experience. The UC Davis Arboretum collaborates with the city on urban forestry and sustainability projects.
Apartments near UC Davis | Houses for rent near UC Davis
UC Irvine is known for its strong computer science and engineering programs. The university also has a respected business school. Many students are attracted to UCI for its emphasis on research and innovation. The university’s programs in public health and law are also highly respected.
Irvine and UC Irvine work closely together. The surrounding tech industry provides internships and job opportunities to students. The business school collaborates with nearby companies, providing students with practical experience. UCI’s Institute for Innovation connects students with startups and entrepreneurial resources in the area.
Apartments near UC Irvine | Houses for rent near UC Irvine
UC Santa Cruz is celebrated for its marine biology and environmental science programs. The university also offers strong programs in computer science and engineering. Many students choose UCSC for its focus on research and sustainability.
Santa Cruz and UCSC have a close relationship. Local marine research centers collaborate with the university’s marine biology program. Environmental science students benefit from partnerships with nearby environmental organizations. The Santa Cruz Economic Development Office works with UCSC to find additional internships and job opportunities.
Apartments near UC Santa Cruz | Houses for rent near UC Santa Cruz
The Claremont Colleges, including Pomona and Claremont McKenna, are a group of seven schools known for their strong liberal arts programs. These colleges also offer top-tier economics and political science programs. Many students choose Claremont for the small class sizes and personalized education.
Claremont and the colleges are tightly linked. The town offers plenty of internships and job opportunities, particularly in education and politics. Many local businesses collaborate with the colleges, giving students hands-on experience in their fields before their four years are up.
Apartments near The Claremont Colleges | Houses for rent near The Claremont Colleges
Methodology
College towns are qualified as towns or cities with at least one college or university and fewer than 400,000 people according to U.S. Census data. Average rental data from Rent.com in May 2024.
This is not a comprehensive list of all of the towns and cities in the state meeting those requirements.
Continuing their downward trend of recent weeks, rates for the 30-year fixed mortgage fell back under 7% for the first time since April 11, Freddie Mac said.
The 30-year FRM declined 8 basis points, to 6.94% on May 23 from the prior week’s 7.02%, the Freddie Mac Primary Mortgage Market Survey reported. For the same week in 2023, the rate averaged 6.57%.
Meanwhile the 15-year FRM had a smaller drop of 4 basis points to 6.24% from 6.28%, but up from 5.97% one year ago.
This creates an “unexpected windfall” for homebuyers, said Freddie Mac Chief Economist Sam Khater.
“Although this week’s data on previously owned home sales showed a decline, total inventory of both new and existing homes is up,” Khater said in a press release. “Greater supply coupled with the recent downward trend in rates is an encouraging sign for the housing market.”
The drop in rates took place even though the 10-year Treasury went through some gyrations in the past seven days. It closed at 4.38% on May 16, with a low of 4.32% that day.
The next day’s intraday low was 4.39%, while the 10-year yield hit a high of 4.46% on Wednesday and in early trading on Thursday reached 4.5%, and by 11:30 a.m. was at 4.49%.
Other indicators, which use different methodologies (Freddie Mac uses rates on Loan Product Advisor submissions), were higher on the week-to-week comparison.
Lender Price product and pricing engine data on the National Mortgage News website at 11:30 a.m. on Thursday had the 30-year FRM at 7.03%, up from 6.856% seven days prior.
The Zillow website had the 30-year fixed at 6.71% at that time, up 4 basis points from Wednesday’s 6.67% and 7 basis points from the previous week’s average of 6.64%.
The minutes from the last Federal Open Market Committee meeting caused bond investors to reassess their forecasts for inflation and the economic outlook,” said Orphe Divounguy, senior economist at Zillow Home Loans, in a Wednesday night statement.
While the April data showed inflation is once again moving in the right direction, “there are still questions among Fed committee members about whether policy is restrictive enough to bring inflation down to the 2% target,” Divounguy said. “Although a moderation in consumer spending is expected to pull inflation lower, progress on inflation has been modest at best in the first quarter.”
Divounguy pointed to the prevailing view that the FOMC will make one or two rate cuts this year. When it comes to mortgages, the Personal Consumption Expenditures price index report next week should likely cause some repricing activity.
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What do you think of when I say, “smart with money”?
Do you remember any significant life events such as landing your first job after college or signing up for a lucrative opportunity to invest in the stock market?
Most likely not.
Because those didn’t happen until later on in life and we were already smart with our money by then. But there was no rocket science behind it: we just learned about saving and investing early on and took action that eventually yielded positive results.
And if you didn’t, there is no need to fret. You are in the right place and everyone has to start somewhere.
It’s not long before you start to wonder how much richer your life and bank account would be if you had started earlier.
So, let’s do a reality check: what is the difference between investing 10 minutes per day and putting $10 into an investment each month?
A sensible answer would be that investing 10 minutes per day is worth $1,000 in a year.
Your time has value and you are getting richer by the minute!
So, what are you waiting for?
Let’s learn how to be smart with money.
How to Be Smart with Money
Money touches nearly everything we do in our modern society.
It’s what keeps the wheels of commerce turning and enables people to get by without physical labor, so it is important that you know how to manage your finances well.
To be smart with money means understanding its power and spending on what matters most for your life goals.
You need to make sure you are paying for your day-to-day expenses while saving for emergencies, retirement plans, and long-term investments like a home or college education.
Money helps us to achieve our goals and dreams, increase our quality of life, and buy everything we need or want.
If you’re just starting out with your finances then this article is for you! I will give some basic steps on how to be smart with money.
In other words, this article is a crash course on how to make your money work for you! You’ll learn what financial independence means and why it’s important to have a large enough nest egg. Read more now!
Why You Need to be Smart with Money
This is exactly how can I be wise with money.
The most important thing is to cultivate the habit of saving money. The fact that you are reading this article likely means that you understand how important it is, but if not then it’s time for some serious change! If your goal in life is security and doing something meaningful with your life, then building wealth will be a significant step towards achieving those goals.
When we have enough money saved up, we can start investing our funds into different assets such as stocks or real estate so that they grow and compound. The more money we have, the more freedom and control we will gain over our lives.
There are many ways to be smart with money. Here are some suggestions that can help you save, invest, or earn more money.
7 Steps to Be Smart with money
It’s not easy to be smart with money, but it is possible.
Start by building a budget and identifying your spending habits. It takes time and hard work, but once you’re on track for saving money consistently over the long-term, you will find yourself in a much better position financially than those who are constantly struggling or living paycheck to paycheck.
Here are the exact steps to follow:
Step #1: Set Goals
Set goals for yourself. It’s important to have clear, measurable, attainable goals that you will be able to achieve in order to keep your motivation up when you are working towards them.
In order to have a better future, it is necessary to start saving for the future now and not wait any longer.
Set goals and save money every month so that when your goal is achieved, you can spend more time enjoying what life has in store for you.
In order to set goals, it is best to reflect on what you want in your life.
What do you want to know?
Who do you want to be?
What do you want to experience?
What is your purpose in life and how will this help you get what you want?
It’s also important to make a plan for achieving these goals.
For instance, if you want to be a millionaire, what are some steps that you can take today? Maybe it means getting more education or saving up for retirement.
You have the power to set goals and make plans to achieve them.
Action Step: Dig deeper into making smart financial goals.
Step #2: Managing your Budget
A budget can be a valuable tool for managing your money and preventing financial stress.
More importantly, to become smart with money is to create a budget that you can follow. You should also save your money, especially if you want to build wealth.
Managing your budget is a step-by-step process that requires you to have a budget.
You should start by setting up a spreadsheet to track your income and expenses. The next step is to create a budget that reflects your financial situation. You can use an online Google Sheet, Microsoft Excel spreadsheet, or personal finance software like Quicken.
Action Step: Dig deeper into how to make a budget.
Step #3: Paying Off Debts (non-mortgage debts)
Dealing with debt is difficult enough, but it can be made easier by paying off your monthly payments.
Paying off debts is the process of getting rid of outstanding debt and freeing up cash flow. This can be done by creating a plan to get out of debt, avoid taking on smaller manageable debts or simply by not spending as much.
Pay off your high interest debt first, such as credit cards and loans. This will help reduce the amount of interest you pay each month.
When you are able to pay off your debts on a regular basis, the interest rates will go down and this will save money in the long run.
Paying off debt faster and building wealth is easier than ever by following this action step below.
Action Step: Dig deeper into how to get out of debt.
Step #4: Save More Money
Save more money is a step in the process of achieving financial independence.
Saving money and building wealth is something that anyone can do. Once you get into the habit of saving money, it becomes easier to increase your savings rate or build up an emergency fund.
This step involves taking on additional work and increasing your income so that you can save more. By saving more money, you will be able to reach financial independence faster.
It is important to create an emergency fund and invest in a money market account. This allows you to save for future goals and emergencies with less risk, as well as build wealth faster.
Action Step: Pick a money saving challenge for you!
Step #5: Track Expenses
Track expenses is a phrase that means to collect or record the money that you spend on various things over a given period of time. This includes bills, groceries, and anything else expenditure-related.
Track your spending or review debit/credit card transactions and receipts to begin to understand where your money is going.
This will help you stay on top of what you are spending so that you can be more efficient with your finances.
Track your spending habits to find the big leaks in your wallet. You should know what you are spending money on, where it is going and how much you spend.
For at least a month, track your expenses in order to get a better understanding of where you can save. This will help you set goals and make conscious decisions about money management.
Action Step: Try a no spend month to prioritize your spending.
Pick a money saving challenge for you!
Step #6 – Increase Income
There are numerous ways to increase your income. You can increase your income by working more hours, starting a side business, or taking on additional responsibilities at work.
The fastest way is to think of businesses, products, or services that people want – use Google to find the products and advertise your niche. The benefit of working for yourself is there are no income limits on what you can make.
Many people want to make money online, but most of them need help figuring out how to do it.
To start, you need to figure out what your skills are and then find a niche that is in demand. For example, if you have good writing skills, it might be best for you to try blogging or find freelance work.
Don’t give up. If you want to make a lot of money, you have to put in the time and effort!
Action Step: Find ways to make money fast.
Step # 7: Invest Wisely
Investing wisely is the act of making investments that will provide positive returns.
Investing in stocks, bonds, or other types of securities can be risky, but it can also make you rich. Investing wisely means understanding the risks and rewards of your investment.
If someone asked you, “What is the smartest thing to do with your money?” The loud answer is to invest money consistently.
Investing early on and taking action eventually yielded positive results.
Investing is a marathon and not a sprint, so we need to start small and take it one day at a time.
Investing in a variety of assets is the best way to maximize your returns. Invest only in what you know and understand, invest for the long term, and diversify investments.
Action Step: Learn how much you can make in stocks.
10 Simple Smart Money Tips
On Reddit personal finance, you can find hundreds of answers to what is a money smart person, which is great but can be overwhelming.
Smart money tips are a great way to build wealth and get rich faster. These smart money tips will help you learn more about personal finance, save time on your monthly expenses, and grow savings for the future.
Here are specific ways you can become money smart today:
1. Build an Emergency Fund
An emergency fund is a savings account that’s been set aside for the unexpected.
It is used to cover emergencies, such as car repairs or medical emergencies, and can also be used when you have a job that doesn’t offer health insurance.
It’s important to set up an emergency fund because unexpected situations can happen at any time, and you won’t be able to use your credit cards or other debt to pay for them.
2. Save for Larger Purchases and Expenses
Save for larger purchases and expenses is a financial planning strategy that entails saving a certain amount of money each month to put towards future, much bigger purchases or expenses.
It’s important not to spend all of the money you save, as it’s possible that the future expense will not come to fruition.
This is exactly how you stay out of debt.
3. Steer Clear of Debt
Keep your debt low, and pay it off when you can.
Good debt is debt that will help you reach your goals in the future or help build a business. Bad debt is debt that you will not be able to pay back, and if you default on this type of debt, it can have a huge impact on your credit score.
To get out of debt, figure out how much you owe on various debts and decide what to do with the money.
4. Start Investing for Retirement
Many people have a hard time saving for retirement. This is unfortunate because of the power of compound interest, which means that you will earn more money on your investment over time.
Start saving 15% of your income as soon as you can for retirement. This will allow for passive income later in life.
The best way to start investing for retirement is by setting up a Roth IRA.
You can then invest your money with low or no fees and earn tax-free returns until you retire.
This means every time you get a raise, put that extra cash into an account that will be used for your retirement.
5. How to Save for Kids’ College
There are a few different ways to save for kids’ college. One way is to pay for their education through a 529 plan, which is a tax-advantaged savings account that allows you to save for college expenses. Another way is to use a mix of tax-advantaged and taxable investments like an IRA or 401(k), which will take some time to build up your savings but will allow you to invest in stocks, bonds, mutual funds, and other investments that are safe for retirement.
The best way to save for your kids’ college is to start saving early.
Also, you need to check out this scholarship program to lower the cost of college.
6. Find a Good Credit Card
Credit cards offer the best interest rates on purchases, and they’re easy to find with little risk. Apply for one that charges no annual fees and offers a balance transfer promotion.
Even better, you want a credit card that offers you cash back on your purchases.
7. Talk about Money
In order to be smart with money, it’s important that you talk about finances and learn from them. You can normalize talking and learning about finance by using a planner or financial statements.
It also helps to meet up with other people who have similar values in the community so they can help support your journey towards wealth building.
By talking openly about finances and learning how to be smart with money, it helps people get wealthy.
8. Learn about Money
Money is a topic that most people know little to nothing about, and it can be hard to get started.
However, Money Bliss provides some helpful tips on how you can begin building your wealth in the simplest way possible.
Wealthy people are getting richer by staying up to date with money matters.
Building wealth starts with thinking about your finances the right way. It’s not about losing weight or running a marathon; it’s about how we use the resources we’re given and the smart money management skills we need to get what we want out of life.
9. Know the Purpose of Money
Most people believe that it is “the key to happiness” to have enough money, but studies show this is not true.
We know money does not buy happiness, but it doesn’t mean you should live without it.
In fact, you need to know how money helps you find time freedom.
Time freedom is a relativity new concept; yet, it is the driver behind finding happiness with money.
10. Be Aware
Awareness of spending habits, saving, and donations are all examples of smart money skills.
By understanding how your current income is allocated to different expenses–including the ones you can’t control like mortgage rates or gas prices–you’ll learn what really drives your monthly budget.
When it comes to money, you should be smart about your spending habits. By doing this, you will have a better understanding of how much money is coming in and going out so that you can save more or donate more.
You should also know the difference between saving for the future vs living day-to-day expenses because these are two different things.
There are many perspectives on how to manage money. And honestly, there isn’t one opinion that dominates from another.
That is why investing in yourself to read some of the best books on how to manage money is key to long-term financial success!
While many of the concepts may be similar, there is ALWAYS something unique I learn after reading each book.
Happy reading!
Photo Credit:
amazon.com
Hands down this is one of my favorite books on how to manage money of all time.
The reason is simple.
It is easier to follow regardless of your background, knowledge of personal finance, or love/hate relationship with numbers, and money savviness.
You cannot learn how to manage money successfully without reading this book. This is one of the best gifts that you can give.
Key Takeaways – Creating your F-you fund will dramatically change your financial independence and your future.
Photo Credit:
amazon.com
This book by David Bach is the inspirational story you need when motivation is low to stay on budget.
You learn the secret to automatically secure your future – all through automatically saving money. This is a real system that any person can follow.
If you are struggling to stay on course and motivated, then you need to pick up this book. Once you read it, then pass it along to a friend to keep the motivational and accountability train going.
Key Takeaway – Automatically saving 10% early on will guarantee your millionaire status.
Photo Credit:
amazon.com
This book covers every aspect of money from debt, saving accounts, automating finances, set-it-and-forget it investment strategy, how to handle big purchases (car, house, wedding, kids) plus how to negotiate a raise at work.
These are the basic principles on how to manage money that needs to be taught in school. Call this book your beginner’s guide on managing your finances and setting yourself up for long term success!
Take control of your financial situation. By becoming active, you don’t have to continue to hold for a magically change.
Make sure you get the 2nd edition that was revised in 2019.
Key Takeaways – Ramit Sethi, the author, provides you word-for-word scripts that will save you thousands of dollars on loan interest and lowering all of your expenses. That alone is worth the $9.
Photo Credit:
amazon.com
The goal is to become financially independent as quickly as possible.
This is something the author Grant Sabatier has achieved and retired at the age of 30.
He offers counter-intuitive advice about money so that you can actually live the life you want. This FI movement is picking up speed and something that you shouldn’t ignore regardless of your age.
Key Takeaways – You will not walk away from reading this book the same person.
Photo Credit:
amazon.com
This is what we all dream of… be set for life. Not to have to worry about the next paycheck coming in. Running out of money each month. You want money in the bank and the freedom to do what you want to do.
Become set on escaping the 9-to-5 grind and lay a solid foundation with money. According to the author, Scott Trench, you must be willing to work harder and smarter than the average person.
Find the motivation to conquer your financial goals early on.
Key Takeaway – Be prepared to start saving 50% of your income while still enjoying life’s luxuries at a younger age.
Photo Credit:
amazon.com
This recent release is about how you behave with money. The decisions that are made on the go and not when looking at a spreadsheet.
The book is filled with 19 short stories on how emotions play such a big part with how we handle money. Everyone handles money and investing differently and that is okay, but learning how to know what works for you.
Key Takeaway – This book is meant to be thought provoking on why we do silly things with money.
Photo Credit:
amazon.com
This is the perfect book for beginners written by a (retired) millennial.
You will walk away with a solid understanding of budgeting and why tracking your net worth will boost your money management efforts.
She puts everything into simple terms and provides uncomplicated and realistic solutions to handing your finances.
Key Takeaway – This book is loaded with sass and humor, so you will find the lessons upbeat and honest to a normal dreary topic of personal finance.
Photo Credit:
amazon.com
The long term reason to save money today is to not work for years. If you want a drag on your portfolio by using a financial investor, then don’t read this book.
If you want a classic guide on getting smart about the stock market and becoming financially independent, then this book is for you.
The author teaches how to make index fund investing work for you and help you to achieve your financial goals. Plus with having little risk.
Key Takeaway – The investment scene doesn’t have to be scary and confusing after learning the basics of investing and creating a simple portfolio.
Photo Credit:
amazon.com
One of the best ways to build income is to become your own boss whether, through a side hustle, real estate investing, or building a business. However, too many times expenses swallow business before they ever churn a profit back to the owner.
Mike Michalowicz will lays out the Profit First Formula, which will transform any business on the way they manage money.
This is a must-read for anyone owning their own business, a board member for a corporation, or looking to start their own business. This is how you build a sustainable, no-ceiling income.
Key Takeaway – You will finally know how much you have to invest in your business and always take home a profit.
Photo Credit:
amazon.com
The last book on the top 10 best books to manage money isn’t even focused on money!
It is how we handle and deal with our stuff. Unfortunately, buying all that stuff comes at a cost and normally a big price tag. Plus the cost to maintain the stuff we already own.
The book by Joshua Becker helps you to open your eyes to a slightly different lifestyle that may change your life forever.
Key Takeaways – By learning to live with less stuff, there is more money in our budget to spend on other things or experiences.
Ready to Be Smart with Money?
Being smart with your money is about making good choices.
It’s important to know what you need and what you don’t because if you spend too much on things that aren’t necessary, you’ll never save enough to buy the things that are important to you.
Becoming rich and building wealth is all about making smart choices!
You need a goal, sometimes called an objective or an endpoint, and you need to set up a plan.
There are many steps that can help you be smart with your money. For example, never save for “a rainy day”; instead save for all the days.
The steps to be smart with money are not difficult, but the effects of being smart with your finances will last throughout your life.
Know someone else that needs this, too? Then, please share!!
Did the post resonate with you?
More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.