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At Inman Connect Las Vegas, July 30-Aug. 1, 2024, the noise and misinformation will be banished, all your big questions will be answered, and new business opportunities will be revealed. Join us.

Mortgage rates look like they have room to keep dropping in July after a closely-watched gauge of inflation showed the economy continued to cool in May.

The personal consumption expenditures (PCE) price index, the Federal Reserve’s preferred gauge of inflation, fell to 2.56 percent in May from a year ago, the Commerce Department’s Bureau of Economic Analysis reported Friday.

It was the second-consecutive month that annual inflation inched closer to the Fed’s 2 percent target, raising the odds that the central bank will start bringing short-term interest rates down as soon as September.

TAKE THE INMAN INTEL INDEX SURVEY FOR JUNE

Core PCE, which excludes the cost of food and energy and can be a more reliable indicator of underlying inflation trends, dropped to 2.57 percent in May — the lowest reading since March 2021. The Core PCE index hasn’t moved away from the Fed’s 2 percent target since January 2023.

Ian Shepherdson

“Looking ahead, we see little chance of a lasting and broad-based re-acceleration in the core PCE deflator after the slowing in April and May,” Pantheon Macroeconomics Chief Economist Ian Shepherdson said in a note to clients. “Accumulating labor market slack is increasingly weighing on wage growth, commodity prices are broadly flat, supply chains remain fluid, margins are under increasing pressure, and newly-agreed rents are rising slowly.”

While Pantheon economists expect core PCE to pick up slightly from May to June, after that they’re looking for “a multi-month run” of decelerating inflation.

“If we’re right, the Fed should be confident enough by its meeting in September that core PCE inflation is heading sustainably back to 2 percent that it can start to ease,” Shepherdson said.

Futures markets tracked by the CME FedWatch tool on Friday put the odds of at least one Fed rate cut in September at 64 percent, up from 46 percent on May 28.

PCE and Core PCE trending down

After peaking at 7.12 percent in June 2022, a series of Fed rate hikes gradually tamed inflation to 2.48 percent in January. But the PCE price index showed inflation worsening in February and March, sending mortgage rates rebounding as hopes for multiple Fed rate cuts in 2024 dimmed.

The latest declines in PCE and core PCE were in line with expectations, as previous data releases that the indexes build on — including the Consumer Price Index (CPI) and Producer Price Index (PPI) — also suggested that inflation eased in May.

Bond market investors who fund most mortgages initially snapped up 10-year Treasury notes after the PCE numbers for May were released at 8:30 a.m. EDT Friday, pushing yields as low as 4.26 percent. But 10-year Treasury yields, a barometer for mortgage rates, quickly climbed back above Thursday’s close of 4.29 percent.

Daily loan lock data tracked by Optimal Blue, which lags by a day, showed rates for 30-year fixed-rate mortgages averaging 6.88 percent Thursday, down 39 basis points from a 2024 high of 7.27 percent registered April 25. A basis point is one-hundredth of a percentage point.

An index maintained by Mortgage News Daily (MND) showed rates for 30-year fixed-rate loans climbed 2 basis points Friday, to 7.07 percent. Rates reported by MND are higher because they are adjusted to estimate the effective rate borrowers would be offered even if they’re not paying points. Optimal Blue tracks contracted rates, including those locked in by borrowers who pay points to get a lower rate.

Mortgage rates are largely determined by investor demand for mortgage-backed securities, and investors are skittish about the prospects that the Fed will continue its “higher for longer” rate strategy. Fed policymakers indicated at their June 12 meeting that they’ll be cautious about bringing rates down until they’re certain that inflation won’t surge again.

Speaking to bankers at a conference Thursday, Federal Reserve Governor Michelle Bowman attributed much of last year’s progress on inflation to “easing of supply chain constraints, increases in the number of available workers due in part to immigration, and lower energy prices.”

Michelle Bowman

Bowman called it “unlikely” that those factors will contribute to bringing inflation down more in the future. Supply chains “have largely normalized, the labor force participation rate has leveled off in recent months below pre-pandemic levels, and an open U.S. immigration policy over the past few years, which added millions of new immigrants in the U.S., may become more restrictive.”

Additional “upside risks” that inflation will worsen include potential spillovers from regional conflicts that might disrupt global supply chains and send food, energy, and commodity prices soaring.

“There is also the risk that the loosening in financial conditions since late last year, reflecting considerable gains in equity valuations, and additional fiscal stimulus could add momentum to demand, stalling any further progress or even causing inflation to reaccelerate,” Bowman said.

Bowman, rated by Reuters as the most hawkish Fed policymaker for her hardline stance against inflation, reiterated that she’s willing to raise rates if needed — a position she’d previously staked out in October and May.

“While the current stance of monetary policy appears to be at a restrictive level, I remain willing to raise the target range for the federal funds rate at a future meeting should the incoming data indicate that progress on inflation has stalled or reversed,” Bowman said Thursday.

Mortgage rates expected to keep falling

Source: Fannie Mae Housing Forecast, June 2024; MBA Mortgage Finance Forecast, June 2024.

But the recent decline in mortgage rates from 2024 highs has revived interest among homebuyers, and housing industry economists think rates have more room to come down this year and next.

Homebuyer demand for purchase loans picked up for the third-consecutive week during the week ending June 21 after mortgage rates hit their lowest levels in months, according to a weekly survey of lenders by the Mortgage Bankers Association (MBA).

In a June 24 forecast, MBA economists said they expect rates on 30-year fixed-rate loans to drop to 6.6 percent during the fourth quarter of 2024, and to an average of 6.0 percent during Q4 2025.

Fannie Mae economists said on June 10 that they envision 30-year fixed-rate loans will drop to 6.7 percent during Q4 2024, and to 6.3 percent by the end of next year.

More listings and lower mortgage rates should boost 2025 home sales by 9.3 percent, to 5.3 million transactions, Fannie Mae forecasters said.

But analysts at Bank of America Global Research think home sales might not rebound until 2026 if home prices continue to rise and inventory continues to be constrained by the “lock-in effect” experienced by homeowners who refinanced when rates were at historic lows.

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Email Matt Carter

Source: inman.com

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A new report by IDIQ®, a financial intelligence company, details top consumer credit concerns provided by mortgage, real estate, and lending professionals as well as borrowers  themselves. The research included surveys of more than 100 mortgage and real estate professionals, more than 200 prospective borrowers, and a study of proprietary data of more than 20,000 IDIQ consumers with credit scores less than 700.

The report, titled “The Modern Credit Challenge: Mortgage & Real Estate Professional & Consumer Research,” highlights credit health needs from  IDIQ partners and consumer insights. The report also introduces a solution with IDIQ’s newly launched credit-building tool, CreditBuilderIQ®, based on the feedback provided.

Identifying the gap:

Non-prime credit files comprise more than 100 million consumers in the United States. This is a substantial market share of  borrowers, and regardless of  their credit profiles, their dreams of homeownership and favorable interest rates are obtainable – although increasingly challenging due to the interest rate environment, pinched consumer finances, and credit profile pressures. During the last decade there has seen a crop of fintech and analytics tools released to help consumers optimize rates and take control of their credit, but what are consumers saying?

The top-three identified concerns consumers have when it comes to their credit:

  1. Not knowing how to strengthen their credit profile
  2. Catching up on late payments
  3. Having inaccuracies on their credit report

Eighty-two percent of those surveyed noted they want to learn more about how to improve their credit scores,  and 59% said they plan to purchase a car or home in the next year. Despite an ever-increasing number of online tools, consumers still express a desire for more guidance.

Next, IDIQ analyzed proprietary data of more than 20,000 IDIQ consumers with credit scores less than 700. Some highlights:

  • 76% have at least two derogatory marks on their credit report
  • 74% have non-optimal credit utilization
  • 67% have a debt collection on their report
  • 41% have less than five tradelines in their profile

Consumers have various types of reasons that are hindering their ability to qualify for a mortgage or a favorable rate, including lack of information and guidance, poor habits, poor credit utilization, derogatory and collection accounts, and more.  Each borrower’s situation is unique and tackling each one optimally requires a personalized touch. 

As the third area in our investigative journey, IDIQ surveyed industry partners, given their alignment in solving consumer credit challenges.

As IDIQ surveyed industry partners, ranging from mortgage professionals, real estate agents, and lenders, we found the following:

  • 75% want to refer clients to DIY credit-building solutions
  • 70% want the ability to track clients’ credit progress
  • 50% wish current credit-building tools offered a consumer score plan and goals to improve scores

Tying it together:

A large percentage of borrowers are not qualifying for mortgages or optimal rates due to credit challenges. In today’s economy, these credit challenge are reaching historic highs. Despite new advances in analytics and credit offerings, consumers have not found a tool that effectively ties together various credit optimizing tools. At the same time, mortgage professionals and lenders are interested in transparent, effective, plan-based tools to help borrowers achieve the dream of home ownership. 

IDIQ commissioned this report because our mortgage, real estate, and lending partners asked for a credit management tool to educate their own clients about establishing, building, and growing their credit. At the same time, we also identified trends among our consumers that indicated those who were educated about their credit profiles were able to take proactive steps to improve their credit scores.

Because mortgage, real estate, and lending professionals as well as consumers requested a platform that offers personalized credit-building tools, we created CreditBuilderIQ. The platform offers AI-driven interactive credit analysis; personalized score factors; credit reports and scores from all three major credit bureaus; tools to resolve credit report inaccuracies; utility reporting; rental reporting (coming soon); secured card and builder loan guidance; and for business partners, the ability to set score thresholds and receive score trigger alerts.

For more information or to download “The Modern Credit Challenge: Mortgage & Real Estate Professional & Consumer Research,” visit www.creditbuilderiq.com/new-report-modern-credit-challenge-consumers.

Bryan Sullivan is the Chief Operating and Financial Officer at IDIQ.

Surya Pochareddy is the Executive Vice President, Strategy at IDIQ.

This column does not necessarily reflect the opinion of HousingWire’s editorial department and its owners.

To contact the editor responsible for this piece: [email protected]

Source: housingwire.com

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Summer break is in full swing, and with it, back-to-school shopping season. According to a new NerdWallet survey, those who are parents of K-12 or college students and who plan to do back-to-school shopping this year will spend $541, on average, on school supplies and clothing for their kids’ upcoming school year.

The survey of over 2,000 U.S. adults — among whom 478 are parents of children in K-12 or college for the 2024-25 school year and who will do back-to-school shopping — was commissioned by NerdWallet and conducted online by the Harris Poll in May 2024. We asked these parents, referred to throughout this report as “back-to-school shoppers,” how they plan to pay for school supplies and clothes and how they’re saving money on these expenses.

Key findings

  • Debit and credit cards are the most popular payment methods for back-to-school shopping: The survey found that 3 in 5 back-to-school shoppers will use a debit card (60%) to pay, and 58% will use a credit card. Shoppers could choose more than one payment method option.

  • Few say they’ll take on debt for back-to-school shopping, but their payment methods suggest otherwise: Despite just 10% of back-to-school shoppers saying they’ll likely go into debt to pay for school supplies this year, 20% report that they’ll use “buy now, pay later” services to shop. That combined with the number of shoppers using a credit card suggests consumers may not view short-term borrowing as debt.

  • Some shoppers are setting budgets and discussing them with their kids: More than a third of back-to-school shoppers (35%) say they’ll set a firm budget for back-to-school shopping this year. Likewise, 31% have talked or will talk to their children about the budget for back-to-school shopping.

  • Still, some parents say they’d go into debt for their kids’ social lives: The survey found that 42% of parents of K-12 or college kids — a slightly broader survey group than back-to-school shoppers — say they’d go into debt to pay for back-to-school items that would help their children fit in at school. More than half of parents of school- or college-aged kids (53%) say they’d go into debt to pay for the extracurriculars their children want to participate in.

“Back to school is a hectic time for everyone. Kids are adjusting to new teachers and classmates, while parents are scrambling to get the necessary clothing and supplies,” says Sara Rathner, a NerdWallet personal finance expert. “The cost of setting up kids for the school year only adds to the stress.”

Most back-to-school shoppers using debit, credit cards

Back-to-school shoppers will primarily use a debit card (60%) or credit card (58%) to pay for their kids’ supplies, clothes and school-related items for the upcoming school year. And 1 in 5 back-to-school shoppers (20%) say they’ll use buy now, pay later services as a payment method.

Just 10% of back-to-school shoppers say they’ll likely go into debt to pay for school supplies this year. But 20% of shoppers plan to use buy now, pay later services, which are often short-term, interest-free borrowing, much like using a credit card and paying it off by the due date. Whether you use BNPL or a credit card, keep in mind that even if it’s not costing you in interest, it is money you owe. It’s a good idea to keep your borrowing in check so you don’t overextend yourself financially.

Savvy shopping tip: Avoid overextending yourself with short-term borrowing

Using a credit card or BNPL service to pay for back-to-school purchases may be the best option for you, but it could encourage overspending. According to the survey, 35% of back-to-school shoppers will set a firm budget for purchases this year, which can be a good idea to keep spending in check, no matter your payment method.

“Setting a budget and mapping out your spending for clothing, supplies, and even more expensive items like computers, can help you limit debt or avoid it entirely,” Rathner says. “You may be able to cut costs by planning ahead and shopping when items are discounted.”

Back-to-school spending can add up, but many shoppers are taking steps to lower their costs. More than half of back-to-school shoppers (52%) plan to shop during sales this year, and 32% plan to only purchase things required or requested by their child’s school in order to save money. Others plan to use coupons (32%), purchase some back-to-school clothes secondhand (23%) or seek out free options for this year’s school supplies (22%).

Some back-to-school shoppers are getting ready early. More than 2 in 5 shoppers (42%) say they’ll save ahead of time this year, and 21% have already started back-to-school shopping (as of the time of survey fielding in May 2024). Close to a third (31%) have talked or will talk to their children about the budget for back-to-school purchases this year, and 9% expect their children to contribute to some of the costs.

Savvy shopping tip: Take steps to save money on back-to-school buys

Getting your kids ready for the upcoming school year can be expensive, especially if you have multiple children or are struggling to afford everyday essentials. Shopping back-to-school sales or your state’s tax-free days are great ways to save money on supplies and clothing purchases. But if you’re looking to save more, there are other ways to keep spending in check.

Secondhand shopping for clothes and certain supplies, or even looking into free options can take the pressure off your back-to-school budget. Ask around to see if your local community — maybe your school district, religious organization or neighbors — facilitate backpack drives, supply swaps or something similar to help families who need assistance getting access to school supplies. Community support, financial and otherwise, can be a great asset for parents year-round.

“This year’s school supply list might not come out in time to take advantage of tax-free days where you live, but one tip I got from a fellow parent is to shop based on last year’s list,” Rathner says. “There may be some changes from year to year, but many supplies are timeless, like backpacks, pencils and scissors.”

Some parents would take on debt for kids’ social standing

Supply lists may dictate back-to-school shopping needs, but some parents say they’d go into debt in service of their kids’ social lives this upcoming school year. According to the survey, 42% of parents of children in K-12 or college say they’d go into debt to pay for back-to-school items that would help their child fit in at school. Likewise, more than half of parents of school- and college-aged children (53%) say they’d go into debt to pay for the extracurriculars their kids want to participate in.

Savvy shopping tip: Reconsider taking on debt for kids’ nonessentials

Parents generally want to provide a good life for their kids. But going into debt for nonessentials can put your family in a financially precarious position, which can be stressful for everyone, kids included.

A frank, age-appropriate conversation with your kids about what your family is willing to prioritize financially can be a good lesson in budgeting and making hard choices. Perhaps you can either do sports fees or the expensive sneakers they’ve had their eyes on, but not both. Let them decide what’s most important to them, a useful skill to hone as they enter adulthood.

“It’s natural to want to give your kids everything, but just like you make choices to buy or not buy things, your kids can use back-to-school shopping as a time to learn how to prioritize needs versus wants,” Rathner says. “Those budgeting lessons might be met with some eye rolls now, but they’ll pay off when your kids are out on their own making spending decisions.”

Methodology

This survey was conducted online within the United States by The Harris Poll on behalf of NerdWallet from May 7-9, 2024, among 2,098 U.S. adults ages 18 and older, among whom 507 are parents of kids in K-12/College, among which 478 will back-to-school shop this year. The sampling precision of Harris online polls is measured by using a Bayesian credible interval. For this study, the sample data is accurate to within +/- 2.5 percentage points using a 95% confidence level. This credible interval will be wider among subsets of the surveyed population of interest. For complete survey methodology, including weighting variables and subgroup sample sizes, please contact [email protected].

Disclaimer

NerdWallet disclaims, expressly and impliedly, all warranties of any kind, including those of merchantability and fitness for a particular purpose or whether the article’s information is accurate, reliable or free of errors. Use or reliance on this information is at your own risk, and its completeness and accuracy are not guaranteed. The contents in this article should not be relied upon or associated with the future performance of NerdWallet or any of its affiliates or subsidiaries. Statements that are not historical facts are forward-looking statements that involve risks and uncertainties as indicated by words such as “believes,” “expects,” “estimates,” “may,” “will,” “should” or “anticipates” or similar expressions. These forward-looking statements may materially differ from NerdWallet’s presentation of information to analysts and its actual operational and financial results.

Source: nerdwallet.com

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Although the perfect day may not look the same to everyone, we’re pretty confident we’ve put together a great choose-your-own-adventure itinerary for great things to do in Salt Lake City, UT. Whether you’re visiting on vacay or just moved into your new SLC apartment, peruse this guide for having the best day ever. Imagine that classic rom-com music playing (or actually put it on as you go about the day) as you enjoy these 24 hours in Salt Lake City. And who knows, maybe you’ll enjoy our recommendations so much you’ll want to move into a new home in SLC if you haven’t already.

The first step to the perfect Salt Lake City day is by stopping at a local coffee shop and fueling up. We’ve outlined a robust day so you may need some caffeine, but if that’s not your style, a pastry for breakfast never hurt anyone. 

In the heart of Salt Lake Valley, Honeysuckle Coffee Co. has two locations to choose from for your morning meal. With their specialty coffee and tea beverages, house-made pastries, and light brunch items, you’re sure to find something to enjoy. The perfect start to your day begins with “relaxing on one of the patios with an iced lavender latte and avocado toast under a striped umbrella, shaded from the sun,” describes owner Jennifer Biffert.

If you’re located in the West Jordan area, stop by Canyons Coffee for your morning sip. “Their outdoor seating is the perfect place to sip an iced latte or espresso tonic as you chat with a friend,” says co-owner Steven Swank. Espresso tonics are extremely ‘in’ right now, but they also have several classics to choose from and enjoy.

Photo courtesy of Canyons Coffee

“Located on the 900 line in Downtown Salt Lake, Loki Coffee is your friendly neighborhood specialty coffee shop serving up your classic coffee & espresso drinks,” says Loki’s Helen. Here you can find an array of pastries, breakfast items, desserts, and seasonal and signature drinks alongside a serving of hospitality and community. If you happen to have more time in your day or don’t see something that piques your interest in this itinerary, consider coming back here for one of their classes, community bike rides, coffee demos, or other community-focused events. 

For the first half of the afternoon, pick a Salt Lake City neighborhood and explore! Pop into local shops for a new outfit, gifts for friends back home, or decor for your SLC rental home, grab another coffee (we don’t judge), and really get a sense of the unique character each neighborhood offers.

According to Steven Vargo of Vargo Photography, “Locals know 900 South is where it’s at.” He suggests a walk or bike ride (easy to rent) along the newly paved bike paths to explore all this long street has to offer. His favorites include The Pearl, Water Witch, and Central 9th Market for food or drink, The Stockist, Acre, and Essential Photo Supply for shopping, and Liberty Park, The Whale Art Installation Roundabout, Tracy Aviary, and 9th West Peace Gardens for things to see. 

If you’re looking to explore a more “hippie” area with that Salt Lake artisan flair, look no further than the Sugar House District. This area has incredible local art galleries, bookstores, and boutiques to explore – all of which have that diverse and eclectic feel. For a break in between stores or after a little shopping extravaganza, stopping at Sugar House Park is a must. This park features several acres of luscious hills, trees, a picturesque lake, and a gorgeous view of the Wasatch Mountains making it the perfect afternoon spot. 

Located in Downtown Salt Lake City, the Historic Trolley Square is a great way to spend the afternoon. Originally the home of the Utah Light and Rail Company’s trolley cars, this area now features several stores while also maintaining the beautiful architecture, nostalgic ambiance, and preserved history of the area. While we of course recommend strolling in and out of local boutiques, we can’t suggest paying a visit to the Trolley History Museum or taking a tour of the Trolley Square Tower enough. 

After hours of exploring, it’s time to stop for a break and recharge (yourself and your cell phone). Although there are several sweet little treats and sweet little spots to choose from, try one of the options below!

Sweet sodas

Utah is known for its soda shops, so stopping for a fizzy drink is a must. Thirst Drinks is a SLC staple and has been in the community for over eight years. Located in the heart of Downtown Salt Lake City, this shop not only has mixed sodas, but also some tasty bites like fresh baked soft pretzels, beignets, and popcorn (which is free)! 

Photo courtesy of Thirst Drinks

In the walkable Harvard/Yale neighborhood, Crema Coffee & Soda is a hub for residents. This spot serves up infamous Utah dirty sodas alongside locally roasted coffees, espressos, and a variety of treats. “With its cozy outdoor patio and convenient drive-thru, Crema has a combination of offerings that is sure to delight,” says Crema’s John.

If you’re looking for even more of a grab-and-go option, you can pick up SodaBeers at all local grocery stores and head to a park to decompress and recharge for the next activity. These alcohol-free craft sodas are a local favorite that offer a “taste of tradition and community spirit in every sip,” says CEO ​Ashley Simmons. She especially recommends their award-winning apple flavor to enjoy on your perfect day.

Best (alcoholic) bevies

If you’re more in the mood for an alcoholic beer or cocktail, we have a couple great spots to head to – as long as you’re over 21. These spots are uber fun and the perfect way to enjoy your day the adult way. 

Our first recommendation is none other than Kiitos Brewing in Downtown Salt Lake City. Blogger Georgina D’Angelo of Alpacka My Bags notes that Kiitos Brewing is the perfect place to wind down: “with a wide selection of beers brewed in-house and friendly staff, Kiitos offers a relaxed, welcoming atmosphere.” This spot also has a variety of pinball machines to enjoy alongside your brew.

Photo courtesy of Alpacka My Bags

If you’re craving something a little more upscale or want to bar-hop, we suggest stopping by UnderCurrent Bar. Also just a couple blocks outside Downtown Salt Lake City, UnderCurrent is a casual bar with an original and classic cocktail program. “We feature seasonal craft cocktails, a unique spirit collection, oysters, and other small bites,” says general manager Lyssa Story. We especially recommend checking out their Farmers Market Series for drinks and dishes made with local ingredients, but be warned, you may not be able to get your new favorite cocktail again since this menu rotates weekly.

In our eyes, the perfect day includes a little bit of art. After all, art is such a great way to immerse yourself in a city’s culture. Whether it’s taking a class to learn a new craft or catching a show to get a feel of the local music scene, taking a moment for art is a great way to start winding down the day.

Create at a community art class

With several different art options to choose from, The Art Cottage is the perfect way to spend part of your day. Located at the Gardner Village Shopping Center in West Jordan, this charming art studio “provide(s) art classes for all ages, fun paint parties, and delicious gelato to enjoy,” says owner Kayley Miller. They offer a variety of classes like watercolor, acrylic, and clay alongside unique and affordable art, art-related gifts, and art kits if you want to take some of that art magic back home with you.

Photo courtesy of The Art Cottage

Located in the Rose Park neighborhood, the Clever Cucumber is Salt Lake City’s free community art studio. Available to all, they invite you to “come work on any creative project in the company of new friends during Open Studio, or try one of their classes like stained glass or printmaking,” says director and teaching artist Kate Jarman Gates. If a class isn’t your speed for the day, they have a “free makerspace full of unique equipment and supplies, and a professional artist always on hand to help,” making it the perfect place to let your creativity run free. 

See a stunning show

For all you music lovers, the Sandy Amphitheater is THE place in SLC for a concert experience. This venue “offers a wide variety of concerts and events not found anywhere else in Utah – from large national tours and music icons, to local music artists, to free community events,” says Elyse George, head of marketing and development. This venue is not only an award-winning outdoor amphitheater, but also has stunning views of the “Wasatch Mountains to the east and…sunset over the Salt Lake Valley to the west.” Whether you’re into rock or indie, you’re sure to enjoy the show as there really isn’t a bad seat in the house.

Photo courtesy of Sandy Amphitheater

We assume the day’s activities have worked up quite the appetite, so our last stop is supper. We’ve compiled six great dining options below, but feel free to pick two and go to one earlier for lunch instead – after all, it’s your perfect Salt Lake City day.

Our first restaurant recommendation comes from SLC Bookkeeping, a Salt Lake City bookkeeping service. Marketing director Austin Walker raves about Red Iguana on North Temple, especially for large dinners: “Their food is incredible. We purchase mole by the bucket. Even if there is a wait, so what? It’s absolutely worth it every. Single. Time.” Voted the best Mexican restaurant in SLC 25 years in a row, this spot not only serves the especially coveted mole, but also authentic Mexican food and killer cocktails.

If you’re more in the mood for Italian, Caffé Molise in Downtown Salt Lake City is truly one of the best. Great for both lunch and dinner, this place offers “fresh Italian cuisine inspired by the Molise region of Italy since 1993,” according to Caffé Molise management’s Carol. This full service restaurant focuses on regional specialties and uses local ingredients. Whether you’re at a table in the dining room or on the garden patio, we especially recommend hitting up this place on a Friday evening for their live jazz with the John Flanders Trio. You really can’t go wrong with a great Italian dish, a glass of wine (if you’re drinking), and some smooth jazz.

Photo courtesy of Caffé Molise

The SLC Eatery located in Downtown Salt Lake City has a rotating menu full of flavor. This small local restaurant creates contemporary comfort food like ricotta dumplings, french onion croquettes, and yuzu curd cake to name a few. If you can’t make it for dinner, they also offer brunch with favorites such as their Utah scone, kimchi rice bowl, and tres leches french toast. With their tasty menu, you’re sure to find something you love– and maybe are willing to share with your dinner/brunch partners.

Wherever your day leads you, Taqueria 27 has your Mexican cravings covered with five locations across the Wasatch front. This joint makes a point to use fresh ingredients with their cooks preparing meals fresh to order. We especially recommend checking out their taco bar and peeping at their taco, guacamole, cocktail, and dessert of the day.

Located in the 9th and 9th neighborhood, Pago has been serving seasonal New American Cuisine since 2009. Their innovative farm-to-table cuisine and world-class wine program has earned them several local and national titles like Best Wine Restaurants in the Country (from Wine Enthusiast) and Best Restaurant in Utah (from SL Magazine). This place celebrates small production, local ingredients, and sustainability which can be seen through every incredible dish.

Photo courtesy of Pago

Our last dinner recommendation is none other than Zest Kitchen & Bar located in Downtown Salt Lake City. We especially suggest this place if you subscribe to the vegan lifestyle since they offer healthy plant-based fare made with fresh locally sourced ingredients. If you’re dining alfresco in their outdoor space, owner Rahul Vaidya assures that your thirst will be quenched with their array of freshly squeezed juices or craft cocktails. He also suggests “treat[ing] yourself to our decadent dairy-free desserts,” like strawberry bundt cake or chocolate raspberry tart to finish your meal on a sweet note.

We hope you enjoyed our recommendations and found some things to do in Salt Lake City, Utah. Whether you’ve purchased a new trinket in 900 South, got a sugar rush from a soda, learned a new art skill, or have some dinner leftovers for later, our aim is that your main takeaway was some unforgettable memories. So, if you’ve lived in SLC for ages, just moved, want to (we’d love to help), or were just visiting, we’re happy to have played a role in your perfect Salt Lake City day.

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Newrez let go of dozens of its Arizona employees in late June, further trimming workers of acquired Computershare Mortgage Services.

The top-ranked mortgage lender, owned by asset manager Rithm, let go of 78 former Computershare workers based in Tempe, Arizona, per a WARN notice filed on June 28.

Newrez decided to reduce some of its newly added workforce in certain geographies because it was creating redundancies, said a company executive. Employees impacted are entitled to a severance package and Newrez will be offering job transition assistance, they added Monday.

Since its acquisition of Computershare Mortgage Services and affiliate Specialized Loan Servicing LLC., hundreds of employees have been axed by the mortgage lender. It is not uncommon for repetitive positions to be eliminated following the completion of an acquisition, industry stakeholders have noted.  

Thus far, reductions have hit offices in Florida, Colorado and now Arizona, with the total tally of employees let go lurching over the 500 mark.

Roles impacted have included numerous executive positions, data analysts, client relations associates and mortgage loan processors. 

The purchase of Computershare cost Rithm close to $720 million and was paid for through a mix of existing cash and available liquidity on the balance sheet, as well as additional mortgage servicing rights financing. The deal was announced late last year and closed in early May. 

Integrating the company and its affiliate adds $149 billion in unpaid principal balance of MSRs to Newrez. This includes $104 billion in third-party servicing to Newrez’s portfolio, the company said in a press release.

It also further expands Newrez’s presence in servicing, something the mortgage lender has been prioritizing. Servicing is considered to be the natural hedge to originations as interest rates rise, and the opposite is true when they fall. 

“SLS will further expand our robust subservicing business and bring with it a great reputation in the market – the team and Newrez share a commitment to delivering a best-in-class experience to both clients and homeowners,” said Baron Silverstein, president of Newrez, in a press release in May. “The power of the combined platform will strengthen Newrez’s positioning in the market.”

Source: nationalmortgagenews.com

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Budgeting on a low income can be tough, but with proper money management, it’s doable. Less disposable income means less leeway in your budget, so being accountable and planning meticulously is key to ensuring financial stability. With the right approach and mindset, you can budget on a low income like a pro. Let’s explore three simple tips to help you succeed.

Step #1 – Figure out Your Monthly Income

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List all income sources, including regular paychecks, part-time jobs, side hustles, and other income. Account for taxes and deductions to get an accurate picture of your disposable income. Using your net income for budgeting ensures accuracy.

To learn more: What Is Annual Net Income? [Calculation, Sources, And Definition]

Step #2 – Define your bills and Expenses

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Knowing your spending is crucial. Define ALL your bills and expenses with personal budget categories. Categorizing expenses helps you see where your money goes and manage spending effectively.

To learn more: 110+ Personal Budget Categories for a Fail-Proof Budget

Step #3 – Reach a Zero Budget

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A zero-based budget assigns every dollar to an expense or savings category, aiming for income minus expenses to equal zero by month-end. This strategy ensures every dollar is accounted for and maximizes financial efficiency.

To learn more: What is Zero-Based Budgeting and How Does It Work?

Higher Expenses Than Income?

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Exceeding monthly spending requires immediate attention. Analyze your budget, prioritize essential expenses like housing and food, reduce non-essential spending, consider increasing income through side jobs, and seek advice for managing debt effectively.

To learn more: How to Overcome When Ends Don’t Meet

Analyze your Budget

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Scrutinize expenses for necessary adjustments and correct categorization. Understanding where money goes gives clarity on financial habits and areas for improvement.

Prioritize Essential Expenses

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Allocate funds first to necessities like housing and utilities before non-essentials. Cutting back on entertainment and dining out can free up resources for more critical needs.

To learn more: What Are Fixed Expenses? How to Budget for Fixed Costs

Reduce Expenses

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Identify areas for spending cuts, such as impulse purchases or unnecessary subscriptions. Eliminating expensive habits helps reduce financial strain and increases savings potential.

To learn more: What Are Unexpected Expenses? And How to Avoid Them

Increase Income

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Explore opportunities for additional income, like part-time jobs, selling unused items, or freelancing. Supplementing income can alleviate financial stress and provide resources for savings and debt management.

To learn more: Explore the Many Ways to Make Money

Seek advice if Debt is weighing you down

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Start to pay down debts quickly. Look to lower debt interest rates through strategies like consolidation or restructuring as a last resort. Professional advice can provide insights on managing debt effectively and improving financial well-being.

To learn more: How to Get Out of Debt in 5 Easy Steps

How do you Survive on a Low Budget?

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Surviving on a low budget requires careful planning and disciplined execution. Remember, it’s not permanent, and with strategic financial management, you can regain stability and work toward long-term financial security.

To learn more: How to Budget Money on Low Income

Know someone else that needs this, too? Then, please share!!

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More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!

Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.

Source: moneybliss.org

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Mortgage rates recently hit a 2-month low. 

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Mortgage rates have been elevated as of late. Driven by the Federal Reserve’s attempts to curb inflation with federal funds rate hikes, the average 30-year mortgage rate peaked at 7.79% on October 26, 2023, according to the Federal Reserve Bank of St. Louis. And, while mortgage rates have seen quite a bit of movement since, they seem to be cooling. 

In fact, the current average 30-year mortgage rate is at a 2-month low. And, that could be a signal that now is the time to buy a new home. After all, low mortgage rates typically result in lower monthly payments and a lower overall cost of homeownership. 

Accounting for the new change in rates, we asked multiple experts if now is the right time to buy a house. And, those we asked agreed that it could be. Find out why below. 

Compare mortgage rates among leading lenders now. 

Why you may want to buy a house now

There are multiple factors to consider when you decide if it’s time to buy a new home. Here’s why now could be a smart time to act, according to the experts we spoke with: 

Lower mortgage rates can give you more options 

Lower mortgage rates can decrease the cost of homeownership. “Mortgage rates have decreased since the highs in late 2023,” explains Ronnie Thompson, investment advisor representative and owner of True North Advisors, a financial planning firm. “The interest costs on a mortgage for a home are currently at a two-month low.”

And, a reduced cost of ownership could open the door to more options. “Lower interest rates improve housing affordability and increase buying power,” explains Michael Ross, area manager at Mutual of Omaha Mortgage. That increased buying power may mean you have access to options that you couldn’t afford previously. 

But, lower mortgage rates aren’t the only reason now may be the time to shop for a new home. 

Take advantage of today’s reduced rates by locking in your mortgage now. 

Increasing inventory could lead to lower prices

Supply and demand play a meaningful role in the price of just about anything – homes are no different. And, inventories are increasing in some markets, which can work in your favor. 

“Many markets are experiencing longer market times and higher inventory levels,” says Ross. This means buying now could result in “more choices and potentially better negotiating power.”

“Inventory for homes is increasing, which has led to them staying on the market longer and, in turn, market prices are decreasing,” says Thompson in agreement with Ross. 

Further potential negotiation leverage

The average homeowner in the United States has more than $200,000 in tappable home equity. And, that high equity average may mean that now is the time to buy. 

“Many homes are equity rich,” explains Dutch Mendenhall, CEO of RADD Companies, a conglomerate of financial services companies. He says that high amounts of equity could provide negotiation leverage.

After all, a homeowner may be more likely to negotiate the selling price of their home if they have quite a bit of equity to work with. Conversely, there may be less room for negotiations if the homeowner owes nearly what they list the house for. 

Buying a home isn’t just a financial move

While all the factors above suggest that it’s a good time to buy a home, you should consider more than finances when you house hunt. “I always tell clients that buying what should be your ‘dream home’ is more than a financial move,” explains Steve Azoury, ChFC and owner of the financial planning firm, Azoury Financial. “You are there every day of your life, and you want to love it, not just like it.”

So, it may be a good idea to put interest rates, inventory levels and equity levels aside. If you find the house of your dreams, it may be time to buy – regardless of the current market conditions. “There’s really no perfect time to buy a house,” says Azoury. “But if you purchase a new home now, you’ll likely want to refinance if and when interest rates go down.” 

Get pre-approved for a mortgage to make an offer on your dream home. 

The bottom line 

30-year mortgage rates are currently at a 2-month low. That, combined with increasing inventories and higher equity amounts could make now a good time to buy a home – especially if you consider the financial aspects of doing so. But, buying a home isn’t solely a financial decision. It’s also important to ensure that the home you purchase is one you’d like to live in. 

Find out how affordable your home purchase could be now. 

Joshua Rodriguez

Joshua Rodriguez is a personal finance and investing writer with a passion for his craft. When he’s not working, he enjoys time with his wife, two kids and two dogs.

Source: cbsnews.com