Ginnie Mae has been able to provide continuity on several key initiatives since Sam Valverde stepped in as acting president last month, and he says those aimed at sustaining mortgage liquidity will be the agency’s top priority as it moves forward.
This includes steps that may counter interest-rate related cash-flow strains on the growing number of nonbanks it works with, so that these mortgage-backed securities issuers can keep supporting the MBS that Ginnie guarantees, a key source of funding for government loans.
In an interview about what’s on Ginnie’s agenda for the future, Valverde touched on the recent flexibility added for extended term MBS to that end, and discussed broader ways it’s supporting independent mortgage banks that lack some liquidity resources depositories have.
He also explained how identifying aspects of Ginnie’s existing MBS that might appeal to investors interested in bonds with environmental, social and governance criteria could expand buyer interest in a market that’s lost a key investor as the Federal Reserve has pulled back.
Another potentially liquidity-boosting initiative Valverde weighed in on was how one of the legislative concepts discussed in a recent Financial Stability Oversight Council study could work: an expansion of its pandemic-era Pass Through Assistance Program.
A condensed version of his responses to questions from this publication follows.
Inside: Learn $35000 a year is how much an hour. Plus find an 35k salary budget to live the lifestyle you want.
You want to know to look into this…35k salary is a solid hourly wage; above most minimum hourly wage jobs.
For most people, an entry-level job would be paying just over $35,000 a year. The question that remains is can you make a living off $35k a year?
The median household income was $70,084 in 2021 not much different from the previous year (source). Think of it as a bell curve with $70 at the top; the median means half of the population makes less than that and half makes more money.
The average income in the U.S. is $55,350 for a 40-hour workweek; that is an increase of 1.1% from the previous year (source). That means if you take everyone’s income and divide the money out evenly between all of the people.
But, the question remains… Can you truly live off 35,000 per year in today’s society since it is well below both the average and median household incomes? The question you want to ask all of your friends is $35000 per year a good salary.
In this post, we are going to dive into everything that you need to know about a $35000 salary including hourly pay and a sample budget on how to spend and save your money.
These key facts will help you with money management and learn how much per hour $35k is as well as what you make per month, weekly, and biweekly.
Just like with any paycheck, it seems like money quickly goes out of your account to cover all of your bills and expenses, and you are left with a very small amount remaining. You may be disappointed that you were not able to reach your financial goals and you are left wondering…
Can I make a living on this salary?
$35000 a year is How Much an Hour?
When jumping from an hourly job to a salary for the first time, it is helpful to know how much is 35k a year hourly. That way you can decide whether or not the job is worthwhile for you.
35000 salary / 2080 hours = $16.83 per hour
$35000 a year is $16.83 per hour
Let’s breakdown how that 35000 salary to hourly number is calculated.
For our calculations to figure out how much is 35K salary hourly, we used the average five working days of 40 hours a week.
Typically, the average workweek is 40 hours and you can work 52 weeks a year. Take 40 hours times 52 weeks and that equals 2,080 working hours. Then, divide the yearly salary of $35000 by 2,080 working hours and the result is $16.83 per hour.
Just below $17 an hour.
That number is the gross hourly income before taxes, insurance, 401K, or anything else is taken out. Net income is how much you deposit into your bank account.
You must check with your employer on how they plan to pay you. For those on salary, typically companies pay on a monthly, semi-monthly, biweekly, or weekly basis.
What If I Increased My Salary?
Just an interesting note… if you were to increase your annual salary by $5K to $40K per year, it would increase your hourly wage to almost $19 an hour – a difference of $2.40 per hour.
To break it down – 40k a year is how much an hour = $19.23
That difference will help you fund your savings account; just remember every dollar adds up.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
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How Much is $35K salary Per Month?
On average, the monthly amount would be $2,916.
Annual Salary of $35,000 ÷ 12 months = $2,916 per month
This is how much you make a month if you get paid 35000 a year.
$35k a year is how much a week?
This is a great number to know! How much do I make each week? When I roll out of bed and do my job of $35k salary a year, how much can I expect to make at the end of the week for my effort?
Once again, the assumption is 40 hours worked.
Annual Salary of$35000/52 weeks = $673 per week.
Here are jobs that pay weekly.
$35000 a year is how much biweekly?
For this calculation, take the average weekly pay of $673 and double it.
This depends on how many hours you work in a day. For this example, we are going to use an eight-hour workday.
8 hours x 52 weeks = 260 working days
Annual Salary of$35000 / 260 working days = $134 per day
If you work a 10 hour day on 208 days throughout the year, you make $168 per day.
$35000 Salary is…
$35000 – Full Time
Total Income
Yearly Salary (52 weeks)
$35,000
Monthly Salary
$2,916
Weekly Wage (40 Hours)
$673
Bi-Weekly Wage (80 Hours)
$1,346
Daily Wage (8 Hours)
$134
Daily Wage (10 Hours)
$168
Hourly Wage
$16.83
Net Estimated Monthly Income
$2,227
Net Estimated Hourly Income
$12.85
**These are assumptions based on simple scenarios.
Do you know how many work days in a year you work? This answer may surprise you.
35k a year is how much an hour after taxes
Income taxes is one of the biggest culprits of reducing your take-home pay as well as FICA and Social Security. This is a true fact across the board with an all salary range up to $142,800.
When you make below the average household income, the amount of taxes taken out hurts your hourly wage.
Every single tax situation is different.
On the basic level, let’s assume a 12% federal tax rate and a 4% state rate. Plus a percentage is taken out for Social Security and Medicare (FICA) of 7.65%.
So, how much an hour is 35000 a year after taxes?
Gross Annual Salary: $35,000
Federal Taxes of 12%: $4,200
State Taxes of 4%: $1,400
Social Security and Medicare of 7.65%: $2,667.50
$35k Per Year After Taxes is $26,722.50
This would be your net annual salary after taxes.
Hourly Salary After Taxes
To turn that back into an hourly wage, the assumption is working 2,080 hours.
$26,722.50 ÷ 2,080 hours = $12.85 per hour
After estimated taxes and FICA, you are netting $26,722 per year, which is $8,277 per year less than what you expect.
***This is a very high-level example and can vary greatly depending on your personal situation and potential deductions. Therefore, here is a great tool to help you figure out how much your net paycheck would be.***
Taxes Based On Your State
In addition, if you live in a heavily taxed state like California or New York, then you have to pay way more money than somebody who lives in a no tax state like Texas or Florida. This is the debate of HCOL vs LCOL.
Thus, your yearly gross $35000 income can range from $23,922 to $28,122 depending on your state income taxes.
That is why it is important to realize the impact income taxes can have on your take-home pay. It is one of those things that you should acknowledge and obviously, you need to pay taxes. But, it can also put a huge dent in your ability to live the lifestyle you want on a $35,000 income.
How Much Is 35K A Year Hourly Salary Calculator
More than likely, your salary is not a flat 35k, here is a tool to convert your salary to hourly calculator.
Many entry level jobs start at this range, which may make you believe that a business degree is worth it.
Every person reading this post has a different upbringing and a different belief system about money. Therefore, what would be a lavish lifestyle to one person, maybe a frugal lifestyle to another person? And there’s no wrong or right, it is what works best for you.
One of the biggest factors to consider is your cost of living.
In another post, we detailed the differences between living in an HCOL vs LCOL vs MCOL area. When you live in big cities, trying to maintain your lifestyle of $35,000 a year is going to be extremely difficult because your basic expenses, housing, transportation, food, and clothing are going to be much more expensive than you would find in a lower cost area.
To stretch your dollar further in the high cost of living area, you would have to probably live a very frugal lifestyle and prioritize where you want to spend money and where you do not. Whereas, if you live in a low cost of living area, you can afford the cost of living and maybe save more money. Thus, you have more fun spending left in your account each month.
As we noted earlier in the post, $35,000 a year is well below the average income that you would find in the United States. Thus, you have to be wise with how you spend your money.
What a $35,000 lifestyle will buy you:
If you are debt free and utilize smart money management skills, then you are able to enjoy the lifestyle you want.
You are able to rent in a decent neighborhood in LCOL.
Driving a beater car is normal.
You should be able to meet your basic expenses each and every month.
The focus is on becoming financially sound.
Not be able to afford many of the fun spending luxuries.
Ability to make sure that saving money is a priority, and very possibly save $5000 in one year.
When A $35,000 Salary Will Hold You Back:
However, if you are riddled with debt or unable to break the paycheck to paycheck cycle, then living off of 35k a year is going to be pretty darn difficult.
There are two factors that will keep holding you back:
You must pay off debt and cut all fun spending and extra expenses.
Break the paycheck to paycheck cycle.
It is possible to get ahead with money!
It just comes with proper money management skills and a desire to have less stress around money. That is a winning combination regardless of your income level.
$35K a year Budget – Example
As always, here at Money Bliss, we focus on covering our basic expenses plus saving and giving first, and then our goal is to eliminate debt. The rest of the money is left for fun spending.
If you want to know how to manage a 35k salary the best, then this is a prime example for you to compare your spending.
You can compare your budget to the ideal household budget percentages.
recommended budget percentages based on $35000 a year salary:
Category
Ideal Percentages
Sample Monthly Budget
Giving
10%
$160
Savings
15-25%
$438
Housing
20-30%
$817
Utilities
4-7%
$117
Groceries
5-12%
$244
Clothing
1-4%
$29
Transportation
4-10%
$117
Medical
5-12%
$175
Life Insurance
1%
$15
Education
1-4%
$29
Personal
2-7%
$29
Recreation / Entertainment
3-8%
$58
Debts
0% – Goal
$0
Government Tax (including Income Taxes, Social Security & Medicare)
15-25%
$690
Total Gross Monthly Income
$2,917
**In this budget, prioritization was given to basic expenses and no debt.
Is $35,000 a year a Good Salary?
As we stated earlier if you are able to make $35,000 a year, that is a low salary. You are making around or just above minimum wage.
While 35000 is a decent salary just starting out in your working years, it is a salary that you want to rapidly increase before your expenses go up or the people you provide for increase. If not, you will be left working multiple jobs to make ends meet.
However, too many times people get stuck in the lifestyle trap of trying to keep up with the Joneses, and their lifestyle desires get out of hand compared to their salary. And what they thought used to be a great salary actually is not making ends meet at this time.
This $35k salary would be considered a lower class salary. You must make each dollar count in your budget.
Check: Are you in the middle class?
In fact, this income level in the United States has enough buying power to put you in the top 95 percentile globally for per person income (source).
The question you need to ask yourself with your 35k salary is:
Am I maxed at the top of my career?
Is there more income potential?
What obstacles do I face if I want to try to increase my income?
In the future years and with possible inflation, in many modest cities, 35000 a year is not a good salary because the cost of living is so high, whereas these are some of the cities where you can make a decent living at 35,000 per year.
If you are looking for a career change, you want to find jobs paying at least $45000 a year.
Is 35k a good salary for a Single Person?
Simply put, you can make it work.
You can stretch your salary much further because you are only worried about your own expenses. A single person will spend much less than if you need to provide for someone else.
Your living expenses and ideal budget are much less. Thus, you can live comfortably on $35000 per year.
And… most of us probably regret how much money wasted when we were single. Oh well, lesson learned.
Is 35k a good salary for a family?
Many of the same principles apply above on whether $35000 is a good salary. The main difference with a family, you have more people to provide for than when you are single or have just one other person in your household.
At the 35K salary with a family, you would need more than one income stream to make this possible without government help.
The costs of raising children are high and will steeply cut into your income. As you can tell this is a huge dent in your income, specifically $12,980 annually per child and this does not include college.
That means that amount of money is coming out of the income that you earned.
So, the question really remains… can you provide a good life for your family making $35,000 a year? This is the hardest part because each family has different choices, priorities, and values.
More or less, it comes down to two things:
The location where you live in.
Desire to improve your career and make more money.
Your lifestyle choices.
You will not be able to afford everything on this salary.
Many times when raising a family, it is helpful to have a dual-income household. That way you are able to provide the necessary expenses if both parties were making 35,000 per year, then the combined income for the household would be $70,000. Thus making your combined salary a very good income.
Learn how much money a family of 4 needs in each state.
Can you Live on 35000 Per Year?
As we outlined earlier in the post, $35,000 a year:
$16.83 Per Hour
$134-168 Per Day (depending on the length of day worked)
$673 Per Week
$1,346 Per Biweekly
$2,916 Per Month
Next up is making $40,000 a year.
Like anything else in life, you get to decide how to spend, save and give your money.
That is the difference for each person on whether or not you can live a lower-class lifestyle depends on many potential factors. If you live in California or New Jersey you are gonna have a tougher time than Oklahoma or even Texas.
In addition, if you are early in your career, starting out around 32,000 a year, that is an okay place to be getting your career. However, if you have been in your career for over 20 years and still making $35K, then you probably need to look at asking for pay increases, picking up a second job, or finding a different career path.
Regardless of the wage that you make, if you are not able to live the lifestyle that you want, then you have to find ways to make it work for you. Everybody has choices to make.
But one of the things that can help you the most is to stick to our ideal household budget percentages to make sure you stay on track.
Learn exactly how much do I make per year…
One of the best ways to improve your personal finance situation is to increase your income. Here are a variety of side hustles that are very lucrative. With time and effort, you can start enjoying the lifestyle you want.
As an Amazon Associate and member of other affiliate programs, I earn from qualifying purchases.
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More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.
A self-directed IRA (SIDRA) allows you to save money for retirement on a tax-advantaged basis while enjoying access to a broader range of investments. Opening a self-directed IRA for real estate investing is an opportunity to diversify your portfolio with an alternative asset class while potentially generating higher returns.
Using a self-directed IRA to invest in real estate offers the added benefit of either tax-deferred growth or tax-free withdrawals in retirement, depending on whether it’s a traditional or Roth IRA. Before making a move, however, it’s important to know how they work. The IRS imposes self-directed IRA real estate rules that investors must follow to reap tax benefits.
What Is a Self-Directed IRA?
Individual Retirement Accounts (IRAs) allow you to set aside money for retirement with built-in tax benefits. These retirement accounts come in two basic forms: traditional and Roth.
Traditional IRAs allow for tax-deductible contributions, while Roth IRAs let you make qualified distributions tax-free.
When you open a traditional or Roth IRA at a brokerage you might be able to invest in mutual funds, exchange-traded funds, or bonds. A self-directed IRA allows you to fund your retirement goals with alternative investments — including real estate.
You can do the same thing with a self-directed 401(k).
Self-directed IRAs have the same contribution limits as other IRAs. For 2024, you can contribute up to:
• $7,000 if you’re under 50 years of age
• $8,000 if you’re 50 or older
Contributions and withdrawals are subject to the same tax treatment as other traditional or Roth IRAs. The biggest difference between a self-directed IRA and other IRAs is that while a custodian holds your account, you manage your investments directly.
Boost your retirement contributions with a 1% match.
SoFi IRAs now get a 1% match on every dollar you deposit, up to the annual contribution limits. Open an account today and get started.
Only offers made via ACH are eligible for the match. ACATs, wires, and rollovers are not included.
💡 Quick Tip: Want to lower your taxable income? Start saving for retirement with an IRA account. With a traditional IRA, the money you save each year is tax deductible (and you don’t owe any taxes until you withdraw the funds, usually in retirement).
How Self-Directed IRAs for Real Estate Investing Work
Using a self-directed IRA to invest in real estate allows investors to invest in various funds or securities that, themselves, invest in property or real estate. Those securities may be real estate investment trusts (REITs), mutual funds, or ETFs focused. Investors with self-directed IRAs can, then, direct retirement account funds toward those securities.
Other types of real estate investments can include single-family homes, multi-family homes, apartment buildings, or commercial properties — actual, physical property. For investors who do want to buy actual property using an IRA, the process generally involves buying the property with cash (which may require them to liquidate other investments first), and then taking ownership, which would all transact through the IRA itself. It’s not necessarily easy and can be complicated, but that’s the gist of it.
With that in mind, the types of investments you can make within an IRA will depend on your goals.
For instance, if you’re interested in generating cash flow you might choose to purchase one or more rental properties using a self-directed IRA for real estate. If earning interest or dividends is the goal, then you might lean toward mortgage notes and REIT investing instead.
The most important thing to know is that if you use a retirement account to invest in real estate, there are some specific rules you need to know. For instance, the IRS says that you cannot:
• Use your retirement account to purchase property you already own.
• Use your retirement account to purchase property owned by anyone who is your spouse, family member, beneficiary, or fiduciary.
• Purchase vacation homes or office space for yourself using retirement account funds.
• Do work, including repairs or improvements, on properties you buy with your retirement account yourself.
• Pay property expenses, such as maintenance or property management fees, from personal funds; you must use your self-directed IRA to do so.
• Pocket any rental income, dividends, or interest generated by your property investments; all income must go to the IRA.
Violating any of these rules could cause you to lose your tax-advantaged status. Talking to a financial advisor can help you make sense of the rules.
Pros and Cons of Real Estate Investing Through an IRA
Using a self-directed IRA for real estate investing can be appealing if you’re ready to do more with your portfolio. Real estate offers diversification benefits as well as possible inflationary protection, as well as the potential for consistent passive income.
However, it’s important to weigh the potential downsides that go along with using a self-directed IRA to buy real estate.
Pros
Cons
• Self-directed IRAs for real estate allow you to diversify outside the confines of traditional stocks, bonds, and mutual funds.
• You can establish a self-directed IRA as a traditional or Roth account, depending on the type of tax benefits you prefer.
• Real estate returns can surpass those of stocks or bonds and earnings can grow tax-deferred or be withdrawn tax-free in retirement, in some cases.
• A self-directed IRA allows you to choose which investments to make, based on your risk tolerance, goals, and timeline.
• The responsibility for due diligence falls on your shoulders, which could put you at risk of making an ill-informed investment.
• Failing to observe self-directed IRA rules could cost you any tax benefits you would otherwise enjoy with an IRA.
• The real estate market can be unpredictable and investment returns are not guaranteed — they’re higher-risk investments, typically. Early withdrawals may be subject to taxes and penalties, and there may be higher associated fees.
• Self-directed IRAs used for real estate investing are often a target of fraudulent activity, which could cause you to lose money on investments.
Using a self-directed IRA for real estate or any type of alternative investment may involve more risk because you’re in control of choosing and managing investments. For that reason, this type of account is better suited for experienced investors who are knowledgeable about investment properties, rather than beginners.
Real Estate IRAs vs Self-directed IRAs For Real Estate Investing
A real estate IRA is another way of referring to a self-directed IRA that’s used for real estate investment. The terms may be used interchangeably and they both serve the same purpose when describing what the IRA is used for.
Again, the main difference is how investments are selected and managed. When you open a traditional or Roth IRA at a brokerage, the custodian decides which range of investments to offer. With a self-directed IRA, you decide what to invest in, whether that means investing in real estate or a different type of alternative investment.
💡 Quick Tip: Did you know that opening a brokerage account typically doesn’t come with any setup costs? Often, the only requirement to open a brokerage account — aside from providing personal details — is making an initial deposit.
Opening an IRA With SoFi
Opening a self-directed IRA is an option for many people, and the sooner you start saving for retirement, the more time your money has to grow. And, as discussed, a self-directed IRA allows you to save money for retirement on a tax-advantaged basis while enjoying access to a broader range of investments, including real estate.
Once again, using a self-directed IRA to invest in real estate offers the added benefit of tax-deferred growth and tax-free withdrawals in retirement. There are pros and cons, and rules to abide by, but these types of accounts are another option for investors.
Ready to invest for your retirement? It’s easy to get started when you open a traditional or Roth IRA with SoFi. SoFi doesn’t charge commissions, but other fees apply (full fee disclosure here).
For a limited time, opening and funding an Active Invest account gives you the opportunity to get up to $1,000 in the stock of your choice.
FAQ
Can you use a self-directed IRA for real estate?
You can use a self-directed IRA to invest in real estate-related or -focused securities and other types of alternative investments. Before opening a self-directed IRA to invest in real estate, it’s important to shop around to find the right custodian. It’s also wise to familiarize yourself with the IRS self-directed IRA real estate rules.
What are the disadvantages of holding real estate in an IRA?
The primary disadvantage of holding real estate in an IRA is that there are numerous rules you’ll need to be aware of to avoid losing your tax-advantaged status. Aside from that, real estate is less liquid than other assets which could make it difficult to exit an investment if you’d like to remove it from your IRA portfolio.
What are you not allowed to put into a self-directed IRA?
The IRS doesn’t allow you to hold collectibles in a self-directed IRA. Things you would not be able to hold in a self-directed IRA include fine art, antiques, certain precious metals, fine wines, or other types of alcohol, gems, and coins.
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Individual customer accounts may be subject to the terms applicable to one or more of these platforms.
1) Automated Investing and advisory services are provided by SoFi Wealth LLC, an SEC-registered investment adviser (“SoFi Wealth“). Brokerage services are provided to SoFi Wealth LLC by SoFi Securities LLC.
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For additional disclosures related to the SoFi Invest platforms described above please visit SoFi.com/legal.
Neither the Investment Advisor Representatives of SoFi Wealth, nor the Registered Representatives of SoFi Securities are compensated for the sale of any product or service sold through any SoFi Invest platform.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Investment Risk: Diversification can help reduce some investment risk. It cannot guarantee profit, or fully protect in a down market.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
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Finding the perfect apartment often means discovering a place that feels like a retreat, and there’s nothing more inviting than a beautiful pool to enhance your living experience. We’ve scoured the country to bring you a roundup of the most stunning apartment pools from coast to coast. Whether you’re dreaming of lounging by a resort-style pool in an apartment in Orlando, enjoying a rooftop swim with panoramic views in Denver, or taking a refreshing dip in the pool of a luxury rental in Las Vegas, these apartment complexes offer the ultimate in relaxation and luxury. Dive in with us as we explore these beautiful pools that make coming home feel like a vacation.
1. Metro Edgewater Apartments
452 Northeast 31st Street, Miami, FL
Located in the heart of Miami’s vibrant Edgewater neighborhood, Metro Edgewater offers high-end residences perfect for those desiring an elevated living experience. The apartments feature modern designs with custom cabinetry, quartz countertops, and floor-to-ceiling windows providing breathtaking views of Biscayne Bay and downtown Miami. The highlight is its breathtaking pool, surrounded by poolside cabanas, providing residents with a serene oasis to relax and unwind.
2. Domain at CityCentre
811 Town And Country Blvd, Houston, TX
Domain at CityCentre in Houston perfectly complements urban living with its luxurious amenities and prime location. With over 45 restaurants and 55 retail shops just minutes from your front door, convenience is unmatched. Prefer to stay in? Enjoy the resort-style swimming pool or share a meal with friends at the outdoor patio bar and grill.
3. Essex Luxe Apartments
8000 Essex Point Circle, Orlando, FL
Essex Lux Apartments in Orlando offers a modern living experience with upscale one-, two-, and three-bedroom apartments. Enjoy thoughtfully designed interiors with quartz countertops, stainless-steel appliances, and wood plank flooring. The highlight of the resort-style amenities is the zero-entry saltwater swimming pool, perfect for relaxation and leisure. Additionally, residents can enjoy a fully equipped fitness center and a beautiful resident clubhouse.
4. The Apex @Meadows
4480 Meadows Lane, Las Vegas, NV
The Apex @Meadows blends suburban tranquility with urban flair, featuring an expansive courtyard, lush landscaping, and a rooftop lounge with breathtaking views. Residents also enjoy a state-of-the-art fitness center and smart home conveniences. The standout feature is the beautiful pool area, providing a refreshing retreat in the heart of the city.
5. Trivista on Speer
1350 Speer Blvd, Denver, CO
TriVista on Speer is located in Denver’s Golden Triangle Creative District. The complex features a stunning pool and spa with a lounge area, perfect for relaxation. Residents can also enjoy amenities such as a two-story fitness center, a rooftop deck with mountain views, and direct access to the Cherry Creek Bike Path. TriVista on Speer combines modern living with the convenience of being within walking distance of Denver’s best artistic and historical attractions.
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.
More Gains After JOLTS, But They Might Have Happened Anyway
By:
Matthew Graham
Tue, Jun 4 2024, 4:16 PM
More Gains After JOLTS, But They Might Have Happened Anyway
The winning streak continues for the bond market with 10yr yields dropping roughly 6bps by the 3pm close, just barely edging under the 4.34% technical level. Improvement was linear through 2pm with only a temporary volatile reaction to the JOLTS data. It’s not entirely clear that the mid-day gains had anything to do with JOLTS, in fact. It’s just as easy to argue that the bond market is taking a lead-off in anticipation of softer economic data ahead. That’s all well and good unless the data finds a way to surprise to the upside, but even then, some hope would be held out for the next CPI report next Wednesday.
Job Openings (via JOLTS)
8.059m vs 8.34m f’cast, 8.355m prev
Lower = better for rates
Job “Quits”
3.507m vs 3.329m prev
lower = better for rates
08:58 AM
moderately stronger overnight thanks to Europe. MBS up 2 ticks (.06) and 10yr down 3.6bps at 4.355
10:05 AM
Modest gains after mixed JOLTS. MBS up an eighth. 10yr down 4.8bps at 4.343
01:56 PM
Modest additional gains into the PM. 10yr down 7bps at 4.321. MBS up an eighth in 6.0 coupons and nearly a quarter in 5.5 coupons.
04:06 PM
Off the best levels, but holding most of the gains. 10yr down 6.1bps at 4.33 and MBS up 5 ticks (.16).
Download our mobile app to get alerts for MBS Commentary and streaming MBS and Treasury prices.
Mortgage demand keeps on falling. Mortgage applications dropped 5.2% for the week ending May 31 compared to the prior week, according to the Mortgage Bankers Association (MBA), results that include an adjustment for the Memorial Day holiday.
On an unadjusted basis, the MBA’s market composite index decreased 16% compared with the prior week as mortgage rates remain firmly above 7% and home prices continue to remain near record levels.
“Mortgage rates moved slightly higher last week, with the 30-year conforming rate reaching 7.07 percent — its highest level since early May — despite incoming data indicating somewhat slower economic growth,” Mike Fratantoni, the MBA’s chief economist, said in a statement.
“After adjusting for the Memorial Day holiday, both purchase and refinance application volumes were down, with purchase activity specifically 13% below last year’s level.”
Fratantoni noted that government purchase volume was down less, aided by growth in U.S. Department of Veterans Affairs (VA) loan applications. “The market is relying on first-time homebuyer demand, and many first-time buyers do use government lending programs,” he said.
The refinance share of mortgage activity decreased to 31.1% of total applications, down from 31.3% the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 6.7% of total applications.
The Federal Housing Administration (FHA) share of total applications increased to 13.2%, up from 12.7% the week prior. And the VA share of total applications increased from 12% to 12.1% during the week.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) increased from 7.05% to 7.07%, with points increasing from 0.63 to 0.65 (including the origination fee) for 80% loan-to-value ratio (LTV) loans.
Even at the highest demand levels in 2024, purchase mortgage applications are about 45% lower compared to the same weeks in 2018 and 2019.
Mortgage interest rates were mixed compared to last week, according to rate data compiled by Bankrate. Read on for a breakdown of how each loan type moved.
The tune has changed around the direction of mortgage rates. The movement of fixed mortgage rates parallels the 10-year Treasury yield, which moves as investor appetite fluctuates with the state of the economy, inflation and Federal Reserve decisions. At the close of the latest Fed meeting on May 1, policymakers held firm and opted not to cut rates. The next announcement from the Fed comes June 12.
“Markets are assuming that the Fed will cut the overnight rate only one time during the rest of 2024,” says Dick Lepre of RealFinity. “Rates will be flat for the rest of 2024.”
Often, though, the decision to buy a home isn’t based on market shifts. It comes down to what you need. Depending on your situation, it might make sense to take a higher rate now and refinance later. This way you can start building equity, rather than chancing that buying a home will become more affordable.
Rates as of June 5, 2024.
The rates listed here are Bankrate’s overnight average rates and are based on the assumptions here. Actual rates available on-site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Wednesday, June 5th, 2024 at 7:30 a.m. ET.
30-year mortgage dips, -0.03%
The average rate you’ll pay for a 30-year fixed mortgage today is 7.10 percent, down 3 basis points since the same time last week. Last month on the 5th, the average rate on a 30-year fixed mortgage was higher, at 7.19 percent.
At the current average rate, you’ll pay a combined $672.03 per month in principal and interest for every $100,000 you borrow. That’s lower by $2.03 than it would have been last week.
The 30-year mortgage is the most popular option for homeowners, and this type of loan has a number of advantages:
Lower monthly payment: Compared to a shorter term, such as 15 years, the 30-year mortgage offers lower, more affordable payments spread over time.
Stability: With a 30-year fixed mortgage, you lock in a set principal and interest payment, making it easier to plan your housing expenses for the long term. Remember: Your monthly housing payment can still change if your homeowners insurance premiums and property taxes go up or, less likely, down.
Buying power: With lower payments, you might qualify for a larger loan amountor a more expensive home.
Flexibility: Lower monthly payments can free up some of your monthly budget for other goals, like saving for emergencies, retirement, college tuition or home repairs and maintenance.
Read more: What is a fixed-rate mortgage and how does it work?
15-year fixed mortgage rate stays put
The average rate you’ll pay for a 15-year fixed mortgage is 6.64 percent, unchanged over the last seven days.
Monthly payments on a 15-year fixed mortgage at that rate will cost $879 per $100,000 borrowed. The bigger payment may be a little more difficult to find room for in your monthly budget than a 30-year mortgage payment, but it comes with some big advantages: You’ll come out several thousand dollars ahead over the life of the loan in total interest paid and build equity much more rapidly.
5/1 ARM rate climbs, +0.26%
The average rate on a 5/1 adjustable rate mortgage is 6.82 percent, up 26 basis points from a week ago.
Adjustable-rate mortgages, or ARMs, are mortgage loans that come with a floating interest rate. To put it another way, the interest rate will change at regular intervals, unlike fixed-rate mortgages. These types of loans are best for those who expect to sell or refinance before the first or second adjustment. Rates could be materially higher when the loan first adjusts, and thereafter.
While borrowers shunned ARMs during the pandemic days of super-low rates, this type of loan has made a comeback as mortgage rates have risen.
Monthly payments on a 5/1 ARM at 6.82 percent would cost about $653 for each $100,000 borrowed over the initial five years, but could climb hundreds of dollars higher afterward, depending on the loan’s terms.
Jumbo mortgage rate falls, -0.01%
The average jumbo mortgage rate today is 7.21 percent, down 1 basis point over the last seven days. This time a month ago, jumbo mortgages’ average rate was above that at 7.27 percent.
At today’s average jumbo rate, you’ll pay principal and interest of $679.47 for every $100,000 you borrow. Compared with last week, that’s $0.67 lower.
Mortgage refinance rates
30-year mortgage refinance rate drops, -0.05%
The average 30-year fixed-refinance rate is 7.10 percent, down 5 basis points from a week ago. A month ago, the average rate on a 30-year fixed refinance was higher at 7.20 percent.
At the current average rate, you’ll pay $672.03 per month in principal and interest for every $100,000 you borrow. That represents a decline of $3.38 over what it would have been last week.
Where are mortgage rates heading?
The rates on 30-year mortgages mostly mirror the 10-year Treasury yield, which changes with the market, while the cost of variable-rate home loans more directly mirrors the Fed’s moves.
If and when the Fed cuts interest rates depends on evolving economic data, such as the inflation rate and the jobs market. While inflation has fallen since its peak in 2022, it’s still above the Fed’s target rate of 2 percent, and that doesn’t appear to be changing for now. When it evaluates inflation, the central bank prefers the Personal Consumption Expenditures (PCE) index. The newest PCE report is due out May 31.
“Tepid demand at Treasury auctions and an update to the Fed’s preferred inflation measure on May 31 pose the risk of rates moving up in coming days,” says Greg McBride, Bankrate’s chief financial analyst.
The Consumer Price index (CPI) is another report on inflation that the Fed keeps an eye on. The next CPI report comes out June 12 — the same day as the next Fed announcement.
While the Fed bases its decisions on rate changes due to broader economic factors, your rate is also affected by personal finances. Depending on your credit score, down payment, debts and income, you could be quoted a rate that’s higher or lower than the trend.
What today’s rates mean for you and your mortgage
Mortgage rates fluctuate daily, but it appears that, for now, they will remain above the historical lows of recent years. If you’re shopping for a mortgage, it might be wise to lock your rate when you find an affordable loan. If your house-hunt is taking longer than anticipated, revisit your budget so you’ll know exactly how much house you can afford at prevailing market rates.
Keep in mind: You could save thousands over the life of your mortgage by getting at least three loan offers, according to Freddie Mac research. You don’t have to stick with your bank or credit union, either. There are many types of mortgage lenders, including online-only and local, smaller shops.
“All too often, some [homebuyers] take the path of least resistance when seeking a mortgage, in part because the process of buying a home can be stressful, complicated and time-consuming,” says Mark Hamrick, senior economic analyst for Bankrate. “But when we’re talking about the potential of saving a lot of money, seeking the best deal on a mortgage has an excellent return on investment. Why leave that money on the table when all it takes is a bit more effort to shop around for the best rate, or lowest cost, on a mortgage?”
More on current mortgage rates
Methodology
Bankrate displays two sets of rate averages that are produced from two surveys we conduct: one daily (“overnight averages”) and the other weekly (“Bankrate Monitor averages”).
The rates on this page represent our overnight averages. For these averages, APRs and rates are based on no existing relationship or automatic payments.
Learn more about Bankrate’s rate averages, editorial guidelines and how we make money.
Leading reverse mortgage lender Finance of America (FOA) has undergone a round of layoffs that are impacting multiple levels of the organization, including retail and corporate leadership positions. The news was first reported by National Mortgage News.
While FOA catapulted to the top spot in the reverse mortgage industry virtually overnight last year after closing on its acquisition of former industry leader American Advisors Group(AAG), the company has also wrestled with fiscal challenges, according to recent earnings reports and a looming threat from the New York Stock Exchange (NYSE) that could see its stock delisted.
Company statement
In a statement provided to HousingWire, FOA President Kristen Sieffert explained the rationale behind the layoffs.
“Finance of America continually evaluates all aspects of our business to improve operating performance and execute against our strategic plan for long-term growth,” Sieffert said. “Accordingly, we are refining our expenses and eliminating some roles in our retail and corporate divisions as our business simplifies.
“Our core focus is on creating a modern retirement that centers on home equity, and we will continue to make decisions that strengthen our platform and our ability to deliver for our customers, teammates, and investors,” she said.
It was not specified how many employees nor which specific divisions were impacted.
Sieffert added that Paul Fiore, who most recently served as FOA’s chief retail sales officer and who came aboard with the AAG acquisition, has “made the decision to pursue other career opportunities and we wish him well in his future endeavors.”
Sieffert added that Fiore’s successor has been selected.
“At the same time, we are excited to announce that James Mittleman will be leading retail sales and with more than two decades of deep industry experience we are confident James is the right leader at this important inflection point for our company,” she said.
In a public post on LinkedIn, Fiore offered gratitude for his time at both FOA and AAG.
“Saying goodbye is never easy. Saying goodbye after 15 years is even harder,” Fiore wrote. “As I look back on my career with AAG/FAR, I am proud of all we did as a team. […] I believed in the leadership of our CEO and was excited to take on the challenge of building a business from the ground up.
“To go from a small broker business to 2000+ employees and the most recognized brand in the reverse mortgage industry was an incredible accomplishment thanks to the hard work and dedication of the most amazing group of people I had the honor of working with,” he added.
Recent history
In a business update issued to company shareholders in April, the company explained that the AAG acquisition led to “aggressive actions to rightsize its originations and back-office headcount to align with continuing operations.” The company reportedly reduced its overall headcount by roughly 30% from its second-quarter 2023 peak following the acquisition of AAG.
This resulted in FOA having “less than 1,000 employees” at the end of 2023, the company explained, leaving the organization “well-positioned to evaluate opportunities for further industry consolidation.”
The company is also transitioning into what it calls a “de-levered, cash-generation business model,” which it plans to accomplish by “monetizing its existing balance sheet while new originations generate free cash flow and long-term equity value.”
This update followed on the heels of the company receiving two separate notices from the NYSE explaining that its stock could be delisted from the exchange if it does not improve the performance of its share price. The first notice was issued in December 2023, with the second issued in February.
NYSE requires that listed stocks maintain a price of at least $1 per share “over a consecutive 30 trading-day period,” but the price has reached that threshold only seven times in 2024. As of late-day trading on Wednesday, the price currently sits at $0.59.
According to Home Equity Conversion Mortgage (HECM) endorsement data compiled by Reverse Market Insight (RMI), FOA remains the industry’s leading lender, endorsing 7,784 loans in the 12-month period ending in May 2024.
The main difference between solar shingles and solar panels is the way they’re mounted. Solar panels are mounted on a roof (or the ground), while solar shingles do double duty as rooftop shingles. Solar shingles generate electricity the same way solar panels do.
How solar shingles work, what they’re made of and how they’re installed
Solar shingles work the same way solar panels do, but solar shingles look like and function as traditional roof shingles. This means they serve a dual purpose: to generate electricity and to protect your home from the elements.
Solar shingles can be made of silicon (the oldest and one of the most popular options) or copper indium gallium (CIGS).
Here’s how solar shingles (and solar panels) generate electricity:
You can have only solar shingles for a roof, or you can install some solar shingles with your existing roof shingles. Typically, if the solar shingles don’t need to take up your entire roof space, the installer integrates the new solar shingles with the rest of your existing roof structure. Once the shingles are mounted, they’re connected to an inverter, and the inverter is connected to the home’s electrical panel, so you can enjoy usable AC electricity from your solar shingles. The installation process usually takes a few days.
Solar shingles vs. solar panels: Key differences
Although they generate electricity in the same manner, there are some important differences between solar shingles and solar panels.
Cost: Solar shingles are generally significantly more expensive than solar panels.
Appearance: Solar shingles offer a sleeker look than solar panels. Unlike solar panels, which are mounted on racks, solar shingles sit flush with the home’s roofline and can be indistinguishable from regular shingles from a distance.
Efficiency: Solar panels typically are more efficient than solar shingles. This is partly because solar shingles sit flush against the mounting surface, which doesn’t allow for cooling airflow beneath them.
Availability: As an older, tried-and-true product, solar panels are more widely available than solar shingles.
Installation: Installing solar shingles tends to take longer than installing solar panels (unless you’re replacing your entire roof or working with new construction). Solar shingles don’t require drilling into the roof to attach a rack; they are installed with roofing nails, which reduces the risk of leaks or roof damage during the installation process.
Roof considerations: Your roof needs to be in good condition to support solar panels. Solar shingles, on the other hand, can double as a roof replacement for an old roof in poor condition. Additionally, unlike solar panels, which can be tilted to catch maximum sunlight, solar shingles lie flush with your roof. This means solar shingles aren’t suitable for flat roofs or roofs that don’t face the sun.
How to decide between solar shingles and solar panels
Solar shingles may be your best choice if:
Aesthetics and curb appeal are a top concern.
You’re dealing with an HOA that has strict guidelines about appearance and might challenge the installation of solar panels.
You’re replacing your roof at the same time or working with new construction.
Solar panels may be your best choice if:
Your existing roof is in good condition
.
You have a flat roof.
You have a roof that isn’t at the optimum angle or orientation for shingles (some panels can be tilted to maximize the capture of sunlight).
Frequently asked questions
Are solar shingles and solar panels eligible for the federal tax credit?
Both solar shingles and solar panels can be eligible for a federal tax credit. With solar shingles, however, be aware that the costs of actual roofing components such as deckings or rafters that only serve a structural function and are not related to solar energy do not qualify for the credit.
Can you walk on solar shingles like you can on a regular roof?
Although solar shingles are usually strong enough to hold the weight of an adult and contractors do walk on them while wearing a harness, these shingles can be very slippery and unsafe to walk on.
Which lasts longer, solar panels or solar shingles?
Both solar panels and solar shingles have similarly long lifespans of 20 to 30 years.
WaterColor, a picturesque coastal community nestled along the scenic Highway 30A in Northwest Florida, has just seen its highest-priced home sale in history.
A 5-bedroom beachside property fetched a staggering $8,550,000 in an off-market transaction — selling for top dollar before even getting a chance to list publicly.
Here’s a closer look at this record-breaking sale and the stunning home that made it happen.
Setting a new record for the beachside community
The notable sale surpasses the previous record of $7,500,000 that closed in February of this year and is a clear outlier in a market where the average sales price stands at just over $3.5 million. But the sale premium isn’t all that surprising, given the property’s location, design, and rental income potential.
“This landmark sale, where we represented the buyer from Chicago, highlights the remarkable growth of the luxury market on 30A,” says Maria McKenna, Luxury Real Estate Advisor with Spears Group, who represented the buyer in the transaction.
All the hallmarks of a record-breaker
“With its distinctive blend of coastal elegance, modern comfort, and panoramic gulf views, this home stands as a true gem in WaterColor’s Gulf District,” Maria added in an exclusive quote for Fancy Pants Homes.
“As one of only eight beachfront homes and the highest-priced sale in WaterColor, its acquisition sets a new standard for excellence in the Northwest Florida real estate market.”
A peek inside the $8.55M residence
Situated in the heart of WaterColor’s Gulf District, the 2003-built beachside home has 5 bedrooms and 6 baths across 3,600 square feet of living space and underwent a complete transformation in 2018. It now stands as a prime example of coastal elegance and modern comfort.
The three-story retreat offers panoramic gulf views and a design that exudes sophistication and charm, as we’re about to see.
First floor: Living and gathering spaces
The first floor is designed for family gatherings and relaxation. It features a spacious living area and a converted screened porch that now serves as a sand and laundry room, complete with double-stacked washer and dryer units and an ice maker.
This floor also has five beautifully appointed bedrooms that can accommodate up to 12 guests, including:
A king suite with a private bathroom featuring a single vanity and walk-in shower
A bedroom with two twin beds and an ensuite bathroom with a walk-in shower
A room with two sets of twin bunk beds and a private bathroom with a walk-in shower
Second floor: Entertainment and relaxation
The second floor is where the entertainment happens. Here, you’ll find another master suite, a secondary living room, and a generously sized kitchen equipped with top-of-the-line appliances, including a wine cooler, oven, refrigerator, and range stovetop.
The front balcony’s porch swing and the rear balcony with a grill offer perfect spots for relaxing and dining al fresco while overlooking the gulf.
The third-floor luxurious retreat
The third floor houses the second master suite, featuring breathtaking views and a lavish ensuite bathroom with a freestanding tub. This level also includes another washer and dryer, a private media room, and multiple balconies to enjoy the coastal breeze and stunning vistas.
See also: 26 Jaw-dropping Miami-area mansions that will make you want to move to Florida
Unmatched amenities
The new owners will enjoy access to WaterColor’s private beach and various community amenities, including pools and recreational facilities.
The property also includes the opportunity to be part of a beach-sharing agreement with gulf-front homeowners, giving exclusive access to the private beach on Beach Lane.
Access to 1,000+ feet of private beach frontage
“The three expansive outdoor decks, professional interior redesign, and the striking blue hood in the kitchen are some of the unique features that make this home stand out,” Maria McKenna shares, before highlighting the home’s other standout features, including access to over 1,000 feet of private beach frontage.
“The primary suite includes a private deck with breathtaking gulf views, and the upstairs loft serves as a cozy media room. With access to over 1,000 feet of private beach frontage, this property offers full access to community amenities, including a private beach attendant and chair setup.”
The ever-evolving luxury market along 30A
This off-market transaction not only set a new record for WaterColor but also showcased the increasing demand for luxury properties in the area. With its stunning design and prime location, this beachside home found a way to stand out among the community’s pastel-colored homes and well-maintained gardens, all designed to complement the stunning natural surroundings of WaterColor’s Gulf District.
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