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Technical Breakout in Treasuries. Does it Matter?

By:
Matthew Graham

Tue, Apr 2 2024, 4:00 PM

Technical Breakout in Treasuries. Does it Matter?

Bonds began the day in much weaker territory as Treasuries followed European yields higher after a series of stronger PMIs overnight. Domestic traders added to the weakness early with 10yr yields hitting their highest levels since November.  Bonds found their footing after an as-expected JOLTS report and MBS even made it all the way back to “unchanged” just before 3pm.  Nevertheless, 10yr yields had broken their recent 4.32% ceiling.  As always technical levels don’t predict the future.  This breakout reinforces the headwinds of the past few weeks and acknowledges the risks associated with the incoming data.  If that data is friendly, this will not look like an important technical breakout in hindsight.  But the opposite is also true: stronger data would make this breakout look like ominous foreshadowing.

    • Job Openings
      • 8.756m vs 8.75m f’cast, 8.748m prev

08:52 AM

10yr yields up 7.8bps at 4.394. MBS are down just over a quarter of a point.

11:12 AM

Pushing back after uneventful JOLTS.  MBS down only an eighth.  10yr up 4.5bps at 4.361.

01:51 PM

Sideways to slightly stronger.  MBS down only 2 ticks (.06) and 10yr up 4.3bps at 4.359

02:30 PM

MBS turn green, now up 1 tick (.03).  10yr still up 4.4bs at 4.36, but 5yr Treasury now unchanged as well.

 Download our mobile app to get alerts for MBS Commentary and streaming MBS and Treasury prices.

Source: mortgagenewsdaily.com

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Positioning and Data Deliver Double Whammy For Bonds

By:
Matthew Graham

Mon, Apr 1 2024, 3:54 PM

Positioning and Data Deliver Double Whammy For Bonds

There were no whammies last week as bonds drifted sideways to slightly stronger in a narrow range.  The new week/month began with an unpleasant double whammy, unfortunately, due to positioning and economic data.  Traders began selling in waves right out of the gate.  The first two waves (8am and 8:20am) were best explained by traders closing out last week’s 3.5-day weekend protections and other traders opening new positions for the month of April. Additional selling followed the stronger PMI data (both from S&P and ISM) which included higher price components.  Longer-dated Treasuries fared much worse at first, but short-term yields closed the gap a bit by the afternoon.  All told, 10yr yields jumped more than 12bps to close just over the 4.32% technical level.   MBS lost roughly half a point by 4pm. 

    • ISM Manufacturing PMI
      • 50.3 vs 48.4 f’cast, 47.8 prev
    • ISM Prices Paid
      • 55.8 vs 52.7 f’cast, 52.5 prev

09:20 AM

Roughly unchanged overnight, but sharply weaker since 8am, especially for the long end of the curve.  MBS down 5 ticks (.16) and 10yr up 5.6bps at 4.257.

11:03 AM

Bigger sell-off after ISM data.  MBS down almost half a point.  10yr up 11.5bps at 4.316.

01:04 PM

Fairly flat at the weakest levels.  MBS down a half point.  10yr up 12.5bps at 4.326

 Download our mobile app to get alerts for MBS Commentary and streaming MBS and Treasury prices.

Source: mortgagenewsdaily.com

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Annual max coverage

Reimbursement rates

Deductibles

$250 – $1,000

Policy highlight

Processes most claims within 48 hours.

About ManyPets pet insurance

ManyPets earned 4 stars out of 5 for overall performance thanks to its modern take on pet insurance. You can live-chat customer support and receive a claims decision within 48 hours in many cases.

Unlike many of its competitors, ManyPets doesn’t have a separate, multi-month waiting period for orthopedic conditions like knee injuries or hip dysplasia. Coverage for these and all other conditions begins 15 days after you buy your policy. The company will waive the waiting period if you’re switching to ManyPets from another pet insurance provider.

ManyPets insurance was founded in 2012.

Strengths: ManyPets has a comprehensive accident and illness plan that includes coverage for exam fees and dental disease treatment — two items not always covered by other plans.

Weaknesses: ManyPets doesn’t cover prescription food or behavioral modification. It also doesn’t have an accident-only plan, and its wellness package won’t pay for spaying or neutering.

ManyPets pet insurance plans and coverage

ManyPets offers a single accident and illness plan with the option to add preventive care coverage.

Note: Coverage options and availability may vary depending on where you live and the age and breed of your pet.

Accident and illness

The ManyPets accident and illness plan has no annual coverage limit. This plan can reimburse you for:

  • Sick visit exam fees.

  • Vet specialist and ER visits. 

  • Prescribed medications.

  • Treatment for illnesses including cancer, dental diseases and hereditary conditions. 

  • Diagnostic tests. 

  • Rehabilitation, acupuncture and chiropractic treatments.

  • Surgeries.

  • Hospitalization.

  • Euthanasia and cremation.

Wellness plan

You can add an optional wellness plan to get reimbursed for preventive care expenses. The ManyPets wellness plan has a total annual benefit of $600. It covers:

  • Checkups and vaccines, up to $150 per year.

  • Parasite testing and prevention, up to $150 per year. 

  • Teeth cleaning, dental chews and other oral care expenses, up to $150 per year. 

  • Vitamins, supplements, and services such as acupuncture or massage, up to $150 per year. 

What’s not covered

A ManyPets accident and illness plan won’t pay for:

  • Pre-existing conditions, unless your pet has been symptom-free without treatment for at least 18 months.

  • Routine care, unless you’ve added a wellness plan.

  • Hip dysplasia, if you enrolled your pet after age 5 or the animal has previously been diagnosed with this condition.

  • Behavioral modification treatments.

  • Anal gland expression.

  • Breeding, pregnancy or giving birth.

  • Sickness or injury due to neglect, racing or guarding.

  • Cosmetic procedures like tail docking or dew claw removal.

  • Treatment of cruciate ligament problems if your pet has had prior cruciate ligament injuries to any leg before the start of the policy.

The ManyPets wellness plan doesn’t cover the following (some of which other companies’ preventive care packages will cover):

  • Spay or neuter surgery.

  • Microchipping.

  • Blood tests.

  • Grooming services.

  • Prescription diet food.

ManyPets coverage options

Deductibles: A pet insurance deductible is the amount you have to pay before your plan reimburses you for vet expenses. For the ManyPets accident and illness plan, deductible options may range from $250 to $1,000 per year, though not all pets have the same choices.

Wellness plans have no deductible.

Reimbursement amounts: ManyPets will reimburse you for a certain percentage of vet expenses, minus your deductible. With ManyPets plans, you can generally choose between a 70% and 80% reimbursement rate.

ManyPets first applies its reimbursement rate to your vet bills, then your deductible. This is a less generous method of payment than that of some other pet insurers. Say you have a $1,000 vet bill, an 80% reimbursement rate and a $500 deductible. ManyPets will deem $800 of your bill reimbursable (80% of $1,000), then subtract the $500 deductible from your payout. That leaves ManyPets paying $300 and you covering the remaining $700.

Companies that apply the deductible first would pay $400 of the same vet bill. Here’s the math: $1,000 vet bill – $500 deductible = $500. 80% of the remaining $500 vet bill = $400.

Reimbursement percentages don’t apply to the ManyPets wellness plan.

Coverage limits: ManyPets has no annual coverage limit for its accident and illness plan. Its wellness plan can pay up to $600 per year.

Restrictions and waiting periods

Age restrictions: New policies are available to pets between the ages of 8 weeks and 14 years. Once enrolled, your pet won’t be denied coverage due to age as long as your policy stays active. You must enroll pets before age 6 for hip dysplasia coverage.

Waiting periods: A waiting period is the time between when you buy your policy and when your coverage starts. ManyPets has a 15-day waiting period in most states for accident and illness coverage. Wellness coverage begins the day after purchase.

ManyPets pet insurance rates

The cost of ManyPets pet insurance depends on where you live and your pet’s age and breed. Below are sample monthly rates from ManyPets for six common dog breeds at ages 2 and 8. Sample pets lived in Katy, Texas, and had accident and illness coverage with a $250 deductible, unlimited annual coverage and an 80% reimbursement rate. Your own price will vary.

French bulldog

German shepherd

Golden retriever

Labrador retriever

Medium mixed-breed dog

We also gathered rates for a variety of cat breeds with the same coverage limits as above. Rates below are sample monthly premiums for cats living in Katy, Texas.

Domestic shorthair

Exotic longhair

Maine coon

Discounts

ManyPets doesn’t advertise any pet insurance discounts.

State availability

ManyPets pet insurance is available in Washington, D.C., plus all states except Hawaii, Idaho, Maine, Massachusetts and Minnesota.

Availability may change at any time. Coverage may not be available to all pets in a given state.

Consumer experience

Website: The ManyPets website is easy to use. You can get a free quote and enroll your pet, plus browse FAQs to get answers to your questions. The website also has sample policies if you’d like to review details before you purchase a plan.

App: The ManyPets mobile app is available for both iOS and Android. You can use the app to submit and track claims, view benefit information, refer friends, and watch pet care videos.

Claims: With ManyPets insurance, you pay your vet upfront and get reimbursed after filing a claim. You have 180 days to file a claim from when you pay your vet bill. You can file a claim online or in the mobile app. ManyPets tries to process most accident and illness claims within 48 hours. It issues reimbursements within 24 business hours of approval, so you can generally expect a quick turnaround. You can get your reimbursement via bank deposit or check.

Customer service: The ManyPets customer care team is available by phone at 888-978-5291 and by email at [email protected]. You can also reach out via live chat. The company’s business hours are Monday through Friday from 9 a.m. to 9 p.m. and Saturdays from 10 a.m. to 6 p.m. ET.

Other pet insurance companies to consider

Not ready to make a decision? You may be interested in these other pet insurance companies:

How we review pet insurance

Our writers and editors follow strict editorial guidelines that ensure fairness and accuracy to help you choose the financial products that work best for you. In our pet insurance reviews, we consider coverage, discounts, financial strength ratings from AM Best and more to determine our star ratings.

Our rating system rewards companies that cover a wide range of potential expenses, offer many ways to customize your plan and have a strong financial rating. Within the consumer experience category, we looked at features such as mobile app ratings and whether the company offers direct vet payments. To calculate each insurer’s rating, we adjusted the scores to a curved 5-point scale.

Frequently asked questions

Source: nerdwallet.com

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HELOC, 2nd Mortgage, Pre-Qual, LOS, QC Tools, Dept. of Labor, PrimeLending, and Whistleblowing

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HELOC, 2nd Mortgage, Pre-Qual, LOS, QC Tools, Dept. of Labor, PrimeLending, and Whistleblowing

By:
Rob Chrisman

Thu, Mar 28 2024, 11:50 AM

Here’s a tip of the day for anyone manning a conference booth: instead of a pen, or mouse pad, how about a locally made treat? Hats off to Aimee, Bobby, and Mark from Byte Software who earlier this week at the TMC event had chocolate-covered Oreos from a local bakery. Technology was a big topic at TMC… Technology thoughts from 50 years ago? Here you go. (There’s definitely a school of thought which believes that the iPhone changed tech overnight. Almost 20 years later, nothing else has come close.) Vendor news seems to be at every conference, and capital markets staff are certainly big users of tech. At the TMC enclave secondary marketing folks often gravitate toward each other, “shooting the breeze” about odds and ends. For the most part, no one thinks they earn a living by making predictions, instead providing accurate information to other managers and owners, and acting as an advisor about loan profitability, leakage, concessions, and margins. Capital markets staff are also involved in LO and executive recruiting efforts, and in developing strong product offerings to help the company be successful. (Found here, this week’s podcasts are sponsored by Stavvy. Stavvy offers a flexible and fully customizable loss mitigation solution. Servicers can easily adapt to regulatory updates and market conditions, providing a seamless, customer-centric digital experience. Today’s has an interview with AmeriCatalyst’s Toni Moss about the Extreme Climate, Housing and Finance Leadership Summit on April 18-19, in Washington, DC.)

Lender and Broker Services, Products, and Software

“Real estate valuations continue to be complex and ever-evolving, especially today with proposed regulatory changes and unpredictable market dynamics. Creating an effective valuation strategy is vital for lenders to manage risk and streamline operations. Attend our complimentary webinar to learn all about the world of automated valuation models (AVMs). You’ll find out why AVMs are considered a credible, objective option for collateral risk management, how they can help your business (from lead generation and portfolio management to cost reduction and more), and when to use an AVM to address challenges in the current valuation landscape. The webinar hosted by ICE is “When, Why and How AVMs Drive Business Performance” and will be on Wednesday, April 10, at 2 p.m. ET. Save your seat now: register today.

“Step by Step Quality Control Plan Checklist: Comprehensive Guide for Financial Institutions. By following this guide, financial institutions can not only enhance their operational excellence but also strategically minimize their risk exposure. Throughout this comprehensive guide, we dissect each facet of the QC plan, providing valuable insights, practical recommendations, and actionable steps. Our checklist aligns with industry requirements and best practices, ensuring lenders remain steadfast in their commitment to quality within the ever-evolving landscape of financial services. Access Guide.

Many industry vendors talk a good game when it comes to partnering with lenders, but there is a difference between treating a client like a partner and making them feel like a prisoner. Restrictive long-term contracts and financial penalties for not going live or for trying to exit failed implementations are hurting lenders and servicers. These developers make it difficult or impossible for the lender to move to a new, modern system. Lenders deserve better. You won’t get treated that way by MortgageFlex, the creators of the industry’s first cloud-native, unified system for origination and servicing. A re-engineered LOS built by developers that lenders have trusted for 40 years and the industry’s best new software platform operating on the same database makes this the must-see software. See it today.

Why do those in the mortgage space watch the 10-year U.S. Treasury note? Historically, the 10-year U.S. Treasury yield has been considered a key benchmark for mortgage rates. Mortgage rates, however, are not actually based on the 10-year U.S. Treasury note (as is commonly believed). MCT released a blog, “How the 10-Year U.S. Treasury Note Impacts Mortgage Rates” that serves as an excellent primer for how mortgage interest rates respond to moves of the benchmark U.S. Treasury note. The piece discusses why mortgage rates and Treasury yields move together and how bonds are influenced by Treasury yields. With a trusted capital markets partner like MCT, you can rest assured that you will be notified of how economic trends could have the potential to impact your business. Sign up for MCT’s newsletter to receive educational articles like this one and learn more about variables that impact mortgage rates.

Sending your borrowers off on their home search hoping they reach out when they need you is one way to do things. Sending them with a QuickQual that lets them run payment scenarios and generate a letter when they’re ready to submit an offer is another. Check out a sample QuickQual if you’re interested in the latter.

Correspondent and Broker Products

“With spring in the air, Newrez Correspondent is springing into action by adding many exciting enhancements to our product line. We now offer a Closed End Second Mortgage program, Delegated Non-QM for our Smart Series products, and Fannie Mae HomeReady® and Freddie Mac Home Possible® affordable lending mortgage programs including the recent $2500 credits added for qualifying homebuyers. Take advantage of our expansive menu and become a valued customer at Newrez Correspondent by signing up here. You can also reach out to Sarah Johanns to set up a meeting at the Iowa Mortgage Association Conference in Coralville, IA, on April 1 and 2, and Beverly Jordan, Patty Devita, Rebecca Yonaka or John Dubisky at the Great River Conference in Memphis, TN, April 16 through 18. Don’t forget, we would love to meet at the MBA Secondary in New York in May. Set up a meeting here.”

“At Button Finance, we say YES. That is why more and more brokers and correspondent lenders are choosing to fund their HELOANs and HELOCs with Button Finance. Is it the lighting quick turn-times and aggressive pricing, or the limited UW overlays? Can you make up to 5% compensation as a broker or 8% as a correspondent on HELOCs or even originate to our bank statement and investment property programs? The answer is YES, YES, YES, YES, and YES. Available equity is at historical levels, so now is a great time to offer your past and prospective borrowers Button Finance HELOAN or HELOC to pay off high-interest revolving debt. Button Finance programs allow FICO scores as low as 660, CLTVs to 90%, and debt ratios to 50%. We have excellent correspondent offerings as well. Correspondents typically make $18,500 on a $250k HELOC closed in 10 calendar days without an appraisal. Contact us today.”

Department of Labor and Whistleblowers

The U.S. Department of Labor has ordered a former senior vice president and two managers employed by PrimeLending to pay $35,000 in emotional damages and the legal fees of two California employees who the company fired illegally after they reported a branch manager pressured them to pass on fees to loan applicants caused by the company’s internal processing delays.

“Investigators with the department’s Occupational Safety and Health Administration found the nationwide lender violated whistleblower provisions in the Consumer Financial Protection Act by terminating the employees who raised their concerns with a regional manager and senior vice president of Human Resources.

“’Employees who report potential consumer fraud are protected by federal law against retaliation of any kind. Under the Consumer Financial Protection Act’s whistleblower provisions, managers can be fined personally for retaliation,’ explained OSHA Regional Administrator James D. Wulff in San Francisco. ‘In this case, OSHA fined three PrimeLending managers for trying to prevent workers’ concerns from coming to light. The U.S. Department of Labor will not tolerate retaliatory actions against workers exercising their rights and those responsible for such actions will be held accountable.’”

“In addition to payment of personal damages, OSHA ordered PrimeLending to pay an undisclosed amount in lost back wages and interest to the employees. The company must also expunge the employment records of both employees, post an anti-retaliation notice at all its branches and train its employees about their rights under the Consumer Financial Protection Act.

“The company and the managers sanctioned may appeal OSHA’s order to the department’s Office of Administrative Law Judges.

“OSHA enforces the whistleblower provisions of the Consumer Financial Protection Act and 24 other statutes protecting employees who report violations of various motor vehicle safety, commercial motor carrier, airline, consumer product, environmental, financial reform, food safety, healthcare reform, nuclear, pipeline, public transportation agency, railroad, maritime, securities, tax, antitrust, and anti-money laundering laws and for engaging in other related protected activities. For more information on whistleblower protections, visit OSHA’s Whistleblower Protection Programs webpage.”

Capital Markets

Not a whole lot to report from yesterday. Consumer confidence was little changed in March with consumers remaining concerned about elevated price levels, according to the Conference Board. Consumers expressed more concern about the U.S. political environment compared to prior months. The market saw a bit more buying than in previous days in reaction to a strong $43 billion 7-year note offering.

Since we can’t go a day without talking about the Fed, you’ve probably noted that some Federal Open Market Committee voters ratcheted back their estimates to two rate cuts in 2024 from the group consensus of three 25 basis point rate cuts. However, of potentially more interest to the mortgage industry is the central bank’s massive balance sheet of Treasuries and Agency mortgage-backed securities (MBS) that remains from the past 15-ish years of aggressive experimental monetary policy.

The Fed has been open about wanting to eventually get back to an all-Treasury balance sheet, so it is expected that the central bank will not halt the run-off of Agency MBS that has averaged about $16 billion per month over the last six months. The central bank is expected to reinvest those proceeds into Treasuries, so where will demand for Agency MBS come from? Hopefully, domestic banks. U.S. domestically chartered commercial banks’ total holdings of securities as a percentage of their balance sheet, and Agency MBS in particular, has ticked up over the last six months. This trend should continue as long as the relative value of Agency MBS remains favorable compared to investment-grade corporates and Treasuries.

Tomorrow the markets are closed, and today brings a busy schedule in terms of data ahead of a SIFMA recommended early close, which also happens to be month and quarter-end, ahead of Good Friday. There will be a commentary tomorrow that includes the PCE reading, the Fed’s preferred measure of inflation. This morning we’ve had the final look at Q4 GDP (3.4 percent, higher than previously but viewed as old news) and weekly jobless claims (210k, 1.819 million continuing claims). The core PCE deflator was (3.3) versus an expectation of unchanged at 2.1 percent. Later today brings Chicago PMI for March, Michigan sentiment, pending home sales for February, KC Fed manufacturing, several Treasury auctions of short duration bills, and Freddie Mac’s Primary Mortgage Market Survey.

We begin the day with Agency MBS prices little changed from Wednesday, and little changed all week! The 10-year is yielding 4.23 after closing yesterday at 4.20 percent and the 2-year is at 4.62… little movement after a salvo of news.

Jobs

Canopy Mortgage in National spotlight: Massive sales growth, onboarding an average of 1 producing loan officer every other day! What’s attracting LO’s to move in droves? Canopy is “Giving Loan Officers the Power to Grow” – read full article on forbes.com. Canopy’s magnetic growth is coming from relationships, referrals and jaw-dropping tech demos. If you haven’t heard about Canopy yet …ask a friend! Canopy is building the future of mortgage lending through relationships and innovative mortgage tech, and is hiring producing LOs nationwide (except NY). Don’t miss out! Schedule a Tech Demo, or simply look at your numbers with Josh Neumarker today 888-696-9076.

Planet Home Lending, a national mortgage lender, servicer, and asset manager, has hired Andy Insua as Regional Sales Manager for the Southeast. Congratulations!

 Download our mobile app to get alerts for Rob Chrisman’s Commentary.

Source: mortgagenewsdaily.com

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Virgin Voyages cruise line debuted its first ship, Scarlet Lady, in 2020. Founded by British entrepreneur and adventurer Richard Branson, this is not your typical cruise. To start, you must be at least 18 years old to sail on Virgin Voyages. And with plenty of restaurants, a food hall, a tattoo parlor and blush-inducing shows, Scarlet Lady has plenty to offer.

Following Scarlet Lady, Virgin Voyages added two other “lady ships” to its fleet — Valiant Lady and Resilient Lady. Here’s what you need to know when sailing aboard Virgin Voyages’ Scarlet Lady.

Scarlet Lady itinerary

Scarlet Lady really gets around. With a home port in Miami, the energy-efficient ship typically sails Caribbean itineraries, calling on ports in Mexico, Cuba, the Dominican Republic, the Bahamas and more.

The cruise line also has a private beach club in Bimini, with swimming pools, restaurants, a beach area and activities. All Virgin Voyages cruises with Caribbean itineraries make a stop here.

Seasonally, the ship makes a trans-Atlantic crossing, sailing around the Mediterranean and visiting several ports in the United Kingdom.

Scarlet Lady ship tour

These enormous ships are designed for adult vacations, providing plentiful recreation and activity options for every type of traveler. Scarlet Lady has 17 decks and capacity for around 2,800 passengers in its 1,400 cabins.

Cabins demonstrate Virgin’s trademark “cool” design, with mood lighting, minimalist furniture, a slightly nautical twist in the decor, and distinct red hammocks on the balconies.

The majority of cabins have balconies, which gives this ship an edge when courting travelers. The premium cabins are the RockStar and Mega RockStar Quarters, which come in various configurations and designs.

The most glamorous suites have whirlpools on the terrace, separate dining and living areas, and larger bathrooms — some even have an outdoor shower. All suites boast a record player. Even the stateroom attendants bear a unique title: Rock Star Coordinators.

Booking a premium cabin and suite gives guests access to Richard’s Rooftop, an alfresco lounge and patio with sitting areas, an open bar, whirlpools and live entertainment. Other perks include airport transfers, priority disembarkation and boarding in ports, access to the spa’s thermal suite, free laundry and clothes pressing, and comped minibars.

Other cabin types include those with bunk beds (ideal for friends traveling together) and solo cabins.

When out and about, there are plenty of shopping opportunities, including the chance to get inked at the onboard tattoo parlor (the first of its kind on a cruise ship).

As you meander the ship, you’ll discover everything from basketball courts, a boxing ring and gym equipment to a spa with a thermal area and relaxation nets that dangle over the sea.

Private deck cabanas at Mediterranean eatery The Dock feature day beds that look out toward the ocean, and ample lounge chairs ring the party-centric pool, where staffers circle with drinks.

In addition to a menu of spa services, there are also saunas, steam rooms, a salt room, a mud room, a beauty salon and plunge pools. Once the sun sets, a DJ sets up shop to create a party atmosphere in the same space.

One quick shake of your mobile device when using the onboard app summons an attendant with Champagne.

Scarlet Lady dining

Instead of one main dining room, there are individual restaurants and a food hall with dining options at all hours.

In the food hall, there are also takeaway bento boxes with snacks like sushi, fresh fruit, salads and sandwiches. Other options include a burger bar, a taco shack, a sushi station and a ramen shop. It’s all included in the cruise price, and everything is made fresh to order.

Among other dining options on the ship are a Korean barbecue eatery, a steak and seafood cafe, molecular fusion cuisine where dishes are served in opulent style with a scientific twist (think test tubes and beakers for some dishes), Italian, Mexican, a pizza bar and an all-vegan/vegetarian option.

There are several bars on board, including a tap room called the Draught Haus, which offers an array of beers on tap and by the bottle. Among the options in the Draught Haus and elsewhere on the ship is Virgin’s own bespoke beer, an English Pale Ale with a hint of red, brewed by Miami’s Wynwood Brewing Company.

Made-to-order barista coffee from Intelligentsia is available, and there’s a cold-pressed juice bar for those looking for a healthy refreshment.

Scarlet Lady bars, nightlife and shows

For entertainment, passengers can head to The Manor, a multi-bar nightclub with a ’70s punk vibe, which features a rotating line-up of comedy acts.

The party atmosphere lasts late into the night. As you wander the ship, keep an eye out for “Happenings,” the unscheduled improv acts and performances that the staff do to spice up things when you least expect it.

Other destinations for activities include a karaoke room, a casino, a private gaming area, a poker room, a cinema and a record store. The occasional fashion show also takes place on board.

One thing that Scarlet Lady does not offer is the typical stage show with singers and dancers performing to a prerecorded soundtrack. The onboard entertainers do, however, sing and dance by the pool, in the nightclub and on the stage.

There are no Broadway-style shows, either. Instead, look for solo performers in various bars and by the pool. The space is carefully curated so that no matter where you are, there is something to enliven the atmosphere (whether through art, design, music, or simply the view).

The bottom line

Sailing with Virgin Voyages is not your standard cruise experience. While the adult-themed onboard vibe is playful, this is not the jam-packed ship with waterslides and bingo cards some might imagine.

Step aboard with an open mind and some knowledge of Richard Branson’s Virgin Group brand track record, and you’ll be sure to enjoy a different type of cruise vacation.

(Top photo courtesy of Virgin Voyages)

How to maximize your rewards

You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2024, including those best for:

Source: nerdwallet.com

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The average cost of a dozen eggs in the U.S. is $3, according to data from the U.S. Bureau of Labor Statistics (BLS). Though higher than in previous years, it’s still lower than the $4.82 consumers paid on average in January of 2023, when concerns about egg shortages sent the cost of eggs skyrocketing.

Why does knowing the cost of a dozen eggs today matter? If you’re trying to manage your household budget, then keeping food costs as low as possible might be a priority. Where you live can play a part in determining how much you’ll pay for a dozen eggs.

Table of Contents

What Is the Average Cost of a Dozen Eggs Today?

On average, Americans are paying $3 for a dozen Grade A large eggs, based on the BLS data. That price reflects the most recent Consumer Price Index (CPI) data available as of February 2024. The CPI Consumer Price Index tracks prices for a basket of consumer goods and services over time.

In tracking egg price data, the CPI looks at average numbers by city, rather than state. Prices are based on the cost of a dozen eggs only and don’t take into account pricing for smaller or larger quantities of eggs sold, or pricing for different sizes of eggs. The CPI’s egg price data offers a snapshot of how egg prices have moved up or down over time. While prices increased sharply in the beginning of 2023, the average cost of a dozen eggs has since declined. Whether you live alone or are supporting a family, these types of fluctuations can impact your grocery budget.

It’s important to keep in mind that average reflects all prices from high to low, while median reflects the middle price. Median prices for eggs or other consumer goods and services may be higher than the average price.
💡 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.

Average Cost of Eggs by State for 2023

If you’re interested in what is the average cost of a dozen eggs by state, you might be surprised at just how much prices can vary from one location to the next. The following table breaks down the average cost of a dozen eggs in all 50 states, according to pricing data from Instacart collected in December 2022. Note that the figures below were captured during the egg shortage, when prices were high, and may not reflect the latest CPI price data.

State Cost
Alabama $6.12
Alaska $4.61
Arizona $6.03
Arkansa $4.95
California $6.05
Colorado $5.77
Connecticut $5.54
Delaware $4.79
District of Columbia $4.58
Florida $6.36
Georgia $5.96
Hawaii $9.73
Idaho $5.09
Illinois $4.82
Indiana $4.33
Iowa $4.44
Kansas $4.41
Kentucky $4.51
Louisiana $5.59
Maine $5.84
Maryland $4.78
Massachusetts $5.20
Michigan $4.82
Minnesota $5.10
Mississippi $5.04
Missouri $4.24
Montana $5.46
Nebraska $4.25
Nevada $6.07
New Hampshire $4.91
New Jersey $5.05
New Mexico $5.65
New York $5.37
North Carolina $5.60
North Dakota $4.83
Ohio $4.39
Oklahoma $4.92
Oregon $4.81
Pennsylvania $4.52
Rhode Island $5.10
South Carolina $5.76
South Dakota $5.00
Tennessee $5.61
Texas $5.43
Utah $5.67
Vermont $5.70
Virginia $4.96
Washington $4.91
West Virginia $4.64
Wisconsin $4.78
Wyoming $5.84
Source: Instacart

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Where the Cost of Eggs Is Highest

As evidenced by the price data, some states are more expensive than others when it comes to what you’ll pay for a dozen eggs on average. In descending order, here are the 10 states that had the highest cost overall for a dozen eggs:

•   Hawaii

•   Florida

•   Alabama

•   Nevada

•   California

•   Arizona

•   Georgia

•   Wyoming

•   Maine

•   Colorado

In each of those states, shoppers paid $5.70 or more on average for a dozen eggs. Hawaii is the most expensive state to buy eggs, with the average cost of a dozen eggs nearing $10.

Where the Cost of Eggs Is Lowest

Where is the average cost of a dozen eggs the cheapest? Shoppers paid the least for a dozen eggs in these states:

•   Missouri

•   Nebraska

•   Indiana

•   Ohio

•   Kansas

•   Iowa

•   Kentucky

•   Pennsylvania

•   Alaska

•   West Virginia

In these states, the average cost of eggs was below $5 per dozen. As you can see, most of these states are located in the central, southern, and eastern U.S., though Alaska is the outlier. Assuming food costs are lower overall in these states, the average grocery budget for a family of 5 is likely to be less compared to the states where eggs are more expensive.

Why Did the Cost of Eggs Increase

The spike in egg prices that peaked in 2022 was largely fueled by scarcity. An outbreak of avian flu sent egg production into decline as more than 43 million laying hens were lost to the disease or depopulation efforts. With fewer eggs in supply but demand not easing, egg prices began to rise. Prices began to decline as egg inventory increased following the end of the outbreak.

Prices began to decline as egg inventory increased. However, the ongoing outbreak and strong demand have helped keep prices high. Inflation can also be pointed to as a contributing factor to rising egg prices. In simple terms, inflation is a rise in prices for things consumers buy, like eggs and other household items. Knowing how to find the inflation rate and what’s considered to be a normal range matters for making the most of your money.

When inflation is higher, everything costs more and your money doesn’t go as far. A difference of a few cents in the price of a dozen eggs might not seem like much. But when everything else is going up in price too, and inflation doesn’t appear to be easing any time soon, it can take a serious toll on your wallet.

When Will the Cost of Eggs Go Down?

According to the CPI data, egg prices have declined from the peak they reached in January 2023. While eggs are more expensive than they were a couple of years ago, relief might be on the horizon. In its food price outlook, the USDA predicted that egg prices would drop 2.8% in 2024.

Monitoring prices for different goods and services can help you stay on top of your budget. Making and sticking to a spending and savings plan is one of the most basic steps for building wealth and increasing your net worth. Being able to measure your liquid net worth can give you an idea of how well you’re doing financially when it comes to accumulating assets and paying down debt.

Tips on How to Shop for Cheap Eggs

Shopping for eggs on the cheap can save you money and make it easier to live below your means. Living below your means benefits you in a few ways. For one thing, you may be less reliant on credit cards to cover expenses if you always have extra cash in your budget. And for another, it can make it easier to adapt to economic changes that can affect your budget and spending.

With that in mind, here are a few quick tips to help you pay less for eggs.

•   Shop the farmer’s market. Buying eggs locally from a farmer’s market vs. a supermarket could save you money if you’re able to find lower prices. You may even be able to work out a barter or trade with a local farmer or neighbor who has a backyard flock, which could allow you to get eggs for free.

•   Choose store brands. Store-brand products, including eggs, typically cost less than name-brand ones. If you’re not partial to any one egg brand, you may save a little money by choosing your local store’s brand.

•   Buy eggs in bulk. Buying in bulk could save you money if you’re paying a lower unit price per egg. But the catch is that you have to be sure you’re actually going to use them all; otherwise, you could be wasting money.

•   Use fewer eggs. A simple way to save money on eggs is to not consume as many. For instance, you might opt to get your daily protein from other sources or swap out your favorite baking recipes for ones that don’t incorporate eggs.

•   Shop with coupons and cash back apps. Couponing may seem tedious but supermarkets make it easier by allowing you to load digital coupons to your store loyalty card. You can pair coupons with a cash back app that pays you a percentage back when you shop at partner grocery stores, which can add to your savings.

💡 Quick Tip: We love a good spreadsheet, but not everyone feels the same. An online budget planner can give you the same insight into your budgeting and spending at a glance, without the extra effort.

The Takeaway

The average cost of a dozen eggs might not be something you think about on a day-to-day basis. But knowing how much you’ll pay for eggs matters when it’s time to go to the grocery store and do your weekly shopping. Keeping an eye on egg prices and implementing some different hacks for finding cheap eggs can help you keep your food budget in check.

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FAQ

How much did a dozen eggs cost in 2023?

As of July 2023, the average cost of a dozen eggs was $2.09, according to Consumer Price Index data. Overall, egg prices were on the decline by mid-2023 after peaking at $4.82 on average per dozen at the beginning of the year.

What state has the most expensive eggs?

According to December 2022 pricing data from Instacart, Hawaii residents pay the most for a dozen eggs. On average, a dozen eggs there costs just under $10.

Do eggs last longer than sell by date?

Eggs can stay fresh past the sell by date, but there are limits on how long you’ll be able to use them. A simple way to tell if an egg is fresh is to place it in a glass or bowl of water. Eggs that float to the surface are no longer fresh, while ones that lie flat on their side are the freshest.

Photo credit: iStock/nd3000

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Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

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Source: sofi.com

Apache is functioning normally

Some Month-End Volatility Late in The Day

By:
Matthew Graham

Thu, Mar 28 2024, 3:22 PM

Some Month-End Volatility Late in The Day

Yields were near 2 week lows 2 hours before the final trades of the day, but rose several bps after that.  The initial gains were driven mainly be economic data (Chicago PMI and Consumer Inflation Expectations), but the month-end trading environment is always a wild card on month-end days.  If month-end buying was a factor, it would make sense to see some pull back when monthly closing levels were marked at 1pm ET.  That’s exactly what we saw.  Fortunately, it wasn’t a big deal for bonds or mortgage lenders. In fact, the entire week was distinctly lacking in volatility. Next week is a different animal thanks to big ticket econ data on 4 out of 5 days.

    • Q4 Final GDP
      • 3.4 vs 3.2 f’cast, 4.9 prev
      • PCE prices 2.0 vs 2.1 f’cast
      • Final sales 3.9 vs 3.5 f’cast
    • Jobless Claims
      • 210k vs 215k f’cast, 212k prev
    • Continued Claims
      • 1819k vs 1807k prev
    • Chicago PMI
      • 41.4 vs 46.0 f’cast, 44.0 prev

09:44 AM

Two way trading after 8:30am data, and now a decent response to Chicago PMI.  10yr up 2bps at 4.208.  MBS down an eighth. 

12:38 PM

Solid gains into the noon hour.  10yr nearly unchanged at 4.192.  MBS down 2 ticks (.06).

01:33 PM

Well off the highs in after hours trading.  MBS down 6 ticks (.19).  10yr up 1.8bps at 4.206.

 Download our mobile app to get alerts for MBS Commentary and streaming MBS and Treasury prices.

Source: mortgagenewsdaily.com

Apache is functioning normally

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  • In 2024, homebuyers can expect lower mortgage rates, higher home prices, and a lot more competition.
  • Hopeful buyers should start preparing as early as possible by saving money and paying down debt to improve credit scores.
  • Look into affordable mortgage programs and down payment assistance to boost affordability.

After watching mortgage rates hit two-decade highs and inventory plummet last year, many hopeful homebuyers are eager to get off the sidelines and into a home.

While 2024 is expected to be a better year for the housing market in many respects, a lot of buyers are still going to struggle to find affordability. If you’re planning to buy a house this year, here’s what you need to know about housing market predictions in 2024, and how you can prepare.

Home price predictions 2024

Experts generally expect home prices to increase in 2024.

Low home inventory is a chronic problem in the US. This has generally kept home prices up, even as mortgage rates peaked near 8% and homebuying demand plummeted last year. Demand is expected to increase this year, so even if home prices were to drop in 2024, they likely wouldn’t fall enough to significantly improve affordability on their own.

Mortgage rate predictions 2024 

Here’s where we’ll probably find more affordability in 2024: mortgage rates. Though they’re still relatively high, experts predict we’ll see mortgage rates go down in 2024. The average 30-year fixed mortgage rate is generally expected to end up near 6% by the end of the year.

  • Fannie Mae believes 30-year fixed rates could inch down to the mid-to-upper 6% range during the buying season — which typically lasts from spring through early fall — and reach 6.4% by the end of 2024
  • The MBA’s forecast is slightly less aggressive, predicting that mortgage rates could hover in the 6.3% to 6.6% range during the peak homebuying season before falling to 6.1% to close out 2024
  • NAR predicts rates will be in the mid-6% range for the homebuying season and drop to 6.1% in the last quarter of the year

Whether mortgage rates actually trend down in 2024, and by how much, depends in part on the path the Federal Reserve takes in its fight against inflation.

The Fed has indicated that it may start cutting the federal funds rate this year, which would remove a lot of upward pressure off of mortgage rates and allow them to fall more substantially. But inflation has remained a bit higher than expected in recent months, so we might have to wait longer for a Fed rate cut. This means mortgage rates might not fall in time for the peak homebuying season.

Will the housing market crash in 2024?

Because home prices have increased so dramatically in recent years, doomsayers believe that the housing market is in a bubble, and it’s only a matter of time before it bursts and the market crashes. But it’s actually pretty unlikely that will happen.

One of the main reasons we’re unlikely to see the housing market crash in 2024 has to do with housing inventory. The US simply does not have enough homes to meet demand, which is keeping prices steady. 

Of course, no one has a crystal ball. If demand were to plummet, home prices could start falling. A severe recession could cause this to happen, for example. But even with a recession, it’s not a given that the housing market would crash as a result.

When will the housing market crash?

The fact is, it’s hard to predict a housing market crash. Right now, the conditions aren’t right for one — even though demand is low, supply remains even lower. And demand is expected to improve this year, while supply will likely remain a chronic problem for years to come.

What this means for 2024 homebuyers

If you’re hoping to buy a house this year, you’ll want to start planning now. This year is likely to be better for buyers than 2023 was in many ways, but it’s also going to be more challenging when it comes to prices and competition.

Lower mortgage rates will undoubtedly improve affordability for borrowers, but with that will come increased demand. This will keep home prices high and likely push them up even further. Finding a home in your price range may become even trickier, and you may need to make a lot of offers on homes before you get one accepted.

How to prepare to buy a house in 2024: 5 tips

Here’s what you should be doing now to prepare for homeownership in 2024.

1. Get your finances ready now

Because home prices are likely to remain high, you’ll want to take advantage of lower mortgage rates by making sure you get the lowest rate you can. 

One of the faster methods to get your credit score up is to lower your credit utilization. This will also decrease your debt-to-income ratio, which is another factor mortgage lenders look at when considering what rate to give you.

J.R. Russell, head of direct to consumer mortgage lending at Citi Mortgages, says homebuyers should consider paying off credit card balances to improve their scores ahead of the 2024 homebuying season.

“If you’re trying to pay off or pay down some credit cards, start with the cards or credit lines with the highest interest rates first,” Russell says. “Then, pay off the balances that are smallest. The good news is that if you do this, you’ll improve your debt load and your credit score.”

2. Look for affordable mortgages and other first-time homebuyer assistance

The key to affording homeownership for many buyers in 2024 will be utilizing mortgages geared toward first-time homebuyers and combining them with grants or other forms of down payment assistance.

“If you’re not sure that your down payment will be sufficient, take time to understand all of the available products that you may be eligible for through the FHA or VA, your bank, or other local institutions,” Russell says. “These programs may grant you access to down payment assistance and low-to-moderate income programs, among other game-changing resources.”

Conventional loans allow down payments as low as 3%, while FHA loans allow 3.5% down payments. USDA and VA loans allow no down payment. 

Look into lenders that offer special mortgage programs that come with additional assistance. Rocket Mortgage, for example, offers a ONE+ mortgage that allows borrowers to put down just 1%, with the lender providing a 2% grant.

Bank of America mortgages, another popular lender for first-time buyers, offers a couple of different forms of down payment assistance.

3. Time your purchase right

There probably won’t be a single “best time” to buy in 2024, because that depends on each buyer’s priorities — so it’s important that you figure out yours.

If getting the lowest rate possible is most important to you, you’ll want to wait until later this year to buy, possibly until the second half of 2024. But if you’re looking to avoid competition, buying within the next few months might be a better bet. Plus, you could always plan to refinance later on as rates drop.

4. But don’t rush

“If rates do start to moderate and the market does seem to become more favorable to buying in 2024, it will likely stay this way for a while,” Russell says. “If that’s the case, I encourage you to take your time! Don’t put pressure on yourself to make any potentially hasty decisions on what may be your biggest asset and the largest financial decision of your life.”

Though it’s still a while away, forecasts generally expect mortgage rates to continue falling in 2025. If you don’t feel ready to buy by the time the 2024 buying season rolls around, there’s nothing wrong with waiting a bit to continue saving and working on your credit.

5. Build your savings

Whether you’re padding your mortgage down payment savings or contributing to your emergency fund, tucking away some extra cash now is vital if you plan on buying a home soon.

When you buy a house, you’ll need enough cash to cover both your down payment and closing costs, which can amount to between 3% and 6% of the loan amount. While many mortgage programs allow low down payments, the more you can put down, the better your interest rate will likely be. Plus, offers with larger down payments are often more attractive to home sellers, giving you a competitive edge in what will likely be a tough market.

Homeownership is also often more expensive than many first-time buyers realize, especially in the first year. Having some extra money set aside for unexpected costs will help ensure you don’t go into debt when your first big housing expense comes along.

Housing market predictions 2024 FAQs

Experts expect mortgage rates to drop in 2024, and 30-year fixed rates could end the year closer to 6%.

There probably won’t be a housing recession in 2024 based on current expectations, as limited inventory is likely to push prices up further. Expect to see higher prices, lower mortgage rates, and more buyers in 2024.

In general, 2024 should be a better year to buy a house compared to 2023, but it will still be tough due to increased competition and higher prices.

Molly Grace

Mortgage Reporter

Source: businessinsider.com

Apache is functioning normally

Mixed Performance. Data Hurt. Auction Helped. Little Changed

By:
Matthew Graham

Tue, Mar 26 2024, 4:14 PM

Mixed Performance. Data Hurt. Auction Helped. Little Changed

In the bigger picture, bonds found resistance before 10yr yields managed to break below 4.19, but remained well under the 4.32% ceiling after yesterday’s weakness.  Today began slightly stronger, but shifted weaker after the Durable Goods data.  The home team rallied after the 1pm Treasury auction came out on the strong side and trading levels trickled just barely into positive territory.  Wednesday is the quietest day of the week for econ data, but also the last day of Treasury auctions and the last full trading day of the month/quarter.  Translation: data driven volatility is unlikely, but random volatility surrounding the auctions and month-end trading could make things interesting.

    • Durable Goods
      • 1.4 vs 1.1 f’cast, -6.9 prev

08:52 AM

Slightly stronger overnight and now a hair weaker after data.  MBS down 2 ticks (.06) and 10yr up 0.8bps at 4.257

11:26 AM

MBS outperforming, down only 1 tick (.03).  10yr unchanged from last update.

01:09 PM

Stronger after 5yr auction.  MBS up 2 ticks (.06) and 10yr down 1.1bps at 4.238

03:32 PM

Hanging out near strongest levels.  MBS and 10yr at same levels as last update.

 Download our mobile app to get alerts for MBS Commentary and streaming MBS and Treasury prices.

Source: mortgagenewsdaily.com