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Apache is functioning normally

July 5, 2023 by Brett Tams

It’s summer, which means people are headed to the beach, to their favorite city destinations and to every type of hotel on the way and in between.

Like always, we’re constantly trying to provide you with the most up-to-date hotel news, including the latest on the lawsuit regarding Marriott and “junk fees,” Marriott launching its 32nd brand and the top destinations Hilton Honors members are traveling to this summer.

In between those big stories, some hotel news gets bookmarked to share in this monthly news roundup so you can feel informed and knowledgeable about what’s happening in the hotel space. From new hotel openings to one-of-a-kind suites, here are some of the most exciting hotel updates you might have missed in June.

Move over Barbie — Ken’s taking over the Malibu DreamHouse

HOGWASH STUDIOS

Airbnb is well known for its over-the-top, once-in-a-lifetime pop-up stays — and now Barbie’s Malibu DreamHouse is back. This time, it’s been totally revamped with Ken playing the role of host.

To celebrate the July 21 premiere of the new “Barbie” movie, two lucky guests will get the chance to spend the night in the pink pad. It’ll be complete with Ken’s wardrobe, a dance floor with a disco ball, a pool with a waterslide, and even yellow-and-pink rollerskates and surfboards.

The chance to book happens July 17 at 10 a.m. PDT at the house’s dedicated website.

Dolly Parton’s opening a new hotel — and reservations are now open

DOLLYWOOD

Here at TPG, we’re big fans of Dollywood, whether we’re visiting the theme parks or spending the night on Dolly’s retired tour bus. While the park and its DreamMore resort are practically perfect, it’s all about to get better: HeartSong Lodge & Resort, an all-new place to stay, will open in the Smoky Mountains.

Set to open to guests Nov. 23, the new resort will feature 302 rooms, including rooms with bunk beds and fun themes. The property will also offer a full-service restaurant, indoor and outdoor pools, priority access and free transportation to Dolly’s parks, and Dollywood TimeSaver passes to skip the lines.

You can reserve a room now — and you know we’ll be there when it opens to share the experience. If it’s half as good as DreamMore and Dollywood, you know it’ll be perfect. Until then, check out what Dolly herself recently shared with TPG about the future of her “Tennessee Mountain Home.”

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JW Marriott’s heading on a Tanzanian safari

Marriott Bonvoy loyalists who have been dreaming of a points-based safari better save some dates in 2026. That’s when an all-new JW Marriott is set to open in Tanzania’s Serengeti National Park. Right now, the details of the camp are light (and there are no renderings yet), but we know that it will feature 30 private suites, including two presidential suites, all with private pools.

This isn’t JW Marriott’s first foray into safari lodges. Marriott recently opened the JW Marriott Masai Mara Lodge in Kenya, where you can book award nights starting at 77,500 points.

Related: How to choose a sustainable African safari

This NYC Pride-themed hotel suite is sticking around until September

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MARIO IOZZI

Pride month may have come to an end, but travelers to New York City can still experience a suite-turned-art gallery at the Innside by Melia New York Nomad.

In collaboration with the Leslie-Lohman Museum of Art — a space dedicated to LGBTQI+ artists — artist Tura Oliveira transformed a suite into an out-of-this-world, science fiction-themed suite centered around “queer futurity.” Oliveira painted murals, dyed textiles and curated books, furniture and other interesting objects to bring the space to life. (Not to mention, the suite has a massive deck with beautiful views of the Uptown skyline.)

Rates for the suite — which is available through Sept. 23 — start at $399 per night and come with tickets to the Leslie-Lohman Museum of Art.

A new designer hotel is finally open in Rome

BULGARI HOTELS & RESORTS

There’s no place like Rome, the Eternal City — and few cities have such a booming hotel scene.

The city recently celebrated the opening of Bulgari Hotel Roma. The hotel, in Campo Marzio near the Tiber, has 114 rooms and suites in a 1940s building that has been updated and restored. The hotel, part of Marriott, has a Bulgari Spa, an indoor swimming pool, Italy’s first Bulgari sweets shop, a rooftop terrace bar with breathtaking views of the city and the brand’s signature restaurant, Il Ristorante — Niko Romito.

What else you should know

Hotel reviews you need to read

Source: thepointsguy.com

Apache is functioning normally

July 5, 2023 by Brett Tams

Whether through recent news articles or over the water cooler, you’ve probably heard something about reverse mortgages. But if you (or a loved one) is considering this type of loan, don’t base your opinion on hearsay. For such a major financial decision, it’s worth getting the facts about reverse mortgages. This type of mortgage can actually be a valuable option for people in the right circumstances and who understand the terms of the deal.

Reverse mortgages convert home-equity into cash
What is a reverse mortgage? If you own a home and are 62 or older, a reverse mortgage is a way to convert some of your home equity into cash. Rather than make monthly payments to your lender, your lender is making payments to you. The money you borrow through a reverse mortgage is paid back, with interest, when you move out of your home, sell your home, or die.

The older you are and the more valuable your home, the lower the interest rate you can get in a reverse mortgage — meaning you can borrow more money.

Why and how do people use the money borrowed through a reverse mortgage? Cashing out home equity in this way can be helpful if you have a fixed income and need more money to pay for household bills, debt, medical costs, home repairs, or other expenses. The money from a reverse mortgage can be paid out as a lump sum, in regular payments, or as a line of credit.

Unlike with traditional mortgage loans, your credit history does not matter with a reverse mortgage. However, the house must be your primary residence, so vacation homes and investment properties do not qualify.

Effect on taxes and government program eligibility
If you’re concerned that the additional money will boost your income tax liability, don’t be. Money obtained through a reverse mortgage loan is not considered taxable income. You also keep the title to the home and can never be forced to move as long as you pay the property taxes and insurance. If you and your spouse take out a reverse mortgage together, the loan isn’t due until both spouses have moved or died.

If you receive regular Social Security or Medicare payments, they won’t be affected by taking out a reverse mortgage. However, your eligibility for Medicaid payments could be affected. Money received from a reverse loan may be considered an asset and could keep you from getting Medicaid.

For example, if you receive $4,000 from a reverse mortgage and spend it all the same calendar month, you can receive Medicaid, according to the National Reverse Mortgage Lenders Association. If you spend some of it and put the rest in your savings account, that’s where you can run into problems. If your total liquid assets exceed $2,000 ($3,000 for couples) the next month, you wouldn’t be able to receive Medicaid.

Are you a spendthrift?
One of the disadvantages of a reverse mortgage is that getting money this way won’t correct poor spending habits. If you have trouble managing your money, a reverse mortgage won’t solve your financial problems.

For some folks, getting their hands on a large sum of cash may result in poor spending choices that could leave them without enough money for basic living expenses later on. Who hasn’t heard horror stories of retirees blowing reverse mortgage money in record time on expensive vacations, meals, cars, and other frivolous purchases? Anyone who really has a problem with debt and managing money may need to speak with a credit counselor.

Credit counseling differs from reverse mortgage counseling, which is mandatory for most reverse loans. This free or low-cost counseling can be done in person or by phone. The goal of counseling is to get detailed reverse mortgage information to help you decide if using one of these loans is a wise choice. Counseling can help you review other alternatives to getting a reverse loan. Find a HUD-approved counselor to talk through your options. Seniors who use reverse mortgages can reap a lot of benefits, but these loans aren’t for everyone.

Your home appraisal
You may not benefit much from a reverse loan if you don’t have enough home equity. When you apply for a reverse mortgage, your home will be appraised to determine its current market value. The more equity you have in your home, the more money you can potentially receive through a reverse mortgage. After the past year’s market performance, it’s worth noting that no matter what happens with the housing market, the amount owed on a reverse mortgage never exceeds its market value at the time a house is sold.

Just make sure you really want to cash out that home equity. When you own a home free and clear, you can leave it to your heirs without too many restrictions in most cases. But with a reverse mortgage, one of the disadvantages is that if you want your heirs to have the home, they (or your estate) must pay off the loan balance first. They also could choose to sell the home and keep any remaining equity after repaying the lender. If they don’t want the home, they can do nothing and the mortgage lender takes the property.

Reverse mortgage disadvantages: Loan fees
Reverse mortgages usually have a lot of upfront costs, so you may want to consider other alternatives to getting more funds if you plan to move from your home in a few years. Some other ways to improve your cash flow are to redo your budget to reduce expenses, get a home equity loan or no-interest loan from a local government agency or nonprofit, or look for grants for homeowners in your area.

One thing to remember is that the US Department of Housing and Urban Development’s Home Equity Conversion Mortgage (HECM) allows you to use the proceeds from to buy another home as your primary residence. So you can use the money from a reverse mortgage to downsize to a less expensive place.

Get the reverse mortgage facts to help you decide
As more seniors have struggled to make ends meet in recent years, reverse mortgages have grown in popularity. Some consumer advocates and legislators say reverse home loans are heading for another meltdown like subprime mortgage loans. Others believe that these loans have a lot of value and can help seniors live more comfortably in their golden years.

It’s up to you to make the right decision based on your personal financial situation. And don’t let pushy salespeople pressure you into signing up for a reverse mortgage without understanding all the consequences. Talk to a counselor to discuss reverse mortgage facts and whether one makes sense for your needs.

J.D.’s note: I know absolutely nothing about reverse mortgages. In fact, before doing research for my book, I had vaguely negative feelings about them. But lots of financial experts I trust think they’re a good option — in some cases. Do YOU know anyone who’s taken out a reverse mortgage? Are they glad they did? Or do they wish they hadn’t?

Source: getrichslowly.org

Apache is functioning normally

July 5, 2023 by Brett Tams

The holiday season is upon us, the time of year for family, friends, food — and wine. Yes, it’s true, I associate the holidays with alcohol. It never used to be this way (probably because I didn’t drink), but for the past five years, I’ve spent late November stocking our wine rack.

There are several reasons for this:

- From mid-November to mid-January, the local supermarkets have huge wine sales.

- Every winter, Consumer Reports lists holiday wine bargains. In the December 2010 issue, for example, they suggest 22 “best buys” between $4 and $15 per bottle. (Most are in the $7 to $10 range.)

Our circle of friends seems to have more dinner parties during the winter than at other times of the year. When we gather, we drink wine.

For a long time, I used the shotgun method of buying wine. I went to the store and bought bottles at random, usually based on whether I liked the label. (No joke!) Nowadays, however, I’m more methodical. I’m reluctant to buy a wine I haven’t tried before; I mostly buy wines I know I like. And I try to get them for as little as possible.

Drink What You Like

My top tip for saving money on wine is to buy what you like. When you buy a bottle blindly, there’s a chance you won’t enjoy it. Buying bad wine is like pouring money down the drain. But if you stick with old favorites, wine can be an excellent value.

How can you tell what you like? You have to experiment. Wine recommendations should be treated like movie reviews: They can give you a general idea of what you’re going to get, but your actual reaction will be intensely personal. To know for sure, you have to taste a wine.

When you find something you really like, write it down. For me, this only happens about once a year. When I taste a wine that knocks my socks off, I immediately send myself an e-mail so I won’t forget. After doing this for the past few years, I’ve developed a short list (of four wines) that I’d actually like to have on hand.

There’s no need to keep elaborate notes (unless you want to). I’m an unsophisticated wine drinker. Oaky? Fruity? Full of tannins? Heck if I know. Some people are serious about wine, and that’s fine. For me, though, wine is fun. Eating a good meal while sharing a bottle of wine is a bonding experience. Wine brings people together. And it does that just as well at $8 a bottle as at $80 a bottle.

Finding Wine Bargains

As much as I love it, wine can be expensive. It pains me to spend $25 on a bottle of something to drink. So I don’t — not if I can help it. Instead, I keep my eye out for wine bargains. Here are five ways I save money on wine:

- Wait for a sale. Yes, wine goes on sale, especially at supermarkets. Between now and the end of the year, Safeway has tons of wine marked down for the holidays, including “30% off wines priced $20 or more”. (This is true in the Portland area, anyhow.)

- Buy in bulk. Many grocery stores offer discounts if you buy several bottles at once. Safeway, for example, gives shoppers 10% off if they buy at least six bottles. Combining this with the 30% discount I mentioned above, you can buy a $20 wine for $12.60 — or a $40 wine for $25.21. (I’m using Safeway as an example because that’s our local supermarket and I know their policies.)

- Order by the case. When you find a wine you like, stock up. Ask your local wine store or supermarket if you can order a case of the stuff — and ask if that’ll earn you a discount. My friend Paul, for example, recently found a tasty pinot noir. At $24 per bottle, it wasn’t something he could afford, though. When the local Fred Meyer put the wine on sale for $10 a bottle, he bought a case. By doing so, he got an extra dollar off the sale price, saving him a total of $15 per bottle!

- Shop at a warehouse club. Most Costco stores have a fine selection of wines at reasonable prices. I’m sure other warehouse stores do, too.

- Check discount stores. I’ve had several GRS readers tell me that they buy their wine at ding-and-dent stores, such as Grocery Outlet or Big Lots. (Here’s an article that explains how Grocery Outlet can sell good wines for cheap.)

I’m sure there are other ways to buy wine for less, too. Consumer Reports, for example, is a fan of buying wine online. (Their wine shopping tips include advice for buying via the web.) And I’ve always wondered if it might be possible to get a good deal by buying directly from the winemaker. If you have tips for saving on wine, please let me know.

Further reading: If you’d like to learn more about wine, check out the Consumer Reports wine buying guide. It’s a short intro to the types of wine and when to drink them.

Putting Theory Into Practice

So, how do I put these tips into practice? That’s easy to answer since I’ve been doing so for the past couple of weeks.

First, I do 90% (or more) of our alcohol shopping at the end of the year, when the best bargains can be had (at least here in Portland). We stock up during the holidays, and then don’t worry about alcohol for the rest of the year.

When I start my holiday wine shopping, I check to see if I’ve noted any favorite wines over the past twelve months. This year, for example, I had two: the Graffigna Centenario malbec and the Domaine de Ménard sauvignon blanc. I don’t know where I drank these, but I liked them enough to make a note to myself. So, I headed to a local wine shop and ordered a case of each. (Along with cases of two past favorites.) For less than $8 a bottle, I now have wines I know I like — enough to last a year or more.

Once each year, I place a big wine order, which lowers my costs.

Next, I stopped at Safeway to buy some pricier wine. (We usually take this to parties; I don’t mind giving expensive wine as a hostess gift, but I can’t bring myself to drink it at home. Is that weird?) Using the sale I mentioned above, I bought six bottles regularly priced $20 or more. I paid a total of $96 for wines that would normally have cost $150.

Finally, after Thanksgiving, I’ll carry the latest issue of Consumer Reports with me on a trip to Costco. If I find any of their recommended wines, I’ll buy two or three bottles of each.

This brief burst of wine shopping will keep us stocked for at least a year, and will save us money to boot!

A brief word about booze It’s more difficult for me to give advice about beer and booze. I don’t drink beer, and I’m under the impression that each state has different rules and regulations for the sale of distilled spirits.

Here in Oregon, for instance, liquor stores are under the oversight of the Oregon Liquor Control Commission, which tightly regulates how and what they can sell, and at what price. Because prices are controlled by the state, shoppers can visit the OLCC website to download a price list and to see current specials.

My guess is that in most places, it pays to be patient. If you have favorites, wait until they go on sale. When they do, stock up. For instance, I’m a fan of Scotch whisky, and like to have my favorites (Ardbeg, Caol Ila, Lagavulin) on hand. Rather than pay full price for these, I wait until they’re marked down, then buy two or three bottles. Recently, for example, I found Caol Ila discounted from $54 to $50 a bottle. I bought two bottles to tuck away for the future.

Source: getrichslowly.org

Apache is functioning normally

July 5, 2023 by Brett Tams

This is a guest-post from Tim Ellis, author of Seattle Bubble, a blog and forum dedicated to discussing real estate market conditions in the Seattle area. Tim is a long-time GRS reader. During my last trip to Europe, he shared a controversial article on renting vs. buying.

Given the fact that loses twenty percent of its value the moment you drive it off the lot. Buying a home (used or new) is similar. Even if home prices begin to appreciate regularly again, agent fees, excise taxes, staging, seller concessions, and other random costs add up quickly when you try to sell your home, sucking away about ten percent of the sale price.

There really is no way to know what neighborhood will work best for you until you’ve spent a good amount of time actually living in the area. Consider all the variables at play:

What’s the commute like to your work?
How convenient is shopping?
Is there enough entertainment nearby?
Does the neighborhood feel safe?
Do you like the neighborhood vibe?
Are there sources of noise at odd hours?

Wouldn’t you prefer to rent for a while and learn the area rather than buy right away only to learn after a few months that you’d rather live across town, but you’re stuck for at least a few years (or worse, like Ben) until the value of your home rises enough to offset the selling costs?

Give Yourself Time to Find Out What Works For You

Don’t be tempted to take shortcuts when it comes to a decision as important as where you will live. You might think that you can do sufficient research online or get advice from people who do live in an area so you can make an informed decision from afar. Think again.

Above is a little map I made based on a recent forum thread on LinkedIn started by a simple question:

I have some friends who are relocating to the Seattle area. They will be working in downtown Seattle, have kids and about a $650K housing budget. Looking for thoughts on best cities to live in the Seattle area for education, school districts, quality of life, etc. Any ideas would be appreciated!

Each pin on the map represents an answer to this question that was offered by one of the commenters. Believe it or not, the Seattle area is somewhere under that mass of purple. Good luck making any sort of informed decision based on that mess!

The only person that can really know if you’ll like living in a given neighborhood is you. Buying a home is a major financial commitment, and rushing into a purchase before you’ve had time to get to know the area is a recipe for disaster. If you find yourself planning a major move, find a nice rental and take your time learning the ups and downs of your new hometown before you buy a new home. You’ll be glad you did.

Source: getrichslowly.org

Apache is functioning normally

July 5, 2023 by Brett Tams

Mortgage rates are on track to finish the week lower from where they started. Trade war concerns yesterday were the major driver of rates this week, despite the fact that we had an FOMC meeting on Wednesday that bumped up the federal funds rate. Read on for more details.

Where are mortgage rates going?

Rates on track to finish down on the week

On Monday, we knew that there was the potential for it to be a busy week. That’s what we got with the big market reactions happening on Wednesday and Thursday. Wednesday was, of course, the final day of the Federal Open Market Committee’s monetary policy meeting.

As expected, they raised the nation’s benchmark interest rate–the federal funds rate–by a quarter basis point, bringing the target range up to 1.50%-1.75%.

The more notable shift for investors was the fact that the number of FOMC members that believed a more aggressive rate hike path will be necessary down the road increased.

This caused more money to go into stocks and out of bonds, pushing up Treasury yields. The yield on the 10-year Treasury note, which is the best market indicator of where mortgage rates are going, moved up several basis points in afternoon trading on Wednesday.

The rise was short-lived, however, as trade war concerns on Thursday immediately caused a market reversal, sending the 10-year yield down ten basis points from its high on the previous day. Today, Treasury yields are basically flat.

Rate/Float Recommendation

Lock now while rates are lower

Right now is a great time to take action on a purchase or refinance. Mortgage rates are lower on the week, which is something that we haven’t been able to say many times in 2018.

With the Fed on track to continue raising rates throughout the year, mortgage rates will also gradually increase. Given this expectation, we strongly believe that most borrowers will be better off locking in a rate sooner rather than later.

Learn what you can do to get the best interest rate possible.

Today’s economic data:

Fedspeak

Atlanta Fed President Raphael Bostic at 8:10am
Minneapolis Fed President Neel Kashkari at 10:30am
Dallas Fed President Robert Kaplan at 11:30am

Durable Goods

A strong durable goods report for February is out this morning. New orders are up 3.1% from the prior month, putting them up 8.9% year over year.

New Home Sales

New Home Sales came in at an annualized rate of 618,000 for February.

Notable events this week:

Monday:

Tuesday:

FOMC Meeting Begins

Wednesday:

Existing Home Sales
EIA Petroleum Status Report
FOMC Meeting Announcement and Press Conference

Thursday:

Jobless Claims
FHFA House Price Index
PMI Composite Flash

Friday:

Fedspeak
Durable Goods
New Home Sales

*Terms and conditions apply.

Carter Wessman

Carter Wessman is originally from the charming town of Norfolk, Massachusetts. When he isn’t busy writing about mortgage related topics, you can find him playing table tennis, or jamming on his bass guitar.

Source: totalmortgage.com

Apache is functioning normally

July 5, 2023 by Brett Tams

(Bloomberg) –When it comes to the bond market, it’s Morgan Stanley vs Bill Dudley now.

In their latest assessment of the bond market outlook, Morgan Stanley strategists are challenging the former head of the Federal Reserve Bank of New York’s view that losses are likely to deepen.

Dudley’s estimates of key drivers for the 10-year Treasury yields — including the real federal funds rate, inflation and term premium — are too high, strategists led by Matthew Hornbach say in a June 30 report. Instead of heading for 4.5% as Dudley predicted last week, the 10-year Treasury yield, currently about 3.85%, is likely on course for a range of 2% to 3%, they say.

“While some describe the bond market sell-off as ‘far from over,’ we disagree and call it ‘long in the tooth,'” the Morgan Stanley strategists wrote.

Dudley, who led the New York Fed from 2009 to 2018 after spending nearly 20 years at Goldman Sachs, ultimately as chief US economist, predicted in a June 29 Bloomberg Opinion column that 10-year yields are likely to rise to a level last seen in 2007. Because people are unaccustomed to such high borrowing costs, “further havoc is all but guaranteed,” wrote Dudley, who is a senior adviser to Bloomberg Economics.

In their rebuttal, the Morgan Stanley strategists said Dudley’s assessment that the real federal funds rate will average 1% has “a very low probability” of coming to pass. The rate “barely reached 1.0% in 2019 and has not yet eclipsed 1.0% in the current hiking cycle,” they wrote. “A more reasonable estimate” is 0% to 0.5%.

Where Dudley predicts 2.5% average inflation over the next decade, Morgan Stanley looks for 2%, a quarter-point higher than average for the decade before the pandemic.

As for term premium, which Dudley says should be 1%, Morgan Stanley says the expansion of central bank balance sheets leave “very little scope for term premiums to rise.” Elevated policy rates also will help contain the average term premium between 0% and 0.5%, the strategists say.

Commenting Monday, Dudley said that Morgan Stanley’s strategists — who focused on the historical data to draw their conclusions — overlooked the possibility that many factors that previously supported a low interest-rate environment have changed.

The “sharply” deteriorating fiscal outlook and the Fed’s “new asymmetric” monetary-policy regime point to a higher risk premium in the bond market, he said. In 2020, the Fed adopted so-called flexible average inflation targeting, which calls for tolerating higher inflation to compensate for lower prices in previous years.

Meanwhile, the neutral interest rate — or that which is neither restrictive nor stimulative — may have increased due to rising demand for capital to finance the deficit and to fund the green-energy transition, he added.

“I expect that the 2009-19 period will be the outlier,” he said in an emailed response.

For their part, Morgan Stanley’s interest-rate strategy team said that Treasury yields have scope to decline beginning in mid-July. Seasonality turns favorable at that time, and the market may get additional support from reserves stabilizing, June inflation readings and bank earnings reports for the first full quarter since several institutions failed in March, Guneet Dhingra, Morgan Stanley’s head of US interest rate strategy, said in the report on Friday.

MLIV Pulse survey

Will this earnings season push stocks up or down? Share your views.

(Updates with Dudley’s response starting in ninth paragraph.)

Source: nationalmortgagenews.com

Apache is functioning normally

July 5, 2023 by Brett Tams

Mortgage applications increased 2.3% from the previous week, largely due to a strong purchase market, according to the Mortgage Bankers Association (MBA) survey for the week ending Jan. 14.

The seasonally adjusted Purchase Index rose 7.9% from the previous week, while the Refinance Index decreased 3.1% in the same period.

Compared to the same week one year ago, mortgage apps overall dropped 37.3%, with a sharp decline in refinance (-49.2%) compared to purchase (-12.2%).

According to Joel Kan, MBA’s associate vice president of economic and industry forecasting, the 30-year fixed rate reached 3.64%, more than 30 basis points over the past two weeks. Higher rates led to the “slowest pace of refinance activity in over two years,” mainly among FHA and VA loans, Kan said in a statement.

Regarding purchase applications, the average loan size set a record at $418,500. “The continued rise in purchase loan application sizes is driven by high home price appreciation and the lack of housing inventory on the market – especially for entry-level homes,” Kan said.

The economist added that government purchase applications had slower growth, contributing to the larger loan balances and suggesting that prospective first-time buyers are struggling to find homes to buy in their price range.

The refinance share of mortgage activity decreased to 60.3% of total applications last week, from 64.1% the previous week. The VA apps went from 11.4% to 10% in the same period.

The FHA share of total applications decreased from 9.9% to 9.3%. Meanwhile, the adjustable-rate mortgage share of activity increased to 3.8% of total applications. The USDA share of total applications stood unchanged at 0.4%.

The trade group estimates that the average contract 30-year fixed-rate mortgage for conforming loans ($647,200 or less) increased from 3.52% to 3.64%. For jumbo mortgage loans (greater than $647,200), rates went to 3.54% from 3.42% the week prior.

Economists expect that rates will increase in 2022 but will still be close to record-low levels. MBA forecasts that 30-year mortgage-rates will reach 4% by the end of 2022.

Source: housingwire.com