The Powerball jackpot went unclaimed in Wednesday’s drawing, and the estimated jackpot swelled to an estimated $600 million ahead of the next drawing on Saturday, March 16.
Meanwhile, the Mega Millions jackpot is also riding high at an estimated $792 million, putting it in the top 10 of biggest lottery jackpots ever. The next drawing is Friday, March 15.
If either or both continue to elude a winner in upcoming draws, 2024 could see its first billion-dollar-plus jackpot, a mark that has become more common in recent years. Powerball had a $1.765 billion jackpot (won by a single ticket) as recently as October 2023.
Powerball and Mega Millions tickets are sold for $2 apiece in 45 U.S. states, as well as Washington, D.C., and the U.S. Virgin Islands.
To play Mega Millions, pick five numbers between 1 and 70, and a sixth number between 1 and 25. If you don’t want to pick the numbers yourself, you can get a set of numbers generated for you.
To play Powerball, pick five numbers between 1 and 69 and a Powerball number from 1 to 26 (or have them randomly generated).
How much is the Mega Millions jackpot?
The current jackpot is estimated at $792 million. Winners can opt to take their winnings in the form of an annuity or as a single lump sum, known as the cash option. The cash option for the current jackpot is estimated at $381.8 million.
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By taking the annuity option, the winner would get the full jackpot advertised by Mega Millions, but it would be spread out in payments over 30 years.
No matter how lucky you are, you won’t get around paying taxes on a lottery jackpot. After mandatory federal income tax withholding, you’d get roughly $290.2 million, if you took the cash option. How much more you’d pay come tax time depends on whether you take where you bought the ticket — and where you live. To prepare, make sure you know the ins and outs of how the lottery works.
When is the next Mega Millions drawing?
The winning numbers will be drawn Friday, March 15 at 11 p.m. Eastern Time.
If there’s still no jackpot winner, the grand prize will continue to grow.
The odds of winning the jackpot are roughly 1 in 303 million.
How much is the next Powerball jackpot?
The current jackpot is estimated at $600 million.
Like Mega Millions, winners of Powerball can choose between an annuity that pays out over 30 years or a single lump sum. The cash option for the current jackpot is $293.4 million. After mandatory federal taxes, the holder of a single winning ticket would keep about $223 million, minus any state taxes.
When is the next Powerball drawing?
The winning numbers will be drawn Saturday, March 16 at 11 p.m. Eastern Time.
If there’s still no jackpot winner, the grand prize will continue to grow.
The odds of winning the jackpot are roughly 1 in 292 million.
The jackpot isn’t the only way to win. Both games have prizes for ticket holders whose chosen numbers match the drawing in a variety of combinations.
10 largest lottery jackpots
$2.04 billion (Powerball, Nov. 8, 2022 — one winning ticket).
$1.765 billion (Powerball, Oct. 11, 2023 — one winning ticket).
$1.586 billion (Powerball, Jan. 13, 2016 — three winning tickets).
$1.58 billion (Mega Millions, Aug. 8, 2023 — one winning ticket).
You don’t necessarily need a four-year degree to have a rewarding career that pays well. In fact, there are plenty of jobs out there that don’t require a bachelor’s degree and meet a wide variety of talents and interests, from nursing to mechanical technicians.
Here’s an explainer of what exactly is a “trade job,” plus a list of 25 of the highest-paying trade jobs as of 2022, which is the latest data available from the Bureau of Labor Statistics.
What Is a Trade Job?
A trade job is a career that requires advanced training and skill that can be acquired outside a four-year bachelor’s degree. Instead, experience can be acquired through on-the-job instruction, apprenticeship, or vocational schooling. 💡 Quick Tip: Online tools make tracking your spending a breeze: You can easily set up budgets, then get instant updates on your progress, spot upcoming bills, analyze your spending habits, and more.
Highest-Paying Trade Jobs
If you’re interested in a job that doesn’t require a college degree, or you love working with your hands, consider this list of some of the highest-paying trade jobs in the U.S. The compilation shows average annual salary and was compiled from the Bureau of Labor Statistics.
By the way, most if not all trade jobs require workers to be on site. Working remotely is not an option.
1. Power Plant Operator, Distributor, and Dispatcher – $97,570
Requirements: High school diploma or equivalent, long-term on-the-job training
Duties: Control power plants and the flow of electricity from plants to substations, which then deliver power to homes and businesses.
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2. Real Estate Broker – $52,030
Requirements: High school diploma or equivalent. Must complete some real estate courses to be eligible for licensure.
Duties: Help people buy and sell properties.
Recommended: Should I Sell My House Now or Wait?
3. Registered Nurse – $81,220
Requirements: Bachelor’s degree in Nursing, Associate degree in Nursing, or a diploma from an approved nursing program. Registered nurses must be licensed.
Duties: Help provide and coordinate patient care.
4. Dental Hygienist – $81,400
Requirements: Associate degree
Duties: Provide preventive dental care and examine patients for signs of oral diseases.
5. Water Transportation Worker – $66,100
Requirements: Will vary by job. For example, there are no requirements for entry-level sailors, while other workers might need to complete Coast Guard–approved training.
Duties: Operate and maintain vessels that carry cargo and people on the water.
6. Diagnostic Medical Sonographer – $78,210
Requirements: Associate degree
Duties: Operate special imaging equipment to create images of patients’ internal organs or to conduct tests.
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7. Farmer, Rancher, or Other Agricultural Manager – $75,760
Requirements: High school diploma or equivalent
Duties: Run farms and other establishments that produce livestock, dairy products, or crops.
8. Gas Plant Operator – $79,460
Requirements: High school diploma
Duties: Help distribute or process gas for utility companies by controlling the compressors on main gas pipelines.
9. Pile Driver Operator – $70,220
Requirements: High school diploma and vocational training can be helpful.
Duties: Operate machines that drive pilings for retaining walls, bulkheads, and foundations of buildings, bridges, and piers.
10. First-Line Supervisor of Construction Trades and Extraction Workers – $77,650
Requirements: High school diploma and five years or more work experience
Duties: Directly supervise and coordinate the activities of construction or extraction workers, such as miners or those drilling for minerals.
11. First-Line Supervisor of Mechanics, Installers, and Repairers – $76,020
Requirements: High school diploma, some work experience
Duties: Directly supervise and coordinate mechanics, installers, and repairers. They may also advise customers seeking recommendations for services.
12. Legal Support Worker – $59,200
Requirements: Associate degree
Duties: Perform a variety of tasks to support attorneys such as interviewing clients, legal research, and case summaries.
13. Locomotive Engineer – $73,850
Requirements: High school diploma
Duties: Operate passenger and freight trains safely. May also coordinate train activities or control rail yard signals and switches.
14. Subway and Streetcar Operator – $75,880
Requirements: High school diploma or equivalent
Duties: Operate subways or elevated suburban trains that don’t have a separate locomotive, or may operate an electric-powered streetcar. May handle fares.
15. Line Installer and Repairer – $82,340
Requirements: High school diploma or equivalent
Duties: Install and repair lines for electrical power systems, telecommunications, and fiber optics.
16. Computer Network Support Specialist – $59,660
Requirements: Entry-level requirements may vary, but network support specialists usually need to have an associate degree. Applicants to these jobs may qualify with high school diploma and information technology certifications.
Duties: Provide technical support to computer users while also maintaining computer networks.
17. Claims Adjuster, Examiner, and Investigator – $72,040
Requirements: High school diploma or equivalent
Duties: Evaluate insurance claims and act as an intermediary between claimants and the insurance company.
18. Electrical and Electronics Installer and Repairer for Transportation Equipment – $71,740
Requirements: Specialized training at a technical college
Duties: Install and maintain mobile electronics communication equipment on trains, watercraft, or other mobile equipment.
Recommended: The Highest Paying Jobs in Every State
19. Avionics Technician – $70,740
Requirements: Some may obtain a degree or certificate from a Federal Aviation Administration–approved aviation maintenance technician school, while other candidates may be trained on the job or in the military.
Duties: Repair and perform scheduled maintenance on aircraft.
20. Fire Inspector and Investigator – $65,800
Requirements: High school diploma, on-the-job training, and typically some experience as a firefighter
Duties: Fire inspectors help ensure buildings meet federal, state, and local fire codes and inspect buildings for potential fire hazards.
21. Transit and Railroad Police – $76,380
Requirements: Typically you must have a high school diploma or equivalent, complete a transit and railroad police training program, and receive a passing grade on a law enforcement exam from your state.
Duties: Help protect employees, passengers, and railroad and transit property.
22. Insurance Sales Agent – $57,860
Requirements: High school diploma or equivalent
Duties: Work with clients and customers to explain and sell various types of insurance.
23. Media and Communication Equipment Worker – $74,490
Requirements: High school diploma or equivalent
Duties: Install, repair, and maintain audio and visual systems across various industries, such as corporate offices and the film industry.
24. Boilermaker – $66,920
Requirements: High school diploma or equivalent
Duties: Install, maintain, and repair boilers.
25. Construction and Building Inspector – $64,480
Requirements: High school diploma or equivalent
Duties: Inspects buildings to ensure they are structurally sound and in compliance with specifications, building codes, and other regulations. May focus on a specific area such as plumbing or electrical systems. 💡 Quick Tip: When you have questions about what you can and can’t afford, a spending tracker app can show you the answer. With no guilt trip or hourly fee.
The Takeaway
On the high end, trade workers can make $90,000 or more at a career that doesn’t require a college education. That’s well above the $59,540 that represents the annual median income of U.S. full-time workers. And with a diverse range of career options to choose from, individuals who choose a trade job have a good chance at finding a fulfilling career that matches their interests and personality.
As your career takes off and you start earning a salary, you’ll likely want to begin budget planning and setting financial goals like paying down debt and saving for your future.
Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.
See exactly how your money comes and goes at a glance.
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Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
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.
National mortgage rates fell on all loan terms compared to a week ago, according to rate data collected by Bankrate. Rates for 30-year fixed, 15-year fixed, 5/1 ARMs and jumbo loans all receded.
While it’s expected that rates will gradually come down this year, there may be some fluctuations.
At its Jan. 31 meeting, the Federal Reserve announced it would hold off changing rates, but could cut rates in the future. At their March 20th meeting, the Fed will update their outlook on rates. Rate fluctuations affect many areas of the economy, including the 10-year Treasury, a key benchmark for fixed-rate mortgages.
“Where the 10-Year Treasury yield goes, mortgage rates will follow,” says Ken Johnson of Florida Atlantic University. “In roughly the last two months, the 10-year Treasury yield is up 50 basis points. Depending on the source, the 30-year mortgage rate is up 48 basis points. Treasurys’ path remains a coin toss at this point.”
Rates last updated March 13, 2024.
The rates listed here are averages based on the assumptions shown here. Actual rates displayed within the site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Wednesday, March 13th, 2024 at 7:30 a.m.
30-year mortgage rate retreats, -0.21%
Today’s average 30-year fixed-mortgage rate is 6.90 percent, a decrease of 21 basis points from a week ago. A month ago, the average rate on a 30-year fixed mortgage was higher, at 7.30 percent.
At the current average rate, you’ll pay $658.60 per month in principal and interest for every $100,000 you borrow. That represents a decline of $14.11 over what it would have been last week.
Most mortgage lenders defer to the 30-year, fixed-rate mortgage as the go-to for most borrowers because it allows the borrower to disperse payments out over 30 years, keeping their monthly payment lower.
15-year mortgage rate moves lower, -0.16%
The average rate for a 15-year fixed mortgage is 6.49 percent, down 16 basis points over the last week.
Monthly payments on a 15-year fixed mortgage at that rate will cost roughly $871 per $100,000 borrowed. That may put more pressure on your monthly budget than a 30-year mortgage would, 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 dips, -0.23%
The average rate on a 5/1 adjustable rate mortgage is 6.46 percent, ticking down 23 basis points since the same time last week.
Adjustable-rate mortgages, or ARMs, are mortgage loans that come with a floating interest rate. In other words, the interest rate will change at regular intervals, unlike fixed-rate mortgages. These loan types are best for people who expect to refinance or sell before the first or second adjustment. Rates could be substantially 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 6.46 percent would cost about $629 for each $100,000 borrowed over the initial five years, but could increase by hundreds of dollars afterward, depending on the loan’s terms.
Jumbo mortgage moves lower, -0.17%
The average jumbo mortgage rate is 7.04 percent, down 17 basis points since the same time last week. This time a month ago, the average rate for jumbo mortgages was higher at 7.37 percent.
At the current average rate, you’ll pay $667.99 per month in principal and interest for every $100,000 you borrow. Compared with last week, that’s $11.48 lower.
Refinance rates
30-year fixed-rate refinance eases, -0.21%
The average 30-year fixed-refinance rate is 6.84 percent, down 21 basis points over the last seven days. A month ago, the average rate on a 30-year fixed refinance was higher at 7.31 percent.
At the current average rate, you’ll pay $654.59 per month in principal and interest for every $100,000 you borrow. Compared with last week, that’s $14.07 lower.
Where are mortgage rates going?
With inflation still above the Fed’s 2 percent goal and the job market holding strong, the Fed isn’t likely to cut rates at its March meeting.
“The Federal Reserve will not cut interest rates in the first half of this year, in my view,” says Lawrence Yun, chief economist of the National Association of Realtors, “but rate cuts of three, four or even five rounds will be possible in the second half of the year as rent measures will be much more well-behaved.”
The rates on 30-year mortgages mostly follow the 10-year Treasury, which shifts continuously as economic conditions dictate, while the cost of variable-rate home loans mirror the Fed’s moves.
These broader factors influence overall rate movement. As a borrower, you could be quoted a higher or lower rate compared to the trend.
What today’s rates mean for your mortgage
While mortgage rates change daily, it’s unlikely we’ll see rates back at 3 percent anytime soon. If you’re shopping for a mortgage now, 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.
Fannie Mae publishes quarterly forecasts for the economy at large and housing specifically each month. Its outlook for 2024 got more conservative in February, with the anticipation of faster gross domestic product (GDP) growth, stickier core inflation, stronger employment retention and further delays in cuts to the federal funds rate than it forecast in prior months.
Persistent inflation in February worsens the outlook for imminent rate cuts, as does continued job growth. We’ll have to see if this makes Fannie Mae more conservative in its March estimates.
GDP growth, core inflation and unemployment were stumbling blocks for Fannie Mae in 2023 as forecasters and economists alike wrestled with the likelihood of a recession and various hypothetical timelines for getting inflation under control.
Ultimately, in its outlooks last year, Fannie Mae underestimated the economy’s ability to keep growing and keep people employed.
The economy’s strength was overshadowed in fourth-quarter 2023 by the fact that core inflation’s year-over-year growth came in lower than expected, putting inflation within reach of the Fed’s target of 2% annual growth. This pleasant surprise sparked enthusiasm that rate cuts could be imminent, but that enthusiasm has mellowed, and most experts do not expect rate cuts from this month’s meeting of the FOMC.
Thus far in 2024, economic strength and persistent inflation seem to be surprising experts again.
Housing forecasts
Despite the economic headwinds that Fannie Mae now foresees through 2024, its outlook for the housing market remains rosier than its late 2023 forecasts.
February’s outlook is slightly worse than January’s across most indicators, but forecasts released in the opening months of this year were more optimistic than those in the final three months of 2023.
Because Fannie Mae’s assumptions last year were based on a slowing economy and moderating rates, its housing outlook for most indicators was too optimistic for the majority of 2023.
Most of Fannie Mae’s housing projections are based largely on the movements of mortgage rates, which have an outsized impact on everything else in the housing market. In its February forecast, the government-sponsored enterprise still foresees mortgage rates falling below 6% — an important milestone for many housing experts — by the fourth quarter of this year.
Rates, however, are still hovering above 7% at the moment, according to HousingWire’s Mortgage Rates Center.
Fed predictions
When the FOMC meets March 19-20, its members will again be asked to make their own forecasts of the best policy path for rates to follow. It will give us a dot plot, like the one below from December’s FOMC meeting, that summarizes each member’s thoughts on the federal funds rate.
Few expect any rate cuts to result from this meeting, but it will give housing and mortgage professionals a fresh indication of how imminent or delayed the eagerly awaited rate cuts may be.
Wondering how to stay at hotels for free? I have stayed in many hotel rooms for free over the years by using many of these same strategies below. Finding ways to get free hotel stays is a great way to travel on a budget or simply just save money on hotels. This can allow you…
Wondering how to stay at hotels for free? I have stayed in many hotel rooms for free over the years by using many of these same strategies below.
Finding ways to get free hotel stays is a great way to travel on a budget or simply just save money on hotels. This can allow you to go on more vacations and use your money for other things in life.
Whether it’s a fancy resort or a specific hotel brand, the trick is to know where to find these opportunities and make the most of them.
Key Takeaways
Loyalty programs are a direct path to earning free hotel stays. This is because they tend to give a free night after a certain number of paid stays. You accumulate points for each stay that you can redeem for free nights.
Credit card points can be used for free hotel stays. Many credit cards partner with hotel brands to give sign-up bonuses. By meeting the minimum spending requirements, you can earn points for free hotel stays. These points can be substantial, so choose a card aligned with your preferred hotel chain.
Earning gift cards from rewards platforms can be a way to make money to put toward free hotel stays.
Best Ways To Get Free Hotel Stays
Below are ways to get free hotel stays.
Take surveys for free hotel stays
You can get free gift cards by answering paid online surveys, and you can use these gift cards to help you get a free hotel stay.
So, this would work like this – you could get free gift cards to places like Hotels.com, Marriott Hotels, Holiday Inn, or even a Visa gift card (that you can use anywhere) as a reward for answering online surveys. You then collect gift cards until you reach the amount that you need to book the hotel that you want.
To get started, you’ll want to find a survey site that you trust. Some of my favorites are:
I recommend signing up for all of them so that you can get the most surveys possible to answer, which will then pay you with more gift cards.
There are also other apps that you can use as well to get free gift cards, such as Fetch Rewards and Ibotta.
I get free gift cards all the time, and recently, I logged into several of the accounts that I am signed up for and turned in my points. This led to me getting $275 in free gift cards. I personally like to wait until I have a lot of gift cards that I can redeem all at once.
Now, this would take a decent amount of time. You won’t get a free hotel stay in one day. But if you keep doing surveys, your gift cards will add up.
Recommended reading: 16 Real Ways To Earn Free Gift Cards (Amazon, Target, Visa)
How to get free hotel stays as an influencer or blogger
As a blogger and social media influencer, I have received many hotel stays for free over the years. From luxury hotels and all-inclusive resorts in the Caribbean to RV campgrounds and more, I have partnered with many different types of accommodations over the years.
And, I know of many other people who have received free hotel rooms through this as well.
Getting free hotel stays as an influencer means partnering with hotels and showing them why you’re valuable to their brand.
This may include sharing your hotel stay on your blog, Facebook, Instagram, Twitter, YouTube, TikTok, or somewhere else that you have followers and readers.
Here’s a quick guide on how to stay at hotels for free as a social media influencer or blogger:
Assess what you can offer. Hotels are looking for exposure and new customers, so your reach and engagement rates are important. How many people will see what you share about their hotel?
Customize your content to align with the hotel’s image and key messages.
Contact hotels professionally, usually through their marketing or PR department, and highlight how your content will benefit their visibility and attract potential customers. This is typically done through email.
Be clear about expectations – what you will provide and what you expect in return. Set deliverables, such as a number of posts, stories, or a video.
You can learn how to start a blog by taking my free How To Start A Blog Course. You can join over 80,000 people who have already taken the course. In this free course, I show you how to create a blog, from the technical side to earning your first income and attracting readers.
Travel credit card rewards
If you want to learn how to stay at hotels for free, this is one of the top ways.
I have earned several free hotel stays over the years by using the rewards points I have earned from my credit cards toward my hotel room. I’ve been using rewards credit cards for years, and they are pretty much all that I use now. It helps me save money on travel, earn cash back, and more.
A rewards credit card lets you earn points, miles, or cash back that you can use for almost free travel. These cards usually give you points that you can use for things like airline miles, booking hotels, gift cards, or cash back. You earn these rewards just by using your credit card for everyday purchases like groceries, gas, and shopping. But remember, it’s important to pay off your full balance each month to make sure the rewards are worth it and avoid paying extra for interest charges.
Here’s a quick summary to help you understand how rewards credit cards work:
Choose a credit card with rewards that interest you, like points, cash back, or travel rewards.
The card may require you to spend a certain amount, for example, $3,000 in the first 90 days, to get a sign-up bonus. Some don’t have any minimum requirement, and you can simply earn points for your purchases.
Use these points for rewards like cash back, hotel stays, airfare, or other options.
You can learn more about my favorite cards at Best Rewards Credit Cards, such as the Chase Sapphire Preferred Card (Chase Ultimate Rewards Points are the best!), Chase Sapphire Reserve, Marriott Bonvoy Boundless, Hilton Honors American Express Surpass Card, and others.
I also recommend reading How To Take A 10 Day Trip To Hawaii For $22.40 – Flights & Accommodations Included.
Note: Credit card rewards and even the best travel credit cards are not worth it if you go into debt. Remember to pay off your monthly bill in time (and the full amount) before interest charges accrue. Also, many of the good rewards credit cards have an annual fee each year on your card anniversary, so take that into account as well. So, you should always be careful!
Sign up for hotel loyalty programs
Hotel rewards programs are your way to get free stays and room upgrades. When you join these programs, you can earn points for a free night’s stay, and as you climb the levels, you can get additional benefits such as getting your resort fees waived.
Programs like Marriott Hotels, IHG Rewards Club, and Hilton Honors are free to join and sometimes give you a free night after a certain number of stays or points earned.
Some examples of hotel rewards programs include:
Marriott Bonvoy – Combines former Marriott Rewards, Ritz-Carlton Rewards, and Starwood Preferred Guest programs.
IHG Rewards Club – Allows you to earn points for stays which can be used for free nights.
Hilton Honors – Provides exclusive member deals and guarantees the lowest rates when booking directly.
Many travel booking sites also have rewards programs, such as Expedia even. These programs give valuable benefits like this to get you to book through them as much as possible so that they can make more money.
You can earn points in several ways beyond just booking hotel rooms:
Stay at hotels – Every night you stay earns you more points, with the amount varying by hotel and the rate you book.
Promotions – Look out for and register for periodic promotions that have bonus points.
Partnerships – Earn points through partners, for instance, by booking car rentals or flights with associated airlines.
Your accumulated points can be redeemed for free hotel nights, among other rewards. The number of points needed for a free night certificate varies by hotel brand, location, and the room’s price.
Find mystery shopping jobs at hotels
Mystery shop companies sometimes need secret shoppers to evaluate a hotel for them. I have seen these types of jobs pop up several times, and I have personally done a few as well.
These are typically just one or two-night stays in your local area, but it can make for a fun and free staycation.
This can be a great way to vacation on a budget.
Become a travel agent if you’re traveling with a group
If you often travel with groups, becoming a travel agent can be a smart choice. As a travel agent, you get industry discounts and may earn commissions on your bookings. To become one, you need accreditation, usually from a trusted program that teaches you important industry knowledge.
Here’s how you can benefit:
Access to discounts – As a travel agent, you can unlock special rates not available to the public. When traveling with a group, this can translate into significant savings.
Earn commissions – Booking for multiple people means the potential for earning commissions from hotels increases. This can sometimes offset the cost of your own accommodation.
Though this role comes with perks, it also means handling travel details professionally and responsibly for others. It’s not just about getting free stays; it’s also about making sure that your group has great travel experiences.
Work at a hotel
Working at a hotel can be a way to get free accommodation. As an employee, you can usually get discounts or even stay for free, depending on your job and the hotel’s policy.
This may include jobs such as working the front desk, being in management, and more.
Policies vary, so it’s important to know what’s available to you and to ask about the hotel’s policy on employee stays. For example, some hotels have a set number of free nights as part of the employment package. Plus, discounts on rooms can sometimes extend to family and friends.
Attend a timeshare presentation
Going to a timeshare presentation can lead to complimentary hotel stays.
These can sometimes be brutal, though, so if you think that you may end up buying a timeshare that you don’t need – then DO NOT DO THIS! Timeshares can be quite expensive and they are lifelong with annual costs.
But, if you think you can withstand the temptation, plenty of people sign up for these in order to get a free hotel stay all the time.
Here’s how this works:
Usually, your attendance at a 90-minute to 2-hour sales pitch is required.
Be prepared for high-pressure sales tactics, but remember you’re under no obligation to buy.
Incentives can range from free hotel stays, discounted travel, or even gift cards.
Make sure you understand the terms and conditions attached to the free stay.
If interested, consider the timeshare offer carefully. If not, politely decline and redeem your free stay or other perks.
Hotel promotions and deals
You can stretch your travel budget by taking advantage of different hotel promotions and deals to get the best room rates. Whether you travel often or are planning a one-time trip, there are several strategies you can use to get free hotel stays.
When you sign up for newsletters from your favorite hotel chains, you’ll receive emails on new promotions and deals (such as for seasonal sales on room rates) directly to your inbox. Some hotels might even offer a reward night, room upgrades, or welcome points just for joining at check-in.
Scan your grocery receipts for free hotel gift cards
Using grocery receipt scanning apps can be an easy way to earn free hotel stay rewards.
As you do your regular grocery shopping at grocery stores, these apps turn your grocery receipts into points, which can be exchanged for gift cards that can be used at different hotels.
Here’s how you can get started:
Download receipt scanning apps – Look for apps like Fetch Rewards (this is my favorite and the one that I use for every single one of my grocery receipts) that are known to offer hotel gift cards as a redemption option.
Scan your receipts – Every time you shop, take a second to scan your receipts using the app.
Earn points – Get points with every scanned receipt.
Redeem for hotel gift cards – Once you’ve earned enough points, browse the app’s reward section for hotel gift card options. Select your preferred hotel chain and redeem your points. With Fetch Rewards, you can get gift cards to places such as Airbnb, Hotels.com, Visa, and more.
While it will take some time to earn enough points, it can be a way to save some money on a hotel reservation.
Frequently Asked Questions
Below are answers to common questions about how to stay at hotels for free.
Is it possible to get a free night at a hotel?
Yes, you may be able to get a free night at a hotel through loyalty programs, which reward you with points for free night awards that can be redeemed for free nights. Additionally, some programs may give a free night after a certain number of paid stays or as a sign-up bonus.
How to get a hotel room for free?
You may get a free hotel room through loyalty programs, credit card rewards, by earning free hotel gift cards, and more.
How can I earn free hotel stays through surveys?
You can earn points by joining market research and filling out surveys on specific websites. These points might be traded for hotel rewards points, allowing you to book hotel stays for free.
Are there contests or sweepstakes that offer chances to win a stay at a hotel?
Yes, contests and sweepstakes run by hotels, travel bloggers, or travel websites tend to have hotel stays as prizes. You can start by possibly searching related hashtags on social media, such as #giveaway.
How can I travel luxury for free?
Traveling in luxury for free can be done by maximizing credit card sign-up bonuses and rewards, leveraging elite status with hotel loyalty programs for upgrades, and possibly collaborating with luxury hotels as an influencer if you have a strong online following.
How to get a free hotel room by complaining?
If you honestly had a bad stay at a hotel, you may be able to talk to management. Sometimes, they will give you a free hotel stay to make up for the bad review. But, you should never lie about a stay just to get a free room, as you can cost someone their job.
How To Stay at Hotels for Free – Summary
I hope you enjoyed this article on how to stay at hotels for free.
There are many ways to get free hotel stays, as you learned above.
Joining hotel loyalty programs at major hotel chains is a simple way to get free night rewards. These programs give you points for staying often, and you can use these points for free hotel nights.
Travel credit cards and hotel credit cards also give rewards that can be used for hotel stays.
If you’re an influencer or booking for a group, this may result in you getting a hotel stay for free. Other ways, like joining hotel promotions, being a mystery shopper, or attending timeshare presentations, can also get you free or cheaper stays at different places.
I have personally done many of the ways listed above to get free hotel stays at places in many states and countries. The stays have been great and have allowed me to save so much money over the years!
Solar batteries store solar energy for use at another time. Manufactured by companies including Panasonic, LG, Generac and Tesla, a solar battery typically costs $12,000 to $22,000. Solar batteries may be a good choice if you’re looking to use less grid electricity or go off-grid completely
.
Solar battery pros and cons
Lower energy bills.
Expensive to purchase and replace.
Environmental benefits — reduced need for fossil fuel generated power/lower carbon footprint.
Limited energy storage capacity.
Long life span options. Many can last up to 20 years or longer.
Safety concerns if improperly installed, ventilated or maintained. Some types can overheat and catch fire.
Possible federal and state tax incentives.
Regular maintenance required on some types.
Provides backup energy in the event of a blackout, regardless of weather.
Some types can be bulky and take up a lot of space.
Can avoid high peak-use-hours charges.
Requires proper disposal.
Increased energy efficiency.
Some types, such as nickel-cadmium, may contain materials that are harmful to the environment.
Less dependency on the grid.
Renters don’t qualify for federal tax incentives.
Can operate in tandem with a grid-tie system.
Some require special equipment for installation.
Quiet power, unlike generators.
Some may emit harmful gasses.
Can also be used for microgrids and portable power units.
Not all battery types are readily available for residential systems.
How do solar batteries work?
When you pair your solar energy system with a solar battery, the surplus energy your system generates goes straight to the battery, where it’s stored for later use (as opposed to that surplus automatically being returned to the grid)
State of South Carolina Energy Office. Battery Back-up. Accessed Mar 11, 2024.
.The energy stored in your battery bank can then be used later when you need it most, such as during a power blackout. Here’s how it works:
Solar panels use photons from the sun to knock electrons away from atoms and generate an electrical flow.
The excess electricity generated by the solar panels is stored as direct current (DC) energy in the solar battery.
An inverter converts the DC energy to alternating current (AC) energy for home use — either as needed, if you have a DC-coupled conversion system — or immediately for instant use if you have an AC-coupled conversion system. Excess power in this type of system can be converted back to DC to charge the battery.
A solar system with a solar battery may include these basic components:
Ground or roof-mounted solar panels.
Battery bank.
Inverter that converts DC energy into AC energy for home use.
Junction box to connect solar panel wiring to the home breaker panel.
Charge controller to prevent battery overheating.
Utility meter for the battery bank.
Disconnect switch to prevent islanding (continuing to generate electricity and push it onto the grid) during blackouts. This protects electrical workers trying to restore power.
If your solar system is connected to the grid, you’ll also have an interconnection agreement with your utility provider.
Types of solar batteries
Here are some of the main types of batteries commonly used in solar systems.
Lead acid batteries
These reliable staples are the oldest type of solar batteries, and they are often used for off-grid applications. They’re the most affordable solar battery option, but they have a low energy density, meaning they can’t hold a lot of energy for their weight. Compared to other options, they’re large and heavy.
Pros
Dependable, time-tested technology.
Easy to recycle.
Lower priced than other types of solar batteries.
Compatible with most systems.
Cons
Heavier and bulkier than other types of solar batteries.
To preserve battery life, it’s recommended that you don’t let the battery capacity drop below 50%. Other types of batteries can drop to 10% capacity — and sometimes lower — without damaging the system.
Generally need maintenance such as adding water (unless sealed).
May emit gasses.
Shorter life span than other types of solar batteries.
Take longer to recharge than other types of solar batteries.
Contain harmful chemicals and they require proper disposal.
Lithium-ion batteries
Well-suited to residential solar systems, lithium-ion batteries offer a small, light and long-lasting solar battery option with a high energy density. This newer technology lets you access more of the battery’s stored energy before needing to recharge it, which is why this type of battery is common in laptops and mobile phones. If they’re not installed properly, however, lithium-ion batteries can catch fire. They’re also pricier than some other types of batteries.
Pros
Smaller and lighter than other battery types; work well in tight spaces.
Newer technology with improved battery capacity and efficiency.
Long life span.
Little or no maintenance required.
Fewer batteries needed for power.
Lithium-ion batteries have a high depth of discharge, meaning if the battery capacity drops to 10%, it won’t strain the system or cause the system to degrade.
Cons
High price.
Can catch fire if improperly installed.
Special equipment required for installation.
Nickel-cadmium batteries
Designed mostly for commercial solar systems, nickel-cadmium batteries are rare in smaller residential applications. Because some manufacturers are testing ni-cads for home systems, we may see more of them in the future. Nickel-cadmium batteries use older technology, are low maintenance and long-lasting, have a high discharge capacity and can work efficiently even in extreme temperatures. However, they’re also heavy and bulky, lose charge when they’re not used, are costly and contain toxins that are harmful to the planet when not properly disposed of. Some countries have banned their use.
Pros
Long life span of up to 20 years or more.
Nickel-cadmium batteries have a high depth of discharge, meaning if the battery capacity drops to 20%, it won’t strain the system or cause the system to degrade.
Perform well under extreme weather conditions.
Time-tested technology.
Low maintenance.
Cons
Power retention is lower than other battery types.
Not environmentally friendly.
Not typically available for residential solar systems.
Heavy and bulky.
Flow batteries
Engineered for large-scale use with very limited availability to homeowners, this new technology uses water-based electrolytes that flow between two internal tanks. Charging and discharging takes place through chemical reactions within the battery, and increasing the number of tanks can increase total energy storage capacity. Flow batteries are very efficient and have a 100% discharge capacity. They’re also long-lasting and use nontoxic, nonflammable materials. Unfortunately, they’re also heavy, large and expensive. They require a lot of maintenance and have a low power density.
Pros
Customizable.
Long life span of 20 years or more.
Nonflammable and nontoxic materials.
High efficiency with 100% discharge capacity.
Cons
Heavy/bulky.
Considered too expensive for residential use.
Low power density.
High maintenance.
Final considerations and how to choose a solar battery
Here are a few important factors to consider and compare:
Budget. Weigh affordability and durability, and be aware that less expensive lead-acid batteries won’t last as long as lithium-ion batteries, which are more expensive upfront.
Space. Choose batteries that fit in your available space.
Warranty: Look for a solid warranty from a reputable manufacturer.
Battery capacity. For maximum efficiency, be sure this is appropriate for your solar system’s energy production. There are two measurements to consider: Storage capacity is how much energy the battery can hold; usable capacity is the energy the battery can provide minus the energy needed to operate the battery.
Battery life span. Longer life spans save on battery replacement costs over time and lessen the impact on the environment.
Round-trip efficiency. This is the measure of how well your battery stores and retrieves energy and how efficient its operation is after it’s charged. The industry standard for this is about 80%
.
Depth of discharge: This is how much power a battery uses before you need to recharge it.
Maintenance. Lower-priced battery options such as lead-acid typically require more maintenance, and you’ll need to decide how much maintenance you’re willing and able to perform.
Your system’s voltage requirements. Make sure your battery is compatible with the voltage requirements of your solar panels.
Frequently asked questions
Are there any tax incentives to offset the cost of a solar battery?
Yes. Depending on when you purchased and installed your solar battery, you may be eligible for a federal tax incentive of between 22% and 30% of the battery’s cost. To qualify, the battery must have a storage capacity of at least 3 kilowatt hours. New construction and existing homes both qualify, as do both primary and secondary residences. The home can be a house, co-op, condo, houseboat, mobile home or manufactured home. Rentals do not qualify for this tax incentive. State incentives may be available in your areas as well. Check this database to see if you qualify for one.
Can I have solar panels without buying a solar battery?
Yes. Without a battery, any excess energy you produce will just go back to the grid rather than be stored in a battery for your future use. This is called a grid-tie system.
What type of solar battery is the most popular for residential use?
Even though they’re pricey, lithium-ion batteries are the most popular type of solar battery for residential use because they’re long-lasting and often don’t need maintenance.
The new retailer specializing in lower-priced merchandise is planning to open in a retail center on the southeast corner of 41st Street and Western Avenue.
It’s being brought to Sioux Falls by Janessa Wilson, who discovered the store while living in Idaho and decided to expand it here, where she moved to help open Crumbl Cookies.
“I would go shopping there all the time,” she said. “One of my favorite things was the home decor because they always seemed to bring in unique items.”
The clothes “are super affordable,” she continued. “Most boutiques are really expensive, and that’s not what we do.”
Because there are limited quantities, items “go fairly quickly,” Wilson said. “I’ll get new inventory all the time. We have a shoppable backroom, which is another thing we loved, and it’s where we set the new items out — not quite on the floor yet but you can get them before anyone else — and if we have one or two left, that’s where they go, and they’re usually discounted to try and get them out.”
Real Deals buys “directly from vendors, so we’ll have a lot of name brands,” she added. “KanCan and Judy Blue and Flying Monkey, so name-brand things but affordable prices.”
The goal was to find a space on 41st Street, given her experience with Crumbl Cookies, Wilson said.
“I just said I want to be on the west side and visible from 41st, and this happened to be available,” she said. “It was wide open, and I just needed an open showroom. I didn’t have to do much knocking down, so it made a simple build-out.”
The space at 2001 W. 41st St. most recently was a seasonal store with Christmas decor.
Wilson hopes to open in early spring and is starting to hire initial staff to help put the store together.
Follow on Facebook to apply and for store updates.
For banks, credit unions and other small-business lenders, this is an IRS-related story with a happy ending — kind of.
Responding to a determined lobbying campaign by a broad consortium of financial services trade groups, the U.S. tax-collection agency has agreed to suspend a policy change that would have blocked small-business lenders from accessing borrowers’ income data through its Income Verification Express Service.
“We acknowledge the concerns raised and are assessing our ability to provide return information when necessary while keeping taxpayer information confidential and protected from disclosure,” the IRS wrote in a March 6 policy update statement. “Although IRS announced the policy change on January 2, 2024, we are suspending that change as we seek input from you and other stakeholders on possible changes and impacts to the program.”
Scott Stewart, CEO of the Innovative Lending Platform Association, acknowledged that the IRS could revert to its original policy stance after its review. At the same time, even a temporary respite represents a major achievement, Stewart said.
“Federal agencies don’t do this,” Stewart said in an interview. “To get a federal agency of any kind, let alone the IRS, [to acknowledge a misstep] is really exceptionally rare. I don’t know if I’ve ever seen a reversal like this. The IRS deserves credit for realizing this policy requires further review.”
The Innovative Lending Platform Association was one of 11 financial services industry trade groups, including the Independent Community Bankers of America, American Bankers Association, America’s Credit Unions and the Mortgage Bankers Association, that endorsed a Jan. 24 comment letter opposing the IVES policy change. IVES is the platform that lets taxpayers give third parties — like lenders — permission to see tax return or wage information.
Under the IRS’ original concept, it would have delivered tax data only to lenders making mortgages. In all other instances, the agency would have delivered the data directly to individual taxpayers to protect their privacy.
Lenders value the ability to obtain tax returns from the IRS as a critical tool in underwriting and preventing fraud. They were concerned the policy change would add complexity, time and cost to applications while at the same time making it easier for bad actors to game the system.
“You could see how fraudsters might just digitally alter their tax returns and they could send it off to the lender,” Stewart said. “I hope they’re going to move toward [opening] the system in an [application programming interface] fashion so that everyone can get access and overall lower the cost of credit and capital for small businesses, consumers, people looking for insurance — everybody.”
An application programming interface, or API, is software code that allows a website, application or program to more easily share information with other websites, applications or programs.
In their announcement last week, IRS officials “said they were suspending the decision indefinitely,” Ryan Metcalf, head of public affairs for Funding Circle US, said in an interview. “I’m not concerned it’s coming back. It seems like the IRS has backed off. … This is a huge win for American consumers and small businesses.”
It’s far from game over, though.
“It’s good news [the IRS] has returned to the status quo,” Metcalf said. “We still have issues to resolve. We still have to work out how we resolve the authentication issue, can we have private APIaccess to log in, can we expand the data in the transcript — all of those things we’re still seeking are outstanding.”
Beyond access to tax data, lenders and borrowers want the IRS to make it easier to use IVES. Currently, borrowers have to create IRS accounts and verify their identities with the agency before they can request that a transcript be delivered to a lender. That route is time-consuming and redundant, since the lenders themselves are required to verify identity under know-your-customer requirements, Metcalf said.
“The [optimal] outcome is we want a borrower to be able to submit a [transcript request] to the lender, the lender hands that to the IRS and we get the tax return in real time,” Metcalf said. “Or, if the lender has an account with the IRS already, they should just be able to log in to that account in our application. That’s the API access. … That’s what we want. We want that optionality of either/or.”
Bipartisan legislation introduced in the House of Representatives in May 2023 would address the authentication issue by enabling taxpayers to designate a financial institution or other service provider to receive tax data. The bill, introduced by North Carolina Republican Patrick McHenry, chairman of the House Financial Services Committee; California Democratic Rep. Jimmy Panetta; and Colorado Democratic Rep. Brittany Petterson, is currently under consideration by the Ways and Means Committee.
Funding Circle backs the legislation as it is currently written and is hoping to strengthen its language in the wake of the IRS’ action. “We’re getting ready to update that bill to address additional issues. … We would probably add on to it to make sure the IRS doesn’t revisit this policy decision,” Metcalf said.
The IRS didn’t respond to a request for comment at deadline.
Stewart attributed the IRS’ initial policy restricting IVES access to a desire to protect taxpayer information. “Their duty is paramount,” Stewart said, but he was quick to add that allowing API interface with IVES could be accomplished without compromising data integrity. “We don’t think creating this API is going to do anything to endanger the taxpayer, as long as you have them making the request directly through the lender or the insurance company or the bank.”
It wasn’t that long ago — perhaps your mother’s or grandmother’s time — when women couldn’t get bank loans or credit cards, and employers could pay them less, explicitly for being women. While women have made considerable strides in attaining financial equity over the past 60 years, this history still plays a role in their current experiences and finances.
A January 2024 NerdWallet survey of more than 2,000 U.S. adults, conducted online by The Harris Poll, asked Americans about the gender financial divide and found remnants of that recent past.
“A lot has changed since the 1960s and 1970s, but these decades and what came before them still impact our financial lives,” says Kimberly Palmer, personal finance expert at NerdWallet. “Acknowledging how our financial experiences differ across gender, race and even age can help us understand what we can do in our personal lives and household budgets to improve our financial outlook as well as the role that governments, companies and institutions can play.”
Key findings
Men are seen as having an easier time finding well-paying jobs, but women are more optimistic about their current roles. More than 2 in 5 Americans (44%) say men have the easiest time finding a well-paying job, while just 11% think women do. However, employed women are more likely to feel optimistic about keeping their current job over the next 12 months, with 81% saying this versus 76% of employed men, according to the survey.
Men were more likely to receive a pay raise over the past year. More than 1 in 4 men (27%) say their salary or pay rate increased over the last year compared with 21% of women, according to the survey.
Both men and women are more likely to say the most financially successful person they know is a man. Just 16% of Americans say the most financially successful person they know is a woman, compared with 37% who say it’s a man, according to the survey. That includes 42% of men and 33% of women who say a man is the most successful person they know.
Women were cited as better money managers. Close to 3 in 10 Americans (28%) say women are better at managing money on a daily basis than men. Just 15% say men are better at it, according to the survey.
Financial Outlook
Overall, 72% of Americans say they’re optimistic that their financial situations will improve over the next 12 months — roughly equal shares of women (71%) and men (72%). But beneath the surface, there are some disparate perspectives. Here’s a look at several, along with advice for consumers on navigating personal finances.
Current job security and job-seeking
Women have become major players in the labor market over the past several decades. In 1953, about 34% of women participated in the labor force. That figure peaked at 60% in 1999, and had dropped to 57% in 2023, according to the Bureau of Labor Statistics.
But being more prominent in the workforce doesn’t mean getting the best jobs is easy. In the NerdWallet survey, more than 2 in 5 Americans (44%) say men have the easiest time finding a well-paying job (just 11% think women do).
The ability to maintain employment once you find it is key to financial security, and in this regard, women are feeling good. About 4 in 5 employed women (81%) are optimistic about continuing to work in their current job over the next 12 months, compared with 76% of employed men, according to the survey. That divide was larger among generations: just 59% of employed Generation Z (ages 18-27) expressed optimism about their current jobs, compared with 79% of employed millennials (ages 28-43), 84% of employed Generation X (ages 44-59) and 88% of employed baby boomers (ages 60-78).
Stay competitive in your field. Even the best employees aren’t guaranteed their job will be there forever. Keep your resume updated and look at open roles occasionally to stay abreast of what employers are seeking. Then, if the economy takes a turn and you lose your job, you can quickly pursue new opportunities.
Recent pay increases
The Equal Pay Act of 1963 barred employers from wage discrimination based on sex. While the gender pay gap has narrowed since that time, it hasn’t closed.
On average, women’s paychecks continue to fall short of those of their male counterparts. According to the BLS, women who are in the 25-34 age group earn about 90% of men of the same age, on a weekly basis. Looking at 35- to 44-year-olds, women earn even less (84%) than men. Lower earnings mean women generally have less of a buffer to rely on when times are tight.
More than 1 in 4 men (27%) say their salary or pay rate increased over the last year compared with 21% of women, according to the NerdWallet survey. That divide expands among Gen Xers, where 40% of men say they had a pay bump and 25% of women say the same.
“Given those pay disparities, it’s harder for women to funnel money into savings and investing accounts, since on average, they are starting with less. With the power of compound interest, those discrepancies can add up over time, creating even greater wealth gaps between men and women by the end of their lives,” Palmer says.
Ask for more from your employer. Only 8% of Americans — roughly equal shares of men and women — negotiated for a higher salary at their current job, according to the survey. Whether it’s time for your annual review or you’re considering a new job, be prepared to negotiate for more money and/or perks. A 2021 study by researchers at the University of Southern California found participants often avoided negotiating compensation, but those who did wound up getting larger pay packages.
Financial Security
Roughly equal shares of men (61%) and women (63%) say they’re optimistic that the financial companies they use care about their financial well-being, according to the survey. But it wasn’t always that way. There was a time when women in the U.S. couldn’t take out loans or have their own credit cards, particularly if they were unmarried. The Equal Credit Opportunity Act of 1974 changed that, barring discrimination by lenders based on gender or marital status.
Access to credit can be a lifeline when unexpected expenses arise. So can an emergency fund. The survey reveals that a smaller share of women believe they won’t have to tap such a fund in the coming year: 65% of men are optimistic they won’t have to dip into their emergency savings in the next 12 months, while 58% of women express the same optimism.
But millennial women are concerned: About 1 in 5 (17%) of this group say they’re “very pessimistic” about having to use those emergency funds over the next 12 months compared with 8% of millennial males, according to the survey.
The ability to build an emergency fund can feel like a luxury, one that may be afforded less to folks with less wealth. And while the gender pay gap is notable, the gender wealth gap — which takes debt and assets into account — is even more pronounced, according to the St. Louis Fed.
Indeed, just 16% of Americans say the most financially successful person they know is a woman, compared with 37% who say it’s a man, according to the survey. That includes 42% of men and 33% of women who say a man is the most financially successful person they know.
Bolster your emergency fund. A robust emergency fund is the bedrock of financial security. It can insulate you from a variety of financial shocks. If you’re starting from scratch, build your fund incrementally, beginning with a goal of $500, for instance. In the long term, aim to have several months of essential living expenses set aside in a high-yield savings account.
Money management and advice
Having money and knowing what to do with it don’t always go hand in hand. The survey finds nearly twice the share of Americans think women are better at managing money than are men.
Close to 3 in 10 Americans (28%) say women are better at managing money on a daily basis than men. Just 15% say men are better at it. Men are fairly evenly split in this assessment — 21% say women are better at the task and 22% say men are. Women are a bit more biased — 35% say that women are better at it and 9% say men are.
The perspective that women are better at daily money management doesn’t necessarily translate to people seeking out their guidance: 15% of Americans say the person they most often turn to for financial advice is a woman and 25% ask a man.
Gen Zers and millennials are slightly more polarized, with 35% of Gen Z women and 24% of millennial women saying they most often ask a woman for financial advice. Compare that with just 15% of Gen Z men and 10% of millennial men who say the same.
“Own” the financial factors within your control. You can’t control how society adapts to significant cultural shifts (such as allowing women access to financial equity). But you can find ways to take authority over the money you have, learn how to manage your money daily and give yourself the best possible chance to earn more and reach your long-term financial goals.
“Setting financial goals that are realistic and manageable can make it easier to stay on track with your spending and saving habits,” Palmer says. “Sharing those goals with friends and family who can offer support and their own tips also helps. We’re in it for the long run, so think about where you want to be in several decades, and begin taking steps to reach that destination today.”
Methodology
This survey was conducted online within the U.S. by The Harris Poll on behalf of NerdWallet on Jan. 18-22, 2024, among 2,085 adults ages 18 and older. The sampling precision of Harris online polls is measured by using a Bayesian credible interval. For this study, the sample data is accurate to within +/- 2.5 percentage points using a 95% confidence level. For complete survey methodology, including weighting variables and subgroup sample sizes, contact [email protected].
Disclaimer
NerdWallet disclaims, expressly and impliedly, all warranties of any kind, including those of merchantability and fitness for a particular purpose or whether the article’s information is accurate, reliable or free of errors. Use or reliance on this information is at your own risk, and its completeness and accuracy are not guaranteed. The contents in this article should not be relied upon or associated with the future performance of NerdWallet or any of its affiliates or subsidiaries. Statements that are not historical facts are forward-looking statements that involve risks and uncertainties as indicated by words such as “believes,” “expects,” “estimates,” “may,” “will,” “should” or “anticipates” or similar expressions. These forward-looking statements may materially differ from NerdWallet’s presentation of information to analysts and its actual operational and financial results.
Editor’s Note: Parts of this story were auto-populated using data from Curinos, a mortgage research firm that collects data from more than 250 lenders. For more details on how we compile daily mortgage data, check out our methodology here.
Mortgage rates remain above 7%, according to data from Curinos analyzed by MarketWatch Guides. The 30-year fixed-rate mortgage is 7.17% today, down-0.21 percentage points from last week.
With mortgage rates above 7% and home prices showing no signs of dropping, home affordability has continued to decline, according to the Mortgage Bankers Association (MBA). An MBA report published last week showed that the median monthly payment for new home purchases in the U.S. increased to $2,134 in January – up 4% from the month before.
Prospective home buyers may see rates drop more substantially this year, however. The Federal Reserve board previously indicated that it expects three rate cuts throughout 2024 and their next meeting is scheduled for March 19-20.
Here are today’s average mortgage rates:
30-year fixed mortgage rate: 7.17%
15-year fixed mortgage rate: 6.53%
5/6 ARM mortgage rate: 6.93%
Jumbo mortgage rate: 7.02%
Current Mortgage Rates
Product
Rate
Last Week
Change
30-Year Fixed Rate
7.17%
7.38%
-0.21
15-Year Fixed Rate
6.53%
6.72%
-0.19
5/6 ARM
6.93%
7.02%
-0.09
7/6 ARM
7.09%
7.23%
-0.14
10/6 ARM
7.24%
7.35%
-0.11
30-Year Fixed Rate Jumbo
7.02%
7.17%
-0.15
30-Year Fixed Rate FHA
6.96%
7.17%
-0.21
30-Year Fixed Rate VA
6.98%
7.16%
-0.18
Disclaimer: The rates above are based on data from Curinos, LLC. All rate data is accurate as of Friday, March 08, 2024. Actual rates may vary.
>> View historical mortgage rate trends
Mortgage Rates for Home Purchase
30-year fixed-rate mortgages are down, -0.21
The average 30-year fixed-mortgage rate is 7.17%. Since the same time last week, the rate is down, changing -0.21 percentage points.
At the current average rate, you’ll pay $676.76 per month in principal and interest for every $100,000 you borrow. You’re paying less compared to last week when the average rate was 7.38%.
15-year fixed-rate mortgages are down, -0.19
The average rate you’ll pay for a 15-year fixed-mortgage is 6.53%, a decrease of-0.19 percentage points compared to last week.
Monthly payments on a 15-year fixed-mortgage at a rate of 6.53% will cost approximately $872.76 per $100,000 borrowed. With the rate of 6.72% last week, you would’ve paid $883.25 per month.
5/6 adjustable-rate mortgages are down, -0.09
The average rate on a 5/6 adjustable rate mortgage is 6.93%, a decrease of-0.09 percentage points over the last seven days.
Adjustable-rate mortgages, commonly referred to as ARMs, are mortgages with a fixed interest rate for a set period of time followed by a rate that adjusts on a regular basis. With a 5/6 ARM, the rate is fixed for the first 5 years and then adjusts every six months over the next 25 years.
Monthly payments on a 5/6 ARM at a rate of 6.93% will cost approximately $660.61 per $100,000 borrowed over the first 5 years of the loan.
Jumbo loan interest rates are down, -0.15
The average jumbo mortgage rate today is 7.02%, a decrease of-0.15 percentage points over the past week.
Jumbo loans are mortgages that exceed loan limits set by the Federal Housing Finance Agency (FHFA) and funding criteria of Freddie Mac and Fannie Mae. This generally means that the amount of money borrowed is higher than $726,200.
Product
Monthly P&I per $100,000
Last Week
Change
30-Year Fixed Rate
$676.76
$691.02
-$14.26
15-Year Fixed Rate
$872.76
$883.25
-$10.49
5/6 ARM
$660.61
$666.65
-$6.04
7/6 ARM
$671.36
$680.82
-$9.46
10/6 ARM
$681.50
$688.97
-$7.47
30-Year Fixed Rate Jumbo
$666.65
$676.76
-$10.11
30-Year Fixed Rate FHA
$662.62
$676.76
-$14.14
30-Year Fixed Rate VA
$663.96
$676.08
-$12.12
Note: Monthly payments on adjustable-rate mortgages are shown for the first five, seven and 10 years of the loan, respectively.
Factors That Affect Your Mortgage Rate
Mortgage rates change frequently based on the economic environment. Inflation, the federal funds rate, housing market conditions and other factors all play into how rates move from week-to-week and month-to-month.
But outside of macroeconomic trends, several other factors specific to the borrower will affect the mortgage interest rate. They include:
Financial situation: Mortgage lenders use past financial decisions of borrowers as a way to evaluate the risk of loaning money.
Loan amount and structure: The amount of money that bank or mortgage lender loans and its structure (including both the term and whether its a fixed-rate or adjustable-rate).
Location: Mortgage rates vary by where you are buying a home. Areas with more lenders, and thus more competition, may have lower rates. Foreclosure laws can also impact a lender’s risk, affecting rates.
Whether borrowers are first-time homebuyers: Oftentimes first-time homebuyer programs will offer new homeowners lower rates.
Lenders: Banks, credit unions and online lenders all may offer slightly different rates depending on their internal determination.
How To Shop for the Best Mortgage Rate
Comparison shopping for a mortgage can be overwhelming, but it’s shown to be worth the effort. Homeowners may be able to save between $600 and $1,200 annually by shopping around for the best rate, researchers found in a recent study by Freddie Mac. That’s why we put together steps on how to shop for the best mortgage rate.
1. Check credit scores and credit reports
A borrower’s credit situation will likely determine the type of mortgage they can pursue, as well as their rate. Conventional loans are typically only offered to borrowers with a credit score of 620 or higher, while FHA loans may be the best option for borrowers with a FICO score between 500 and 619. Additionally, individuals with higher credit scores are more likely to be offered a lower mortgage interest rate.
Mortgage lenders often review scores from the three major credit bureaus: Equifax, Experian and TransUnion. By viewing your scores ahead of lenders considering you for a loan, you can check for errors and even work to improve your score by paying down balances and limiting new credit cards and loans.
2. Know the options
There are four standard mortgage programs: conventional, FHA, VA and USDA. To get the best mortgage rate and increase your odds of approval, it’s important for potential borrowers to do their research and apply for the mortgage program that best fits their financial situation.
The table below describes each program, highlighting minimum credit score and down payment requirements.
Though conventional mortgages are most common, borrowers will also need to consider their repayment plan and term. Rates can be either fixed or adjustable and terms can range from 10 to 30 years, though most homeowners opt for a 15- or 30-year mortgage.
3. Compare quotes across multiple lenders
Shopping around for a mortgage goes beyond comparing rates online. We recommend reaching out to lenders directly to see the “real” rate as figures listed online may not be representative of a borrower’s particular situation. While most experts recommend getting quotes from three to five lenders, there is no limit on the number of mortgage companies you can apply with. In many cases, lenders will allow borrowers to prequalify for a mortgage and receive a tentative loan offer with no impact to their credit score.
After gathering your loan documents – including proof of income, assets and credit – borrowers may also apply for pre-approval. Pre-approval will let them know where they stand with lenders and may also improve negotiating power with home sellers.
4. Review loan estimates
To fully understand which lender is offering the cheapest loan overall, take a look at the loan estimate provided by each lender. A loan estimate will list not only the mortgage rate, but also a borrower’s annual percentage rate (APR), which includes the interest rate and other lender fees such as closing costs and discount points.
By comparing loan estimates across lenders, borrowers can see the full breakdown of their possible costs. One lender may offer lower interest rates, but higher fees and vice versa. Looking at the loan’s APR can give you a good apples-to-apples comparison between lenders that takes into account both rates and fees.
5. Consider negotiating with lenders on rates
Mortgage lenders want to do business. This means that borrowers may use competing offers as leverage to adjust fees and interest rates. Many lenders may not lower their offered rate by much, but even a few basis points may save borrowers more than they might think in the long run. For instance, the difference between 6.8% and 7.0% on a 30-year, fixed-rate $100,000 mortgage is roughly $5,000 over the life of the loan.
Expert Forecasts for Mortgage Rates
Mortgage rates have cooled significantly over the past several months. After the 30-year fixed-rate mortgage hit 8% last October, it ended 2023 closer to 7%. In fact, the average for Q4 2023 was 7.3%.
Analysts with Fannie Mae and the Mortgage Bankers Association (MBA) both project that rates will fall going into 2024 and throughout next year.
Fannie Mae economists expect rates to drop more quickly, falling below 6% by Q4 2024. Meanwhile, the MBA’s forecast for Q4 2024 is 6.1% and 5.9% for Q1 2025.
More Mortgage Resources
Methodology
Every weekday, MarketWatch Guides provides readers with the latest rates on 11 different types of mortgages. Data for these daily averages comes from Curinos, LLC, a leading provider of mortgage research that collects data from more than 250 lenders. For more details on how we compile daily mortgage data, check out our comprehensive methodology here. Editor’s Note: Before making significant financial decisions, consider reviewing your options with someone you trust, such as a financial adviser, credit counselor or financial professional, since every person’s situation and needs are different.