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HSBC and NatWest cut mortgage rates again as rivals tipped to follow

Decision will ease some pressure on UK homebuyers and people seeking remortgage deals

HSBC and NatWest have announced a fresh round of mortgage rate cuts and Britain’s remaining large lenders are expected to follow suit in a move that will ease some of the pressure on hard-pressed Britons.

HSBC said it was cutting rates across many of its new fixed products – including some of its first-time buyer, home mover and remortgage deals – with effect from Tuesday, when full details of the reductions will be published.

Third of UK mortgage holders ‘do not think they will pay it off by 65’Read more

Fellow high street lender NatWest said it would also be cutting rates from Tuesday.

The latest reductions will improve conditions for homebuyers and those looking to remortgage on to a new deal.

NatWest announced reductions of up to 0.35 percentage points on selected fixed deals. A five-year fixed rate deal aimed at homebuyers with a 5% deposit that is currently priced at 6.39% will result in its rate being cut to 6.04% at the bank.

Mortgage costs had been rising relentlessly for months but UK lenders have been reducing their rates since the second half of July after it emerged that UK inflation fell further than expected in June, prompting speculation that the Bank of England would not raise interest rates by as much as previously expected. The Bank’s base rate is 5.25% after an increase from 5% in August.

Nicholas Mendes​, a mortgage technical manager at the broker John Charcol, said HSBC had “laid down the gauntlet and shown they mean business … This is their second rate reduction in a week, along with criteria changes which extend terms to 40 years.”

Accord Mortgages, part of Yorkshire Building Society, also said that all of its fixed rates were being cut by 0.20 percentage points from Tuesday.

Last week, Nationwide Building Society reduced some of its fixed and tracker rates by up to 0.15 percentage points.

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Stephen Perkins, the managing director of the broker firm Yellow Brick Mortgages, said: “All these rate reductions are starting to feel like an avalanche … No doubt there will be more of these reductions over the week, as all lenders follow in a conga line.”

Lewis Shaw, the owner of the broker Shaw Financial Services, said that with NatWest following hot on the heels of HSBC, “There’s every chance we could see the remaining big four [Lloyds Banking Group, Barclays, Nationwide and Santander] come to the party this week, too.

“It would appear that lenders are struggling to get new business, and the rate tap is the only tool they can turn to.”

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Source: theguardian.com

Apache is functioning normally

Apache is functioning normally

However, a silver lining in the subdued housing market is the strength in new-home sales. Builders are providing rate buy-downs for first-time homebuyers, which aligns with their interests, Duncan explained.

Read on to learn more about Duncan’s views on the housing market, loan performance and affordability challenges homebuyers face. 

This interview was condensed and lightly edited for clarity.

Connie Kim: The Federal Reserve decided to keep the benchmark rate unchanged in the target range of 5.25%-5.5%. With the majority of Fed officials expecting another rate hike before the end of 2023, how do you think this decision will affect housing and your forecast for the economy?

Doug Duncan: It’s our forecast that they won’t make another change until they drop rates. I think the forwards suggest that in either November or December, there’s a 50/50 chance to make an increase. I would say the risks are tilted that way, but we don’t have it in our forecast model. 

We don’t have (the Fed) dropping rates until the end of Q2 next year, and we have a mild recession that starts in that quarter.

The reason that forwards are suggesting a 50/50 chance of another increase is that growth has been stronger than anticipated. We actually think that’s going to slow; I think that this is kind of like a final burst of activity.

We don’t know what third-quarter growth was. Our expectation, at an annual rate, is it’s north of 3%. If there’s another quarter like that, and oil prices have pushed to $100, then I think you get another quarter-point move by the Fed, especially if you don’t see a substantive change in employment. 

Kim: Spreads in the mortgage space are wide. What are the reasons for that? 

Duncan: There are several reasons for that. If that business flow for a time period helps them cover the variable costs, then it can be effective.

For one thing, no fixed-income investor thinks that mortgage-backed securities with 7% mortgage rates will be there when the Fed finishes the inflation fight. They’re going to cut rates and that will prepay. So you’re having to encourage investors with wider spreads to accept that. 

It’s also the case that the Fed is running its portfolio off because they don’t talk about it much. But somebody has to replace the Fed, and the Fed is not an economic buyer. That is they weren’t buying for risk-return metrics; they were buying to affect the structure of markets. So they are a policy buyer.

They were withdrawing volatility from the market, and they were lowering rates to benefit consumers. When [the Fed] is replaced, it’s likely to be by a private investor who’s going to have yield expectations. They may require wider spreads than the Fed because the Fed is not an economic buyer.

Kim: A bit of good news for lenders in Q2 was that their production volume went up and origination costs went down. Are you optimistic this trend will continue?

Duncan: If rates stay at the 7.25% level, it’s going to be worse, not better. On the production side, the mortgage business is in recession because the levels of existing-home sales are back where they were at the end of the great financial crisis at around 4 million units. That’s very low historically. 

I don’t see how it can go much lower than that. Even if we have a recession, we don’t see it going just a hair under 4 million. The reason why some of the headlines look good about housing is because house prices were expected to fall when rates ran up. They did for a quarter as households sort of adjusted to the idea that they were going to be running at a new higher level.

But prices are rising again. For existing homeowners, that’s good news because it means equity accumulation. But if you’re a first-time buyer, that’s not good news because it means it’s harder to qualify — especially with interest rates where they are. 

Production is in a recession. The servicing side of the business is doing very well because those loans are simply not going to prepay for a long time. So, the servicing valuation on those loans is strong, because pre-payments are low. It’s a bifurcated market in that sense. We expect production volumes to remain low through 2024 and start to pick up maybe toward the end of 2024.

Kim: The silver lining in the current housing market is an uptick in new construction sales due to a lack of existing-home inventory. To what extent builders will offer rate buy-downs to drive sales remains to be seen. How likely are builders to support rate buy-downs, especially when it’s becoming expensive to do so?

Duncan: The traditional way in which builders gave borrowers choices regarding affordability was to offer them granite countertops. So if sales volume slows, they will throw in granite countertops, finish the basement or finish out the garage.

In doing interest rate buy-downs, they’re focused more on the problem of the first-time buyer. That’s because [the cosmetic] attributes of a house are more for move-up buyers. Builders recognize they’ve got to do something for affordability for the first-time buyer.

The share of new-home sales that are going to first-time buyers is the highest it’s ever been. The share of total sales that are new-home sales is also the highest it’s ever been. This is a highly unusual structure for the market. 

The builders know that those loans are likely to get refinanced, even if they buy down two points. So they go from 7.5% to 5.5%. When the Fed is done with the inflation fight and if economic growth is back to the 2% to 2.5% level, mortgage rates will probably run to 4.5% to 6% over the cycle. These loans are going to refinance, and the consumer will be in good shape, building equity to become a move-up buyer. So there is an alignment of interests for the builders in doing this.

Kim: The housing market was relatively active during the spring and summer homebuying seasons despite lower historical sales than previous years. Looking ahead, do you see another rough Q4 like last year when rates surged? What are some factors that Fannie Mae is monitoring?

Duncan:  If growth surprises to the upside, that will get the Fed to increase interest rates, which will push [mortgage] rates again. That would be the biggest challenge and just seasonality; the fourth and first quarters are the low points for seasonality. 

Kim: Bankruptcies and layoffs are still happening. How far are we into the industry’s consolidation?

Duncan: I was looking at the bankruptcy data. It’s just gotten back to the pace of bankruptcy we saw in 2019. It is true [consumer] bankruptcies have been rising but from extremely low levels. I actually expect that to continue. In part, that’s because some businesses (probably smaller and midsized businesses) were kept going by very low interest rates for a very long time. 

In the mortgage space? Certainly, you’ll continue to see exits from the business. Typically, mortgage companies are not publicly owned. So it happens quietly. It’s people in the industry that know who the players are that are in trouble. The employment data comes out on a lag basis for brokers and loan officers. So that has picked up. I would expect more.

Kim: Executives at Dark Matter Technologies noted that lenders are most interested in bringing down their origination costs and retaining their clients in this rising-rate environment. What other demands do you see from lenders?

Duncan: They have been investing in technology — primarily consumer-facing technologies to get business in the door. Now, that’s not a possibility. Because of the changes in interest rates and a drop-off in demand, they are now focused on tech investments that go into cost savings.

They are turning their attention to what they can do to lower origination costs. Can they convert fixed costs to variable costs? That’s really the question that the industry has to focus on. If they can convert fixed costs to variable costs, then when the cycle changes, they don’t get hit as hard by the drop-off in this business. That’s because the operating structure also drops off.

Kim: I notice a lot of independent mortgage banks roll out down payment assistance (DPA) programs for conventional loans. DPA programs were predominantly for FHA loans. What are the pros and cons of IMBs rolling out DPA programs for conventional loans?

Duncan: For the independent mortgage companies, down payment assistance gets the business through the door, right? If they’re covering their variable costs, they can keep going for a while and, eventually, they have to cover the fixed costs.

The question is, what are the other credit characteristics of the borrower? If they are an IMB, they have to place it with an investor. So the investor will be monitoring. For example, if it’s Fannie Mae or Freddie Mac, we monitor that. We look at making sure there are not layered risks in any consumer’s profile. For example, if they have a spotty employment record, but they’ve always paid their bills on time, and they have savings, they’ve got money to pay 20% down, then it would probably be acceptable to have that spotty employment record. But if there’s a spotty employment record and a spotty repayment record on their credit, that’s not going to make it through the screen.

Kim: DPA programs offered with FHA loans come with higher rates. If the FHA loans layered with a DPA are more costly, how do first-time buyers benefit from these programs? 

Duncan: The question you ask is a really interesting social question. The foreclosure rate for FHA loans is higher than the foreclosure rate for VA loans or Fannie Mae or Freddie Mac loans. Fannie and Freddie are the lowest; VA is a little bit higher. FHA is the highest. There’s not a clear answer on what’s the optimal rate of foreclosure. 

If [that rate] is zero, we can get to zero. But we aren’t going to be making very many loans. So there is some optimal level of risk-taking to help people realize their hope of owning a home. But it’s not a hard and fast number. Different people have different points of view on that.

Source: housingwire.com

Apache is functioning normally

This post originally appeared on The Financially Independent Millennial and has been republished with permission.

Okay, so you’re tired of puttering along in that same 1996 Honda Civic with which you picked up your Homecoming date during your senior year of high school. How do you even begin? No doubt, you’ll have questions to ask when buying a used car. Well, first, you need to narrow it down to which car you want, what options you want/can live without, your budget, etc. Once you’ve gotten that down and have taken a few cards for a spin, it’s time to get down to business. 

I bought my first car just about ten years ago and have bought and sold seven cars within that time frame. Except for one, I made a profit off every single one of them. For example, My INFINITI G37 just stole my heart. I got such a good deal on it (I bought it for $4,700 under dealer internet price) that I made the conscious decision to take a loss by keeping it longer and thus having to deal with depreciation.

However, it never needed any maintenance for the six years I had it other than $40 oil changes periodically. So, considering all costs (parking, annual registration, gas, car insurance, and depreciation), the car probably cost me $150 per month over those six years. That’s well below what some friends spent on the luxury of ride-sharing.

What to Ask When Buying a New Car

When you’re ready to buy a used car, you want to come armed with questions. Ensure you’re informed, and then you come across as a knowledgeable buyer and ward off any unscrupulous sales tactics.

#7. When Is the Best Time to Buy a Used Car? 

We’ve all seen those charts on the best time to buy everything from winter apparel to laptops. But did you know there is a sweet spot for buying cars, as well? Buying towards the end of the month and even the end of the year is your best bet. Why? Because dealerships have quotas to meet, salespeople are hungry to get one last commission for their paycheck. 

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As far as the end of the month, most dealerships close the books, project that month’s sales amounts, and try to move inventory to keep the interest fresh. You may know that when new models come out and leases get returned, the used car market is usually more flexible, which means more selection and a better price for you. 

If you’re daring, go into the dealership on a Sunday evening during unpleasant weather when they’re hungry to meet quotas. If you’re paying cash, and you’re there with money in hand, they’re much more likely to get you a good deal. Make sure you come with evidence of comparable models elsewhere.

#6. Why Is Buying Used Better Than New? 

While many people justify their decision to buy new as having a more reliable vehicle and spending less on repairs than an older car, cars have markedly improved their dependability over the last 10-15 years. 

Plus, many online tools help you with price transparency, find service records, and owner/expert reviews. You’ll find anything you want to know about the car you’re considering over the last decade. 

According to a recent report, new cars lose up to 20% of their value after the first year. And then they depreciate more than HALF their value after five years. On a $32,000 car, that’s almost a $7,000 hit after just a year of driving! On the other hand, you can easily buy a car that’s just a few years old and let someone else take the depreciation hit. 

Besides houses, cars are generally the most expensive purchases you’ll make. Buying used enables you to strategically get a reliable vehicle that can last you years without breaking the bank. My neighbor once bought a 4-year-old Honda Accord for $12,000 and still drives it ten years and 90,000 miles on the odometer later!

#5. Why Is Buying Better Than Leasing?

According to Consumer Reports’ comparison for buying versus leasing, the average cost of a new car has now topped $38,000. You might think to yourself, “I don’t have $38,000 laying around!” Well, take a step back and a deep breath, realizing this is average. Meaning, you can easily find cars for less than this amount. Plus, just another reason to look at a mint used car! 

Leases can be appealing because they enable the consumer to drive a new car for a monthly lease payment. Lenders are happy to collect the interest! And then, you return the vehicle at the end of the lease without worrying about maintenance or repairs. Leasing is ideal for people who like to have the newest car (and can afford it) or deduct leasing expenses like realtors. And yes, if you’re wondering about this question, you can lease a used car as well. However, there are mileage limits, and if you lose your job or have a child, you typically can’t just hand the keys back without penalty.

Buying a car means you can drive it freely and have something of value that you can sell when the need arises. With leasing a vehicle, you typically have to either return it, have nothing at the end of the lease, or pay off the car at an agreed-upon amount when you lease the vehicle. For these reasons, buying a car is the best option for most people. 

#4. How Many Miles Should a Used Car Have?

Congratulations, we’ve convinced you to buy used! Well, hopefully, you’re empowered to ask questions and find and buy a quality used car, over lining the dealership’s pockets with a new one. Mileage is an essential factor to consider, and the lower mileage, the better. Think about it, cars don’t run forever. So, there’s a cap on mileage before the vehicle is pretty much worthless. (though if you want to see some impressive machines with millions, yes millions of miles, check out this car.)

Most people drive about 10-12,000 miles per year. And with ever-changing technology, it might be best to keep it under 100,000 if you plan to keep the car for a while. After 100,000 miles, more expensive servicing like timing belt change, transmission replacement, and electrical repairs come along. 

Consumers who question a used car’s value can turn to The Kelley blue book as an excellent resource when buying or selling. I have found that buying cars with low-mileage, i.e., under 30,000, is the sweet spot if you can snag a good deal because it still feels new. These cars usually come with the balance of a new or extended warranty and yet have decent value locked in. Bonus points if you flip it a year later for a profit as I did! 

#3. What Are the Benefits of Buying a Used Car from a Dealer?

You can compare buying a certified pre-owned (aka used car) from a dealer instead of a private party to purchasing a laptop from the store versus a seller on Amazon. You typically get more hand-holding and a concierge process with inspection of the car, service and registration assistance, etc. Yet, that comes with a price. 

Buying a used car from a dealer means there’s no question: they have to stand behind that car and not sell you a lemon because their reputation lies on that. So, peace of mind is a big plus when it comes to buying from a dealer. Also, you can typically find more variety in what you want and have someone reach out to you when they get something closer to what you’re looking for. You can also negotiate free service for a year, a multi-point inspection, printouts of service records, and things like replacing the tires at a reduced cost. Moreover, suppose haggling, negotiations, or dealing with salespeople make your stomach churn. In that case, you can always pay a slight premium for peace of mind by using a service like Carvana or Carmax.

Buying from a dealer can also help you make sure you get your title and tag done correctly. One thing to look out for is some dealerships charge a Dealer or “Document Preparation” fee, which can be hundreds of dollars in some states. Be sure to understand what value they’re providing for that fee and where it goes. Few waive them and even charge their employees that fee.

#2. What Are the Benefits of Buying a Used Car Privately?

How do you save the MOST amount of money when buying a car? Well, you buy a pre-owned vehicle that already got whacked with depreciation and cut out the middleman. By middleman, I mean the dealership. 

Now, you read about the perks of buying through a dealer and all the peace of mind it brings. So, why bother dealing with the hassle and uncertainty of a private party? Well, the significant cost savings, of course! There’s no dealer doc prep fee, no markups to pay for payroll or overhead, and no burdensome certification process. Buying a used car privately gives you the best chance of getting a great deal if you ask the right questions.

In simpler times, a handshake and trust were all we had to go off before things like CARFAX reports and AutoCheck. When you find a private seller, you can find out the vehicle history. For example, if they were the original owner, who drove the car, why they bought it, and how it’s been treated over the years. Also, you’ll have to make sure they have the title free and clear. Otherwise, you’ll want to go to the bank and have them call the company that holds the title to make sure the loan gets paid off before any other money changes hands.

 #1. What Are the Best Ways to Find a Used Car?

Now how do you go about finding a used car? There are many more online tools at our disposal than ever before. Do you remember the times when you would flip to the classified section of the newspaper to find boxes of 6 point font describing a car for sale? Or you saw a car parked on the road with a “For Sale” sign? How times have changed.

Now, you can easily find any car you want online, know everything about it, see high-resolution pictures of its every angle. And you don’t even have to limit yourself to your geographic area!  

The thing to know is most private-party sellers will usually try to sell their car for free or cheaply. So, be sure to start your search by scanning Craigslist, Cars.com, and Facebook Marketplace. 

Now, if you’re looking to expand your search across the state or nation, check out cars.com, Cargurus.com, and Truecar.com. All of these sites provide decent vehicle descriptions and history, such as accident reports. 

Cars.com has a very user-friendly interface and easy navigation filters for color, features, cloth/leather, etc. It also has a price analysis tool to let you know if that particular car is a “good” or “great price” as compared to other vehicles for sale.

CarGurus is also user-friendly and has a similar price comparison tool. Also, it’s got a cool little “negotiation” section in the description. It tells you how long the car has been on the market and its different price changes. It can give you a glimpse of how motivated the dealer is to get rid of the vehicle. I love CarGurus because it answers the most basic questions I’d ask about the used car I’m thinking about buying.

Finally, TrueCar has a unique pricing analytics report that will tell you what you can expect to pay based on what similar vehicles have sold for. They also can offer a unique “personalized offer” on a car, which might be lower than other sites, in exchange for inputting your contact information. It might be an easy trade to shave a few hundred off your car purchase!

Final Thoughts about Buying A Used Car

Consumers looking to buy a used car certainly have to ask a lot more questions than when buying new. But, the extra work will save them thousands in unnecessary depreciation. The key is to do your homework and get the car inspected. That way, you’ll come out ahead by knowing the car’s history. And don’t be afraid (ever) to walk away from a bad deal!

Source: credit.com

Apache is functioning normally

Apache is functioning normally

The capital of Ohio, Columbus, is famous for being home to the first Wendy’s — yes, that fast-food chain — but it offers much more than that along the banks of the Scioto River.

The city underwent many name changes during its first days in the 1800s, later nicknamed “Arch City” after builders put arches over city streets. You can also experience the deep Native American and Appalachian roots and history in the area.

Established historic neighborhoods like German Village offer some of the city’s oldest buildings as housing options, as well as beautiful, quiet tree-lined streets. Elsewhere, up-and-coming spots like Short North, the Brewery District and Downtown Columbus offer walkability, short commutes and fun arts and nightlife amenities.

Ready to explore Columbus? Here are the 15 best neighborhoods in Columbus.

  • Median 1-BR rent: $1,212
  • Median 2-BR rent: $1,485
  • Walk Score: 88/100

South of the German Village, the Brewery District is as hip as it gets. Music venues and brewery bars line the streets of this neighborhood. Plus, a high walkability factor makes it even more alluring. Watch your favorite comic at Shadowbox Live on weekends. You can also head to the nearby trails at Scioto Audubon Metro Park, bordering the Scioto River.

You can find a one-bedroom apartment for $1,212 per month on average in the Brewery District. Head to pup-friendly Gresso’s for a slice before heading on a brewery hop.

  • Median 1-BR rent: $819
  • Median 2-BR rent: $1,049
  • Walk Score: 68/100

Only six miles from downtown and convenient to Ohio State University, Clintonville has a mix of young professionals and college students. The beautiful Rose Gardens at Whetstone Park will captivate you with their scent, trailing above arches and along walkways. You can also explore the six glacial ravines that cut through the neighborhood, like Glen Echo.

On the weekends, enjoy that high walkability score by heading to High Street for a bite at the many establishments like Lineage Brewing or enjoy a vegan sweet treat at Pattycake Bakery. You can find a one-bedroom apartment in the area for $819 per month on average.

  • Median 1-BR rent: $1,462
  • Median 2-BR rent: $1,987
  • Walk Score: 78/100

The heart of Columbus, Downtown, has as much life as you expect. An outdoor amphitheater, the Columbus Museum of Art, a river walk along the Scioto River, National Veterans Memorial and Museum are just some of the things that make downtown shine. The Scioto Mile connects more than 175 acres of green spaces through the area.

Public transit abounds in the area, making it easy to ditch your car in favor of walking to enjoy the nightlife. You can find a one-bedroom for $1,462 per month on average.

  • Median 1-BR rent: $739
  • Median 2-BR rent: $1,200
  • Walk Score: 61/100

Franklin Park is the most gorgeous when in bloom. Visit the Franklin Park Conservatory and Botanical Gardens to enjoy the warm months and picnic in any corner of the 88-acre park. Just east of downtown, the historic neighborhood offers a farmers market in the summer or grab some tacos nearby at Alebrijes.

You can enjoy this quiet neighborhood by renting a one-bedroom for an affordable $739 per month on average, only two miles from downtown Columbus.

  • Median 1-BR rent: $625
  • Median 2-BR rent: $725
  • Walk Score: 58/100

An up-and-coming artists’ hub, the neighborhood of Franklinton has started creating its own personality in recent years. Right to the west of downtown Columbus, Franklinton is home to breweries, artists’ studios and newer co-working spaces — all on the background of the neighborhood’s history and industrial past.

The Land-Grant Brewing Company and Taft’s Brewpourium anchor Franklinton’s beer scene and mural art adorn several buildings in Columbus’ oldest neighborhood. The neighborhood is quickly changing, but you can still find affordable rents at $625 per month on average for a one-bedroom.

Franklinton residents have an average commute of 20 minutes, thanks to its proximity to Downtown.

  • Median 1-BR rent: $1,295
  • Median 2-BR rent: $1,850
  • Walk Score: 90/100

It’s no surprise that the German Village neighborhood attracts young families and business professionals. With a nearly perfect walk score and high bike score, it’s easy to get around sans car and easily commute downtown. A one-bedroom apartment remains relatively affordable at $1,295 per month on average.

Elder trees and historic red buildings line the streets of this neighborhood. Frank Fetch Park is an excellent weekday spot to enjoy your morning coffee and Schiller Park features trails, a playground and even an amphitheater.

Nearby, the Schmidt Sausage Haus & Restaurant has been a local treasure since 1886, one of many German-inspired restaurants. The Book Loft is a bookworm’s dream with 32 rooms filled with books.

  • Median 1-BR rent: $1,701
  • Median 2-BR rent: $1,988
  • Walk Score: 66/100

Harrison West has seen a slight increase in rents since Summer 2021, but you can currently get a one-bedroom for $1,701 per month on average. The Columbus neighborhood is only 2.5 miles from downtown and a hop and a skip from the beautiful Goodale Park.

The Arena District offers access to a movie theatre, several restaurants and bars and a skating rink only a mile away. Huntington Park is home to the Columbus Clippers baseball team.

  • Median 1-BR rent: $800
  • Median 2-BR rent: $1,100
  • Walk Score: 77/100

Indianola Terrace is a good option if you’re looking for an apartment convenient to Ohio State University and still walkable to everything. The neighborhood offers not only apartments but also multi-family units. You can find a one-bedroom in either option for $800 per month on average. Graduate students mainly reside in this neighborhood.

The Ohio History and Research Center are nearby, offering a detailed look into the state’s history along with seasonal exhibitions. Glen Echo Park is only a couple of miles away in Clintonville, offering a playground, dog park and easy hiking trails.

Source: Rent./Jeffrey Park Apartments
  • Median 1-BR rent: $1,38
  • Median 2-BR rent: $1,910
  • Walk Score: 87/100

Just north of downtown Columbus, every corner of the Italian Village has a restaurant filled with regulars. Not to worry, while parking is hard to come by, walking is the preferred way to see the neighborhood. You can quickly see why the neighborhood, filled with young families and millennials, remains tight-knit.

Try out two local breweries, Seventh Son Brewing and Hoof Hearted Brewery, or visit the local dive bar, St. James Tavern. Snag a one-bedroom apartment for $1,384 per month on average and grab your coffee at Fox in the Snow in the mornings.

  • Median 1-BR rent: $1,145
  • Median 2-BR rent: $1,995
  • Walk Score: 76/100

King-Lincoln Bronzeville has a rich history as a historically African-American neighborhood. The neighborhood is home to the Lincoln Theatre and the King Arts Complex. Recently, more Columbus residents have been discovering the charm of the neighborhood.

You can see beautiful murals throughout the King-Lincoln and visit the Bronzeville Bird and Butterfly Sanctuary. The Columbus Museum of Art is nearby, as well. You can find a one-bedroom apartment for $1,145 per month on average.

  • Median 1-BR rent: $1,087
  • Walk Score: 83/100

Olentangy Trail, a gem in the North Campus neighborhood, connects the Ohio State University with other city parks and Olentangy River. It’s the perfect escape, not too far from the city. You can rent a one-bedroom for $1,087 per month on average.

Nearby, you can find hot donuts at Buckeye Donuts, head to games at Ohio Stadium and stop by the Wexner Center for the Arts for the latest exhibitions.

  • Median 1-BR rent: $1,495
  • Median 2-BR rent: $2,325
  • Walk Score: 94/100

Right in the heart of Columbus, Short North attracts renters keen on art gallery openings, city festivals and easy biking, thanks to the neighborhood’s grid pattern. The Short North comes alive with art walks and outdoor concerts at Goodale Park every summer. The 33-acre park is the oldest city and provides ample greenspace to city dwellers for picnics and more.

The neighborhood’s arches on High Street light up the way for visitors to explore high fashion boutiques, a thriving dining scene and, of course, the many galleries. Stop by the North Market for an outdoor dining experience with various food hall vendors if you can’t choose where to eat.

You can enjoy that walkability and gallery hop on the weekends for $1,495 per month on average for a one-bedroom apartment.

  • Median 1-BR rent: $1,548
  • Median 2-BR rent: $2,215
  • Walk Score: 61/100

The best way to know if you’re in the Uptown District is by finding the Ohio Statehouse, a Greek Revival-style building in Colonial Square. The neighborhood has all the charm you want from a suburb while being near Columbus. Uptown District features many upscale restaurants like Veritas and Jeff Ruby’s Steakhouse. Breweries and cocktail bars also dot the area.

You can find a one-bedroom apartment in this neighborhood for $1,548 per month on average, with easy access to the Ohio Theatre for a night out.

  • Median 1-BR rent: $1,250
  • Median 2-BR rent: $2,425
  • Walk Score: 87/100

Can you picture going on an early morning walk surrounded by Victorian architecture? That’s what Victorian Village offers to its residents. Don’t miss the Gothic-style mansions and Queen Anne houses. Small shops and restaurants line the streets of this Columbus neighborhood. Goodale Park is within walkable distance to take your family for a picnic.

The neighborhood is on the more expensive side if you want to rent a two-bedroom, but still affordable for those in need of a one-bedroom, available for $1,250 per month on average. Stop by for a pint at Cavan Irish Pub to explore the neighborhood’s Irish-American roots.

Source: Rent./Grant Park Apartments
  • Median 1-BR rent: $1,481
  • Median 2-BR rent: $1,882
  • Walk Score: 87/100

If you’re looking for public transportation and walkability, Weinland Park is the neighborhood for you. The bus system services the area heavily thanks to its grid system and proximity to old streetcar rails.

Convenient to downtown, developers are revitalizing the industrial neighborhood with already slated multi-use developments. Weinland Park was home to several factories, many now converted into apartments and office space. The namesake park offers a picnic space and a playground. Grab a beer at Zaftig Brew Pub after.

Find the best Columbus neighborhood for you

Did you fall in love with this midwestern city? No surprise there! Columbus has historic neighborhoods, beautiful architecture, parks and walkable street grids. Whether you’re grabbing a beer in the Brewery District or strolling on your way to class at Ohio State, there’s a neighborhood for you. Ready to move on? Find apartments for rent in Columbus.

The rent information included in this article is based on a median calculation of multifamily rental property inventory on Apartment Guide and Rent. as of November 2021 and is for illustrative purposes only. This information does not constitute a pricing guarantee or financial advice related to the rental market.

Source: rent.com

Apache is functioning normally

Apache is functioning normally

  • Mortgage rate cut quantum will vary depending on clients, cities
  • Bank exec: rate cut conducive for easing prepayment pressure
  • Chinese banks will also cut some deposit rates by 10-25 bps
  • $5.3 trillion mortgage book accounts for 17% of banks’ loan

BEIJING, Aug 29 (Reuters) – Some Chinese state-owned banks will soon lower interest rates on existing mortgages, three sources familiar with the matter said on Tuesday, as Beijing ramps up efforts to revive the debt crisis-hit property sector and bolster a sputtering economy.

The quantum of the cut on existing mortgages, which, if implemented, will be the first such move in China since the global financial crisis, would be different for different types of clients and in different cities, said the sources.

The reduction could be as much as 20 basis points in some cases, said the sources, who declined to be named as they were not authorized to speak to the media.

The country’s central bank, the People’s Bank of China (PBOC), did not immediately respond to Reuters’ request for comment after business hours.

The reduction in existing mortgage rates will come amid several other property, economic and market support measures Beijing has announced over the past few weeks, as concerns mount about the health of the world’s second-largest economy.

The property sector, which accounts for roughly a quarter of the economy, has lurched from one crisis to another since 2021, and contagion fears deepened this month after liquidity stress in leading developer Country Garden (2007.HK) became public.

Chinese lenders were widely expected to cut interest rates on existing mortgages after the PBOC earlier this month said that it would guide commercial banks to do so.

The central bank’s proposal to cut rates, which came after a wave of early repayments of mortgage debt, aims to reduce the interest rate costs for homebuyers and to boost consumption in a slowing economy.

China has been cutting new mortgage rates since last year to boost sales in its moribund property market, but the main result so far has simply been a rush by households paying off existing mortgages early, squeezing banks’ profits.

Lowering existing mortgage rates is expected to further weigh on the banking sector’s net interest margin (NIM) – a key gauge of profitability – which fell to a record low at the end of the second quarter, official data showed.

DEPOSIT RATES

Chinese banks have been battling headwinds such as lower lending rates and pressure from the government to prop up the economy, as well as bad debt related to property developers and local government financing vehicles (LGFV).

China’s mortgage loans totalled 38.6 trillion yuan ($5.29 trillion) at the end of June, representing 17% of banks’ total loan books.

Zhu Qibing, chief macro analyst at BOC International China, estimates the weighted average rate of new mortgages is 4.11%, while the average rate on all existing mortgages is at least 100 basis points higher.

Citigroup in a note this month said that the repricing of existing high-yielding mortgages would further add to Chinese banks’ NIM pressure and dampen their profitability and lending capability.

Adjusting existing mortgage rates is conducive to easing pressure on banks from mortgage prepayment, Lin Li, vice president of Agricultural Bank of China Ltd (601288.SS), the country’s No.3 lender by assets, said earlier on Tuesday.

The bank would draft detailed implementation rules on rate cuts after policies on this become clear, he said. The lender reported a drop in its NIM to 1.66% at the end of June from 1.7% at the end of March.

Chinese banks’ net interest margin would face downward risks in the second half of this year, Fu Wanjun, Agricultural Bank of China’s president, said.

To soften the hit on the margins, the three sources said that major state banks would also lower interest rates on some fixed-term deposits, and the quantum of cuts would range from 10 basis points to 25 basis points.

Cutting deposit rates could help banks to maintain a proper level of NIM, one of the sources said.

Analysts have said China last week did not opt for a broad rate cut that would further depress banks’ narrow net interest margins, instead deferring to banks to cut their deposit rates and give themselves room to cheapen mortgages.

($1 = 7.2916 Chinese yuan renminbi)

Reporting by Xiangming Hou, Rong Ma, Ziyi Tang and Ryan Woo in Beijing, Selena Li in Hong Kong; Editing by Sumeet Chatterjee, Alex Richardson and Sharon Singleton

Our Standards: The Thomson Reuters Trust Principles.

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Source: reuters.com

Apache is functioning normally

Apache is functioning normally

According to the Lost & Found survey by Pixie, nearly one in four Americans misplace their house or car keys twice a week. Having a spare key is quite handy if you find yourself locked out of your apartment.

Where do you hide a spare key when you live in an apartment?

Hiding a spare key in your car or at a house is typically pretty easy, but knowing where to hide a spare key for an apartment is trickier. After all, there aren’t as many nooks and crannies where a spare key can go. Plus, you want to make it easy to find but not obvious to anyone who might be looking for it. However, with a little creativity, there are some great spots where you can hide a spare key for your apartment.

1. Tuck it in your décor

If you routinely decorate your apartment entrance, this could provide an ideal hiding place for your spare key. For instance, you could tape it inside your door knocker or attach it to your wind chimes. If you change out your décor to reflect the season or holidays and tucked your spare key in a wreath or other item, don’t forget to move it from the old décor and place it in the new.

2. Put it in a fake rock along the walkway

Fake rocks are a great option for hiding a spare key for your apartment. However, you shouldn’t place those fake rocks just anywhere — you don’t want to set one near your doorway because it will look out of place, immediately grabbing the attention of would-be thieves. A better location is the landscaping along the walkway to your building or alongside the building. Placing it on the ground among other rocks or under shrubs will camouflage your container. The goal is to make sure it looks natural wherever you place it.

3. Slip it in a magnetic key box under a staircase

Many people often slip a spare car key into a magnetic key box and hide that box somewhere in their car. You can use this same technique by putting your spare apartment key in a magnetic box and hiding it under a metal staircase. Or, you could attach it to the back of a light along the lighted corridor. Another good spot is on the rear of a metal gutter. Essentially, any magnetic surface will work, but make sure it’s not a spot that others may access often. For instance, don’t put it near electrical boxes that may require routine maintenance.

4. Hide it among your outdoor furniture

If you have a patio that’s easily accessible from the exterior of your apartment, you could hide a spare key on the furniture. Tape it under a chair or under your storage box for cushions. Another option is taping it to the underside of your barbecue grill. If you do, check the adhesive on the tape periodically to make sure it’s still securely taped to the grill. A birdhouse is another good hiding spot. Slip your key in there for when you need it, but make sure it’s easy to get out. Just skip the obvious places like under a potted plant or doormat.

5. Stash it under a balcony or deck

For apartment buildings with balconies or decks, you can stash a key in the nooks and crannies underneath the structures. When placing a spare key, check to make sure it won’t fall out easily or get washed away when it rains. Depending on the structure, you might be able to drive a nail into one of the wood posts and hang the key on it.

6. Leave a spare key with your neighbor

If you have a neighbor you know and trust, ask them to keep a spare key to your apartment. Not only will this be handy if you actually lock yourself out of your apartment, but they can help you out if you need someone to put a delivery in your apartment or check on your pets while you’re gone.

Where not to put a spare key for your apartment

When hiding a spare key for your apartment, skip the obvious spots that a would-be burglar may check. These include under the doormat, in or under a potted plant near the door or along the door jam. Although your apartment key would be out of sight, it likely wouldn’t be out of mind for someone trying to gain access to your apartment.

Also, while a fake wall socket or fake clock with a safe can provide a great hiding place, you need to install them in the wall, meaning you’ll need to cut a hole in the wall to place it. If you want to try this option, make sure you talk to your landlord before you make permanent cuts.

The right spot for the spare key for your apartment

Figuring out where to hide a spare key to your apartment might seem difficult at first, but it might be easier than you think. Take a look around your apartment and building and see what good hiding spots you can find. From a metal staircase to a flowerbed to the lights in your hallway, you’ll be surprised at how many places you can find to hide a spare apartment key.

An experienced freelance writer, Karon Warren has covered home and real estate topics for more than 20 years for such outlets as Curbed Atlanta, Apartment Therapy, RealTrends and HotPads.com. She is a member of the American Society of Journalists & Authors.

Source: rent.com