Mortgage rates pushed further into the 7% range as the Federal Reserve seems unlikely to reverse its restrictive policy stance anytime soon, according to Freddie Mac.

The average 30-year fixed-rate mortgage was 7.22% for the week ending May 2, according to Freddie Mac’s latest Primary Mortgage Market Survey. That’s an increase from the previous week when it averaged 7.17%. A year ago, the 30-year fixed-rate mortgage averaged 6.39%. 

The average rate for a 15-year mortgage was 6.47%, up from 6.44% last week and up from  5.76% last year.

On Wednesday, the Fed announced it would maintain the federal funds rate at 5.25% to 5.5%, where rates have held steady since last July. Fed officials have said in past meetings that they anticipated rate cuts for 2024 but need more confidence that inflation is heading toward the 2% target rate. Fed Chair Jerome Powell reiterated this sentiment on Wednesday and said it would likely take longer for the central bank to gain this confidence when speaking with reporters.

The delay in rate cuts means mortgage rates will likely stay high longer. With no ease in sight, affordability will continue to be a challenge for homebuyers, who also contend with high home prices. 

“The 30-year fixed-rate mortgage increased for the fifth consecutive week as we enter the heart of Spring Homebuying Season,” Freddie Mac’s Chief Economist Sam Khater said. “On average, more than one-third of home sales for the entire year occur between March and June. With two months left of this historically busy period, potential homebuyers will likely not see relief from rising rates anytime soon.”

If you are ready to shop for the best rate on a new mortgage, consider visiting an online marketplace like Credible to compare rates and get preapproved with multiple lenders at once.

BUY A HOME IN THESE STATES TO GET STUDENT LOAN DEBT RELIEF

How higher rates are impacting housing

Homebuyers are looking for ways to lower their costs as high mortgage rates persist. Recently, there have been an increase in proptech solutions, down payment assistance and even rate buydowns, Percy.AI Founder and CEO Charles Williams said. 

“Homebuyers are looking to use whatever incentives they can score,” Williams said. “We expect some of these initiatives to remain even after rates start heading down meaningfully, which is unlikely this year.”

Buyers have also increasingly turned to adjustable-rate mortgages (ARMs) for a discount. Compared to more traditional mortgage products, ARMs offer lower initial interest rates before adjusting to higher rates in the future. 

“With affordability remaining a challenge, more prospective buyers are turning to adjustable-rate mortgages to lower their monthly payments in the short-term,” Bob Broeksmit, the Mortgage Bankers Association president and CEO, said. “The ARM share of applications last week reached 7.8% – the highest level this year.”

If you’re looking to become a homeowner, you could still find the best mortgage rates by shopping around. Visit Credible to compare your options without affecting your credit score.

HOMEOWNERS COULD SAVE TENS OF THOUSANDS IN DAMAGES BY USING SMART DEVICES

Home prices increase

Buyers waiting for relief from high home prices will have to wait longer. Home prices are now 6.4% above their level last year, up from the 6% increase registered in January, according to the latest S&P CoreLogic Case-Shiller national home price index report.  

Fannie Mae readjusted its home price projection and forecasts upward, forecasting prices to increase 4.8% annually in 2024 and 1.5% in 2025.

“Buyers are mainly waiting to see if prices go down, too, to balance things out,” Williams said. “That is not likely to happen soon. So, buyers who can afford a home are buying, but only if they can outcompete in this crazy market.”

One way to use your home’s equity is through a cash-out refinance to help you pay down debt or fund home improvement projects. Visit Credible to find your personalized interest rate without affecting your credit score. 

THIS IS THE #1 CITY FOR FIRST-TIME HOMEBUYERS, AND OTHER HOT US HOUSING MARKETS

Have a finance-related question, but don’t know who to ask? Email The Credible Money Expert at [email protected] and your question might be answered by Credible in our Money Expert column.

Source: foxbusiness.com

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Welcome to the 30 Day Money Challenge!

Today, you will learn how to make your money work for you. You don’t have to be a millionaire before knowing these things, but it’s important for everyone who wants financial stability.

Remember these keywords: saving and investing? This is where they come into play for long term success.

It’s not too late to make the right financial decisions.

But, finances are complicated and intimidating for most people so it can be hard to get started.

The 30 Day Money Challenge is here to help with that.

This 30 day financial challenge will help you create a strategy that can save, spend less, and make more by the end of this month!

Are you ready to dig into this month-long money challenge?

What is the 30 Day Money Challenge?

A money challenge is a plan for how to make your finances work better.

It can be as simple as spending less or eating out less, or something more complicated like saving up for retirement or buying a house.

During this month’s timeframe, you will dig into all areas of your finances to make sure you are on track to reach your money goals.

If you do not have financial goals, then we will make sure you do at the end of this money challenge.

I’ve seen a lot of spending challenges out there that are basically just a saving money chart telling you how much money to save each day to save $1000 or $500 in one month, but they don’t tell you how to save the money. That is where the rubber meets the road and this challenge will motivate you to improve your money habits.

Overall, you will learn more about your finances than you did previously.

Why a Money Challenge is Important

A 30 day challenge is a great way to get yourself motivated and focused on saving money and improving your money management.

The goal is not enough, you need the why behind it in order to see your savings grow.

This can be as simple as:

– Setting up a direct deposit from your paycheck to an account you control and only spending what’s in that account.

– Spending less on impulse buys.

– Cutting back on luxury items to save money.

– Living more in cash and less in credit card debt.

You can also take knowledge in knowing the number of our readers who have taken the challenge to improve their money management skills.

3 Steps to Start the Money Challenge

The 30 Day Money Challenge is a simple process that starts with 3 steps.

Your reward for participating in the challenge is pretty appealing, but the process can be hard for some.

So, know these steps before you start the challenge.

1. Pick a Time

While there is no good time to start, you need to find a time when you have the highest probability of success.

Starting the money challenge during the holidays will leave you defeated. Maybe starting as a New Year’s Resolution. Or during a quieter time throughout the year.

You need to find the “right” time because you will have to dedicate at least 10-30 minutes per day. However, the longer you put it off, the less likely you are to start.

2. Be Prepared

More than likely, you will be ripping off the band-aid on some old money failures and defeats. This is common.

You have to be mentally prepared to overcome these negative feelings towards money in order to find that breakthrough moment.

3. Accountability

Find someone to keep you accountable during the challenge.

There will be points when you want to accept defeat and run back to your old money ways. It’s great to create a support system for managing money wisely.

If those old money habits didn’t serve you well before, then how will they serve you moving forward.

You need to keep your eye on the prize!

Thirty Days of Money Challenges

A 30-day money challenge is a popular type of personal finance experiment in which participants take a pledge to review their finances and overcome any obstacles that are preventing them from long term financial stability.

The goal is to teach people how quickly they can change the trajectory of their personal finances before they snowball into a serious money problem.

Day 1 – Get Organized

If you don’t have an understanding of how many accounts you have, credit cards you have open, or debt payments that are due, then you must get your personal finances organized.

Start here to learn how to organize personal finances.

Day 2 – Understand your Income

If you do not know how much do I make a year, then you must figure that out first.

It is impossible to manage money if you do not know how much money is coming in.

Also, consider all types of income sources – earned, passive or investment.

Day 3 – Understand your Expenses

Understand where your paycheck is going. When you understand how much of your money is going to things like rent, utilities, and mortgage, you can make better decisions about spending.

This is not the time for “this-is-where-I-hope-my-spending-goes;” this is the true reality of how you spend money.

Day 4 – Pay Yourself First

This is a must for long-term success. Every time you get paid, you need to pay yourself first. Put a percentage of your paycheck into savings each month before anything else is spent on non-essential items.

We suggest starting with at least 5% of your income. Even better, you want to start with 20% of your income.

You must cut your fun spending until you can save money first.

When saving becomes an automatic habit, start investing through high yield accounts like IRAs and 401(K)s.

Day 5 – Automate your Emergency Savings

Set up a transfer to put $50 into your Emergency Fund every time you get paid.

Learn how much you need in your emergency fund. Remember, the goal is never to use your emergency fund, but you always want one – just in case!

Day 6 – Create Money Goals

Figure out what your financial goals are and how much they will cost over time, then come up with a strategy to achieve them.

You need to make a plan to reach your money goals.

If you skip this step, you may be lucky and still reach your goals. But, you can find better prosperity but writing out those money goals and maybe even using a vision board.

Learn how to create smart financial goals.

Day 7 – Budget Time

Crazy! I know. Most people would think that creating a budget would need to be first. But, it isn’t. You need to figure out days 1-6 first before you dig into budgeting.

Begin tracking your expenses on paper or online as soon as possible. Here are the best budgeting apps available.

The goal with the budget is to focus on saving first, then your expenses. you must spend less than you make.

Day 8 – Make More Money

Come up with ways to generate more income. Period. You need to make your money work for you.

You need to learn how to make your income work for you by creating streams of income outside of your primary work or “earned” income.

Theoretically, if multiple streams of revenue exist at your full-time job, you can work fewer hours than necessary.

Ways to Make Money:

Day 9 – Enough with Debt

Debt will hold you back. Period.

You need to recognize that paying off your debt is the best thing you can do for your finances. However, during this 30 day financial challenge, it is not the time to focus on paying off debt.

Calculate the total amount of debt (except mortgage).

Put down getting out of debt as one of your money goals and the timeframe to make it happen.

For now, don’t take on more debt, and make sure you’re paying the minimum on your credit card balance.

Day 10 – Understand Investing

Investing is a way of giving your money the opportunity to work for you. In other words, you are using what you have now in order to make more out of what you have in the future.

This is the first step to earning investment income that will fund your lifestyle.

Typically, most people associate investing in the stock market. Many people invest with their 401ks or IRAs. However, you can invest your personal income as well.

What if you could earn a return on that opportunity cost? For example, what if you invested the $10 in your wallet and it grew to be $20?

Learn how to start investing.

Trade and Travel 2.0

Learn to trade stocks with confidence.

Whether you want to:

  1. Retire in peace without financial anxiety
  2. ​Pay your bills without taking on a side hustle
  3. ​Quit your 9-5 and do what you love
  4. ​Or just make more than your current income….

Making $1,000 every.single.day is NOT a pie-in-the-sky goal.

It’s been done over and over again, and the 30,000 students that Teri has helped to be financially independent and fulfill their financial dreams are my witnesses…

Day 11 – Control Excess Spending

Every time you spend money, it is an opportunity cost to your future self. You are trading away your future self’s money to buy something today.

Is that what you want?

More than likely, no.

Learn how to drastically cut expenses.

Day 12 – Autopay your Bills

Consider setting up an autopay feature for your bills. It can help you avoid late fees and will have a steadier flow of money coming in.

This will help you to make sure you have the cash flow available to meet your expenses.

Day 13 – Avoid Fees

One of the best ways to save money is by avoiding fees.

  • If you have a credit card, consider switching to one with no annual fee or an introductory offer that expires after one year.
  • Check your bank and credit card statements for any fees you may not be aware of.

If there is a fee, call the company and negotiate to have it removed or reduced.

Day 14 – Automate Retirement Contributions

You should automatically make a certain percentage of your salary go to a 401k or other savings account, and the other percentage goes to your checking account for spending money.

This is something your human resources department can help you set up.

Day 15 – Increase your Retirement Contributions

Now, that you have automated your retirement contribution, you want to increase you much your contribution each year until you are maxed out by IRS limits.

Start to increase your retirement contributions by 1%.

Set a five-year goal to fully max your retirement contributions!

Halfway Point!!

You’re halfway through the 30 day money challenge!

Keep up the good work and keep reaching for your goals.

You’ve made it this far, so just imagine what you’ll be able to do in another month of working hard towards saving more money.

Day 16 – Communication

Don’t think money has to be a taboo topic. In fact, you need to be comfortable talking about money.

The key is to be on the same page with key family members about where money should go. This is something that we struggled with our marriage and had to overcome. Thankfully, we did and we made way more progress than previously.

Day 17: Invest in yourself

I know you’re probably tired of hearing about investing in yourself, but it’s important. Investing means putting money into something that will make more money back. You might not think this applies to you, but it really can! You might not have a big budget for investing in stocks or mutual funds right now, so let’s talk about something you do spend money on every day: you.

You only learn by growing.

Day 18 – Start Reading About Personal FInance

This isn’t something that you do once or twice. Make it a goal to read books on money or personal finances each month.

Importantly, make sure you are reading books, regardless of what aspect they look at money. It is never too late to pick up new tricks or ideas.

Plus learning from others’ money stories is powerful.

Day 19 – Free Fun

Participating in only free activities for 30 days, and refusing to spend a single penny, we created a guide to make that happen for you.

101+ Things to Do with No Money

After writing that post, we discovered this is one of the best money saving ideas out there. This guide not only teaches you how to save money but also teaches about where you want to spend money and the importance of living a purposeful life.

Day 20 – Review Insurance

You need to make sure you are properly covered with insurance as well as not paying too much money for your policies.

There are all of the types of insurance you need to review:

This is something you should do once a year.

Day 21 – Waste Less Food

You need to learn to save money by wasting less food.

This doesn’t mean you have to make homemade meals every night of the week! The goal is not to throw food away – that is hard earned cash going right down the trash.

Ways to Save Money on Groceries:

Day 22 – Buy Second Hand

Consider second-hand stores and consignment sales as options for buying used items. Thrift stores are also great to save money on clothes and other household items.

The same is true for buying cars, baby equipment, kids clothes, etc. Plus you protect our world.

Day 23 – Save Money

So, this day is all about saving money and I think that it’s the most important one of them all because if you’re not saving your money, then what are you doing with it? You’re throwing it away.

So today, I want to talk about two different types of saving money – physical and mental. The first one is all about physically saving your money. This is the easiest one because it doesn’t require any effort on your part to do so, but it’s also very important as well.

The second type of saving money is mental saving. This is all about saving your money because you know that something better will come along soon and it gives you hope for the future!

So, I think these two types of savings are both really important.

Day 24 – Give Back

This is the time to give back to others, donate money to charities, and put small contributions into charity.

By hoarding money, you are not learning the principles of helping others just like you have been helped along the way.

Day 25 – Renegoite Interest Rates

Right now, we are not starting to pay off debt. We are looking for ways to save on higher interest payments.

Make calls to renegotiate your interest rates on your debt. If the credit card company says no, then look at a zero interest transfer.

Just no more debt.

Day 26 – Avoid Scarity Mindset

You have to believe in yourself that you are capable of achieving great things and that includes success money.

However, we get caught in this trap of hoarding materialistic items in order to make up for the dollars in our bank account or money that was wasted in buying them.

If you don’t believe how poverty mentality overwhelms your life, then read this story of reclaiming your home with decluttering.

Day 27 – Cut Out What you Don’t Need

If you are not using something, sell it or give it away to someone who can use it more than you do!

You’ll save money and make room in your budget for the things that matter.

We learned a lot when we started to own less stuff.

Day 28 – Prepare for a No Spend Challenge

If you have not been able to keep your spending in check, this is an excellent opportunity for you to try out a no spend challenge once this challenge finishes.

A no spend challenge will help you to review your budget and see what areas of spending need more attention in order to increase savings or pay down debt.

Also, it will help you focus on what area are important to spend money.

Day 29 – Reward Yourself

This is the biggest lesson I learned when paying off debt and trying to increase our savings percentage. I became unable to spend money. I would feel guilty about spending money.

That is not the type of life you want. You must be comfortable spending money (especially if you are a thrifty person).

Pick rewards to match your smart financial goals. Keep motivated with those rewards.

Day 30 – Stay on Track

Proper money management does not end just because the end of the 30 day challenge is over. This is a lifelong skill to master and perfect.

Keep focused by not going over budget limits and being honest about where you really stand financially today as opposed to where you want it to be in the future.

You can stay on track if you have a deep desire to continue.

30 Day Money Saving Challenge

This one is just about saving money. Period.

Each day, you save money to reach your goal.

For many people, the 30 day money saving challenge will make sure you are on track with your goals and objectives.

At the minimum, you should be able to save $500 in 30 days. But, you need to decide what you want to save in a month.

The challenge is open to everyone, so this might be the perfect opportunity for you!

What is the 30 Day Money saving Challenge?

The 30 day money saving challenge is saving a set amount of money during the month.

Keep in mind, not everyone will be able to save this much in 30 days and that’s perfectly okay.

You need to make it work with your budget.

Another option for the 30 Day Money Challenge is committing to give up one or more expenses for the whole month. For instance, pick ten things that cost you money and give them up for 30 days.

How to get started with the 30 day savings challenge

The 30 day savings challenge is a simple but effective way to get started saving money.

You can choose any of these methods:

  • Take the amount you want to save and divide by 30. That is how much to save daily.
  • Determine the amount to save and take that immediately when you are paid.
  • It is easy to go in order or skip around depending on what amount you want to save each day.
  • Keep change hidden in jars and watch it add up over time, then put the money away every day and see where they rank at the end of the month.
  • Give up a certain expense and save that money.
  • Try a modified version of the 100 day challenge.

You can find plenty of money saving challenge printable or PDF in our resource library.

Want more easy money saving challenges?

Are you in for this 30 Day Money Reset Challenge?

This is only a 30 day money challenge because it’s a short period of time to gain a win. That is what you need to keep up the motivation as well as have a strong kickstart to your finances.

In order to build wealth through their finances, these are 30 smart moves that require no time on some days.

Don’t lose momentum. If you miss a day, then jump back into the challenge the next day.

The key to success for 2021 is to take control of your finances.

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

Did the post resonate with you?

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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Situated in the heart of the Pacific Northwest, Spokane offers a special blend of urban excitement and natural beauty. Living in Spokane means enjoying the vibrant arts scene, exploring the stunning Riverfront Park, and taking advantage of the nearby outdoor adventures like hiking and skiing. The city is known for its friendly neighborhoods and a strong sense of community, making it a welcoming place for newcomers. So, if you’ve been asking yourself, “Should I move to Spokane, WA?” you’re in the right place. In this article, we’ll explore the pros and cons of life in Spokane to help you decide if it’s the perfect spot for your next adventure. Let’s go.

Spokane at a Glance

Walk Score: 49 | Bike Score: 52 | Transit Score: 36

Median Sale Price: $372,000 | Average Rent for 1-Bedroom Apartment: $1,380

Spokane neighborhoods | Houses for rent in Spokane | Apartments for rent in Spokane | Homes for sale in Spokane

Pro: Access to outdoor recreation

Spokane, offers unparalleled access to outdoor recreation. The city is surrounded by numerous parks, rivers, and mountains, making it a haven for nature enthusiasts. Riverside State Park, just a short drive from downtown, provides opportunities for hiking, biking, and kayaking. Additionally, Mount Spokane offers excellent skiing and snowboarding options during the winter months, making it a year-round destination for outdoor activities.

Con: Limited public transportation

With a Transit Score of 36, one of the downsides of living in Spokane is the limited public transportation options. The city’s bus system, while functional, does not cover all areas comprehensively, making it challenging for residents without a car to navigate the city efficiently. This can be particularly inconvenient for those who rely on public transit for their daily commute or errands.

Pro: Relatively affordable cost of living

Spokane boasts a relatively affordable cost of living compared to other cities in the Pacific Northwest like Seattle. Additionally, average housing prices are more reasonable, sitting at about $60,000 less than the national average. Finally, everyday expenses such as groceries and utilities are generally lower in this city. This affordability makes Spokane an attractive option for anyone looking to stretch their dollars further.

Con: Harsh winter weather

Spokane experiences harsh winter weather, which can be a significant drawback for some residents. The city often sees heavy snowfall and freezing temperatures, making travel and outdoor activities challenging during the winter months. Residents need to be prepared for snow removal and the potential for icy roads, which can be a hassle for those unaccustomed to such conditions.

Pro: Thriving arts and culture scene

Spokane has a thriving arts and culture scene that sets it apart from other cities. The city is home to the Spokane Symphony, numerous art galleries, and the historic Fox Theater, which hosts a variety of performances and events. Additionally, the annual Spokane International Film Festival attracts filmmakers and movie enthusiasts from around the world, adding to the city’s cultural richness.

Con: Air quality issues

Spokane occasionally faces air quality issues, particularly during wildfire season. Smoke from nearby wildfires can drift into the city, leading to poor air quality and health concerns for locals. This can be especially problematic for individuals with respiratory conditions, who may need to take extra precautions during these periods.

Spokane is known for its strong sense of community and friendly residents. The city hosts numerous community events, such as the annual Bloomsday Run and Hoopfest, which bring people together and foster a sense of belonging. This tight-knit community atmosphere makes it easy for newcomers to feel welcome and quickly integrate into local life.

Con: Limited nightlife options

For those who enjoy a bustling nightlife, Spokane may feel somewhat limited. While the city has a selection of bars, restaurants, and entertainment venues, it lacks the variety and late-night options found in larger metropolitan areas. Residents seeking a more dynamic nightlife scene may need to travel to nearby cities like Seattle or Portland for a broader range of activities.

Pro: Excellent educational institutions

Spokane is home to several excellent educational institutions, including Gonzaga University and Whitworth University. These schools offer a range of undergraduate and graduate programs, attracting people from across the country. The presence of these institutions also contributes to the city’s dynamic academic and cultural environment.

Source: rent.com