Mortgage rates continued to inch toward the 7% mark following last week’s meeting of Federal Reserve policymakers and new inflation data that showed further cooling of consumer prices.
On Tuesday, HousingWire‘s Mortgage Rates Center showed that the average 30-year rate for conforming loans was 7.08%. That was down 11 basis points from the same time last week and exactly 50 basis points below this year’s peak rate that was recorded in early May.
HousingWire Lead Analyst Logan Mohtashami recently noted that some specific economic signals are working in the favor of lower mortgage rates. These include a decline in the 10-year Treasury yield (which fell from 4.61% on May 29 to 4.24% on June 13) and a narrowing of the spread between the 30-year mortgage rate and the 10-year yield.
“If we took the worst levels of the spreads from 2023 and incorporated those today, mortgage rates would be0.52% higher,” Mohtashami wrote on Saturday. “While we are far from being average with the spreads, the fact that we have seen this improvement is a plus this year.”
Along with the lower costs of borrowing, prospective homebuyers are also being helped by more homes listed for sale. Data from Altos Research shows that for-sale inventory at the national level grew by 1.5% during the week ending June 14 and has reached its 2024 peak of more than 620,000 homes. For context, the inventory level in mid-June 2023 was less than 452,000.
“If mortgage rates keep falling and demand picks up, we will have a much better buffer with active inventory than in 2022 and 2023,” Mohtashami observed. “My rule of thumb has been that inventory should have some weekly prints between 11,000 – 17,000 as long as rates are above 7.25%. We have hit that three times this year; last year was a whopping zero.”
Last week, as expected, the Federal Open Market Committee left benchmark rates unchanged for a seventh straight meeting, holding them steady at a range of 5.25% to 5.5%. That came a day after the Consumer Price Index for May showed that annualized inflation fell to 3.3%, down from 3.4% growth in April. Fed officials have taken a hardline stance that inflation must move closer to their 2% target before short-term interest rates can be trimmed.
The U.S. employment report for May also influenced the Fed’s decision to leave rates unchanged. The national economy added 272,000 jobs last month, beating estimates of 180,000 and far outpacing the revised figure of 160,000 jobs added in April.
Melissa Cohn, a Florida-based regional vice president for William Raveis Mortgage, said in prepared remarks last week that the Fed’s “updated dot plot was more hawkish than we had hoped.“ She noted that in March, 10 of 19 officials indicated a total of three rate cuts this year. Last week, 11 of 19 predicted one cut or fewer.
“We are back to data-watching. There were no huge surprises in the Fed’s comments or dot plot,“ Cohn said. “Expecting one rate cut should be neutral for the markets, and the Fed’s future actions will depend on the markets. Let’s hope that we see the CPI report next month to show further progress on inflation — then we will have a good summer for mortgage rates and the real estate market.”
A Redfin report released last week noted that even as the U.S. median home price reached another record high of $394,000 during the four weeks ending June 9, declining mortgage rates are helping to alleviate monthly mortgage payment burdens. But Redfin also cautioned that if lower rates lead demand to outpace supply, affordability could take a hit.
”Lower rates and higher prices may ultimately cancel each other out when it comes to homebuyers’ monthly payments,” Chen Zhao, Redfin’s economic research lead, said in the report.
If you’re a potential homebuyer who’s wondering whether it really makes sense to buy a home in today’s tough (and expensive) housing market, you certainly aren’t the only one. For starters, home prices remain elevated due to a mix of limited inventory and persistent demand. And, ongoing inflation issues have led the Federal Reserve to keep its benchmark rate paused at a 23-year high. As a result, mortgage rates remain elevated, vastly increasing the cost of buying a home and giving many buyers pause.
But while buying a home can be a little more difficult (and substantially more expensive) in the current economic environment, it still makes sense to consider in many cases. After all, owning a home comes with a long list of benefits for homeowners, from the safety and security this type of investment provides to the potential to build equity in your property (which can be accessed at an affordable rate in the future).
If you’re going to purchase a home soon, though, you have a crucial decision to make: when to lock in your mortgage rate. And, with various economic factors at play, there are a few compelling reasons why this week might be an opportune time to make your move.
Learn more about your top mortgage loan options online now.
4 big reasons to lock in a mortgage rate this week
There are a few reasons you may want to consider locking in a mortgage rate this week, including:
Mortgage rates have dipped
The Federal Reserve decided to keep interest rates paused during its meeting earlier this week, and, as a result, mortgage rates have experienced a decline, with 30-year conventional loan rates dropping from an average of about 7.07% last week to today’s average rate of 7.00%. What that shows is this latest pause in rate hikes, coupled with other favorable economic data — like the latest inflation report showing a slight drop month-over-month — has created a more favorable environment for borrowers.
After all, lower mortgage rates translate to reduced monthly payments and the potential for significant savings over the life of your loan. And, all it takes is a fraction of a percent, like the rate drop we’ve seen over the last week, to make a big difference in terms of your loan costs. So, by locking in a mortgage rate now, you can capitalize on this dip and potentially secure a more affordable mortgage.
You may also want to consider that home prices may continue to stay elevated or even rise in many markets. If this home appreciation trend continues, delaying your purchase in hopes of lower rates could result in paying more for a home, potentially negating any benefits you gain from waiting for mortgage rates to drop further. But by moving forward with your home purchase now, you can potentially secure a property before prices climb.
Compare some of the best mortgage rates available to you here.
The uncertain economic environment poses risks
While mortgage rates have decreased recently, the economic landscape remains uncertain. Inflation, though it’s showing signs of easing, has proven stubborn over the past couple of years, and there’s no guarantee that this downward trend will continue. If inflation were to climb again unexpectedly, the Federal Reserve might respond with more aggressive rate hikes, leading to higher mortgage rates.
And, that’s not just a theoretical. The Fed has been clear about its goal of reducing inflation by keeping rates elevated, and it has already put off the expected mid-year rate hikes in lieu of more rate hike pauses. By locking in your rate now, though, you protect yourself against potential future increases and gain peace of mind in an unpredictable market.
Limited home inventory calls for quick action
The housing market also continues to face a shortage of available homes. This limited inventory has been a persistent issue since the start of the pandemic, driving up competition among buyers and putting upward pressure on home prices. And, while there’s hope that the inventory problems will improve in the coming months, many homeowners are holding onto their current record-low mortgage loan rates right now.
So, rather than selling and buying a new home with a much higher mortgage loan rate, many current homeowners are opting to stay put instead. That is making it even more challenging to find suitable properties in today’s market. By locking in the most favorable mortgage loan rate you can find right now, though, you position yourself to act quickly when you find a home that meets your needs, giving you an edge in a competitive market.
Increased lender competition can benefit buyers
Today’s elevated mortgage rates are slowing down the mortgage loan market, which means that lenders are vying for reduced business. This competition can lead to more favorable terms for borrowers, including lower rates and reduced fees. By engaging with lenders and locking in a rate now, you can take full advantage of this competitive environment, potentially securing terms that might not be available if market conditions shift.
Some lenders are also offering loan products that are designed to make homeownership more accessible, such as low down payment options, first-time homebuyer programs and loans with flexible credit requirements. But, these products may become less available or less favorable if economic conditions change. Making your move now allows you to consider these or other specialized offerings as part of the mortgage loan process while they’re still readily available.
The bottom line
While the decision to lock in a mortgage rate is ultimately based on your circumstances and goals, the current market conditions present a compelling case for action. Mortgage rates are down compared to last week, and increased lender competition could mean that there are more (or better) mortgage loan options to consider. And, by locking in a rate now, you could not only secure a more favorable mortgage rate but could also position yourself to act decisively in a competitive housing market.
Angelica Leicht
Angelica Leicht is senior editor for Managing Your Money, where she writes and edits articles on a range of personal finance topics. Angelica previously held editing roles at The Simple Dollar, Interest, HousingWire and other financial publications.
Members of Generation X are more concerned about their post-retirement ability to support the lifestyles they’ve grown accustomed to when compared with other generations — including baby boomers and millennials — according to the results of a recent survey conducted by Allianz Life.
In the company’s 2024 Annual Retirement Study, respondents indicated that 62% of Gen Xers “feel confident about being able to financially support all the things they want to do in life,” compared with 82% of baby boomers and 77% of millennials. But more than half of Gen X respondents (55%) also said they “wish that they would have saved more money for retirement,” a feeling that is more severe among Hispanic (63%) and Black (56%) members of the cohort.
“Gen Xers are reaching crunch time for retirement planning. For Gen Xers, retirement is no longer this far off idea. That can feel stressful, but by preparing now, they can create a strategy that will help them seek their ideal retirement,” Kelly LaVigne, vice president of consumer insights at Allianz Life, said in the report. “The good news is that it is never too late to prepare for retirement. You can wish you started sooner, but you’ll never wish that you waited longer.”
The most common action that the cohort is taking toward their long-term financial goals is in paying down debt (64%), building up an emergency fund (58%) and aiming to make choices that result in a material credit-score improvement (55%).
But high costs are also keeping many Gen Xers from saving more for retirement. They say that “expenses for day-to-day necessities (61%), credit card debt (40%) and housing debt (39%)” are the key culprits keeping them from saving more.
“Saving more overall is foundational to retirement,” Lavigne added. “However, Gen X may need to take this a step further and remember that a retirement strategy isn’t just about one big final number in the bank. Once you retire, you are going to need to draw from those assets for income.
”A sound retirement income strategy will help use your assets efficiently and include contingencies for risks that can cause you to spend down savings faster than anticipated. You need to ensure the money lasts.”
Despite the difference a long-term plan can make, few Gen Xers employ one, the study found. Only 35% of Gen X respondents said they use the services of a financial professional, compared to 46% of millennials and more than half of baby boomers. But Gen Xers are also thinking more about retirement than they have before, the results found.
“Nearly two in three (63%) say one of their top three goals in the next five years is to save enough and make plans to live a comfortable retirement,” the report stated. “This increased from 56% in 2023. Gen Xers who are Asian/Asian Americans (68%) were more likely to say this than white (61%), Hispanic (61%), and Black/African American Gen X respondents (55%).”
Older members of Gen X are increasingly approaching retirement age. Most researchers agree that the generation begins around the mid-1960s, and those born in 1965 will turn 59 in 2024.
While most members of the cohort are too young to qualify for a Home Equity Conversion Mortgage (HECM) through the Federal Housing Administration (FHA), several leading reverse mortgage lenders offer proprietary reverse mortgages that allow the eligible borrowing age to be as young as 55 in some states.
Personal loans and personal lines of credit are both helpful tools to cover large expenses. These financing options have similar benefits, like no collateral requirements and low rates for well-qualified borrowers, but deciding which is right for you comes down to how you prefer to receive and repay the funds.
Learn the similarities and differences between personal loans and personal lines of credit to determine which is right for your plans.
Personal loans and lines of credit: How they’re similar
Personal loans and personal lines of credit are typically unsecured, meaning you don’t have to pledge an asset as collateral in order to borrow. It also means the lender will rely mostly on your credit, income and existing debts to determine whether you qualify.
When you apply for either financing option, the lender will pull your credit report to examine your creditworthiness and how you handle existing debts. Applicants with good credit and low debt-to-income ratios have the best chances of qualifying and getting the lowest rates.
“The qualifications for both loan types are determined by an individual’s credit experience, employment stability and ability to repay the debt,” Jean Hopkins, director of consumer lending at WeStreet Credit Union in Tulsa, Oklahoma, said in an email interview.
Banks and credit unions offer personal loans and lines of credit, while online lenders offer personal loans, but usually not credit lines. Qualified applicants may be able to borrow up to $100,000 with either type of financing.
With both options, borrowers repay the debt, plus interest, over time. Missed payments are typically reported to credit bureaus after 30 days and can negatively impact your credit score.
Key differences between personal loans and credit lines
Though qualifying for these two financial products can work similarly, they are two different types of credit. A personal loan is a type of installment loan, and a personal line of credit is a type of revolving credit.
With a personal loan, you receive funds as a lump sum and make payments in even installments over a fixed term, typically two to seven years.
Interest on personal loans is charged on the entire loan amount at a fixed rate.
Personal lines of credit are revolving credit, so you can borrow against your predetermined credit limit as needed and access more money as you make payments.
“When payments are applied to the principal balance of a line of credit, that amount is made available to borrow again,” Hopkins said.
A personal line of credit generally has a “draw” period and a “repayment” period, Katherine Fox, certified financial planner and founder of Sunnybranch Wealth in Portland, Oregon, said in an email.
The draw period is when you can access money from the credit line and make minimum monthly payments or interest-only payments, depending on the lender. This period typically lasts from two to five years. Once the draw period is over, you’ll enter the repayment period, when you can no longer withdraw money and must make payments until the end of the term, which can be up to 10 years.
Personal lines of credit have variable interest rates, and you only pay interest on the amount you draw. This means the monthly payment on a personal credit line can fluctuate.
Finally, the fees are different on personal loans and personal lines of credit. A personal loan may come with an origination fee, which the lender typically takes from the loan before sending you funds. A personal line of credit may have an annual maintenance fee as well as withdrawal fees every time you access funds.
Personal loan
Personal line of credit
Type of credit
Installment.
Revolving.
How funds are disbursed
One lump sum.
Borrower withdraws funds as needed against credit limit.
Type of interest
Fixed. Interest is charged on entire loan amount.
Variable. Interest is only charged on money withdrawn.
Repayment details
Monthly payments stay the same.
Minimum monthly payments vary based on the interest rate and amount withdrawn.
Lender may charge an origination fee.
Lender may charge an annual maintenance fee plus a withdrawal or transaction fee every time you access funds.
When to consider a personal loan
A personal loan is a good idea when you know exactly how much you need to borrow and want a predictable repayment schedule. It can be ideal for:
A large purchase.
Debt consolidation.
A one-time emergency.
“If you have an immediate need for a specific amount of cash, it makes more sense to get a personal loan,” Fox said. “You get all the cash you need at once and you will pay it back with a fixed interest rate.”
A personal loan may also be cheaper in the long term because you lock in an interest rate for the full loan term, Hopkins said. If the federal funds rate rises while you’re repaying a personal loan, for example, your rate and monthly payment won’t increase.
Additionally, while interest rates are heavily based on the borrower’s credit and income, starting rates may be lower on personal loans than on personal credit lines.
Low interest rates for borrowers with good or excellent credit.
No collateral needed.
Bad credit may prevent you from qualifying.
Possible origination fee.
Can’t access additional funds after borrowing.
When to consider a personal line of credit
You might consider opening a personal line of credit if you need ongoing access to cash. This financing option may be ideal if you expect your expenses to fluctuate over time. Examples of expenses that may be right for a personal line of credit include:
A home renovation project.
A cross-country move.
A wedding.
“If you are uncertain if you will need cash, uncertain about how much you will need and/or uncertain when you will need it, a personal line of credit may make more sense” than a personal loan, Fox said. “It gives you the flexibility to pull out more or less cash on your own timeline, rather than getting a single lump sum that you are responsible for repaying.”
Pros and cons of personal lines of credit
Easy access to money as you need it.
Only pay interest on what you borrow.
Low interest rates for borrowers with good or excellent credit.
No collateral needed.
A variable interest rate means payments may be harder to budget for.
Bad credit may prevent you from qualifying.
Possible annual and withdrawal fees.
Borrowing alternatives
The best way to borrow money is to find the option that costs the least interest. Compare other financing options to choose the one that’s most affordable and fits your plans best. Here are some alternatives.
Zero-interest credit cards: If you have good or excellent credit, you may qualify for a credit card with a zero-interest introductory rate, usually for the first 15 to 21 months.
Buy now, pay later: A “buy now, pay later” plan can break the cost of a large purchase into four equal payments every two weeks, often at no interest. Longer payment plans may be available, but you’ll likely have to pay interest.
Home equity financing: A home equity loan and a home equity line of credit (HELOC) are types of secured financing that use a borrower’s home as collateral. Interest rates are usually lower compared to unsecured forms of borrowing. Lenders see home equity financing as less risky, because they can take ownership of your home if you default.
401(k) loan: Borrowing money from your retirement account comes with low interest rates, but your nest egg will miss out on potential growth and you could be forced to repay the loan in full if you leave your job.
Family loan: Borrowing from a loved one can be a quick way to access money with little to no interest and flexible repayment terms, but you could risk your relationship if the loan is not repaid as agreed. Be sure to draft and sign a payment agreement so both parties are on the same page about the repayment details.
The total household debt in 2023 was $17.1 trillion, according to Experian®.
The Fair Debt Collection Practices Act prohibits collection agencies from threatening you or calling your family members.
The avalanche method helps you pay off debt from the highest to lowest interest rates. The snowball method targets your smallest balances first.
The lower your account balance is, the less your interest rate will affect you.
Experian reported $17.1 trillion as the total American household debt by the end of 2023. Unfortunately, debt doesn’t just hamper your current spending power—it can also detract from your nest egg and savings accounts.
The best way to tackle debt is to be proactive. Here, we’ll discuss several methods to help you get out of debt in 2024. We’ll cover everything from DIY plans to working with debt relief agencies, and we’ll share powerful tools like Credit.com’s debt-to-income (DTI) calculator.
1. Gather Your Debt-Related Paperwork
Gathering all your debt-related documents in one place helps you see how much you owe and who you need to repay. Some of the information you’ll want to collect includes:
Monthly statements: Check the downloadable monthly statements attached to your checking and savings accounts.
Recurring bills and utilities: Cell phone bills, utility bills, and rent payments all fall under this umbrella. Income information: Look at paycheck stubs or your bank accounts so you know what, on average, you can expect in income each month.
Credit reports: You can request your credit report from the three bureaus and a free credit report card from Credit.com.
You can log your outstanding debt information in a spreadsheet, then sort the page from least to greatest to see which items are top priorities.
2. Build a Monthly Budget
Next, you can build a monthly budget based on the information you’ve just gathered. Ideally, you’ll account for major budget categories like rent, groceries, and recurring medical bills. You can then allocate any remaining funds toward your debts, and then your savings goals after your DTI reduces. To start, you can use Credit.com’s free monthly budget template to better visualize your finances. This template is fully customizable, so you can remove or add categories based on your needs.
Regularly update your monthly budget doc to reflect increases or decreases in your income.
3. Address Any Debts in Collections
When debt goes to collections, that means a bill you’ve yet to repay has been sold to a debt collection agency. Collections agencies can be very aggressive, so it helps to know your debt collection rights.
Sometimes, agencies might mistakenly try to collect debts that have already been repaid. If this error occurs, you’ll be able to rectify the situation with a phone call. If you’re determined to be responsible for the debt in question, it’s best to address it quickly to preserve your credit health.
If a collections agency violates FDCPA guidelines, you can potentially sue them for breaking the law.
4. Explore Debt Repayment Methods
The avalanche method and the snowball method are two popular debt repayment strategies. Effectively using these strategies is a great way to get out of debt quickly.
The avalanche method takes a top-down approach to debt repayment. Here, you’ll focus on repaying your debts with the highest interest rates first, and then you’ll move to paying off your less expensive debts as time goes on. It can be slow going at first, but if you stick to it, you can save more money using this method than if you were to use the snowball method.
With the snowball method, you focus on repaying your smallest debts first as you gradually work toward your largest bills. Taking this “least to greatest” approach to repayment will help build momentum and keep you motivated as you pay off your debts.
Use spare change to help pay your debts down faster. If you use $10 to by an $8 drink, count the leftover $2 toward your debt.
5. Lower Your Interest Rates
Interest rates are essentially fees that lenders charge you for borrowing money. If you have a high interest rate, you’ll have to pay a significant amount of interest in addition to the funds you need to repay. Here are some potential ways to lower your interest rate:
Request a lower rate: Once they’ve built rapport, cardholders can ask their banks for lower interest rates. Having strong credit scores and a solid credit history increases the likelihood of success.
Consider debt consolidation or refinancing: Debt consolidation loans help you pay off accounts with higher interest rates and gather all of your debt under one bill.
Use balance transfer credit cards: Balance transfer credit cards help you move your credit card debt over to accounts with low or even no interest rates during promotional periods.
Interest payments are based on the amount you currently owe. Try to pay down your balances as much as possible.
What to Do If I Can’t Repay My Debt
If you don’t currently have the capital to pay off your debts, you have several options to reduce your financial burden:
Write a hardship letter: You can write a hardship letter that details your current financial situation and send it to your creditors. These letters might pave the way for credit card debt forgiveness.
Meet your minimum balance: Try to pay at least your minimum balances due to keep your payment history intact.
Gain additional income: If possible, pick up a second job or a financially secure side hustle to help you pay off your debts faster.
File for bankruptcy: Chapter 7 and Chapter 13 bankruptcy can greatly reduce the debt you’re responsible for, but there can be consequences, such as a significant hit to your credit.
Options for Debt Relief
There are alternative strategies for debt relief to consider alongside more tried and true methods. Here are some examples:
Increase your financial knowledge: Tap into online financial education courses and workshops to boost your literacy and learn more ways to get out of credit card debt.
Start a debt management plan: A trustee or credit counseling agency will help you create a plan to whittle down your debts.
Debt settlement: You might be able to negotiate with creditors to pay a lower amount of debt than originally owed. However, debt settlement can adversely affect your credit.
Learn More Debt Management Tips With Credit.com
The more financial knowledge you have, the easier it will be to get out of debt. Check out Credit.com’s personal finance guide to gain more insights on debt management and debt relief solutions. And when you’re ready, get your free credit score with Credit.com to see how your debts are impacting your credit.
Now that Jeff Lewis and his talented team of designers have finished revamping Christina Ricci’s home, the actress is listing her Woodland Hills pad for sale.
Fresh off the heels of a Hollywood Houselift appearance, where Lewis brought the team in to renovate the kitchen and primary bathroom for season two of the celebrity home reno show, the 4-bedroom home popped up for sale with a $2,249,000 asking price. Mercedes “MJ” Javid with The Agency (also famous for her role on the BRAVO series Shahs of Sunset) holds the listing, but more on that in a minute.
It’s worth noting that Ricci’s house got the full Jeff Lewis treatment after its appearance on the show, with the actress commissioning the veteran interior designer to redo the rest of the house before bringing it to market.
“Jeff and I basically ended up partnering on doing the entirety of my house,” the Wednesday star told Us Magazine. “And then we’re going to look for future opportunities to flip houses together.”
While a future house-flipping show starring Christina Ricci and Jeff Lewis isn’t out of the question (and we would 100% tune in to watch it), today we’d like to focus on the project the two have already completed.
Particularly since the results are nothing short of spectacular.
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Christina Ricci’s Woodland Hills home: Specs & features
Originally built in 1956, the traditional home sits on a 0.28-acre lot in a private, lush enclave south of the boulevard in Woodland Hills.
Clocking in at 2,718 square feet of living space, the inviting home has 4 bedrooms (including a primary with an en-suite bathroom, walk-in closets, and a Romeo and Juliet balcony), 4 bathrooms, a home office, and quite a few outdoor amenities, including a pool and putting green.
Jeff Lewis-renovated interiors
A longtime fan of the designer’s work, Ricci was more than happy to let Jeff Lewis give her home a makeover.
“When I was approached to do this, I was really excited,” she shared when season 2 of Hollywood Houselift first aired. “I also needed a few rooms in my house redone, so it seemed like a win-win.”
But the former Flipping Out star didn’t stop at the kitchen and bathroom; he went on to renovate the entire 1956-built home, giving it a fresh, contemporary look — and a note of glam that befits its current famous owner.
The “Hollywood Houselift”-featured kitchen
The focus of the home’s appearance on the show, the kitchen has been meticulously renovated. It now features new custom cabinetry, brand-new marble countertops, custom white shelves, JennAir appliances, and a 36″ professional-style gas range.
Cleverly masked additions (meant not to intrude on the stylish design) include a built-in microwave drawer, a panel-ready dishwasher, and an under-the-counter beverage fridge.
Beautifully appointed living spaces
The open floorplan flows freely from the chef’s kitchen into the dining and living areas, with warm wood and gold accents dotting the spaces.
There’s also a formal living room with a double-sided fireplace, perfect for entertaining guests and hosting intimate gatherings.
See also: Ben Affleck and Jennifer Lopez’s $60M mansion was inspired by Marie Antoinette’s ‘Le Petit Trianon’
A primary suite worthy of a Hollywood star
The primary bedroom suite is the only bedroom set on the upper level of the house, with the remaining three bedrooms being located on the lower level.
With an en-suite bathroom, walk-in closets, and doors opening to the Romeo and Juliet balcony, the bedroom is a quiet, stylish retreat that hints at its soon-to-be-former owner’s star power.
The newly-renovated floral bathroom
Undoubtedly one of the most memorable transformations in Season 2 of Hollywood Houselift, Christina’s primary bathroom is now a stylish retreat featuring bold floral wallpaper, a walk-in shower, a freestanding tub, and gold fixtures and accents throughout.
The outdoor areas are equally charming
Christina Ricci’s house isn’t just beautiful on the inside.
The freshly revamped abode has an absolutely beautiful backyard that takes full advantage of its lush Woodland Hills location, complementing the greenery with water features, cozy seating, nature pathways, and more.
Amenities include a pool, waterfall, and pathways
Enchanting pathways add another note of charm to this beautiful celebrity home.
With water features like a pool and waterfall and surrounded by lush greenery, the outdoor space is great for entertaining and relaxation alike.
There’s even a putting green
Widening the potential buyers pool for his famous client, Jeff Lewis added a putting green right outside the house, making it a great choice for golfing enthusiasts.
The house doesn’t hold the best memories for the actress
“One of the reasons I wanted to sell the house and move on was because that is the house where I lived through an abusive marriage,” Ricci told SheKnows ahead of the Hollywood Houselift season finale on Jan. 31. “I actually don’t have wonderful memories in it and living in that house was not great afterward for my emotional state.”
Ricci shared the Woodland Hills home with ex-husband James Heerdegen, whom she divorced in 2020. Following their split, the Yellowjackets actress opened up about the alleged emotional and physical abuse she endured during their 7-year marriage, making it easy to see why the Addams Family Values star doesn’t have the fondest memories of the home.
Ricci’s other homes
In 2022, Christina sold her New York townhouse, a three-story, four-bedroom home located in the Fort Greene neighborhood of Brooklyn, listed for $2.4 million.
Ricci also famously owned the architectural gem known as the Samuel-Novarro House — a historic Mayan Revival residence designed by Lloyd Wright, son of legendary architect Frank Lloyd Wright, in 1928 — selling it in 2006 for a little over $2.8 million.
A Hollywood favorite, the Los Feliz residence has been owned by several A-listers over the years, with composer Leonard Bernstein, actress Diane Keaton, and director Gary Ross all calling it home at one point.
Listed with a famous real estate agent
Fitting for a property with so much star power, Ricci’s house is listed for $2,249,000 with Shahs of Sunset star Mercedes “MJ” Javid.
Beyond her reality TV fame, Mercedes is a highly accomplished real estate agent with celebrity-favorite brokerage The Agency, best known outside of the industry for their hit Netflix series Buying Beverly Hills.
She currently holds the keys to Christina Ricci’s Hollywood Houselift home — though not for long, as we’re willing to bet this listing won’t spend too much time on the market.
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“Mortgage rates are likely to remain stubbornly above 6.5% for the rest of 2024,” Lewis said in a statement. “The Federal Reserve says it expects to cut short-term interest rates just one time this year. Three months ago, the Fed projected two rate cuts. The mortgage market might sulk the same way your dog does … [Read more…]
The Consumer Financial Protection Bureau (CFPB), recently issued a Request for Information (RFI) related to fees charged by providers of mortgages and related settlement services. In his statement, Director Chopra discussed the impact of the increasing costs on lenders and consumers, and stated that the CFPB plans to address those costs. Comments on the RFI are due by August 2, 2024.
In the RFI, the CFPB states that closing costs, particularly the costs the lender imposes on the borrower, have risen, and from 2021 to 2023, the median total loan costs increased by over 36% on home purchase loans. This statement appears to reflect either a misunderstanding of market forces that have significantly contributed to a rise in closing costs, or an intent of the CFPB to ignore those forces to promote an agenda to reshape how the mortgage market imposes bona fide closing costs.
During the 2021 to 2023 period cited by the CFPB, mortgage interest rates rose substantially, housing prices rose dramatically, and worldwide inflation developed. In a statement by trade associations responding to the RFI, they pointed to “significant home-price appreciation and swift inflation.” These market forces significantly contributed to the rise in closing costs for various reasons, including (1) consumers were paying discount points and temporary buydown fees to lower the interest rate, which did not occur with as great a frequency during the prior period of low interest rates, particularly in 2020 and 2021, (2) the practice of lenders paying closing costs in return for charging a higher interest rate subsided, (3) the increase in housing prices also lead to an increase in costs tied to the loan amount or housing price, and (4) overall costs increased because of inflation.
The CFPB also noted that because “[m]any of these costs are fixed and do not change based on the size of the loan, [the result is] an outsized impact on borrowers with smaller mortgages, such as lower income or first-time homebuyers.” Further, the CFPB states that increased credit reporting fees create challenges for lenders, pushing them to potentially evaluate fewer applications or absorb the costs themselves. The CFPB noted that lenders do not have options regarding credit report fees because, in many cases, they are required to obtain “tri-merge” reports in order to sell loans in the secondary market or maintain insurance from federal programs. According to the CFPB, one midsize lender reported an increase for the hard-pull tri-merge report from $50 to $110 in the last two years, and a large lender reported an increase from under $30 to over $60. In December 2023, the Mortgage Bankers Association raised concerns about the rising costs of credit reports.
The CFPB goes on to discuss origination fees, which can include charges for processing the application, underwriting and funding the loan, and other administrative services. The CFPB claimed that lenders can vary which costs they include in the interest rate or origination charge and which they charge separately, “further complicating borrowers’ ability to compare costs across loan products.” The CFPB did not acknowledge the disclosure of closing costs required by the TILA/RESPA Integrated Disclosure (TRID) rule at the time of application and before closing, nor that in announcing the October 2020 report on its assessment of the rule the CFPB stated “[t]he evidence available for the assessment indicates that the TRID Rule improved consumers’ ability to locate key information, compare terms and costs between initial disclosures and final disclosures, and compare terms and costs across mortgage offers.”
In their statement responding to the RFI, the trade associations noted that “the industry invested considerable resources” to implement the TRID rule and that after the CFPB’s assessment of the TRID rule the CFPB praised the rule “for improving borrower understanding and facilitating the ability to shop among lenders.” The trade associations then stated that if “the CFPB is now modifying its previous position and is considering changing this complex regulatory disclosure regime, a rule-making process governed by the Administrative Procedure Act – and supported by a robust cost-benefit analysis – is the only appropriate vehicle to initiate that work. Such a rule-making process would allow for the proper level of engagement to produce changes that benefit consumers and do not add compliance costs and lead to negative unintended consequences.”
The CFPB requests comments on the impact closing costs have on borrowers and the mortgage market, including the degree to which they add overall costs or otherwise cause borrower harm. Specifically, the CFPB requests comment on the following:
Are there particular fees that are concerning or cause hardships for consumers?
Are there any fees charged that are not or should not be necessary to close the loan?
Provide data or evidence on the degree to which consumers compare closing costs across lenders.
Provide data or evidence on the degree to which consumers shop for closing costs across settlement providers.
How are fees currently set? Who profits from the various fees? Who benefits from the service provided? What leverage or oversight do lenders have over third-party costs that are passed onto the consumer?
Which closing costs have increased the most over the past several years? What is the cause of such increases? Do they differ for purchase or refinance? Please provide data to support if possible.
What is driving the recent price increases of credit reports and credit scores? How are different parts of the credit report chain (credit score provider, national credit reporting agencies, reseller) contributing to this increase in costs? What competitive forces are or can be brought to bear on these costs? What are the impacts on consumers of the increased costs?
Would lenders be more effective at negotiating closing costs than consumers? Are there reports or evidence that are relevant to the topic?
What studies or data are available to measure the potential impact closing costs may have on overall costs, housing affordability, access to homeownership, or home equity?
Though Fixer Upper star Joanna Gaines may seem not only on top of the trends but ahead of them too, it may come as a surprise to even her biggest fans that she considers her work “trendless.” Her affinity for timelessness is abundantly clear in her new Magnolia paint collection with KILZ. For this specific line, Gaines drew inspiration from a very specific place: the peaceful charm of lakeside living—a theme that is basically the backdrop to the recently released Fixer Upper: The Lakehouse.
all things paint: trends she’ll consider, what colors give her anxiety, which tones are universally flattering, and more. First, of course, we had to get the scoop on her color of the moment. “I just finished the lakehouse, and green was everywhere, so that’s my favorite color right now. I love any green,” she admits. “Whether it’s moody or a vintage green, there is so much emotional connection that can come from a green.” And that’s no coincidence. Gaines says that the most timeless colors she always turns to are those found in nature: greens, blues, and whites. “A lot of what I’ve learned in design has come from cues from nature as much as possible,” Gaines adds. “When I think of the most timeless palette, I think of what you see in nature: tonal, earthy colors.” In fact, her favorite color in her newest collection is a shade of green, appropriately dubbed “Remote Trail.”
Though the designer is clearly a fan of color, she doesn’t love them all. In fact, some, she admits, give her anxiety. “This is more of a personal thing, but there are certain colors that give me anxiety, like fuchsia, purple, or red, that make me feel really activated,” she notes. “Oh, and orange. That color really pushes on something internally for me.”
Of course, color is such a personal choice for everyone and every space, so what makes some feel unsettled can make others feel at ease. “There really aren’t any rules,” Gaines says. “Paint in whatever colors make you feel best in your home.” And that is really the main takeaway here: “As far as trends, it’s less about the specific color and more about the feeling you want to experience in your space,” Gaines adds.
The Sunshine City, Tampa, FL, is known for its beautiful beaches, lively culture, and diverse neighborhoods. With an average rent of $1,787 for a one-bedroom apartment, Tampa offers a variety of luxurious and unique neighborhoods for renters. If you’re looking to rent an apartment in Tampa, we’ve gathered a list of the most expensive neighborhoods to help you find the perfect place to call home. Read on to discover the 18 mos neighborhoods in Tampa for renters.
9 Most Expensive Neighborhoods in Tampa
From the historic Hyde Park to the Channel District, there are plenty of Tampa neighborhoods to choose from. Whether you’re looking for a luxurious home to rent in Tampa or wondering where to live in the city, we’ve got you covered.
1. Historic Hyde Park North 2. Hyde Park 3. Downtown 4. Uptown Tampa 5. Harbour Island 6. Southeast Tampa 7. Channel District 8. Northeast Tampa 9. Northwest Tampa
Let’s jump in and see what these neighborhoods have to offer.
1. Historic Hyde Park North
Average 1-bedroom rent: $2,825 Apartments for rent in Historic Hyde Park North
Historic Hyde Park North is the most expensive neighborhood in Tampa, as the average rent for a one-bedroom unit is $2,825. There are plenty of reasons why this neighborhood draws residents. Historic Hyde Park North is near attractions like the Tampa Museum of Art and the Glazer Children’s Museum, making it a prime location to explore the city. If you’re looking for a taste of the neighborhood, there are a variety of local restaurants to explore, showcasing Tampa’s food scene; On Swann is a popular spot in the area. There are plenty of bus stops close to Historic Hyde Park North for renters living in Tampa without a car.
2. Hyde Park
Average 1-bedroom rent: $2,600 Apartments for rent in Hyde Park
With an average one-bedroom rent of $2,600, Hyde Park is the second most expensive neighborhood in Tampa. This neighborhood has plenty of historic homes in styles like Mediterranean Revival and Craftsman, as well as properties with picturesque views of the cityscape. Hyde Park is also near the highway, making it a convenient location for commuters. The neighborhood’s proximity to downtown Tampa and the scenic Bayshore Boulevard makes it ideal for both convenience and leisure activities, including jogging and waterfront views.The neighborhood is home to an array of local boutiques, trendy restaurants, and vibrant nightlife, providing endless entertainment and dining options. The strong sense of community and frequent neighborhood events foster a tight-knit, friendly atmosphere that residents cherish.
3. Downtown
Average 1-bedroom rent: $2,455 Apartments for rent in Downtown
Downtown is the next most expensive neighborhood in Tampa. As one of Tampa’s oldest neighborhoods, it’s no wonder that this is a popular area. Downtown is colorful and energetic, with a lot of shops, restaurants, parks, and attractions. This neighborhood is known for its central location, including the Curtis Hixon Waterfront Park and the Tampa Riverwalk. It’s also the cultural heart of Tampa. Downtown museums include the Tampa Museum of Art and Glazer Children’s Museum. For opera and classical music, residents flock to the Straz Center. Downtown is a popular attraction for visitors to Tampa so residents can expect a bustling and busy neighborhood.
4. Uptown Tampa
Average 1-bedroom rent: $2,455 Apartments for rent in Uptown Tampa
Just about 1 mile from downtown, Uptown Tampa is a stellar neighborhood if you want to live close to downtown. While more expensive, the perks of living in Uptown Tampa may help offset the costs. The area is home to the University of South Florida, creating a vibrant and youthful atmosphere enriched by academic events and diverse dining options. Proximity to major employers and medical institutions like the Moffitt Cancer Center makes it an ideal location for professionals seeking a short commute. Residents can enjoy various recreational activities with easy access to parks, shopping centers, and entertainment venues such as Busch Gardens. The well-connected public transportation network and major highways nearby ensure convenient travel throughout the city and beyond.
5. Harbour Island
Average 1-bedroom rent: $2,453 Apartments for rent in Harbour Island
Next up is Harbour Island, the fifth most expensive neighborhood in Tampa. Harbour Island is full of history and charm with tree-lined streets, historic buildings, and museums. The neighborhood is highly desirable due to its prime waterfront location, offering stunning views and easy access to the Tampa Riverwalk. The neighborhood provides a luxurious lifestyle with upscale amenities, including gourmet dining, chic boutiques, and vibrant nightlife, all within walking distance. Residents enjoy a blend of urban convenience and serene island living, with well-maintained parks and scenic spots for relaxation and recreation. The secure, gated community atmosphere fosters a sense of safety and exclusivity, making Harbour Island a sought-after place to call home. This area also has plenty of parks, restaurants, and attractions, so you’ll have lots of explore. Make sure to enjoy the outdoors at Cotanchobee Fort Brooke Park just across the Garrison Channel. It’s no wonder the rents are above Tampa’s average.
6. Southeast Tampa
Average 1-bedroom rent: $2,453 Apartments for rent in Southeast Tampa
Located east of downtown, Southeast Tampa is the next neighborhood on our list. Southeast Tampa has a friendly atmosphere and community-feeling, with plenty of local cafes and restaurants along Channelside Drive, such as Cena and District Tavern. Much of Southeast Tampa is composed of the ports that line Tampa’s waterfront. Renting an apartment in Southeast Tampa is appealing due to its convenient access to major highways, making commutes to downtown Tampa and surrounding areas quick and easy. The neighborhood offers a diverse array of dining and shopping venues, catering to a variety of tastes and preferences. Outdoor enthusiasts will appreciate the proximity to numerous parks and recreational facilities, perfect for weekend activities and relaxation. The area is also home to a variety of cultural and community events, fostering a colorful and inclusive atmosphere for residents.
7. Channel District
Average 1-bedroom rent: $2,415 Apartments for rent in Channel District
Channel District takes the seventh spot on our list of most expensive neighborhoods in Tampa. The average rent for a one-bedroom unit is roughly $100 more than the city’s average. The Channel District is known for its sleek, modern residential complexes and high-rise buildings, providing stunning views of the city and waterfront. Residents enjoy easy access to a plethora of trendy restaurants, chic boutiques, and lively entertainment venues, including the Amalie Arena and Florida Aquarium. The neighborhood’s strategic location near major highways and public transit makes commuting convenient, while its walkability fosters a car-free lifestyle. Additionally, the vibrant cultural scene and regular community events create an engaging and energetic atmosphere that appeals to young professionals and families alike.
8. Northeast Tampa
Average 1-bedroom rent: $2,302 Apartments for rent in Northeast Tampa
A well-loved Tampa neighborhood, Northeast Tampa is the next area. Northeast Tampa is home to Busch Gardens Tampa Bay and Adventure Island, meaning there’s plenty to do throughout the week. The area is also known for its diverse culinary scene, featuring popular restaurants like Ulele, which offers indigenous-inspired cuisine, and the bustling Armature Works, home to a variety of food vendors and eateries. Residents can enjoy outdoor activities at nearby Lettuce Lake Park, which offers scenic trails, kayaking, and wildlife viewing. Additionally, the neighborhood’s proximity to the University of South Florida provides access to cultural events, lectures, and sports. With its mix of dining, recreation, and cultural attractions, Northeast Tampa promises a dynamic and engaging lifestyle.
9. Northwest Tampa
Average 1-bedroom rent: $2,101 Apartments for rent in Northwest Tampa
The ninth most expensive neighborhood in Tampa is Northwest Tampa. This area has a vibrant feeling with its popular restaurants and quirky shops. You can find parks like Al Lopez Park and Lowry Park, perfect for enjoying a sunny day in Tampa. Northwest Tampa also hosts the Tampa Bay Blues Festival each year, providing residents with lots of opportunities to enjoy their neighborhood. Renting an apartment in the Northwest Tampa neighborhood is an excellent choice for those seeking a dynamic yet comfortable lifestyle. The area is home to the popular International Plaza and Bay Street, offering an upscale shopping experience and a variety of dining options such as The Capital Grille and Ocean Prime. For a more casual night out, residents can enjoy local favorites like the Cigar City Brewing Company, renowned for its craft beers and laid-back atmosphere. Additionally, the nearby Raymond James Stadium hosts exciting events, including Tampa Bay Buccaneers games and major concerts, adding to the vibrant local culture. The neighborhood’s convenient access to Tampa International Airport and major highways makes travel and commuting a breeze, enhancing the appeal for both busy professionals and leisure seekers.
Methodology: Whether a neighborhood has an average 1-bedroom rent price over the city’s average. Average rental data from Rent.com in June 2024.