May 2024 - Hanover Mortgages

Apache is functioning normally

May 7, 2024 by Brett Tams

Purchasing U.S. Treasury securities are often considered to be a dependable and less-risky way to increase income and grow wealth over time. Building a Treasury ladder can be a smart move for investors looking for a way to maximize profits while controlling interest rate risk. Investing in a Treasury ladder allows investors to spread out the risk and return associated with holding fixed-income securities by buying a sequence of securities with varying maturities.

In this article we delve into the complexities of U.S. Treasury ladders, going over their advantages, construction techniques, and things to think about for investors trying to assemble a reliable and well-rounded portfolio.

What Is a Treasury Bill Ladder?

An investing strategy known as a “Treasury Bill ladder” involves buying a sequence of Treasury Bills with varying maturities. The United States government issues Treasury Bills, sometimes known as T-bills, which are short-term debt securities with maturities varying from a few days to a year. Investors can spread out the maturity dates of their investments by building a Treasury Bill ladder, which preserves liquidity and generates a consistent income stream.

With this approach, investors can benefit from fluctuating interest rates and make sure that a part of their portfolio is always maturing, giving them flexibility in terms of withdrawal or reinvestment. Treasury Bills are also regarded as some of the least-risky investment options.

What Is a Treasury Bond Ladder?

A Treasury Bond ladder is similar to a Treasury Bill ladder in that it emphasizes longer-term investing and both involve staggering maturities. The United States government issues Treasury Bonds, which are long-term debt instruments with maturities ranging from 10 to 30 years.

A Treasury Bond ladder works similarly to a Treasury Bill ladder in that it distributes the risk and returns of investing in fixed-income securities by buying bonds with different maturities. Still, there are some significant distinctions between the two approaches. Because they are investments with a longer maturity period than Treasury Bills, Treasury Bonds usually provide greater yields.

Treasury Bond ladders are often favored by investors seeking higher income potential and are willing to accept the associated interest rate risk. Changes in interest rates may have an effect on the market value of Treasury Bonds. Notwithstanding these differences, Treasury Bill and Treasury Bond ladders are equally useful instruments for addressing the varied inclinations and goals of investors while controlling interest rate risk, producing income, and preserving portfolio diversification.

How Can You Build a Treasury Ladder?

Several important factors must be taken into account while building a Treasury ladder in order to minimize risk and maximize returns.

The first stage is to decide on the ladder’s ideal configuration, which includes the number of rungs and the assets’ staggered maturities. The term “rungs” refers to the individual assets that make up the ladder; based on the investor’s investment horizon and preferences, these securities may include Treasury Bonds, Treasury Notes, or Treasury Bills. By ensuring that a part of the portfolio matures on a regular basis, staggered maturities offer liquidity and flexibility for withdrawal or reinvestment.

To maximize the performance of a Treasury ladder, investors should also take the yield curve and current interest rates into account. Longer-dated securities often provide greater yields in order to offset the duration and interest rate risk. Nonetheless, investors may decide to add assets with shorter maturities to increase liquidity or to capitalize on future changes in interest rates.

When choosing the Treasury securities to include in the ladder, investors should consider their time horizon, investing goals, and risk tolerance. While Treasury Notes and Bonds offer higher returns and are appropriate for longer-term investment objectives, Treasury Bills are best suited for investors with short-term liquidity needs or a conservative risk profile.

After the ladder is put in place, investors should keep a close eye on it, rebalance the portfolio as needed to preserve the intended asset allocation, and modify the ladder’s maturity structure in response to shifting market conditions.

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What’s an Example of a T-Bill Ladder?

Buying T-Bills with varying maturities over a predetermined time frame, like a year, is an example of a T-Bill ladder.

An investor could, for example, build a three-rung T-Bill ladder, where each rung represents a T-Bill with a different maturity date. T-Bills that mature in three months, six months, and nine months, respectively, might be found on the first rung, second rung, and third rung.

By reinvesting the proceeds from each maturing T-Bill into new ones with longer maturities, the investor can preserve the ladder’s structure and create a steady flow of income. By delaying the maturity dates of their investments, this technique helps investors spread out their exposure to reinvestment risk while capturing changing interest rates over time.

An investor would receive interest income of $50 from the first T-Bill after three months, $100 from the second T-Bill after six months, and $150 from the third T-Bill after nine months, for instance, if they initially purchase $10,000 worth of T-Bills with staggered maturities of three, six, and nine months, and each T-Bill offers an annualized yield of 2%.

In order to preserve the ladder’s structure and gradually produce a consistent income stream, the investor may reinvest the principal and interest into further T-Bills upon maturity.

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How Do You Buy Treasury Bonds and Bills?

Purchasing Treasury Bills and Bonds is a simple process that may be carried out via a number of methods.

One popular way is via a brokerage account, where investors can buy Treasury securities through a broker-dealer. Or investors can buy directly from the U.S. Department of the Treasury. Treasury securities are easily accessible through a number of online brokerage platforms, enabling investors to buy and sell them with a few clicks.

Banks and other financial organizations that take part in Treasury auctions are another source for investors to purchase Treasury securities. Investors can place bids for the required quantity and yield at regular auctions held by the U.S. Department of the Treasury for Treasury securities, such as Treasury Bills, notes, and bonds.

Additionally, investors may purchase Treasury securities indirectly by investing in a diverse portfolio of Treasury securities through exchange-traded funds (ETFs) or mutual funds with a Treasury concentration. Investors can easily obtain exposure to Treasury securities through these products without having to buy individual bonds or bills.

Is it Worth it to Build a Treasury Ladder?

Creating a Treasury ladder may have certain advantages for investors:

• Possible protection against inflation: Treasury Inflation-Protected Securities (TIPS) within the ladder may help safeguard against the erosive effects of inflation by adjusting the principal value in line with changes in the Consumer Price Index (CPI).

• Revenue and cash flow: Treasury securities offer a steady income stream in the form of interest payments, which can be especially attractive to retirees or those looking for consistent cash flow. In order to provide liquidity for reinvestment or other financial needs, staggered maturities create a steady stream of maturing securities.

• Diversification: Treasury ladders distribute assets across several Treasury security types and maturities, providing diversification and lowering total portfolio risk.

• Security and less risk: Because they pay principal and interest on time by the U.S. government, U.S. Treasury securities are among the least risky investments available.

Are There Risks Associated with Treasury Bill and Bond Ladders?

Bond and Treasury bill ladders are typically regarded as low-risk investment techniques, but investors should be aware of certain potential risks.

Interest rate risk is one of the main risks connected to Treasury securities. Treasury securities’ market value can change inversely with changes in interest rates. This implies that the market value of current Treasury securities may decrease if interest rates rise, possibly resulting in a loss if the investor sells before maturity. On the other hand, investors who retain Treasury securities until maturity may benefit if interest rates decline and the market value of the securities rises.

Reinvestment risk is another thing to think about. Investors must reinvest the revenues from maturing assets into new securities because Treasury ladders feature staggered maturities. Investors may end up investing at lower rates if interest rates have dropped since the first investment, which might affect the ladder’s overall yield. On the other hand, investors might be able to reinvest at higher rates if interest rates have increased, which would raise the ladder’s total yield.

Even though Treasury securities are among the least risky investments available since they are backed by the full faith and credit of the United States government, there is always a small but constant risk of default. The purchase power of the principal and interest payments of Treasury inflation-protected securities (TIPS) can be impacted by changes in inflation, so investors should be aware that TIPS involve an inflation risk.

Can You Set Up a Ladder Using ETFs?

ETFs that specialize in Treasury securities allow investors to indirectly build up a Treasury ladder. Treasury-focused ETFs offer investors exposure to a variety of Treasury Bills, notes, and bonds by holding a diversified portfolio of Treasury securities with different maturities.

Without having to buy individual assets, investors can obtain a comparable result to a Treasury ladder by investing in these ETFs.

When building a Treasury ladder, investors can benefit from a number of ETF features. They offer diversification over a wide array of Treasury securities, helping reduce credit risk as well as interest rate risk. Also, a wider range of investors can invest in ETFs since they usually have lower investment minimums than buying individual Treasury securities. ETFs also trade on stock exchanges, giving investors flexibility and liquidity to purchase and sell shares at any time during the trading day.

That’s not to say that ETFs don’t, generally, have some downsides, though. ETFs may experience tracking errors, for instance, and have associated trading costs. There may be other types of risk, too – just some things to keep in mind.

Treasury-focused ETFs frequently provide extra characteristics, such as improved yield strategies or inflation protection, to meet the unique requirements and preferences of investors. To make sure that ETFs match their investment goals and risk tolerance, investors should carefully consider the expense ratios and liquidity of the funds before making an investment.

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The Takeaway

Building a Treasury ladder may be a tool for investors looking for a way to maximize profits while controlling interest rate risk. And, as noted, investing in a Treasury ladder allows investors to spread out the risk and return associated with holding fixed-income securities.

Overall, the combination of potential inflation protection, minimized interest-rate risk, reliable income, diversification benefits, and lower relative risk make building a Treasury ladder a compelling investment strategy for many investors, particularly those with a conservative risk tolerance or seeking stable returns over time.

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FAQ

Is laddering Treasury bills a good idea?

A T-Bill ladder distributes investments over a range of maturity dates, which helps investors diversify their holdings. It can aid in reducing interest rate risk.

Are Treasury ladders taxable?

Yes, you pay federal taxes on Treasury Bills at your marginal income tax rate, but state and local income taxes do not apply to them.

Is it better to buy a CD or a Treasury bill?

Depending on the length of term you desire, you can choose between Treasuries and a CD. Treasuries are a preferable option because rates are close enough for both one- to six-month and ten-year maturities. Right now, CDs are paying more for durations of one to five years, and the difference is significant enough to give them the advantage.

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Apache is functioning normally

May 7, 2024 by Brett Tams

Have you ever wondered, “Should I move to Reno, NV?” Known as “The Biggest Little City in the World,” Reno is famous for its vibrant nightlife, world-class entertainment, and thriving arts and culture scene. Residents enjoy easy access to Lake Tahoe, as well as a wide range of outdoor activities like hiking, skiing and water sports. From the neon lights of its famous casinos to the serene parks and rivers that crisscross the city, Reno offers a unique mix of excitement and tranquility that’s hard to find anywhere else. In this article, we’ll breakdown the pros and cons of living in Reno to help you decide if it’s the right place for you. Let’s go.

Reno at a Glance

Walk Score: 40 | Bike Score: 52 | Transit Score: 24

Median Sale Price: $550,000 | Average Rent for 1-Bedroom Apartment: $1,400

Reno neighborhoods | Houses for rent in Reno | Apartments for rent in Reno | Homes for sale in Reno

Pro: Excellent arts and culture scene

Reno is often overshadowed by its glitzy neighbor Las Vegas. However, this city boasts a surprisingly vibrant arts and culture scene of its own. The annual Burning Man festival, while held in the Black Rock Desert, leaves a lasting impact on Reno’s local culture, with numerous art installations and events throughout the year. The city is also home to the Nevada Museum of Art. This museum showcases a wide range of exhibitions and is the only accredited art museum in the state. Additionally, the Midtown District is bursting with murals, galleries, and boutiques, making Reno a hidden gem for art lovers.

Con: Air quality concerns

Reno faces significant air quality issues, particularly during the summer months. This is when wildfires in the region can cause smoke and particulate matter to blanket the city. This not only obscures the beautiful views of the surrounding Sierra Nevada mountains, but can also pose health risks to some residents. The city’s location in a valley further exacerbates these issues. Pollutants can become trapped, leading to days or even weeks of poor air quality.

Pro: Proximity to outdoor recreation

One of Reno’s most appealing aspects is its proximity to a plethora of outdoor recreational activities. Located just a short drive from Lake Tahoe, residents and visitors can enjoy world-class skiing, snowboarding, hiking, and water sports within a 45-minute drive from the city. The Truckee River, which runs through the heart of Reno, offers kayaking, fishing, and even a whitewater park for enthusiasts. This easy access to diverse landscapes makes Reno an ideal location for outdoor adventurers.

Con: Limited public transportation options

Reno’s public transportation system struggles because of its limited routes and infrequent schedules, particularly in the evenings and on weekends. With a Transit Score of 24, it can be difficult for those without personal vehicles to navigate the city efficiently. The reliance on cars contributes to traffic congestion and environmental concerns, highlighting a need for improved and more sustainable transportation options.

Pro: Growing culinary scene

Reno’s culinary scene has been experiencing a renaissance. Recently, there’s been an influx of new restaurants, bars, and cafes opening their doors to the public. From food trucks offering gourmet options to high-end dining experiences featuring locally sourced ingredients, Reno has begun to establish itself as a foodie destination. The city also hosts several food festivals throughout the year. These events celebrate everything from craft beer to international cuisine, further cementing the city’s status as a culinary hotspot.

Con: Housing market pressures

With Reno’s rising popularity and influx of new residents, the housing market has become increasingly competitive and expensive. Home sale prices are about $100,000 more than the national average and rents have risen sharply. This lack of affordability can make it challenging for some homebuyers to find affordable housing options within the city, contributing to a growing concern over the cost of living in Reno.

Pro: Educational opportunities

Reno is home to a major public research university, the University of Nevada, Reno (UNR). The university offers a wide range of undergraduate, graduate, and doctoral programs. UNR is particularly renowned for its research and education in environmental science, engineering, and journalism. The presence of the university contributes to the city’s community and provides numerous educational opportunities for residents looking to advance their careers or pursue higher education.

Con: Seasonal weather extremes

Reno experiences a high desert climate, which means residents must prepare for hot summers and cold winters. The temperature can soar above 100°F during the summer months. Making outdoor activities uncomfortable or even dangerous without proper precautions. Conversely, winters can be harsh. Temperatures often drop well below freezing and there’s occasional heavy snowfall, particularly in areas closer to the Sierra Nevada mountains. These seasonal extremes can be a drawback for those not accustomed to such variability in weather.

The sense of community in Reno is strong, with local soften coming together to support local businesses, arts, and charitable causes. The city hosts numerous community events throughout the year, including farmers markets, art walks, and cultural festivals, which foster a sense of belonging and civic pride. This community spirit is a testament to Reno’s resilience and the warm, welcoming nature of its people, making it a great place to call home.

Con: Water scarcity

Reno, situated in the high desert, faces challenges related to water scarcity. The region’s limited water resources are under pressure from population growth and prolonged drought conditions, which can affect water quality and availability. Efforts to manage and conserve water are critical, but the ongoing concerns about sustainability and the impact of climate change make water scarcity a significant issue for Reno’s future.

Pro: Tax benefits

One of the financial advantages of living in Reno is Nevada’s favorable tax structure. The state does not impose an income tax, which can result in significant savings for residents, especially when compared to neighboring states with higher tax rates. Additionally, Nevada’s overall tax burden is relatively low, including property taxes, making Reno an attractive option for both individuals and businesses looking for a tax-friendly environment.

Jenna is a Midwest native who enjoys writing about home improvement projects and local insights. When she’s not working, you can find her cooking, crocheting, or backpacking with her fiancé.

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Apache is functioning normally

May 6, 2024 by Brett Tams

Welcome to NerdWallet’s Smart Money podcast, where we answer your real-world money questions. In this episode:

Explore car buying in 2024, from Carvana’s process to the electric vehicle surge and how to maximize your car’s sale value.

Budgets Beyond the Numbers: How do you manage the emotional aspects of budgeting? What’s the car buying market like in 2024? Hosts Sean Pyles and Elizabeth Ayoola discuss personal budgeting and the future of car buying to help you understand how to navigate financial decisions with confidence. They begin with a discussion of budgeting “beyond the numbers,” with tips and tricks on categorizing expenses into their emotional impacts to make budgeting feel more personal.

Today’s Money Question: Is Carvana a good service? Should you buy an electric vehicle if you’re in the market for a new car? NerdWallet autos writer Shannon Bradley joins hosts Sean Pyles and Sara Rathner to delve deeper into the future of car purchases and the electric vehicle revolution. They explore the evolution of electric vehicles, the current state of the car market for both buyers and sellers, and strategies to get the best deal when selling your vehicle. The conversation aims to provide insights on choosing the right time to buy an electric car, understanding the market dynamics, and ensuring a smooth car selling experience.

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Episode transcript

This transcript was generated from podcast audio by an AI tool.

Sean Pyles:

What’s in a budget? If you look at the 50/30/20 budget, you have your needs, wants along with extra debt payments and savings. But we all know a budget can be much more than that. We get into it this episode. Welcome to NerdWallet’s Smart Money Podcast, where we help you make smarter financial decisions, one money question at a time. I’m Sean Pyles.

Elizabeth Ayoola:

And I’m Elizabeth Ayoola.

Sean Pyles:

This episode we answer a couple listeners’ questions about car buying and selling, including what to know about the electric car market right now. But first, we’re exploring what’s really in a budget beyond the numbers and Elizabeth, this is something that you are especially interested in, right?

Elizabeth Ayoola:

I am, Sean, because budgeting gets a bad rep, but it can be fun too, especially when you have something you really want and are working towards, but it can be equally stressful. I’m not going to deny that.

Sean Pyles:

Totally. When people hear the word budget, they might just think about numbers in a spreadsheet or about restricting themselves from purchasing something that they want. Neither is really fun. And don’t get us wrong, we are still big proponents of having a budget and we think the 50/30/20 budget, where you have half of your income going towards needs, 30% going towards wants and 20% going towards extra debt, payments and savings, can be a really accessible and flexible framework for most people, but it doesn’t get to the more personal parts of our finances. So Elizabeth, you like getting into those deeper parts of a budget and you do this by breaking it into three general categories: something stressful, something exciting, and something confusing. Can you talk about why you are thinking about your budget in this way and what’s the purpose of each category?

Elizabeth Ayoola:

So I feel like by doing this, it gives our budget some personality, it creates some interesting conversation around our budgets. I think we all know that budgets can be monotonous, so breaking it up like this helps me stay engaged with my budget and also have something to feel excited about. You know what I’m saying, Sean? So the confusing one especially is a chance for me to challenge myself to untangle areas of my budget where I’m winging it or I’m just disorganized and usually I’m winging it or disorganized because I’m overwhelmed and don’t understand something.

Sean Pyles:

This reminds me of a game that I sometimes play with my friends called Rose, Thorn, and Bud. The rose is something good that happened to you, the thorn is as you might expect, something that’s a little bit thornier or unpleasant and the bud is something that is in progress or something that you are excited about. This is kind of like that, but for your finances, it’s a way to categorize items of your budget under broader themes, which can help you process them in that more personal and emotional way. Is that how you think about it too?

Elizabeth Ayoola:

Exactly. You just put it in a fancy way. Thank you, Sean.

Sean Pyles:

Thank you.

Elizabeth Ayoola:

And I also have a new game that I’m playing with my friends because I’m stealing your idea.

Sean Pyles:

Happy to hear it.

Elizabeth Ayoola:

As of recent, I’ve been asking them when I go on girlfriend dates, what’s one thing they hope happens this year? But I’m definitely going to swap it out for your idea.

Sean Pyles:

Oh, I love that. Well, to help our listeners understand this way of thinking about budgeting, Elizabeth, I would love to hear what you are finding stressful, exciting, and confusing in your budget right now?

Elizabeth Ayoola:

As a recovering over sharer, I am definitely going to share that. So let’s start with stressful. Start with the worst, a moving budget. So just please anybody rescue me on a red carpet and make sure you bring a margarita with you because moving is stressing me out. I’m trying to make the move as cost-effective as possible because it’s looking like I’m going to spend a couple of thousand dollars right now and that’s really hurting my feelings.

Sean Pyles:

Yeah, it’s a lot of money.

Elizabeth Ayoola:

So now let’s get into the exciting thing, a love sack. I don’t know if any of our listeners or you, Sean, have heard of love sacks before, but they’re essentially these giant beanbags and in my fantasy of living out the Bohemian dream in my household, I have something like a love sack where I can read books and watch Netflix and do whatever else I want to do on it. So I’ve wanted one for years, but they are pretty pricey. They can start around the $900 range and go up to a thousand dollars, but I am budgeting for that and I’m looking forward to it. The only thing I’m worried about is my son putting his Cheeto hands all over my stuff.

Sean Pyles:

That’s a fair concern. Also, you might want to wait to get that until after you’re moved because that would be just one other thing to haul across state lines.

Elizabeth Ayoola:

Oh fact, I’m definitely not buying that now, so I’m going to buy it once I move. So it’s also giving me more time to save towards it or to budget for it. Another exciting thing I’m also budgeting for is to go to Nigeria. So I am Nigerian for the listeners and I haven’t been since I had my son maybe like four or five years ago, and he’s been asking me to go. That’s kind of what inspired the trip, but it does cost a couple of thousand dollars, so I’m budgeting towards that as well, but excited. And lastly, what is confusing? Balancing business and personal budgets at the same time is very confusing for me right now.

So I’m trying to kind of figure out how much to put towards retirement saving because my expenses just keep changing and I’m also trying to ensure that I don’t commingle, which is when you’re mixing kind of your business finances with your personal because we don’t want the IRS to come knocking. So all these kind of things are just confusing and maybe a little bit stressful as well. Then lastly, my son is going to a private school in August, so my budget is going to change. I’m trying not to be hard on myself because I really like saving big chunks of money and him going to private school might mean I have to save less, but it’s all good.

Sean Pyles:

See, I feel like this really shows how your budget is being enacted to help you meet the short and long-term life goals that we talk about so much on Smart Money and also the various emotions that come with meeting your goals or trying to meet them and the compromises that are just inherent in this conversation you have with yourself and your finances. Also, Elizabeth, last week you said that you were financially boring, and I’m going to say that all of these things are interesting. I’m especially excited about your trip to Nigeria, so let me know how that goes. And also let me know where you land on your savings when your son starts private school.

Elizabeth Ayoola:

Of course, I’m going to share that with you guys, so watch out for that. It has been so long since we’ve been to Nigeria, so we’re looking forward to it. And private school, well all the listeners with kids know that kids swallow up your dollars, but I hope to get a good return on investment on this. So what are yours, Sean? Tell me about your things that are stressful, exciting, confusing.

Sean Pyles:

Okay, well this is where I reveal that I am actually boring. Something stressful is that I’m in the middle of a season of travel right now, which is not boring. It’s very exciting actually. But I went down to San Francisco for a concert a couple of weeks back and I’m about to fly out to the East coast to see some friends in New York and DC and it’s going to be great to see these friends and it was great to see San Francisco again where I lived for many years, but boy, oh boy, traveling is very expensive. It’s much more expensive than working from home day in day out and the adjustment from making my breakfast every morning and having my coffee and a nice little ritual for myself, going from that to spending $20 on the sandwich and a coffee every single morning is a little bit painful and a little bit stressful for my budget, but I’ll make it work.

And then something exciting, this might be a little bit premature because it’s not actually going to happen for nine months, but I’m getting relatively close to paying off my car. I’ve had this car loan since 2020 and I know I took a longer car loan than we typically recommend, but that’s just where my finances were at the time. And I’m kind of lucky to have a pretty affordable car payment. But I am also very excited about having that extra $350 that I pay for my car each month back in my budget, even though I will likely direct most of that into my car savings bucket. Confusing? To be honest, nothing is too confusing for me right now fortunately, but as ever, I am in this continual dialogue with myself and my ADHD impulses that tell me to buy random things that I sincerely do not need. And what’s helped me recently to shake myself from buying things online is just asking what do I expect this thing to do for me? And the answer is usually nothing meaningful. So that helps me break the spell.

Elizabeth Ayoola:

Oh, I love that. And I can relate with you re ADHD. I think in a previous episode I told y’all that I was emotional buying and I’m so glad to update y’all that that has stopped.

Sean Pyles:

Oh, congratulations.

Elizabeth Ayoola:

Thank you. No more random Zara shops every other week. So I’ve been doing pretty good and I can understand what you’re saying, re travel because I have lots of upcoming trips as well and it’s so expensive. But Sean, I’m excited about the car. $350 a month sounds really good to do something else with. And that’s about how much my payment is too. So I’m going to tap into your excitement and hopefully I will be there next year.

Sean Pyles:

Manifesting that for us, yes. Well listener, I hope this exercise has helped you think about your own budget in a new way. Before we get into this episode’s money question segment, let’s check in on our nerdy question of the month, which is what is your weird money habit, behavior, or principle that you live by?

Elizabeth Ayoola:

Here’s one weird money habit that a listener texted us. I just listened to your podcast of a person with dozens of credit cards. I’m one of those individuals too. To be clear though, the only balances I carry are those on temporary 0% promo offers and ones that are paid off monthly. My system is to carry five to six cards in my wallet and rotate them, then return those cards to the bottom of my home credit card stack. Another side gig hobby I do is entering sweepstakes online daily. It’s an easy but exciting activity that can lead to surprise winnings at any given time. My biggest win to date is $24,000 minus taxes, of course. That’s a large chunk of cash.

Sean Pyles:

Oh, that’s an interesting one. Thanks for sharing that. So listener, let us know: what is your weird money habit? Do you only use cash for all of your transactions or are you a hardcore credit card point maximizer?

Elizabeth Ayoola:

Or maybe you have 10 billion bank accounts like Sean. Okay, he just has 10. It’s not 10 billion, it’s just 10.

Sean Pyles:

I didn’t really think that was weird until recently. I was talking with a friend who was considering getting her very first high yield savings account, and she looked at me like I had two heads when I mentioned that I have 10 accounts. So maybe that’s also a good way to think about this. What is something that you do with your finances that seems maybe totally normal to you, but everyone else around you thinks is a little bit off? We want to know.

Elizabeth Ayoola:

Yes, we do. So tell us your weird money habit by texting us or leaving a voicemail on the Nerd hotline at (901) 730-6373. That’s (901) 730-N-E-R-D. Or you can email us a voice memo at [email protected].

Sean Pyles:

And while you’re at it, send us your money questions too. We know how confusing money can be and we want to help you make smarter financial decisions. And a quick reminder that we are running another book giveaway sweepstakes ahead of our Nerdy Book Club episode.

Elizabeth Ayoola:

Our next club guest is Jake Cousineau, author of How to Adult: Personal Finance for the Real World. The book offers tips to young people on how to get started with managing their money.

Sean Pyles:

To enter for a chance to win our book giveaway, send an email to [email protected] with the subject ‘book sweepstakes’ during the sweepstakes period. Entries must be received by 1159 P.M. Pacific Time on May 17th. Include the following information: your first and last name, email address, zip code, and phone number. For more information, please visit our official sweepstakes rules page. All right, now let’s get into this episode’s money question segment with our co-host, Sara Rathner, after a quick break, stay with us.

We’re back and answering your money questions to help you make smarter financial decisions. This episode we’re taking on a couple questions about cars, how to buy and sell them, and how electric vehicles fit in. And we’re joined by NerdWallet autos writer Shannon Bradley to help us navigate the winding roads of car buying in 2024. Shannon, welcome back to Smart Money.

Shannon Bradley:

Thanks for having me back. Let’s get to the first listener’s question. This comes from a voicemail.

Listener Voicemail:

Hello. The reason I’m calling is we were wondering what do you think about the company Carvana? We’re thinking about selling our vehicle to them because if we maybe try to sell it at a car dealership or something, we’re not really thinking that we’re going to get a good deal for it. But we don’t know as far as us selling a vehicle to them, not us purchasing one from them, if they’re reputable with regards to that. We’ve never used them.

Sean Pyles:

So Shannon, can you start by giving us a quick explanation of how Carvana works?

Shannon Bradley:

Yeah. Carvana is an online only car retailer and they sell and buy used cars only. They also take trade-ins. And based upon the listener’s question, I think the most important thing is that you can request an offer for your car right on the Carvana website as long as it’s a 1992 model or newer. And it’s a pretty simple process. They’re going to ask you for your 17 digit vehicle identification number, more commonly known as your VIN, or your license plate number. They’re going to ask you for mileage, the vehicle condition, vehicle options, and then if you have a loan or a lease on the car, they’ll ask you for information about that too.

Sara Rathner:

So other than Carvana’s iconic car vending machines that you see dotting the landscape in different cities, what makes it different from going to a dealership or to CarMax?

Shannon Bradley:

Well, let’s talk about CarMax first. CarMax is an online retailer too, and they’re very similar to Carvana. I think one of the biggest differences when you sell your car between the two is how you get your car to the retailer. With Carvana, you can finalize the entire sale remotely. They will come to your house, they’ll pick up your car, do the inspection there. You do have to be within one of their service areas, and there could be a small fee depending upon how far you are from their hub. CarMax, on the other hand, they offer pickup, but only at limited locations in four states.

So more than likely you’re going to have to take your car to a CarMax store for inspection. And depending upon where you live, that could be quite a distance. So if you compare these types of online retailers to a dealership, I think two of the biggest differences are convenience and being able to negotiate what’s offered for your car. Again, with Carvana, you can potentially complete the entire process of selling your car right from your home, but when you get an offer from Carvana or CarMax, it’s not negotiable. Whereas if you sell to a dealership, you can attempt to negotiate that offer.

Sean Pyles:

So car buying and selling is a notoriously frustrating process. Are there any common complaints about how Carvana handles this process that maybe are distinct from other ways of buying and selling a car?

Shannon Bradley:

On the selling side, I’m not aware of too many complaints. In fact, it was kind of funny, over the weekend I had a friend on Facebook ask this very question, and so I was monitoring responses of people and they were saying that it was a fast and easy process to sell their car to Carvana. On the buying side, I think the thing is, you have to remember that when you buy a car from Carvana, you can’t test drive it, you can’t inspect it. And on occasion, I’ve heard of people receiving a car that they didn’t feel really matched what was represented online. But I think the thing to keep in mind there is that Carvana offers a seven-day money-back guarantee with a limit of 400 miles. So when you get your car, just take that time to really test drive it and get a very thorough inspection done.

Sean Pyles:

So people go with Carvana because it seems like a really easy way to buy or sell a car and you can potentially just have the car dropped off at your front door. But that doesn’t mean that you still don’t have to do your due diligence and then get that inspection to make sure the car is as good as they are telling you it is.

Shannon Bradley:

Yes, exactly. They will allow you to, I think return up to three vehicles. There is some leeway there. And then the other thing that I was just going to mention, because I think a lot of people have heard about this because there was a lot of media coverage about it. This was in late 2022, early 2023, there was an issue with Carvana buyers. They would buy a car, they didn’t get their title in a timely manner, and so they couldn’t even register and drive the cars. And that’s something that our autos team has been monitoring. It doesn’t seem to be the issue that it has a year ago, but we still recommend for people to ask for proof of title. It’s just given that there were issues a year and a half ago, it’s just not a bad idea to do that.

Sara Rathner:

So our listener, like so many others, is interested in getting a good deal when selling their car. Do we know if places like Carvana offer better or worse deals than other places where you can sell your car?

Shannon Bradley:

Well, when you compare Carvana to CarMax, I’d say that’s kind of a toss-up. I think a lot depends on the vehicle you’re selling. Is it one that the retailer needs in their inventory at that time? And if it is, they may be more inclined to make you a better offer, but that’s why it’s so important to get more than one offer. And then you asked about dealerships. Traditionally you can get more selling your car to an individual, but of course that’s not going to be as easy as selling to someone who’s going to come right to your door and pick it up or even being able to go to the dealership down the road, but dealerships, their offers tend to be the lowest. But again, it depends on the car that you’re selling. Right now we’re seeing that both new and used cars are low inventory for Toyota. So if you have a type of car that a dealer is really needing on their lot, you may be able to negotiate a better deal.

Sean Pyles:

So the car market has been on a wild ride over the past few years, really since the pandemic began. So what is the car market looking like right now both for buyers and sellers?

Shannon Bradley:

Well, I would say wild ride is kind of an understatement. As someone who’s been covering the car market for the last three years, it has been a wild ride. It is not back to where it was before the pandemic. But from a car buyer aspect, several things are improving. For one, inventory is returning to normal. And actually you have some auto manufacturers who have overshot and are overstocked and those particular manufacturers, they’re starting to offer incentives again. We’re hearing you may be able to negotiate below the manufacturer’s suggested retail price, which was really unheard of during the pandemic. And then on the downside, we all know how vehicle prices are still high. I think actually this morning I saw that the average transaction price for a new vehicle is still at $47,000. That’s not small change by any means.

Sean Pyles:

No, it’s a lot of money.

Shannon Bradley:

But you can find deals out there, especially if you’re flexible about what you’re buying. And then leasing has some good deals. And if you buy or lease an EV right now, you could qualify for the federal tax credit of up to $7,500 on top of the other incentives that are out there.

Sara Rathner:

So how about sellers in the current climate? How are things looking for people who are selling their car right now?

Shannon Bradley:

Well, I would say they’re not faring quite as well as the buyers. Depends on what you’re selling, but if you recall, during the pandemic the vehicle shortage meant that individuals were actually selling their cars for a lot more than they paid for them. And with car supplies returning to normal for most manufacturers, selling isn’t what it was during the pandemic. You shouldn’t anticipate a huge profit like we were seeing in the past several years, but you should expect to receive a fair price and you can do that by researching the current market value of your car.

Sean Pyles:

So how can people get the most money for their vehicle?

Shannon Bradley:

Well, I go back to research. Research is key. If I was selling my car right now, I definitely wouldn’t put all of my eggs in one basket. If you get only one offer, which is something a lot of people do, they just don’t want to take the time to get more than one offer, you won’t ever know if there was a better offer out there. And the thing is, nowadays, it’s easy to do your research. You have online pricing guides where you can find estimates like Edmunds or Kelley Blue Book. And as we’ve been discussing, you can request actual offers from sites like Carvana, CarMax or TrueCar. And there’s not any cost or obligation to do that. Something we recently launched at NerdWallet, we can also make an offer on your car. We now have NerdWallet Automotive and you can find that when you Google NerdWallet buy my car.

Sean Pyles:

Alrighty. Well now let’s turn to the next question, which comes from a listener’s text message. They wrote, what is the fuel of the future? I’ve been researching about buying a new car and they’re saying that cars in the future are going to be electric, but if there’s a new fuel of the future, should I just wait until the new fuel comes out or just buy an electric car now? So Shannon, if you don’t mind, please bring out your crystal ball or industry research and tell us is there a new fuel of the future or does it seem like electric vehicles are the automotive energy of the coming years?

Shannon Bradley:

Well, we’re hearing a lot about research of different alternative fuels like natural gas, propane, or hydrogen fuel cells, which is really just another way of generating electricity. But these are all really in their early stages of development and adoption. So while I think development of various ways to lower vehicle emissions will definitely continue, my crystal ball says that in the near future, the emphasis will still be on EVs.

Sara Rathner:

And is that because EVs have just been around longer and have an advantage in the market over these other fuel types?

Shannon Bradley:

Yes, Sarah, it is. Many people don’t realize that the first electric vehicles were actually introduced in the late 1800s, then they kind of fell by the wayside and interest renewed in the 1970s. So it’s actually taken a long time for us to reach a point where electricity is accepted as a fuel source as it’s becoming today. According to Kelley Blue Book, EVs represent the fastest growing car sales category, and last year nearly 1.2 million U.S. vehicle buyers went electric. We don’t expect that pace to slow down with federal and state legislation as well as so many car makers devoting many resources to the transition to EVs. I just don’t see a quick pivot to other fuel sources that are going to take more time to build that infrastructure and to build that adoption rate.

Sean Pyles:

So the EV market has been developing rapidly over the past few years, but many anxieties that would-be buyers might have around electric vehicles like range, affordability, finding chargers are pretty persistent. Have any of these issues gotten better?

Shannon Bradley:

They have gotten better. For comparison, before 2016, when you’re looking at range, the median range of a new EV was below 100 miles and the top performing option couldn’t travel 300 miles without a charge. Today you can buy an EV that has a 250-mile range for less than $40,000 and the high-end models can have a range of more than 400 miles per charge. When you’re talking about the charging infrastructure, that’s improving too. We now have about 60,000 charging stations across the country, and that’s more than twice the number that we had five years ago. And there are a lot of incentives out there to help with installing home chargers, like from some auto manufacturers or your local electric company.

Sara Rathner:

What about the price of these cars? EVs are generally more expensive than gas powered cars. Is this changing?

Shannon Bradley:

That’s improving too. I think the Tesla price drops have driven other car makers to follow suit. There are a lot of EV incentives out there to help reduce the cost. As I said earlier, you could qualify for the federal tax credit of up to $7,500 and that can usually be stacked with other incentives from car manufacturers, state and local government and electric companies. The U.S. Department of Energy actually has a site, you can find it by searching alternative fuels U.S. Department of Energy, that has a database where you can research all of the various incentives that are available. Late last year, I talked to someone who was an EV buyer in California and he used multiple incentives to knock $8,000 off the price of a Chevy Bolt. And then right now there are a lot of EV leasing deals, and that’s a great option if you’re someone who just isn’t sure that you want to go ahead and buy an EV right now.

Sean Pyles:

Okay. So Shannon, I have to ask you, as a consumer and also someone who writes about this stuff a lot, how are you thinking about electric vehicles? Have you made the jump or are you planning to?

Shannon Bradley:

I haven’t made the leap yet, but it isn’t because I don’t want one. I’m pretty frugal with my money and I bought a gas-powered car right before the pandemic, so I was able to buy it before car prices skyrocketed. And I’m in a fortunate position right now where I’m no longer supporting children. I was receiving, like everyone, stimulus funds during COVID, so I was able to pay down that car and I actually don’t have a car payment right now. I am environmentally conscious. So I think that eventually I will buy or lease an EV, but for right now, I’m enjoying taking a vacation from car payments and putting that money into my retirement savings.

Sean Pyles:

Well, that does sound like a very smart financial decision. I’ll say that. Well, Shannon, thank you so much for joining us on Smart Money.

Shannon Bradley:

Well, thanks for having me.

Sean Pyles:

And that is all we have for this episode. Remember, listener, we are here for you and your money questions. So if you have anything that you want the Nerds to help you out with, call us or text us on the Nerd hotline at (901) 730-6373. That’s (901) 730-N-E-R-D. You can also email us at [email protected]. Also visit nerdwallet.com/podcast for more info on this episode. And remember to follow, rate and review us wherever you’re getting this podcast. This episode was produced by Tess Vigeland who also helped with editing. Sara Brink mixed our audio. And a big thank you to NerdWallet’s editors for all their help.

Sara Rathner:

And here’s our brief disclaimer, we’re not financial or investment advisors. The nerdy info is provided for general educational and entertainment purposes and may not apply to your specific circumstances.

Sean Pyles:

And with that said, until next time, turn to the Nerds.

Source: nerdwallet.com

Apache is functioning normally

May 6, 2024 by Brett Tams

The adjustable-rate mortgage (ARM) share of activity continued to grow despite the downturn in overall applications, according to the latest data from the Mortgage Bankers Association (MBA). Overall mortgage applications decreased 2.3% for the week ending April 26 as the average rate on a 30-year fixed mortgage rose to 7.29%, the highest since November 2023. … [Read more…]

Apache is functioning normally

May 6, 2024 by Brett Tams

The average for a 30-year fixed-mortgage is 7.34% today, up 0.02% over the last week. The average rate for a 15-year fixed mortgage is 6.74%, which is a decrease of -0.02% from the same time last week. For a look at mortgage rate movement, see the chart below.

Because inflation data hasn’t been improving, the Federal Reserve has been pushing off rate cuts. Though mortgage rates could still inch down later in the year, housing market predictions change regularly in response to economic data, geopolitical events and more.

Today’s average mortgage rates

Today’s average mortgage rates on May. 06, 2024, compared with one week ago. We use rate data collected by Bankrate as reported by lenders across the US.

Mortgage rates change every day. Experts recommend shopping around to make sure you’re getting the lowest rate. By entering your information below, you can get a custom quote from one of CNET’s partner lenders.

About these rates: Like CNET, Bankrate is owned by Red Ventures. This tool features partner rates from lenders that you can use when comparing multiple mortgage rates.

What is a good mortgage type and term?

Each mortgage has a loan term, or payment schedule. The most common mortgage terms are 15 and 30 years, although 10-, 20- and 40-year mortgages also exist. With a fixed-rate mortgage, the interest rate is set for the duration of the loan, offering stability. With an adjustable-rate mortgage, the interest rate is only fixed for a certain amount of time (commonly five, seven or 10 years), after which the rate adjusts annually based on the market. Fixed-rate mortgages are a better option if you plan to live in a home in the long term, but adjustable-rate mortgages may offer lower interest rates upfront.

30-year fixed-rate mortgages

The 30-year fixed-mortgage rate average is 7.34% today. A 30-year fixed mortgage is the most common loan term. It will often have a higher interest rate than a 15-year mortgage, but you’ll have a lower monthly payment.

15-year fixed-rate mortgages

Today, the average rate for a 15-year, fixed mortgage is 6.74%. Though you’ll have a bigger monthly payment than a 30-year fixed mortgage, a 15-year loan usually comes with a lower interest rate, allowing you to pay less interest in the long run and pay off your mortgage sooner.

5/1 adjustable-rate mortgages

A 5/1 adjustable-rate mortgage has an average rate of 6.74% today. You’ll typically get a lower introductory interest rate with a 5/1 ARM in the first five years of the mortgage. But you could pay more after that period, depending on how the rate adjusts annually. If you plan to sell or refinance your house within five years, an ARM could be a good option.

What should I know about mortgage rates today?

Over the last few years, high inflation and the Federal Reserve’s aggressive interest rate hikes pushed up mortgage rates from their record lows around the pandemic. Since last summer, the Fed has consistently kept the federal funds rate at 5.25% to 5.5%. Though the central bank doesn’t directly set the rates for mortgages, a high federal funds rate makes borrowing more expensive, including for home loans.

Mortgage rates change daily, but average rates have been moving between 6.5% and 7.5% since late last fall. Today’s homebuyers have less room in their budget to afford the cost of a home due to elevated mortgage rates and steep home prices. Limited housing inventory and low wage growth are also contributing to the affordability crisis and keeping mortgage demand down.

Will mortgage rates drop this year?

Most housing market experts predict rates will end the year between 6% and 6.5%. Ultimately, a more affordable mortgage market will depend on how quickly the Fed begins cutting interest rates. The central bank could start lowering interest rates in the fall, but it will depend on how the economy fares in the coming months.

Mortgage rates fluctuate for many reasons: supply, demand, inflation, monetary policy, jobs data and market expectations. Homebuyers won’t see lower rates overnight, and it’s unlikely there will ever be a return to the 2-3% mortgage rates we saw between 2000 and early 2022.

“We are expecting mortgage rates to fall to around 6.5% by the end of this year, but there’s still a lot of volatility I think we might see,” said Daryl Fairweather, chief economist at Redfin.

Every month brings a new set of inflation and labor data that can influence the direction of mortgage rates, said Odeta Kushi, deputy chief economist at First American Financial Corporation. “Ongoing inflation deceleration, a slowing economy and even geopolitical uncertainty can contribute to lower mortgage rates. On the other hand, data that signals upside risk to inflation may result in higher rates,” Kushi said.

Here’s a look at where some major housing authorities expect average mortgage rates to land.

Calculate your monthly mortgage payment

Getting a mortgage should always depend on your financial situation and long-term goals. The most important thing is to make a budget and try to stay within your means. CNET’s mortgage calculator below can help homebuyers prepare for monthly mortgage payments.

How can I get the lowest mortgage rates?

Though mortgage rates and home prices are high, the housing market won’t be unaffordable forever. It’s always a good time to save for a down payment and improve your credit score to help you secure a competitive mortgage rate when the time is right.

Save for a bigger down payment: Though a 20% down payment isn’t required, a larger upfront payment means taking out a smaller mortgage, which will help you save in interest.
Boost your credit score: You can qualify for a conventional mortgage with a 620 credit score, but a higher score of at least 740 will get you better rates.
Pay off debt: Experts recommend a debt-to-income ratio of 36% or less to help you qualify for the best rates. Not carrying other debt will put you in a better position to handle your monthly payments.
Research loans and assistance: Government-sponsored loans have more flexible borrowing requirements than conventional loans. Some government-sponsored or private programs can also help with your down payment and closing costs.
Shop around for lenders: Researching and comparing multiple loan offers from different lenders can help you secure the lowest mortgage rate for your situation.

Source: cnet.com

Apache is functioning normally

May 6, 2024 by Brett Tams

(Photo: Unsplash/ Representational)

American home improvement retail chain Home Depot has recently unveiled a Darth Vader – meant to be used as a large-scale home decor. The brand launched the seven-foot product to mark May 4 celebrations, according to reports. May 4 is celebrated around the world as Star Wars day.

“Strike fear into the hearts and minds of your guests when Vader casually waves his LED lightsaber. Passersby beware, Darth Vader can use the Force to detect you with his motion sensor activation. The classic sounds of Darth Vader will have you turning to the Dark Side in no time,” Home Depot said in a statement.

According to the website of Home Depot, interested people can buy the product from the website of the store. It also anticipated to be accessible in stores later in the year, the product is priced at $299.

Additionally, the package also includes a Death Star pumpkin for Halloween, as well as a candy cane lightsaber and Death Star tree ornament.

May 4th is celebrated as Star Wars Day because of a pun on the phrase “May the Force be with you” – a famous quote from the Star Wars franchise. The pun is “May the Fourth be with you”.

This phrase was first used on May 4, 1979, when a London newspaper writer congratulated Britain’s new prime minister, Margaret Thatcher, on her first day of office with a full-page ad saying, “May the Fourth Be With You, Maggie. Congratulations.”

Even though the holiday was not created or declared by Lucasfilm, many Star Wars fans across the globe have chosen to celebrate the holiday. It has since been embraced by Lucasfilm and the Walt Disney Company as an annual celebration of Star Wars.

On this day, fans worldwide celebrate with Star Wars festivals, special deals from retailers and announcements about the future of the franchise.

Source: timesnownews.com

Apache is functioning normally

May 6, 2024 by Brett Tams

As the capital city of Utah, Salt Lake City is so much more than just the governmental heart of the state. SLC hosts the bulk of Utah’s professional sports teams as well as a wealth of top-tier restaurants and world-class museums.

Set against the backdrop of the Wasatch Mountains, there’s a place for everyone to feel right at home in Salt Lake City.

Whether you’re exploring its Olympic heritage or getting acquainted with the Mormon glow, it’s easy to see why people from all over are looking to lock down an apartment in Salt Lake City. Let’s take a few minutes to get to know the city a bit better and learn all about what Salt Lake City is really known for.

1. The Great Salt Lake

The Great Salt Lake is one of the largest saltwater lakes in the Western Hemisphere. Its vast, serene expanse provides a haven for millions of migratory birds. While there are no fish, the lake’s unique saline environment supports a thriving industry of salt extraction and brine shrimp harvesting, boosting the local economy.

2. 2002 Winter Olympics Host City

Hosting the 2002 Winter Olympics solidified Salt Lake City as a premier location for winter sports. The event brought significant economic and infrastructural developments to the city, many of which serve residents and tourists to this day. Venues like the Utah Olympic Park still provide training facilities for athletes and offer visitors the rare chance to experience Olympic-level ice sports in person.

3. University of Utah

The University of Utah is a leading research institution known particularly for its contributions to medicine, genetics, and engineering. Situated in the northeastern part of the city, the university shapes the culture of SLC and drives innovation through its research initiatives.

4. Natural History Museum of Utah

Located in the Rio Tinto Center, the Natural History Museum of Utah offers an immersive look at the geology, biology, and history of the region. With exhibits ranging from dinosaur fossils to Native American artifacts, the museum provides educational experiences that highlight the natural diversity of the Great Basin and Colorado Plateau.

5. Temple Square

Temple Square is the spiritual and physical heart of the Church of Jesus Christ of Latter-day Saints (LDS Church). This 10-acre complex in downtown Salt Lake City attracts millions of visitors each year, drawn to its stunning architecture and rich religious significance. Highlights include the majestic Salt Lake Temple, the historic Tabernacle, and the extensive genealogical library, offering insights into the foundational beliefs and practices of the LDS Church.

6. Utah Jazz

The Utah Jazz is Salt Lake City’s NBA team. Playing their home games at the Vivint Arena, the Jazz have been a consistent presence in the NBA playoffs over the past few years. The team’s impact extends beyond the court, with community programs and youth initiatives that foster a love of basketball throughout the state.

7. Salt Lake City Public Library

The Salt Lake City Public Library is an architecturally stunning place that focuses on uplifting the community. Its striking contemporary design and vast resource network make it a focal point for literacy and learning. Beyond books, the library hosts public programs and rotating art exhibitions.

8. Antelope Island State Park

Just a short drive from the city, Antelope Island State Park is a rustic escape into nature. Known for its wildlife, including free-ranging bison herds, the park is a popular spot for outdoorsy types of all styles.

9. Tracy Aviary

Located in Liberty Park, Tracy Aviary focuses on bird conservation while educating the public about avian species and their habitats. With a collection that includes both native and exotic birds, this aviary is one of the oldest and largest in the nation.

10. Big Cottonwood Canyon

Big Cottonwood Canyon is a favorite for nature lovers. In the winter, the canyon’s ski resorts, Brighton and Solitude, are hotspots for skiing and snowboarding. The summer months open up miles of hiking and mountain biking trails that showcase the canyon’s stunning alpine scenery, waterfalls, and wildlife.

Apache is functioning normally

May 6, 2024 by Brett Tams

Why Nearly Every Purchase Should Be on a Credit Card

by Virginia C. McGuire, Paul Soucy

Credit cards are convenient and secure, they help build credit, they make budgeting easier, and they earn rewards. And no, you don’t have to go into debt, and you don’t have to pay interest.

Source: nerdwallet.com

Apache is functioning normally

May 6, 2024 by Brett Tams

Still, mortgage professionals on the ground continue to note an elevated pace of application and homebuying activity with borrowers seemingly accustomed to the high-rate environment of recent times. Mortgage rates in the US have risen for the fourth consecutive week, reaching an average of 7.17% for 30-year fixed loans.https://t.co/7m4K777J6b — Mortgage Professional America Magazine (@MPAMagazineUS) … [Read more…]

Apache is functioning normally

May 6, 2024 by Brett Tams

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