Mortgage interest rates trended lower across all terms from a week ago, according to rate data collected by Bankrate. Rates for 30-year fixed, 15-year fixed, 5/1 ARMs and jumbo loans all declined.
Inflation has cooled somewhat, but homebuyers are still being challenged by high prices and rates. At the close of the Fed meeting on June 12, policymakers again held off on changing interest rates. The next Fed meeting concludes July 31.
“With [the June 12] announcement, the Fed confirms its higher-for-longer position on interest rates,” says Dr. Selma Hepp, chief economist at CoreLogic. “But the stance is looking more untenable as more American households continue to pull back on spending. As more economic indicators begin to confirm this and unemployment begins to rise, the Fed will then look to cut rates. What’s not clear yet is when exactly the disinflation signs will be consistent enough for the first rate cut — we hope it’s still this year.”
Often, though, the decision to buy a home isn’t based on what’s happening in the economy — it’s more personal. Depending on your situation, it might make sense to take a higher rate now and refinance later. This way you can start building equity, rather than waiting for a time when rates and prices are more favorable.
Rates accurate as of June 21, 2024.
These rates are averages based on the assumptions indicated here. Actual rates listed across the site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Friday, June 21st, 2024 at 7:30 a.m. ET.
30-year fixed-rate mortgage falls, -0.08%
The average rate you’ll pay for a 30-year fixed mortgage today is 6.92 percent, a decrease of 8 basis points from a week ago. A month ago, the average rate on a 30-year fixed mortgage was higher, at 7.08 percent.
At the current average rate, you’ll pay principal and interest of $659.94 for every $100,000 you borrow. That’s $5.36 lower, compared with last week.
15-year mortgage rate slides, -0.08%
The average 15-year fixed-mortgage rate is 6.35 percent, down 8 basis points over the last seven days.
Monthly payments on a 15-year fixed mortgage at that rate will cost approximately $863 per $100,000 borrowed. The bigger payment may be a little more difficult to find room for in your monthly budget than a 30-year mortgage payment, but it comes with some big advantages: You’ll save thousands of dollars over the life of the loan in total interest paid and build equity much more rapidly.
5/1 ARM rate drops, -0.12%
The average rate on a 5/1 ARM is 6.59 percent, ticking down 12 basis points since the same time last week.
Adjustable-rate mortgages, or ARMs, are mortgage loans that come with a floating interest rate. To put it another way, the interest rate will change at regular intervals, unlike fixed-rate mortgages. These loan types are best for those who expect to sell or refinance before the first or second adjustment. Rates could be much higher when the loan first adjusts, and thereafter.
While borrowers shunned ARMs during the pandemic days of super-low rates, this type of loan has made a comeback as mortgage rates have risen.
Monthly payments on a 5/1 ARM at 6.59 percent would cost about $638 for each $100,000 borrowed over the initial five years, but could increase by hundreds of dollars afterward, depending on the loan’s terms.
Jumbo mortgage eases, -0.15%
The average rate for the benchmark jumbo mortgage is 7.02 percent, a decrease of 15 basis points over the last seven days. Last month on the 21st, the average rate on a jumbo mortgage was above that at 7.17 percent.
At the average rate today for a jumbo loan, you’ll pay $666.65 per month in principal and interest for every $100,000 you borrow. That’s down $10.11 from what it would have been last week.
The average 30-year fixed-refinance rate is 6.93 percent, down 6 basis points over the last week. A month ago, the average rate on a 30-year fixed refinance was higher at 7.09 percent.
At the current average rate, you’ll pay $660.61 per month in principal and interest for every $100,000 you borrow. That’s $4.02 lower, compared with last week.
Where are mortgage rates going?
The rates on 30-year mortgages mostly align with the 10-year Treasury yield, which changes with the market, while the cost of variable-rate home loans more directly mirrors the Fed’s moves.
If and when the Fed cuts interest rates depends on evolving economic data, such as inflation and the jobs market. While inflation is down from its peak in 2022, it’s still well above the Fed’s target rate of 2 percent. Unemployment is still low, though in May it hit 4 percent for the first time since 2022.
“Much like that flight where departure keeps getting delayed 15 minutes at a time with no end in sight, the timetable for when the Fed begins to cut rates is equally uncertain,” says Greg McBride, CFA, Bankrate chief financial analyst.
While the Fed bases its decisions on rate changes due to broader economic factors, your rate is also affected by personal finances. Depending on your credit score, down payment, debts and income, you could be quoted a rate that’s higher or lower than the trend.
What today’s rates mean for your mortgage
Mortgage rates fluctuate daily, but it appears that, for now, they will remain above the historical lows of recent years. If you’re shopping for a mortgage, it might be wise to lock your rate when you find an affordable loan. If your house-hunt is taking longer than anticipated, revisit your budget so you’ll know exactly how much house you can afford at prevailing market rates.
You could save serious money on interest by getting at least three loan offers, according to Freddie Mac research. You don’t have to stick with your bank or credit union, either. There are many types of mortgage lenders, including online-only and local, smaller shops.
“All too often, some [homebuyers] take the path of least resistance when seeking a mortgage, in part because the process of buying a home can be stressful, complicated and time-consuming,” says Mark Hamrick, senior economic analyst for Bankrate. “But when we’re talking about the potential of saving a lot of money, seeking the best deal on a mortgage has an excellent return on investment. Why leave that money on the table when all it takes is a bit more effort to shop around for the best rate, or lowest cost, on a mortgage?”
More on current mortgage rates
Methodology
Bankrate displays two sets of rate averages that are produced from two surveys we conduct: one daily (“overnight averages”) and the other weekly (“Bankrate Monitor averages”).
The rates on this page represent our overnight averages. For these averages, APRs and rates are based on no existing relationship or automatic payments.
Learn more about Bankrate’s rate averages, editorial guidelines and how we make money.
Inside: Here are fun things to do with no money. You don’t have to spend money to enjoy yourself! Plus you save money!
Having fun doesn’t have to cost a fortune! You can have a good time without spending a dime.
But, that is the trap, we find ourselves in. We believe that in order to have fun, you must spend money.
However, we are going to debunk that myth.
It is possible to have fun without spending money. This is something my family does ALL-THE-TIME. There are plenty of places to go when you have no money. There is so much available in our society to explore that you never get bored or run out of ideas. And your wallet and bank account will thank you!
If you are looking for fun things to do when hanging out with friends or fun things to do with kids, your boyfriend, girlfriend, mom, spouse, or anyone in your life, this list is for you!
You will find plenty of activities to do at home, at night, or near you.
Plus the best part… we have tons of memories and experiences from these no money activities ideas!
Today, you will get a glimpse into how you can live differently with your money. Show you fun things to do when you’re broke. Maybe you’re not broke, but choosing to live a frugal lifestyle like us. Either way, you will save money along the way that you can use for something else.
It doesn’t matter if you make $15 an hour or have a 6 figure salary, these tips are for you!
We have found plenty of things to do without spending money.
Today, you are going to learn fun stuff to do that doesn’t cost money.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
What Can You Do Without Money?
Honestly, a whole lot.
There are so many free activities available today. You just need to put on a different perspective than the urge to spend money. These no money activities will keep your hard-earned cash in your hands and then you can use it towards your money goal. That is a win! Actually a HUGE WIN!
The question is… are you willing to try something new? In this case, something new would be a money free weekend or maybe a no spend month.
There are so many free fun things to do available to us, but we opt to spend money because that is the natural societal habit. Whatever your reason for finding fun things to do that don’t cost money, you are in the right place.
We are going to cover an extensive list of things to do instead of spending money.
This will make your no spend challenge easier or just a desire to save more money to reach your money goals.
Without further ado, let’s cover the 101 plus things to do that don’t cost money.
Fun Things to Do With No Money
We are going to dive into plenty of things to do instead of spending money. This list might surprise you with how many things to do for free.
For the frugal green person, this is exactly what they want to do.
You will find specific ideas for fun things to do with friends, over here.
1. Call a Friend: Back in the day, we spent many hours on the phone just talking with our friends. (Hint: like hours on end talking). Pick up the phone and call your friends. I am pretty sure you will come up with another fun thing to do next.
2. Bucket List: This is a must-have for everyone! Do you have a bucket list of things you want to do? Use timeframes to help create your list – one month, one year, three years, five years, 10 years, 20 years. Or in your lifetime? Don’t be worried if some of these ideas on your bucket list cost money. That will be figured out later. It doesn’t cost any money to make your bucket list.
3. Head to your Local Library: This is the best way to begin a frugal lifestyle. Libraries are jam-packed with free things – books, music, videos, games, or events. Plus you can find options for physical items as well as digital versions. Many libraries now have maker spaces, interaction labs, and kid play areas. These STEM spaces are available to further your creativity and not to spend money on equipment. Check to see if your library offers 3D printing!
4. Volunteer Usher. This is a great tip for Money Bliss reader, Elizabeth and one many of my friends did recently. By volunteering your time, you are able to check out the hottest concert or play for free. The key is your availability and finding the right contacts.
5. Explore Like a Tourist: Have you explored your own city the way you would if you were traveling? More than likely not. There are so many no money activities available. Just grab a tourist guide and start exploring.
6. Geocaching: Join in on the world’s largest scavenger hunt. It is easy to participate and a free activity. The goal is to catch hidden caches using GPS coordinates. All you need is a smartphone or a GPS device to participate. Time to find your next treasure!
7. Volunteer: Have you a passion? Then, find a local charity where you can volunteer. There are plenty of great organizations that are always looking for additional help to reach and help
8. Games: This is a favorite in our house. Each Sunday, you can find us playing games. Whether a card game, dominos, or board game, the options are endless. This is a class thing to do with friends and family. One of our favorites is Taco vs Burrito!
9. Get Outside: We are blessed to live in such unique and beautiful areas. Yet, we barely manage to step foot outside. As a family, this is one of the best ways we save money. It probably tops my list of the best frugal living tips. The world is full of free things to do for free and explore!
10 Start a Club: Remember your favorite after-school club from elementary school? What was your favorite part about it? More than likely, it was about connecting with your friends with the same interests and spending time together. The same concept is the same as adults. Dedicated time to hang out with your friends with the same interests. There are plenty of clubs that you can start. Here are some ideas: reading club, sewing club, cooking club, fishing club, mom and tots club, etc.
11. Explore the Outdoors: Fresh air is amazing for our bodies. Plus our world is filled with no money activities to do. Get outside, explore, and see your surroundings in a fresh perspective. You don’t need a ton of fancy equipment that comes to mind when wanting to explore nature. Just head outside and follow where your feet take you.
12. We Got No Money Party: When you are looking for places to hang out with friends, look no further than your own place. Gather some friends and have them over for the night. The only ground rule is they can only bring food and drinks from their house. Same goes for games and other fun activities.
13. Teach Others about your Hobby: What is your passion? Teach others about your favorite hobby. Who knows… maybe you can turn it into a side hustle and earn extra cash.
14. Scavenger Hunt: Kids love scavenger hunts and guess what… inside every adult is someone who loves a good scavenger hunt. Plenty of free scavenger hunt ideas with a little Google search.
15. People Watch: This is probably one of my favorite money-free activities to do when bored especially at IKEA. Just head to any local place and people-watch. Many times it is better than TV sitcoms. Grab a friend and you can create stories to attach to those you are observing.
16. Puzzles: When is the last time you have taken on a puzzle? Research shows it is one of the best things we can do to slow aging and diseases like Alzheimer’s. More than likely, you don’t have an extra puzzle lying around. Ask to borrow some from friends. Also, you can get ones for free on Next-door or Buy Nothing Facebook groups.
17. Host a Vision Board Party: This is a trending activity right now! There is no better time to manifest your dreams and goals than with your favorite people. Plus you can create a better life for yourself. Learn how to host a vision board party today!
18. Museums and Zoos: Many of the smaller museums and zoos are free entry. To check out the major museums and zoos, check their website to see when they offer free days. Most local cities are required to offer many free days in order to get funding from the city. Another way to get free admission is with your credit card, business affiliation, or college affiliation.
19. Free Tours: These are places to go when you have no money, especially in a big city. The options are endless on the types of businesses in the area. Some free tours include the U.S. Mint, candy factories, capital building, parks, brewery tours, etc. The list can be endless when finding free tours.
20. Apple Classes: Want to learn how to use your phone and be more productive? Need to cap your kid’s time on their devices? Want to learn how to take better pictures with your iPhone? You can do that in one of the many classes. Look for classes near you.
21. Pinterest Party: Let’s face it… We pin a lot of things that we want to do. Recipes we want to cook. Desserts to book. Crafts to make. Skills to learn. Time to brush off those Pinterest boards and find something to do.
22. Movie Marathon: Time to sit back and enjoy all of your favorite movies! If you don’t already have cable or Netflix, then you can still do this without spending money. Start a free Paramount+ trial (just make sure to cancel it), head to the local library, or swap movies with friends.
23. Learn a New Skill: Another productive way to use your spare time is learning a new skill. With learning, the options are endless. With the library and YouTube, it is easy to learn new skills without paying for lessons. The new skill I want to learn is how to play the drums. What is the new skill you want to learn?
24. Local Events Calendar: Hello free activities! Every city will offer some local activities throughout the year. Just mark your calendar. These events are perfect for hanging out with friends and for local fun.
25. Go for a Walk or Run: This is the ultimate no money activity. Grab your shoes and head outside to clear your head. The fresh air will do wonders and doesn’t cost a thing. Maybe this is the time to challenge yourself for that 5K or half marathon?
26. Go for a Bike Ride: For those who own a bike, it would be time to dust it off and go for a bike ride. This is a great way to exercise without a gym membership. Plus, if you are a spender on the way home from work, then look at commuting on your bike to avoid temptations. Personally, I enjoyed cycling so much that it made sense to upgrade my road bike. There may be a small cost to maintaining a cycling lifestyle, but it brings hours of exercise and I am too tired to do anything later.
27. Go Hiking: Find a local hiking trail. Before you go, make sure you have water and some sunscreen.
28. Make a Meal: The caveat is you can only use ingredients that you have currently in your house. No running to the store and spending money. Create a meal from what you have available.
29. Go on a Picnic: This is a favorite in our house! Change up your lunch or dinner by eating in a different location. Load uptake food, choose a spot, and go! You can go on foot, on bike, or take a little trip by car. Either way, you have to eat!
30. Write a Letter: When was the last time you wrote a letter? Not an email, text, or social media post. An actual letter that can be given to someone or mailed for a tiny price. Another great idea is to write a letter to someone to open at a future date. Some examples include: to your kids on their 16th birthday or when they get married.
31. Swap Items: This is one of the best ways to not spend money and get something in return!! Go shopping through someone else’s stuff and swap. You can create a host a swap party for items like clothing, toys, games, kitchen supplies, home decor, books, tools, etc. One person’s trash is another person’s treasure. This is something that you can do in person or online.
32. Birdwatch: Never been bird-watching? Then, grab a bird-watching book from your local library to make sure you can tell the birds apart and learn a few new facts.
33. Pick up a Book: What do you prefer – fiction or nonfiction? There are plenty of books to keep you entertained for hours. Also, you could ask a friend to read the same book and then plan a time to discuss it. If your local library doesn’t offer what you are looking for, then start a free trial of Kindle Unlimited.
34. Check Out a Local Gym: Almost all gyms want people to check out their place. Many will offer a free class or up to a free week. Try out a new spin class, yoga class, pilates class, or CrossFit. There are so many gyms popping up on every block that this can keep you busy and fit for a couple of months.
35. Photography: We all know that we have one of the best cameras at our disposal, but do you use the camera in your phone to the best of its ability? You can fiddle around with it, check out some YouTube channels, or head to the Apple store for a free class.
36. Photo Shoot: I stopped buying professional pictures of my kids a long time ago. There wasn’t a point in spending the extra money because as a parent I seriously have taken thousands (if not hundreds of thousands) pictures of them. And we have saved tons of money over the years, especially on sports and team photos.
37. Slideshows: Now, that we have tons of photos… what should we do with them? Turn them into a slideshow or some other digital way to view your photos.
38. Nature Walks: These types of walks have a purpose. To explore and realize the nature around you. Typically, in our house, the goal is to find 10 different types of objects (smooth, rough, prickly, big, small, etc.) or look for something with the same characteristics (like various rocks). The list of types of nature walks you can come up with is endless.
39. Go Sightseeing: There are so many beautiful places to look at in our cities. You can head up to the mountains, the beach, or even urban areas. You can plenty of things to do around here. Don’t forget your camera!!
40. Clean Your House: Really? Does this have to go on the list of ways to spend weekends with no spending money?!?! But, what a great way to spend your time especially when bored. Plus you will have something to show for your elbow grease and hard work.
41. Projects You Put Off: Raise your hand if you can think of a project or two (or ten) that you have put off. When you don’t want to spend money, it is a great time to dust off that list and dig in.
42. Make a Budget: If you are broke or struggling with no money, then it is time for a budget. A budget isn’t meant to be constricting. It is designed to help you spend money the way you want to. Manage your money ahead of time. Learn how to make a budget.
43. Take Surveys for Money: Have spare time, then make some extra money by taking surveys. One of the easiest things to do and not spend money. The best surveys to do include:
44. Declutter: This is one of my favorite things to do, but also one of the hardest. Why? I realize all of the money I spend on wasteful items that we don’t even use in the house. Many were impulse purchases or out of boredom. Then, it is hard for me to declutter and get rid of the items because of wasted money. However, living with less stuff means more meaningful time on things that matter.
45. Dive into Basement Storage: You could be doing one of two things. Cleaning out the basement area and getting rid of the unnecessary stuff burdening your life. Or pull out some of your favorite treasures and find a way to use them.
46. Clear Out Garage: This one makes me cringe, too! A great way to make productive use of your time on a no spend day is to clean out the garage. Clean out the unnecessary items and organize what is left. That way you can find a screwdriver the first time you look.
47. Neighborhood Cleanup: Since we are in the cleaning mood, let’s spread out to your local neighborhood. This is a great activity to do with a group of friends. With just a trash bag, you can leave a beautiful area for many to enjoy.
48. Redecorate a Room: What is more fun than a refreshed space? This is easy to do when changing out seasonal decor. Or just move the furniture around to create a whole new look. We did that with our dining room table direction and people would always think we did something massive!
49. Take a Nap: Who doesn’t want a nap (except for that young child who needs a nap)? Take care of yourself and take a step back from the busyness of life. Nap time is a special treat. Plus you can’t spend money when you are sleeping!
50. Video Gamer Competition: You can get free games through your library or with a free trial on Twitch. Just make sure to grab a friend to join you for a little bit of people socialization.
51. Playgrounds: Something that is easy things to do around here is found right in your neighborhood. Head to the local playground and run around crazy after your kids. Play tag and you will wish you had all of the energy they do! Change things up and find a new playground to check out.
52. Dump Debt: I always felt broke when I was in debt. If I spent money, I felt guilty about it. Figure out your debt free date and learn how to pay off debt faster. Use an app called Tally to help you overcome your debt.
53. Play Chess: This is a classic game that everyone should learn how to play. Plus it is one of the best free no no-money activities. Many cities have full-size chess pieces in local parks that make playing that much more fun!
54. Watch a Documentary: This is spare time well spent. A documentary will open your eyes to various views and perspectives. This is a productive use of your time.
55. Dance Party: This is always a hit, especially with kids. You don’t need to worry about where to go when you have no money. You can bring the party to you! There are so many free ways to listen to tunes and no money is spent for moving your body.
56. Delete Unused Apps: Take a few moments and delete any unused apps off your phone. This will help improve phone efficiency.
57. Art Supplies: Gather up all of the art supplies and see what type of creations you can make with stuff that you already have. Double bonus if you create some gifts, too! This is a great idea of things to do with friends! Here are things to draw when bored.
58. Cancel Unused Subscriptions: When you are broke, you need things to do, then look at what you spend money on but don’t use. This is a great money-saving tip! Use a service like Trim or Paribus to help you.
59. Daydream Life Without Debt: Okay, one of the top reasons people are broke is because of debt. We were in that situation too. I would always daydream about life without debt. And then it happened! Read more about our story on why we became debt free. Now, you can start to daydream about life without debt, too!
60. Listen to Podcasts: This is a great way to increase your knowledge around a certain subject or topic. Find your favorite podcast.
61. Post Skills & Make Money: Do you have a specialized skill or service that you can offer? You can post your skills and services on NextDoor, TaskRabbit, or Fiverr. It could be something as simple as shoveling walks or raking leaves. This is great if you want to double $10k quickly.
62. Make Extra Money: One of the best things to do instead of spending money is to be making money. There are plenty of ways to keep you entertained and not bored. Check out this list 20 Genius Ways on How to Make Money Fast. This cannot be stressed enough!
63. Feed the Ducks: Okay, well today, you aren’t allowed to feed the ducks. But, they are interesting creatures to watch and keep you entertained. But, this is somewhere to go when you have no money.
64. Memory Lane: Let’s take a stroll down memory lane. Pull out old photo books, find your keepsake box, and scroll to the of your pictures and videos. Grab some Kleenex and take a walk down memory lane.
65. Visit a Nursing Home: Looking where to go when you have no money? Then, look no further than the closest nursing home. Their residents are always looking for people to interact with. After striking up a conversation or two, you will walk away with golden nuggets of life lessons and a chance to learn from your mistakes.
66. Meal Plan: This one is a productive use of time plus will save you money over the next week. Use this money saving tip and learn how to meal plan like a pro.
67. Mediation: We are constantly on the go. When was the last time, you were just still? Take time and meditate. Start with mindfulness meditation. This is when you learn to pay attention to your breath as it goes in and out. Clear your mind.
68. Try a Budgeting App: This is a great time to stop living paycheck to paycheck and truly figure out where you spend money. Here are some great budgeting apps:
69. Set Goals: When you are asking yourself, “How can I spend weekends with no money?” Start by setting goals. Without an idea of where you go in life, you will be just bobbing along from one thing to another. Get help on making money goals.
70. Bake: More than likely, you probably have all of the baking necessities on hand. Try a new recipe or make an old favorite. Grab a friend or family member to make it more fun! Have too many cookies? Take them to a fire station or a nursing home.
71. Open Houses: In the market for a house, looking to remodel, or just want to redecorate, then check out open houses for ideas and inspiration. There are hundreds each week and a great way to spend weekends with no money. To add more fun, create a persona and a story on why you are looking at houses.
72. Watch a Sunrise: What better way to experience the wonderful beauty of nature! Find a spot to watch a sunrise and soak up the morning rays. Maybe even combine it with a short hike.
73. Watch a Sunset: The sunsets are us can be magical and absolutely colorful. There are so many spots to watch a sunset. Plus no two sunsets will be the same. Maybe even back a picnic.
74. Time Capsule: Make yourself a time capsule to be opened on a big birthday or in a big life year.
75. Craw Dad Fishing: Calling all dads (and maybe moms)! Head to a local creek with some sticks and hot dogs as bait. This is probably my kid’s favorite summertime activity.
76. Build a Fort: This is the only reason I keep so many blankets on hand. Kids can spend hours on end creating a fort with blankets. Pull in the chairs and start building. This will also include STEM learning because it is a science to get blankets to stay up on the fort without caving in.
77. Camp in Your Fort: Yay! Spend the night in your fort and pretend you are camping. This is a great stay-at-home idea for young kids.
78. Play in the Snow:I will admit it is snowing while I type this. All you need to do is head outside and find plenty of things to do without spending money. You can make snow angels, have a snowball fight, color the snow funny colors, catch snowflakes on your tongue, or shovel for extra money.
79. Built an Igloo Fort: This takes me back to feeling like a kid (at least until the soreness kicks in). Building a fort out of snow is so much fun! You can quickly spend hours outside and have a blast. Then, have fort wars!
80. Visit a Farmer’s Market: Learn what fruits and vegetables are local to your area. This is one of my favorite activities especially in small towns.
81. Learn a Foreign Language: With so many cool apps and websites, you can teach yourself how to speak a foreign language. Maybe you just need to brush up on those high school classes. Then, you can volunteer at a local community center to practice!
82. Find a Pet to Love: Head to your local animal shelter and love some pets that need to be rescued. This is a great way to not spend money and help the community. Maybe donate extra blankets to help out the rescue.
83. Figure Out Your Net Worth: This one hasn’t been popular with many of my readers. But, your net worth has to start somewhere (even if it is negative). However, we have been working to increase our liquid net worth this past year. If your goal is to become a millionaire next store, you have to start somewhere.
84. Dress Rehearsal. This one may be harder to find, but an awesome idea if you can. Some venues will allow people to attend their dress rehearsals for big shows. You won’t have the same experience as the real show. At the end of the show, you will save lots of money and may be asked to provide feedback.
85. Sound Checks: Is your favorite bank headed to town and you can’t afford to go? Then, go a couple of hours before the start of the concert and keep your fingers crossed they are doing sound checks. This works really well for outdoor concert venues. I have a cousin who has become a pro at this!
86. Get on a Realtor’s Mailing List: Realtors are always marketing their services and vying for attention. Many realtors will send out mailers with local activities that you can explore for free. Others may invite you to special events that are really fun and totally free for you!
87. Minute to Win It: Play this game against the clock which will have you laughing for hours. Most of the minute to win it games are with items you can find all throughout your house. This one is a winner to hang out with friends, kids, or families!
88. Find Grand Openings: This is where to go when you have no money. Search for grand openings in your local area. Many times you will walk away with freebies and other goodies! Plus more than likely you will have a story to share about your experience.
89. Free Exercise Routines: No need for a gym anymore! You can download apps for plenty of workouts to keep you fit and healthy. Scroll YouTube for yoga classes. If your goal is to lose weight, then try Healthywage and get paid for losing weight.
90. The Bad Gift Exchange: Plan a party with friends and tell everyone to bring the worst gift they got from the previous holiday. Hold a funny white elephant exchange and laugh at what people spend money on.
91. Free Class at Community Colleges: Check out your local community college for the free classes they are offering. You should be pleasantly surprised at how many free classes you can take.
92. Free Classes at Stores: Hitting up stores may seem backward on where to go when you have no money. However, many stores offer free classes or projects. The goal for stores is to get you in the store in hopes that you will buy one or two things while you are there. Resist the urge to buy something and go for the free projects. Stores I know that offer free classes, projects, and crafts: Ikea, Home Depot, Lowe’s, Joann’s, Michaels, and smaller mall stores.
93. Favorite Recipes List: Too many times we forget some of our favorite recipes and they go un-made for months. Create your go-to recipes that everyone in your family loves. This will make your meal planning much easier and faster. Even better… convert your recipes to a digital file.
94. Research your Genealogy: If you want to know more about your family history, then you can spend hours learning more on the various genealogy websites. Even better, call the family historian to learn more about your heritage.
95. Fly a Kite: Don’t worry about having to buy a kite in order to have fun! Get creative and make your own. This is something my kids have figured out how to do on their own with store grocery bags and string.
96. Invite Your Kid’s Friends Over: Kids always want time to hang out with friends. They can always find something to do with their friends. Then, you can get some quiet time. You don’t need to spend any money for everyone to have fun. It is a win-win situation.
97. Get Your Personal Finances in Order: This is one of the most important things to do. Yet, it always slips to the bottom of your list. Learn how to organize your personal finances and make sure your wills are up to date.
98. Make a To-Do List: There is no better time to power through your to-do list. It is a great idea to not spend money and be productive. You may have to DIY projects or save money to finish them another day. But, you can tackle the hard stuff.
99. Last Text Message: Scroll all the way to the bottom of your text message list and find that friend you haven’t talked to in a long time. Invite them over and have a conversation.
100. Free Apps: There are so many free apps available. You can learn a new skill, play a game, organize your life, sharpen your brain, and connect with friends. The options are endless on this one!
101. Local Festivals or Events: Once again, there are so many free activities. Check out your local area for weekend activities. Bonus hint: pack your own food and snacks so you aren’t tempted to spend money with the food vendors.
102. Camp in Your Backyard: You don’t need to drive anywhere to camp. My kids love setting up the tent to camp right here at home. The tent gets more use and the bathrooms are mighty convenient.
103. Check Newspapers. From Money Bliss reader, Elizabeth recommends checking the local newspaper as they list out all of the local events in the community. Her money saving tip is to use the library’s copy for free. Also, the online digital version may have the same info.
104. Free Trials: When you are looking for things to do for free and that don’t cost money, then look no further for free trials. The options are endless because people want to try out their product. At a bike event, I was able to do a free trial for a road bike. It was a great way to check out what I liked and not spend any money.
Ideas for possible free trials:
Just make sure to cancel before the trial ends!!
105. Count Your Blessing: Too many times we take for granted everything that we have. Take the time a start writing a list of everything you are grateful for. These blessings have enriched your life. Find ways to enrich someone’s life.
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The popular book of coupons is now a downloadable app!
The Entertainment® Book and Digital Membership offer 2-for-1 and up to 50% off discounts, all conveniently accessed on our mobile app, online or in the book.
Great way to save money on local restaurants, activities, hotels, adventures, and more!
Groupon’s top deals updated daily.
Discover and save on thousands of great deals at nearby restaurants, spas, things to do, and more.
How do you have fun without spending money?
Now, we have covered an extensive list of things to do with no money. Hopefully, you have learned that you don’t need to spend money to have fun.
You can enjoy your time and not spend money. You can be productive when bored.
You will always have an answer to what do you do for fun!
There are so many ideas to help you through your no spend days.
That should be a smile on your face (and your bank account).
You can figure out what should I do today.
The less money you spend each day the more money you can save for one of our money saving challenges. That is one of the best things you can do for your finances.
Don’t Miss… 90+ Fun Things to Do on Christmas Day
What are your favorite places to go with friends when you have no money? If I missed one of them, please tell me in the comments.
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.
For many Americans, one of the best ways to get closer to their ideal annual income is to learn how to make money online.
According to a 2024 study from Smart Asset, individual Americans need an annual salary of $96,500 to live comfortably in a major city, and families with two children need to make about $235,000.
However, the Bureau of Labor Statistics (BLS) recently reported that the weekly median earnings for Americans was $1,139. This makes the median annual salary a little less than $60,000—far below the annual cost of living in many cities.
Some leverage the thriving “gig economy,” where you find contracted gigs in a virtual marketplace, and others generate passive income. Regardless of your skill set and interests, you’re sure to find something that works for you.
We put together a list of 27 different ways you can make money from home to supplement your income. You’ll also learn what it takes to get started and whether or not it’s right for you.
1. Find miscellaneous freelance jobs
A great place to start when learning how to make money online is by looking at platforms that offer a wide range of work. Before diving into the rest of the list, it’s helpful to know about popular platforms like Upwork and Fiverr. Every day, people and companies post jobs you may be perfect for.
At these sites, you can type in some of your various skills to see if any jobs are available. You can also create a detailed profile marketing your skills so people can find you more easily and offer you work.
Best for: People with a wide range of skills.
What you need to get started: Skills will vary depending on the specific job.
2. Take online surveys
Many companies out there want to get opinions from specific demographics and will pay you to take these surveys. While these don’t pay as much as many of the other options on the list, they also don’t take that long to do, so they are a simple way to make extra money. You can sign up to take these surveys at websites like Survey Junkie or Swagbucks.
Best for: Anyone with access to the internet.
What you need to get started: Access to a web browser.
3. Perform data entry
Data entry is a skill that many people can learn if they don’t already have experience. Doing data entry typically involves inputting data from different sources into a spreadsheet. Sometimes, you can find businesses looking for long-term workers, which can offer a little more stability than finding “gig work.” In addition to sites like Upwork and Fiverr, you can find data entry work at TechSpeed and Oworkers.
Best for: Well-organized individuals.
What you need to get started: Some proficiency with spreadsheet programs like Excel and Google Sheets.
4. Become an online tutor
For teachers looking for online side hustles, becoming an online tutor is a great option. Even if you’re not a teacher, you may be able to find some subjects that you can help students with. The platforms that link tutors with students usually cover school subjects like math, English, foreign languages, writing, and more. You can sign up to tutor on websites like TutorMe, Skooli, and Preply.
Best for: Those who love to teach.
What you need to get started: Experience teaching and expertise in the subject matter.
5. Be a virtual assistant
Many businesses of all sizes need additional help, so they hire virtual assistants. Virtual assistant tasks can vary depending on the gig. Some of these opportunities may be for one day of work, but others may need help for longer stretches of time.
These may pay you per job or per hour, and you can find these gigs on any freelance website. As of 2024, the average hourly rate for virtual assistants is $24 per hour and can be upward of almost $34 per hour.
Best for: People with a wide range of skills.
What you need to get started: Skills will vary depending on the specific job, but some skills can be helpful for many gigs like project management, organization skills, and data entry.
6. Get paid for your perspective
Focus groups are a key aspect of marketing, but it’s no longer just for new products hitting store shelves. In the digital age, companies are looking for people to review the user experience for their websites.
Sites like UserTesting pay you to share your opinions about different products from a variety of different brands. There are also sites like Userbrain that allow you to test different websites, applications, and software.
Best for: Individuals who like sharing their opinions.
What you need to get started: Access to a web browser.
7. Rent out your stuff
Do you have things that you don’t mind renting out? Well, websites like FriendWithA connect you with people who are looking to rent various items. Some of the main items people rent include cameras and film equipment, tools, generators, bikes, and other items people may only need for a day or two.
Best for: People with items they aren’t regularly using.
What you need to get started: Items in good condition to rent.
8. Rent out a room
In addition to apps like Uber, Airbnb is one of the most popular platforms in the new “sharing economy.” Many people use Airbnb as an alternative to hotels while traveling, but some people need a room to rent for longer periods.
Joining a platform like Airbnb allows you to make use of the extra room in your home for both travelers and long-term renters.
Best for: People with an extra room or home.
What you need to get started: A well-maintained room or home.
9. Sell used items
Selling used items is one of the best ways to make money because we all have things we no longer use. You no longer need to have a garage sale to sell your old items because there are platforms that can help you find buyers. There’s a long list of platforms that allow you to sell your used items like:
One of the primary advantages is that you’re no longer limited to your neighborhood and can reach a larger pool of potential buyers. If you have unique novelty items you’re willing to sell, you may want to consider a platform like eBay, where people are regularly looking for hard-to-find items. This is also a great way for kids to make extra money by selling old toys.
Some of these sites are also a great way to make money fast online because they have quick payouts once an item is sold. If the buyer is local, you can get paid the same day.
Best for: Those with old items they no longer need.
What you need to get started: Supplies to ship orders or transportation to deliver locally.
10. Sell graphic design services
There’s no shortage of graphic design jobs, and you can find these jobs through freelance websites or directly with businesses. Many businesses of all sizes need people who can design advertisements, logos, and more. If you’re a graphic designer, it may be a good idea to create a website that hosts a portfolio of your work where people can contact you directly as well.
Although it’s helpful if you have a background in graphic design, you can learn many graphic design skills on your own. There are many helpful tutorials for popular programs like Photoshop on YouTube and other social media sites.
Best for: Graphic designers.
What you need to get started: Graphic design software.
11. Create online courses
Is there something you know quite a bit about that you can teach to others? If so, you can create and sell online courses. From work-related topics to yoga to parenting strategies, offering classes for something you are a subject matter expert in can help you make money while doing something you love! Some of the best websites to sell your courses include Udemy, Skillshare, and Teachable.
You may want to familiarize yourself with online course platforms because they are a great resource to broaden your skills. If you’re willing to invest some time and a little money, there are many courses to teach you new skills that you can turn into more ways to make money online.
Best for: Those who love to teach.
What you need to get started: Expertise in the subject matter you want to teach.
12.Self-publish books
There are many ways for writers to make money online, and writing books is easier than ever. You no longer need to go through a publisher to make money selling books. Today, there are many different websites that allow you to self-publish and sell your books.
The most popular site is Amazon’s Kindle Direct Publishing (KDP), but you can also sell your books on websites like Apple, Google Play books, Kobo, and more. If you have a microphone, you can turn your books into audiobooks as a way to make even more money from your writing.
Best for: Writers.
What you need to get started: Writing software.
13. Start a blog
Blogging became big as a way to make extra money online in the early days of the internet, and it’s still very viable. The great thing about blogging is that you can write about anything you’re interested in and just need to find others who are interested in the same topic.
There are different ways to make money from a blog. You can create your own website and sell Google Ad space or find sponsors. You can also use platforms like Medium, which has a built-in audience, and you can earn revenue as more people read your posts.
Best for: Those who like to write.
What you need to get started: Writing skills and knowledge about a topic.
14. Do freelance writing
Although many news outlets and websites have dedicated journalists, there is also a lot of work out there for freelance writing. Some of the biggest websites out there, from the Washington Post to the New York Times, take submissions from freelance writers.
One of the best ways to find freelance writing work is by following editors on X (formerly known as Twitter). They’ll often post asking for people who can write on a specific topic. Sometimes, these gigs will pay hundreds of dollars for a single article. If you’re a fast writer and can write articles within a couple of hours, you could earn an hourly rate of $100 an hour or more.
If there’s a specific website you’d like to write for, just check and see if they have a page that tells you how to submit pitches for articles. Keep in mind that each publication pays different rates, and sometimes, the work can be inconsistent.
Best for: Writers. What you need to get started: Writing software.
15. Find voice-over work
There are many people looking for voice-over work in advertisements, presentations, or audiobooks. If you can read a script, there may be people out there who will hire you for your voice work. Freelance platforms like Upwork often have miscellaneous voiceover job postings, but you can make more with longer-form content.
ACX is the platform Amazon’s Audible uses for authors to find people to read their audiobooks. The prices vary, but you can sometimes make significantly more there than on the freelance websites.
Best for: Anyone with a great voice.
What you need to get started: A microphone with good quality.
16. Sell arts and crafts
There are many different marketplaces online for those who love making arts and crafts. One of the most popular marketplaces is Etsy, and there’s a market for just about anything you enjoy making. You can make your own prices, and the platform takes a small percentage of the sale.
Best for: Creatives and artists.
What you need to get started: Materials to create items.
17. Sell stock photography and videos
Have you ever wondered where websites get their high-quality photos or videos? Many of them don’t have in-house photographers or videographers. They buy stock photos and stock video footage for a variety of projects.
For those who love photography and videography, there are a variety of websites that will buy your photos and videos. Websites like SmugMug Pro, 500px, Getty Images, and many others will pay you for the rights to your photos and videos.
Best for: Photographers and videographers.
What you need to get started: A camera.
18. Sell royalty-free music
Similar to photography and videography, many websites will pay you for your music. This type of music goes in the background of YouTube videos, advertisements, and anywhere else people may need some background music. Websites like Epidemic Sound and Pond5 are good places to start when it comes to selling your tunes.
Best for: Musicians.
What you need to get started: Instruments and recording equipment. Royalty and licensing information is available on the websites.
19. Create an e-commerce website
There are many websites that allow you to sell your product, but each one takes a percentage of the profits for using their platform. You can keep a larger portion of your profits by creating an e-commerce website.
When you create your own website, you’ll hold onto most of the profits. One of the most popular ways to sell is with Shopify, which easily plugs into your website. Shopify and similar services have fees as well, but it’s less than using a platform like Etsy.
The primary downside is that marketplaces like Etsy have a built-in user base, so you would have to do your own marketing to get the word out about your website.
Best for: People with something to sell who want a larger portion of the profits.
What you need to get started: The ability to create a website.
20. Utilize affiliate links
Affiliate links are a way to make additional money that work in conjunction with many of the other jobs on this list. An affiliate link is a special link that you use for a product or service from a company, and each time someone uses your link, you get a commission. This is how many stay-at-home parents popularized blogging in the 2000s. You can easily make passive income by using affiliate links with any of the following:
Personal blogs and websites
Social media profiles and content
Podcasts
In an interview with Business Insider, creative entrepreneur and YouTuber Roberto Blake explained how he started making $5,000 a month from affiliate marketing. “I fell into affiliate marketing from the Amazon affiliate program, but then I realized a lot of subscriptions and software I was using had programs, too,” said Blake while discussing additional ways to do affiliate marketing.
Best for: Those who also make money from creating a platform like a blog, YouTube channel, or podcast.
What you need to get started: Discussing other products and services that you can link to.
21. Edit audio or video
There are many different job postings on freelance websites for audio and video editing. Many companies find freelancers through sites like Upwork and Fiverr to help them with their marketing content.
In addition to companies hiring audio and video editors, many social media influencers on platforms like YouTube and TikTok outsource their editing. Podcasters often hire audio editors as well.
This is another one of the skills that you can potentially learn if you don’t have experience yet.
Best for: People who enjoy editing audio and video.
What you need to get started: Software to edit audio and video.
22. Edit copy
People are always looking for editors. Whether it’s an author looking for someone to edit their next book or a company that needs an editor for something they’re publishing for the public, people need their words to look excellent. Previously mentioned websites like Upwork and Fiverr regularly have jobs for editors, but you can also find work at Reedsy and Wordvice.
Best for: Those who love language.
What you need to get started: Familiarity with the English language and various types of grammar rules, such as Chicago or AP style.
23. Become a social media influencer
Currently, it’s easier than ever to make money online through social media platforms. Platforms like YouTube and TikTok pay creators directly through their creator programs. Typically, you have to meet certain criteria to be eligible for these programs, but some people make hundreds or even thousands of dollars each month through them.
If you’re an online business owner, a writer, or anyone who sells products or services, social media is a great way to find new buyers. On these platforms, you can provide links to your products, and you can also include affiliate links as a way to earn even more.
Best for: People who don’t mind being on camera.
What you need to get started: Some or all of the following: a camera, smartphone, and editing software.
24. Start a podcast
Podcasting is an easy way to start making content that could potentially make you money. You have a lot of creative freedom with podcasts as well. You can talk about topics that you’re interested in, tell stories, or interview people. Then, you can broadcast it to thousands or even millions of potential listeners on apps like Apple Podcasts and Spotify.
It can take some time to make money from podcasting. Unlike social media platforms like YouTube or TikTok, podcasting platforms don’t have a program to pay creators. Podcasters primarily make their money from advertisements and affiliate links. Once you have a dedicated audience, you can reach out to companies to sell ad space on your podcast.
Best for: People who enjoy talking.
What you need to get started: A microphone and audio-editing software.
25. Create a newsletter
Newsletters were some of the first ways for people to make money online. Services like Mailchimp and others allow you to create an email list and send a newsletter out to your subscribers.
The newsletter can be as frequent as you’d like, you can discuss different topics that interest you, and you can put it behind a paywall on your website. Substack is a newer platform that combines blogging with newsletters, and you can charge readers a monthly or annual subscription. This is a helpful tool for those who don’t want to build their own website.
You can also use a newsletter as a way to promote your online business and alert your customers of new products or discounts.
Anne Janzer is a self-published author and discusses how she uses her newsletter to sell more books. “When I have something new going on, I can go and ask those folks, ‘Hey, can you share the word about this?’ and they’re the first ones to go out and post about my new book,” Janzer said in an interview about how her newsletter leads to more sales.
Best for: Writers and people with an online business. What you need to get started: The ability to write.
26. Walk or board dogs
If you’re a dog lover, this may be the right option for you. There are apps like Wag and Rover that connect dog walkers with people, but you can board dogs as well. For those who rent, you may need your landlord’s approval before boarding dogs, but this is a great option for those who want to make money from home.
Both Wag and Rover offer additional dog services for those with other dog specialties. These include:
Drop-in visits to check on dogs while the owner is away
Dog training
Dog sitting
Best for: People who love dogs.
What you need to get started: Possibly transportation to get to clients and a home that allows pets if you choose to board them.
27. Trade stocks
This path of making money from home is on the riskier side, but it can also come with higher rewards. The difference between investing and day trading stocks is that investments are long term, whereas trading involves buying and selling stocks on a daily basis.
To make money trading stocks, you’ll need to stay updated on all of the latest stock news and learn when to buy and sell properly. There’s a learning curve to trading stocks, but some people make full-time income trading stocks through brokerages like Charles Schwab, Vanguard, or Robinhood.
Best for: People with a high risk tolerance.
What you need to get started: Before trading, you’ll want to learn as much as you can about various stocks and how to read the market to minimize losses. Then, you need a computer to trade, or you can trade on apps like Robinhood.
Making money online can help you pay off your debts
If you have a lot of debt, allocating funds from your paycheck can be difficult. Making money online is a great way to earn extra income that you can put toward your debts and potentially improve your credit. Some people are even able to make more money online than they would in an office job.
Having a good credit score is also a way to get access to credit cards and loans. You can use these to fund your online business or better equipment. This all starts with knowing your credit health and having the right tools.
At Credit.com, you can get your free credit report card to check your credit. Sign up for ExtraCredit for additional tools like credit monitoring and ways to report additional payments to the major credit bureaus.
Key Fed inflation metric expected to drop June 28 following unexpected decline in May wholesale prices and jump in jobless claims to highest level since August 2023.
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.
Federal Reserve policymakers said Wednesday they wanted more evidence that inflation is subsiding before cutting interest rates. A day later, they get some.
Two reports out Thursday showed May jobless claims jumped to their highest level since August 2023 and that wholesale prices unexpectedly dropped last month.
An estimated 242,000 workers filed initial claims for unemployment insurance during the week ending June 8, the Department of Labor reported, up 13,000 from the week before and close to 20,000 more claims than forecast by economists.
Initial jobless claims surge
“Initial claims have been drifting up for some time, but the big increase this week leaves the uptrend far harder to dismiss,” Pantheon Macroeconomics Senior U.S. Economist Oliver Allen said in a note to clients.
Oliver Allen
“High long-term rates, tight credit conditions and a gradual softening in demand are starting to weigh more heavily on businesses, and on small companies in particular,” Allen said. “Greater layoffs will probably mean that the labor market starts to look a lot weaker very soon, especially when combined with the meaningful slowdown in gross hiring suggested by most of the business surveys.”
Thursday’s wholesale prices report, formally known as the Producer Price Index (PPI), tracks demand, prices and profit margins for goods ranging from diesel fuel to eggs and services like freight and cargo transportation.
The PPI for final demand fell by a seasonally adjusted 0.2 percent in May, the Bureau of Labor Statistics reported Thursday. Economists had expected headline PPI to moderate from the 0.5 percent increase registered in April but projected the index would still manage to eke out 0.1 percent growth in May.
Bond market investors — who had already sent mortgage rates plummeting Wednesday after the latest Consumer Price Index reading showed inflation easing in May — kept the rally going Thursday, bringing 10-year Treasury yields down another 6 basis points.
Mortgage rates trending down
Rates for 30-year fixed-rate mortgages, which are largely determined by investor demand for mortgage-backed securities, dropped 14 basis points on Wednesday, to 6.84 percent, according to rate lock data tracked by Optimal Blue. A basis point is one-hundredth of a percentage point.
That’s a 43 basis-point drop from a 2024 high of 7.27 percent registered April 25, and mortgage rates are likely to keep tracking down with 10-year Treasury yields, a barometer for mortgage rates. An index maintained by Mortgage News Daily showed rates for 30-year fixed-rate loans eased again on Thursday, but only by a single basis point.
Key Fed inflation metric set to drop June 28
But mortgage rates have now come down nearly half a percentage point from this year’s highs — and could be poised for another big drop when the Federal Reserve’s preferred inflation gauge, the Personal Consumption Expenditures (PCE) price index, is updated on June 28.
CPI and PPI are key components of the PCE price index. Now that the latest CPI and PPI numbers are out, forecasters at Pantheon Macroeconomics have run the numbers for what core PCE — which excludes food and energy costs — might look like when the numbers for May are released in two weeks.
Fed policymakers took some of the momentum out of Wednesday’s CPI-fueled bond rally when they released economic projections indicating that they only expect to cut rates once this year, by 25 basis points. The Fed wants to see more evidence that inflation is moving toward its 2 percent annual target before cutting rates more drastically, Chair Jerome Powell said.
The Fed’s latest forecasts imply they expect core PCE to rise at an average pace of 0.19 percent each month from May through December, Pantheon Macroeconomics Chief Economist Ian Shepherdson said in a note to clients Thursday.
But Pantheon’s mapping of PPI and CPI data suggests core PCE increased by just 0.11 percent in May — a drastic slowdown from the 0.32 percent average increase in the first four months of 2024.
Ian Shepherdson
“We don’t know what policymakers specifically penciled in for May, but our estimate points to a material downside surprise,” Shepherdson said. “Meanwhile, the outlook for slower rent gains, falling wage inflation, and margin compression at retailers suggests that the core PCE deflator will continue to rise more slowly than the Fed predicted this week, laying the foundations for the first rate cut to come in September and multiple easings this year.”
When last updated, the full PCE index was up 0.26 percent from March to April, and 2.65 percent from a year ago. That’s much closer to the Fed’s 2 percent inflation target than in June 2022, when inflation peaked at 7.12 percent.
Pantheon Macroeconomics forecasters predict the Fed will ultimately cut the short-term federal funds rate by 1.25 percentage points this year, starting with a 25 basis-point cut in September followed by 50 basis-point reductions in November and December.
While that’s more aggressive than many forecasts, futures markets tracked by the CME FedWatch tool on Thursday put the odds of two or more Fed rate cuts by the end of the year at 71 percent, up from 53 percent on May 13.
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Victor Ciardelli beamed as his mortgage company, Chicago-based Guaranteed Rate, launched a “financial wellness” and “personal well-being” app last fall before a live audience in Times Square with wellness celebrity Deepak Chopra.
“Something we are passionate about at Guaranteed Rate is caring about people and their overall well-being,” Ciardelli said in a video of the event posted online. “We wanted to make sure that we did something to help people in their general stress and alleviate pain.”
But in the days following the launch of the app, which offers home loan applications and other financial services alongside yoga classes and nutrition advice, Ciardelli wasn’t happy. Yelling at executive leadership on company calls, he referred to his employees as “failures,” complained that the team did not show him from a particular camera angle and said “Marketing is a f−−−ing disaster,” according to two executives who were on the calls.
Despite Ciardelli’s public remarks on the importance of personal well-being, many former employees told the Tribune they experienced or witnessed persistent verbal abuse and a misogynistic environment while working at Guaranteed Rate. As part of a Tribune investigation, reporters interviewed nearly 80 former employees and reviewed court records, internal company emails, written exit interviews and text messages.
Many of the former staff members who spoke with the Tribune described Ciardelli, the company’s president, CEO and founder, as a boss who was quick to berate, swear at and demean employees.
“Every person that works directly under Mr. Ciardelli is terrified of his potential anger outbursts,” one former assistant wrote to human resources after she was let go from the company a couple of years ago, according to an email reviewed by the Tribune.
Some former employees who spoke with the Tribune said they were driven to seek mental health care because of the work environment at the company; one former worker said she contacted a suicide hotline last year.
Multiple women who used to work at Guaranteed Rate, meanwhile, described working in a sexualized atmosphere where some male loan officers and managers made sexually explicit remarks to female employees, hit on them in the office or at work events, and commented inappropriately on their appearance — even, in one case, encouraging a woman to use her looks to help close a loan.
In February, a woman who used to work as a loan officer at Guaranteed Rate filed a lawsuit against two high-producing loan officers at the company, alleging sexual harassment and gender discrimination. Her complaint alleges one of the male loan officers sexually harassed her at a corporate event, that the other loan officer pressured her not to report the incident to human resources, and that for the remainder of her employment the man who made the remark used “gender-based and demeaning slurs to refer to” her and other women at the company.
Other former employees said they did not bring their complaints to human resources because they thought Ciardelli or other executives and managers meddled in the department’s business and might retaliate, with at least two former employees saying they’d observed how company leaders protected certain staff members. Others said they did complain but felt the department didn’t take the information seriously.
In response to a detailed list of questions from the Tribune, Ciardelli and Guaranteed Rate vehemently denied all of these allegations, describing the company as a positive workplace environment where women in particular are supported. The firm went to remarkable lengths to dispute the allegations, including sending the results of a worker satisfaction survey it conducted and forwarding more than 80 testimonials from current and former employees. Among them were five of Ciardelli’s current or former assistants, as well as numerous male and female executives praising his leadership and support.
The company also retained an outside law firm that, even before receiving the reporters’ list of questions, threatened to sue the newspaper for defamation.
Guaranteed Rate, whose corporate headquarters is in Chicago’s North Center neighborhood, has grown tremendously since its founding in 2000 to become one of the largest mortgage lenders in the country based on loan volume, according to industry news and data provider Inside Mortgage Finance. Its name has adorned the White Sox stadium since 2016, and as recently as 2018, Guaranteed Rate was named a Chicago Tribune Top Workplace — a distinction based on surveys conducted by an outside company, with no input from editorial staff on the selection.
Jason Scott, a former top-producing loan officer and director of VA lending, which provides home loans to military veterans and active-duty service members, at Guaranteed Rate said his earlier years at the company — when lower mortgage rates fueled industry growth — were positive. But Ciardelli’s outbursts and verbal abuse of employees grew more noticeable, he said, when rising interest rates started to erode those gains, especially after the boom years of the COVID-19 pandemic.
“I think crazy success just brings out who the real people are,” said Scott, who reported to Ciardelli in his director role and now works for CrossCountry Mortgage, a competitor of Guaranteed Rate. “What did you sacrifice to get there? Did you sacrifice your soul or your core values?”
Many other former employees who spoke with the Tribune did so on the condition they would not be named in this story, saying they feared Guaranteed Rate would sue them. Guaranteed Rate has filed lawsuits against former employees to claw back signing bonuses; it also has sued competitor New American Funding and former employees who have hired former Guaranteed Rate workers, accusing them of unlawful poaching.
Ciardelli declined to be interviewed without his attorney for this story. In response to written questions provided by the Tribune, he and the company suggested the criticism of Guaranteed Rate came from disgruntled employees who could not succeed in a demanding work environment within a challenging industry, or from people who now work for a competitor and therefore would benefit from disparaging the company.
“We hold ourselves and our team members to an incredibly high standard and are not apologetic about that,” Ciardelli said in his written responses, sent through the outside law firm retained to handle communications with the Tribune. “We also recognize … that to achieve great success, one must embrace a full ownership for their actions, both successful and otherwise to achieve growth and most important optimally serve our customers. We promote a transparent culture that supports all our team members toward that goal and welcome constructive criticism. As a result, we are not for everyone.”
Ciardelli specifically denied berating staff, yelling at executives after the app launch or ever calling employees “stupid” or “failures.” He quoted the company’s chief operating officer, Nik Athanasiou, as saying: “I have worked with Victor for 15 years. No one is in more meetings with him than me. I do not ever recall an instance where Victor was abusive toward another employee.”
Ciardelli also pointed to the company’s anti-discrimination and anti-harassment policies and said neither he nor any other executive interfered with human resources.
In response to questions from the Tribune about women’s complaints, including being subjected to sexually explicit comments and working in a “boys club” atmosphere, Ciardelli wrote that such allegations are “simply not true.” The company “has not, does not, and would not objectify women or put them in uncomfortable personal or professional situations,” he wrote.
Ciardelli also highlighted the large number of female loan officers working at the company, their professional success and the testimonials from female employees. When the Tribune asked to speak with four of those women, only one — Rola Gurrieri, the company’s New Jersey-based chief fulfillment officer — agreed to be interviewed without outside counsel or management present.
Regarding the lawsuit filed by former Guaranteed Rate loan officer Megan McDermott, the company told the Tribune it had “found no evidence supporting Ms. McDermott’s allegations of sexual harassment or gender discrimination” after conducting a “comprehensive investigation.”
Guaranteed Rate also sent a general statement detailing the company’s business philosophy, which includes a “fierce commitment to excellence.” Employees who do not “meet our core values or our quality standards” find it challenging to maintain job satisfaction at the company, it said.
“Many of these employees walk away not feeling good about the company which is a natural emotion when faced with a reality that their standards and the company standards are not aligned,” the statement said.
But many of the former employees who spoke with the Tribune described a cutthroat work culture they said could be frightening and upsetting, with several attributing that culture to Ciardelli’s laser focus on making money and growing Guaranteed Rate.
The former assistant who emailed human resources asked not to be identified in this story, fearing it might jeopardize her current job or trigger retaliation from Ciardelli. In that email, the woman wrote that she was “constantly on edge and terrified to have an interaction with Mr. Ciardelli” and that she had “consoled each assistant on his team that endured the wrath of Mr. Ciardelli’s behavior.”
“I hope that my experience will open your eyes,” she wrote.
Flying too close to the sun
In an interview with the Tribune in 2014, Ciardelli made plain his ambition to grow the company.
“If you can’t handle it, you shouldn’t be here,” Ciardelli said. “Instead of feeling like, oh, we care about people’s feelings and all that, it’s all about results.”
In the same article, Ciardelli said he worked constructively with his employees when issues arose at work. “There’s no drama involved; there’s no yelling,” he said. “Let’s fix the issue and move on.”
But multiple former executives and employees told the Tribune Ciardelli regularly yelled at and verbally attacked executives and other employees in person and on company calls, sometimes in front of hundreds of people, with the calls following the app launch just one example.
Some former and current employees told the Tribune they tried to avoid Ciardelli because they were scared of his temper.
Scott, the former director of VA lending who worked at Guaranteed Rate from 2017 until he resigned in 2022, splitting his time between offices in Hawaii and Colorado, called Ciardelli a “bully.”
Scott told the Tribune that, during one call, Ciardelli took an executive “to the woodshed and just eviscerated him verbally,” saying things such as “I can’t believe you are this stupid.”
“(Victor) throws the grenade and then he leaves the room,” not giving people a chance to explain or talk through the issue, Scott said.
At the time of Ciardelli’s 2014 Tribune interview, Guaranteed Rate had 2,500 employees nationally, 1,050 of whom were based in Chicago, according to Tribune archives.
The company grew to employ 9,708 people nationwide at its peak in 2021, Guaranteed Rate told the Tribune in May. Part of the company’s growth stemmed from its acquisitions of other mortgage companies: Manhattan Mortgage and Superior Mortgage in 2012 and Stearns Lending in 2021.
Guaranteed Rate also partners on mortgage services with some of the largest real estate companies in the country. Including the people working in those partnerships, Guaranteed Rate had 14,264 employees at its height in 2021.
Like other mortgage companies, Guaranteed Rate has suffered a significant decline in business over the last two years, stemming from mortgage rates that have more than doubled from their record lows during the pandemic.
As mortgage rates soared in 2022 and 2023, the firm implemented thousands of layoffs, with only 3,871 workers remaining as of April, or 5,756 among all its companies, excluding contractors, as of May, according to the company.
Yet Ciardelli’s volatile behavior predated the stressful times in the housing market, according to some people who worked for Guaranteed Rate. Many people who “fly too close to the sun” — a metaphor some employees used to describe working directly with Ciardelli — eventually leave, they said.
People who work in personal and executive assistant roles for Ciardelli rarely last long in their jobs, with many leaving after less than a year, former employees said. Some referred to Ciardelli’s assistant position as a “revolving door,” and the LinkedIn profiles of multiple former assistants show short stints with the company.
More than two dozen executives and senior loan officers have left the company over the last decade, with a significant exodus occurring in the past two years. Multiple former executives and loan officers — including Scott — told the Tribune they left because of Ciardelli’s verbal outbursts and what many described as a workplace where they felt bullying and misogyny were tolerated. Most now work for competitors.
Ciardelli and other executives sometimes would disparage people who left the company, according to Scott.
“I would be like ‘Guys, did anybody ever think about reaching out to them before they left and having an exit interview with them?’” Scott said. “You are talking about a person that was a top producer here that you loved them as long as they produced, and now that they leave, they are an enemy? … They are leaving for a reason.”
In Ciardelli’s written responses to Tribune questions, he said allegations of a toxic work environment or bullying on his part are “not aligned with Guaranteed Rate or my leadership.” He said neither he nor other executives have disparaged former employees when they left the company.
In response to a question about assistant turnover, Ciardelli wrote that he has worked closely with five “primary” assistants since 2000. “As is the case with any demanding support roles, there has been some turnover with secondary and tertiary assistants, but nothing that is abnormal or unexpected,” he wrote.
One testimonial sent to the Tribune was from Melissa Czaszwicz, who said she worked for Ciardelli as an executive assistant in the early 2000s. She wrote that she had a positive experience working closely with Ciardelli, who she said was especially supportive when she had children.
“Never did I witness anything inappropriate or out of line,” said Czaszwicz, who still works at Guaranteed Rate.
‘Mental health has suffered’
Some former employees who spoke with the Tribune said they were driven to seek mental health support during and after their time at the company because of the negative work environment they experienced at Guaranteed Rate.
Most of those who shared their experiences worked for an executive who has a close working relationship with Ciardelli. Former workers said this executive also verbally abused staff and was prone to volatile mood swings.
One told the Tribune she texted and called a suicide hotline last year while working at the company because of verbal abuse from the executive; she shared the texts she sent with the Tribune.
In her resignation email, sent to the executive and to the human resources department last year, she wrote: “My mental health has rapidly declined due to the way I have been treated and spoken to in the last couple of months.”
Another employee from the same team wrote in a 2019 resignation letter sent to the executive, human resources, Ciardelli and others that his “mental health has suffered.”
In the resignation email and in an interview with the Tribune, the former employee said his boss gave him the runaround when he asked for time off to attend his mother’s chemotherapy appointments and complained to other employees about his requests.
Other employees discouraged him from requesting leave directly from human resources, warning him he would be fired if he went around the executive, according to the email.
Alyssa Ortiz, another former employee, said working with this executive was like being in an “abusive” relationship, being yelled at one minute and being invited for drinks the next.
“Everyone has gotten … chewed out and left crying,” said Ortiz, who worked for Guaranteed Rate from 2017 to 2019.
Ortiz told the Tribune that human resources and Ciardelli had been notified of this executive’s verbal mistreatment of employees but did nothing. She and about a dozen other former employees told the Tribune they felt Ciardelli protected this executive because of their working relationship.
In a written exit interview from 2020, one employee from the same department described how the executive would discuss former employees’ exit interviews with current employees.
“This created a fear for us to go to HR for anything moving forward,” the employee wrote.
Ciardelli said the company was not aware of any incident in which an executive read former employees’ exit interviews aloud; he said Guaranteed Rate “would never support this practice.”
Dozens of employees have left the executive’s department since 2017, according to interviews with former workers and LinkedIn profiles. The executive has since been promoted, the executive’s LinkedIn profile and the company’s website show.
In 2018, the head of human resources at the time took away the HR representative working with the executive’s department because of “risks” the executive posed to the company, according to an email reviewed by the Tribune.
“I can’t in good conscience keep allowing (the executive) to drag other employee (sic) into … schemes,” the former HR head wrote. “And by schemes I mean risky bull−−−−.” The department would have no assigned human resources representative after that, according to the email.
In correspondence with the Tribune, Guaranteed Rate described the company as a positive workplace where abuse and harassment are not tolerated and where complaints to human resources are taken seriously.
“We are not perfect by any means, but we do work hard to listen to our employees and make sure they feel supported,” a company spokesperson wrote in an email to the Tribune in April. “Most of all, we have no tolerance for any form of bullying, harassment or mistreatment. It is not who we are or who we want to be.”
Some of the employee testimonials provided by Guaranteed Rate expressed similar sentiments. For example, Mohamed Tawy, a branch manager and senior loan officer who has been with Guaranteed Rate for three years, wrote that the culture at the company is the best he has experienced in his 15-year career.
In an interview with the Tribune, Tawy said: “As a top producer … and I’m also a minority myself, I haven’t felt anything or seen anything that makes this company in any way negative for anybody that’s different. … I’ve seen here all that matters is that you do a good job, your production is good and that you follow the protocols and the rules, and I’ve seen people succeed with that more than any company I’ve been with.”
The Guaranteed Rate spokesperson also shared the results of an employee experience survey conducted in February. According to the company, the average rating for the culture at Guaranteed Rate was 8.49 out of 10, with nearly 75% of 3,745 employees responding. Those ratings were based on employees’ stated level of comfort providing feedback and/or concerns, how much they felt supported by the company in maintaining a healthy work-life balance and their sense of Guaranteed Rate’s commitment to promoting diversity and inclusion.
The email from the spokesperson said the company received “a countless number of positive comments and appreciation for their leaders, teams and our overall culture.”
In response to Tribune questions, Guaranteed Rate said in May that the survey was anonymous and it was analyzed by its “employee experience team.” The company did not provide the Tribune with a complete set of responses from the survey, but it volunteered that employees used the word “toxic” to make a negative comment about Guaranteed Rate in only 14 of the more than 5,000 written responses provided to three open-ended survey questions.
‘Mortified and disgusted’
Megan McDermott, a single mother of three, met her supervisor at Guaranteed Rate, Jon Lamkin, in person for the first time at a corporate event in December 2015, according to the lawsuit she filed in February.
When Lamkin heard the age of her oldest child, the suit alleges, he said: “You should have known better than to let some guy’s d−−− c−−− inside you.”
According to her lawsuit, McDermott reported the comment to Joseph Moschella, a regional manager and senior loan officer at Guaranteed Rate who was responsible for McDermott’s region while she worked at the company. Moschella, the suit alleges, “pressured” her not to make a formal complaint of sexual harassment to human resources.
McDermott told the Tribune she was “mortified and disgusted” after Lamkin made the comment.
“The irony here is that Jon should have known better than to treat an employee the way he did rather than telling me I should have known better to become a single mother at 20 years old,” McDermott said, “which is vile. … He set the tone the first day I met him of the power Joe and Jon had over my career.”
As McDermott went on to become a top-producing loan officer for Guaranteed Rate in New Jersey, her suit alleges Lamkin subjected her to abuse by “regularly screaming at her and using gender-based and demeaning slurs to refer to” her and other women at the company.
Her lawsuit alleges she was “subjected to a sexual and gender-based hostile work environment” by Guaranteed Rate, Lamkin and Moschella. Her suit also alleges McDermott did not receive the same opportunities, treatment and pay as male loan officers, which some other female loan officers told the Tribune reflected their own experiences as well.
McDermott did not lodge a complaint after Lamkin’s comment because she “believed she would be retaliated against” if she did so, the suit states. When she did report to HR around 2019 that Lamkin had engaged in “abusive behavior,” the department “failed to do anything to investigate or curtail Defendant Lamkin’s behavior,” the complaint alleges.
“Joe encouraged me not to go to HR because of the damage it would do to Jon’s career,” McDermott said. “Ultimately, all that they were worried about was Jon, his reputation and his career versus reporting inappropriate behavior.”
Guaranteed Rate told the Tribune in its May response that Lamkin’s comment was “nothing more than a single off-color joke,” that McDermott accepted an apology from Lamkin and that Moschella “encouraged” McDermott to contact human resources if she was “still upset.”
The company said it “could not find any record of Ms. McDermott making any form of complaint to the company’s human resources department in 2019, either verbally or in writing.”
McDermott told the Tribune she helped build Guaranteed Rate’s business in north Jersey from the ground up and said she loved the work until she found out she was not being treated equally as a woman.
“I believe management did not want to see me succeed, didn’t take me seriously and made decisions that negatively affected me and my children financially,” said McDermott, who now works for CrossCountry Mortgage, a competitor. “I ultimately left GR because I could no longer work in an environment where I was not valued and leadership felt that they could exploit me.”
Moschella and Lamkin are still employed at Guaranteed Rate. They did not respond to a Tribune request for comment. Guaranteed Rate told the Tribune in May that it had investigated McDermott’s allegations of sexual harassment and gender discrimination and found that “there is no evidence that Mr. Lamkin or anyone else at Guaranteed Rate ever created a hostile work environment for women.”
Guaranteed Rate also said in a statement that it complies with state and federal equal pay laws. The company said an “outside law firm” had reviewed its 2023 pay data and found it compliant with state equal pay laws.
In his written responses, Ciardelli highlighted the high percentage of female loan officers at the company in comparison to its competitors and said “our women originators thrive more than at any mortgage company in the industry.”
Employee statements provided through Guaranteed Rate’s attorneys included testimonials from dozens of women. Some noted the existence of the company’s employee resource group for women, GROW, while others cited the presence of women in leadership roles throughout the company.
“In addition to my professional growth I’ve experienced, I am equally grateful for the respect and dignity with which I have been treated as a woman in the workplace,” Jaime Kinman, a senior loan officer, said in her statement. “In an industry where gender biases still exist, I have never once felt marginalized or overlooked because of my gender.”
Gurrieri, the company’s chief fulfillment officer, said in an interview with the Tribune that she “never one time” experienced misogyny at the company.
“I got promoted when I’m six months pregnant,” she said. “That’s unheard of.”
Gurrieri, who has worked for Guaranteed Rate for more than six years, described Ciardelli’s leadership style as “extremely passionate.”
“There’s never been a day where I ever felt disrespected or not appreciated,” she said.
According to a former top executive who reported to Ciardelli for many years and a former human resources employee, a handful of loan officers at Guaranteed Rate were known sexual harassers, making women feel uncomfortable with inappropriate touching and unwanted advances in work settings.
But that behavior was rarely addressed, the former workers believed, because the men were friends with Ciardelli or were high-producing loan officers — each responsible for bringing in tens of millions of dollars in loan volume. Some of these loan officers still work at Guaranteed Rate.
Ciardelli called these allegations “simply not true” and said they were contradicted by the employee testimonials provided through the company’s attorney.
“They are also inconsistent with the recollections and experiences of multiple former HR professionals,” Ciardelli wrote.
A ‘sex-driven’ culture
In interviews with the Tribune, multiple former employees described a “boys club” atmosphere at Guaranteed Rate; Scott, the former director of VA lending, said there was “a lot of misogyny.”
Jessica Moreno, a former Chicago employee who started at Guaranteed Rate at age 23, said she was the first in her family to get a corporate job. Within a year of starting her job, she said, she was paying the mortgage on her family home.
But in her department, Moreno said she experienced a “sex-driven” culture.
“All the guys were just like, tongues on the floor,” said Moreno, who worked for the company for about four years starting in 2014. Her workplace was “like a men’s locker room, and women were in it,” she said.
Male co-workers and managers would hit on her and make comments on her appearance, calling her pretty, Moreno said. Comments made at Christmas parties or happy hours could be crasser, she said.
“You’ll get, ‘Oh, I’ve always wanted to f−−− you,’” she said.
Moreno said she once overheard a male manager describe a woman who had interviewed for a job as a “fox.” Another time, she said, a manager invited a female massage therapist to the office; Moreno remembers male co-workers commenting on the therapist’s body, too.
Soon after she’d started at Guaranteed Rate, Moreno said, she met with HR to make a complaint about a manager who swore at and belittled her. The HR representative brushed off her concerns in that meeting, she said.
“After that, I felt so discouraged to never even speak up again,” Moreno said.
Moreno ended up leaving her position before taking a job working for a Guaranteed Rate loan officer; she said she was terminated after clashing with the loan officer’s assistant.
Some female former employees of Guaranteed Rate said they understood looks to be a currency within the company.
One former Chicago employee said a manager encouraged her to text a selfie to a client after hearing the client flirt with her over the phone and say he’d be inclined to speed up the loan process if he knew what she looked like.
The employee said she sent the selfie, and the manager then pushed her to go along with the client’s harassment until the loan closed, she said.
After receiving the photo, the client responded, “As pretty as you are I can’t believe some man hasn’t run off with you just howling away,” in a text reviewed by the Tribune. Later on, after sending her forms, the client texted her: “You said I would get another pic when I sent you the forms so?”
The employee said another manager in her division would frequently flirt with her and comment on her appearance. He once texted her to “stop losing weight damn it” and another time texted her that she “broke (his) concentration,” according to texts reviewed by the Tribune.
Another former Chicago employee remembered a manager telling her, while she was pregnant with her first child, “Whatever you do, don’t get a C-section — you’ll never wear a bikini again.” The employee went out on maternity leave days later. She said she did end up needing a C-section and remembers the manager’s comment echoing in her head as she was wheeled back for surgery. Two people the woman told about the incident at the time corroborated her account in interviews with the Tribune.
Several former employees in the marketing department, including two men, told the Tribune Ciardelli made comments about workers’ ages. One employee got Botox and fillers after Ciardelli told employees they were “too old” and likened the marketing department to his “grandmother’s mortgage company,” according to former marketing department employees.
In his written responses, Ciardelli said “Guaranteed Rate is committed to fostering an environment that promotes diversity, equity, inclusion, and accessibility. We maintain a comprehensive set of employment policies aimed at providing a work environment free of unlawful harassment and discrimination, where all employees treat one another with dignity and respect.”
A spokesperson said in the April 1 email sharing the employee survey results that the company had launched “even more initiatives to ensure we have a positive work environment,” including anti-harassment training, training for the human resources team “to take proper and appropriate steps and best practices for investigating and responding to employee complaints” and reminders to employees on how to report harassment or abuse.
“Our executive team has emphasized to Human Resources that all complaints should be investigated, and any form of harassment and misconduct should be dealt with swiftly – and all managers and employees who are not acting in accordance with our values be rooted out of our organization,” the spokesperson wrote.
In the company’s May responses, it said these initiatives were launched in 2023 and were to “expand and enhance” the existing training program.
All Guaranteed Rate employees must complete “harassment and discrimination prevention training” upon being hired and on an annual basis thereafter, according to the company’s May response. The company said Guaranteed Rate has an “anti-retaliation” policy that prohibits retaliation against employees who report alleged harassment or discrimination or participate in an investigation into the conduct. The company also noted it has an ethics hotline through which employees can make anonymous complaints.
“We respect and treat all employees equally no matter their sex, color, or creed,” Ciardelli wrote.
In the last 10 years, Guaranteed Rate has not settled any lawsuits involving claims of a hostile work environment, according to the company. Guaranteed Rate’s response stated that within that time frame, the company settled six claims involving allegations of a hostile work environment, including arbitration cases as well as claims filed with the Equal Employment Opportunity Commission and state and local agencies. The majority of those claims were brought by male employees, and one was resolved in Guaranteed Rate’s favor, the company said.
Guaranteed Rate employees are asked to sign mandatory arbitration agreements when they are hired, but sexual harassment claims and claims filed with the EEOC and similar state agencies are not subject to arbitration, according to Guaranteed Rate’s May responses.
‘Positive thinking’
Publicly, Ciardelli presents himself as a champion of a positive work environment — an image the company has encouraged employees to promote.
In an email sent in February by a company executive and obtained by the Tribune, employees were encouraged to share a Forbes article featuring Ciardelli; the email provided step-by-step instructions for posting it on social media.
The story, published Feb. 7, was titled “Guaranteed Rate Founder Is All In On ‘Positive Thinking’ This 2024” and described his leadership style as “Chicken Soup for the Mortgage Industry.”
“I communicate the power of positivity and gratitude to everybody around me: employees, friends, family members, everyone,” Ciardelli was quoted as saying.
Less than 24 hours after it went live, the article disappeared from the Forbes website. The site provided no explanation, but one former Guaranteed Rate employee told the Tribune former workers had written to the author about factual inaccuracies.
On Feb. 8, a Guaranteed Rate executive sent another email encouraging employees — again with step-by-step instructions — to delete any social media posts linking to the article.
“We are working with Forbes to resolve and will let you know when it will be reinstated,” the email said. “We apologize for the inconvenience, and we will send out a new link as soon as it’s available.”
The Forbes contributor declined to comment for this story. Forbes told the Tribune the article was taken down because it did not adhere to the company’s “editorial guidelines” and did not respond to further questions.
The article has yet to be republished, but Guaranteed Rate still wants people to read it. The company shared it in a PDF on its LinkedIn page.
After two weeks of declining volumes, home loan applications showed renewed strength, with refinances, particularly, bouncing higher on lower interest rates, the Mortgage Bankers Association said.
The MBA’s Market Composite Index, a measure of weekly application activity based on surveys of the trade group’s members, leaped a seasonally adjusted 15.6% for the seven-day period ending June 7. In the prior holiday-shortened week, the index had dropped 5.2%. Despite the latest upturn, last week’s surge only left volumes flat compared to the same survey period of 2023.
The 30-year fixed-rate conforming average decreased by 5 basis points for the week, declining to 7.02% from 7.07%. Points used to help buy down the rate were unchanged at 0.65 for 80% loan-to-value ratio mortgages. Loans with conforming limits of $766,550 in most markets make them eligible for sale to the government-sponsored enterprises.
“Mortgage rates were trending lower over the course of last week until a stronger than anticipated employment report resulted in a bounce back,” said Mike Fratantoni, MBA senior vice president and chief economist, in a press release.
Still, activity increased across both conventional and federally backed lending, with a surge in the latter helping propel overall volumes. The seasonally adjusted Government Index accelerated 27.1% from the previous survey, buoyed by applications coming through the Department of Veterans Affairs.
“Lower rates earlier in the week meant a strong increase in refinance activity, particularly for VA borrowers, who jumped on the chance to lower their rates,” Fratantoni said.
The Refinance Index rose 28.4% from seven days earlier, with VA volumes up 142.7%. Year over year, the index was up a similar 28.8%. Elevated refinance activity garnered a 35.2% share relative to total weekly volume, increasing from 31.1%.
At the same time, the Purchase Index also climbed up a seasonally adjusted 8.6% from a week earlier. But compared to the same survey period a year ago, volumes dropped 11.9%.
“Multiple data sources are now indicating that home inventory levels, while still historically low, are up significantly from last year at this time. This is good news for many prospective homebuyers who have been frustrated by the lack of homes on the market,” Fratantoni said.
Thanks to renewed interest coming from VA borrowers, government-sponsored applications ended up expanding its portion of weekly volume. VA-guaranteed mortgages grew to 14.7% from 12.1%, more than offsetting the decline in Federal Housing Administration-backed loans, which narrowed to 13.1% from 13.2%. Applications coming from U.S. Department of Agriculture programs grew to a 0.4% share from 0.3% week over week.
Other fixed mortgage rates among MBA lenders either flattened or decreased alongside the conforming average. The 30-year jumbo rate for loans with balances exceeding the conforming limit inched down to an average of 7.18% from 7.21%. Borrowers typically applied 0.54 worth of points compared to 0.41 a week earlier.
At the same time, the average rate of the 30-year FHA-backed loan remained at 6.87%. But points to buy down the rate decreased to 0.92 from 0.96 for 80% LTV-ratio loans.
The 15-year fixed-rate average took a larger fall of 15 basis points to 6.6% from 6.75%. Points decreased to 0.55 from 0.63.
Heading the opposite direction, the mean 5/1 adjustable-mortgage rate average finished 7 basis points higher from the previous week, rising to 6.45% from 6.37%. Points used on the loans, which start with a fixed 5-year term, jumped to 0.81 from 0.63.
Consumer interest in adjustable-rate mortgages typically rise and fall in the same direction as fixed rates. But while rates fell, the ARM Index still managed to increase by 7%. The share of ARMs relative to total activity eased down, though, to 6.3% from 6.7% in the previous survey period.
Have you ever wondered if you can get paid to stuff envelopes at home? It sounds like an easy way to make extra income, right? Envelope stuffing jobs have been around for a long time and often come up as a way to make extra money from home. These jobs involve placing papers or flyers…
Have you ever wondered if you can get paid to stuff envelopes at home? It sounds like an easy way to make extra income, right?
Envelope stuffing jobs have been around for a long time and often come up as a way to make extra money from home. These jobs involve placing papers or flyers into envelopes, which are then sent out to a mailing list.
But, before you jump in, there are a few things you should know about envelope stuffing jobs.
First, be cautious of envelope stuffing jobs that ask for upfront fees – they’re almost always scams. Second, real envelope stuffing jobs are rare and don’t pay much.
If you’re thinking about envelope stuffing, it’s worth looking into alternative jobs that may have more stability and better income.
What Is Envelope Stuffing?
Envelope stuffing is a simple job where you put things inside envelopes.
You might stuff letters, flyers, or promotional materials using postage stamps.
Once everything is inside, you seal the envelope and add stamps or labels.
Sometimes, you might use machines to help with the job. Machines can quickly fold and insert papers into the envelopes.
There are also jobs where you handle everything by hand. This includes folding the papers, putting them into the envelopes, sealing them, and adding the postage.
While it might sound easy and convenient, especially as a work-from-home option, be cautious. Many job listings for envelope stuffing jobs turn out to be scams. People might ask you to pay for information or materials that lead nowhere.
Legitimate envelope stuffing jobs exist but are often found in mailrooms or offices. These jobs may require some clerical skills and attention to detail.
For me, I had an office job where for around one week out of the whole year I stuffed envelopes, but that was it (I worked for a small company).
Just remember, if something sounds too good to be true, it probably is. Stuffing envelopes scams are everywhere and they are a waste of your time.
Recommended reading: 31 Best Stay At Home Jobs (#1 Is My Full Time Job!)
How To Spot Envelope Stuffing Job Scams
Envelope stuffing scams tend to make promises of easy money for little work. To avoid falling for these scams, watch out for the following red flags:
Upfront fee to get started
When looking for envelope stuffing jobs, be cautious if you are asked to pay a start-up fee. Legitimate jobs never require you to pay to work.
For example, scammers may ask for money to provide you with a “starter kit” or “materials.”
If the job offer is real, the employer will not ask you to cover costs for materials or a starter kit.
Pay attention to the details provided by the company. If they are unclear or vague about what the upfront fee covers, it’s a red flag. A real company will clearly explain all costs and fees.
So, there are ways to get paid to stuff envelopes from home for free, they are just hard to find.
Promises of high earnings for little work
When you see ads claiming you can earn big money with little effort by stuffing envelopes, be careful.
These ads may promise hundreds or even thousands of dollars per week. It’s worth noting that such offers are often too good to be true, because who would pay $1,000+ a week to stuff envelopes?
Scammers know that the idea of easy money is attractive. They lure you in with lots of money, but the reality is very different.
Actual pay for envelope stuffing jobs is usually much lower. You might earn only 5 to 20 cents per envelope. This means you need to stuff hundreds of envelopes just to make a little money. The average hourly rate is quite low.
Some advertisements also suggest you can get rich quickly. This is always a red flag.
If it sounds too easy and too profitable, it’s likely not true. Most real envelope stuffing jobs are time-consuming and don’t pay well.
Lack of contact information
When looking for legitimate envelope stuffing jobs, one big thing to check is contact info.
A real company should have a physical address. If you can’t find an address anywhere, that’s a red flag. This might mean the company is not real or trustworthy.
You should also watch out for emails filled with mistakes. Poor grammar and sloppy writing can be signs of a scam. A real company should communicate clearly and professionally.
Here’s what to do if you’re not sure if the envelope stuffing job is real or not:
Always search for the company’s contact details.
Check their website for an address and phone number.
Try to contact them directly to see if their response is professional.
I always recommend that you verify the company’s information before sending any personal information.
Pressure to act quickly
When looking for envelope stuffing jobs, you might find that some companies push you to act fast. They might tell you that you need to sign up immediately, or you’ll miss out on the job. This type of pressure is a big warning sign and it’s typically a scam.
Here’s why acting quickly can be risky:
Not enough time to research – You might not get a chance to look into the company. This can lead to falling for scams.
Impulsive decisions – Quick decisions might make you agree to conditions that aren’t good for you.
Losing money – You might have to pay upfront fees, thinking it’s normal. Real jobs usually don’t ask for this.
Remember: Scammers like to use urgency to trick people.
Is envelope stuffing legit?
Envelope stuffing jobs can be tricky. Most ads promising high pay for stuffing envelopes at home are scams. When a job offer sounds too easy or too good to be true, it’s usually worth questioning.
Here’s what you can do:
Check reviews and complaints – Look for the company online. Visit forums, review sites, Glassdoor, the Federal Trade Commission (FTC), and the Better Business Bureau (BBB) to see if others had bad experiences. You could even contact your state attorney general’s office to see what they think.
Ask questions – Contact the company directly. Ask for details about the job. Legitimate companies will give you clear answers.
Protect yourself – Never give out personal or financial information without verifying the company’s legitimacy.
Trust your instincts – If something feels off, it likely is. Trust your gut and research before making any decisions.
Instead of trusting random ads, use trusted job boards like Indeed, LinkedIn, or FlexJobs. These sites can help you find legitimate work-from-home jobs, though true envelope stuffing jobs are rare. Sometimes, jobs involving clerical tasks might require some envelope stuffing, but they will include other duties too.
8 Alternatives to Envelope Stuffing Jobs
Looking for a job that you can do from home? Check out these options like proofreading, bookkeeping, and virtual assistant work. These jobs can pay a good income and may even allow for flexibility in your schedule.
1. Proofreader
Proofreaders check written content for errors. They look for grammar, spelling, and punctuation mistakes. This job is perfect if you enjoy reading and have strong language skills.
I have a proofreader for my blog. Even though I write a lot, I know it’s very important to have someone check my work.
If you want to become a proofreader, I recommend joining this free 76-minute workshop focused on proofreading. In this workshop, you’ll learn how to start your own freelance proofreading business.
Recommended reading: 20 Best Online Proofreading Jobs For Beginners (Earn $40,000+ A Year).
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This free 76-minute workshop answers all of the most common questions about how to become a proofreader, and even talks about the 5 signs that proofreading could be a perfect fit for you.
2. Bookkeeper
A bookkeeper manages financial records for businesses. This includes tracking income and expenses, creating invoices, and preparing financial reports.
This job lets you work on your own and earn around $40,000 or more each year. You don’t need a college degree to be a bookkeeper either.
You can join the free workshop about finding virtual bookkeeping jobs and starting your own freelance bookkeeping business by signing up for free here.
Recommended reading: How To Find Online Bookkeeping Jobs
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This free training will teach you what you need to know to become a virtual bookkeeper and make money from home.
3. Transcriptionist
Transcriptionists listen to audio recordings and type what they hear. This job requires good listening and typing skills.
You might transcribe interviews, meetings, or medical records. Online transcriptionists usually make between $15 and $30 per hour. New transcribers usually start at the lower end of that range.
A free training I recommend learning from is Free Workshop: Is a Career in Transcription Right for You? You’ll learn how to get started as a transcriptionist, how you can find transcription work, and more.
Recommended reading: 18 Best Online Transcription Jobs For Beginners To Make $2,000 Monthly
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In this free training, you will learn what transcription is, why it’s a highly in-demand skill, who hires transcriptionists, how to become a transcriptionist, and more.
4. Virtual assistant
One of my first side jobs was working as a virtual assistant. It was fun and flexible, and I earned a good income doing it.
Virtual assistants help businesses with tasks like scheduling meetings, managing emails, and social media.
As a virtual assistant, you sometimes may get paid by the person you are working for to stuff envelopes. But, it most likely won’t be your entire job, just a very small fragment of it. After all, someone needs to mail things for a company or a person.
In fact, when I worked for a small company when I was younger, one of my job duties was to put together around 1,000 envelopes to our clients around the holidays. I did this every year. But, this was on top of all of my other work responsibilities, so I was not only an envelope stuffer. So, you may be able to find a job where this is a part of your tasks but typically not what you do 24/7 at work.
Recommended reading: Best Ways To Find Virtual Assistant Jobs
5. Blogger
I started my blog, Making Sense of Cents, without much planning. I just wanted to share my experiences with money. Surprisingly, since I started, I’ve made over $5,000,000 from it. Now, blogging is my main job!
There are many positives! I can work alone, make my own schedule, be my own boss, choose the work I want to do, and work from home. I have an amazing work-life balance, and I wouldn’t trade this job for anything else.
If you are looking for something that you can do from home, then this can be a good option to look into.
You can learn how to start a blog with my free How To Start a Blog Course (sign up by clicking here).
6. Data entry clerk
Data entry clerks input information into digital systems, such as spreadsheets. Work-from-home data entry jobs are straightforward and require accuracy.
Many businesses need data entry clerks for tasks like updating databases and entering customer information.
Data entry jobs usually pay between $15 to $20 per hour.
Recommended reading: 15 Places To Find Data Entry Jobs From Home
7. Customer service representative
Customer service representatives help customers with their questions and issues. This role can involve phone, email, or chat support.
On average, customer service representatives make about $35,868 a year. This can vary depending on where you work and how much experience you have.
Big companies like Apple, Progressive, U.S. Bank, American Express, and U-Haul hire customer service representatives who can work from home. This means you can do the job from the comfort of your own house.
8. Paid online surveys
Completing paid online surveys is an easy way to make extra cash. Companies pay for your opinion on products and services.
While you won’t make a full-time income, it’s an easy way to earn money in your spare time.
The survey companies I recommend signing up for and the best-paying survey sites include:
American Consumer Opinion
Survey Junkie
Swagbucks
InboxDollars
Branded Surveys
Prime Opinion
Five Surveys
PrizeRebel
User Interviews
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Swagbucks is a site where you can earn points for surveys, shopping online, watching videos, using coupons, and more. You can use your points for gift cards and cash.
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Once you complete five surveys, you’ve earned $5, which you can cash out using the payout options offered by the site (such as PayPal cash and free Amazon gift cards).
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Prime Opinion is a survey website that helps people to earn extra money by sharing their opinions at home. It’s a simple survey site to use: you share your thoughts, and they pay you for them.
Frequently Asked Questions
Envelope stuffing jobs are a popular option for many who want a flexible side hustle. Below, you’ll find answers to some common questions about these types of jobs.
Are there any real envelope stuffing jobs?
Yes, some legitimate companies do hire people to stuff envelopes. These jobs are often found in industries like marketing, where you pack items such as flyers and advertisements into envelopes. But, real envelope stuffing jobs typically do not pay well, and the work is very tedious (I know this because I have personally stuffed envelopes!).
How can someone tell if an envelope stuffing job is legit?
To tell if an envelope stuffing job is real, watch out for a few red flags. Be cautious of companies that ask for upfront fees, promise high pay rates, or have unclear contact information.
Is the Amazon envelope stuffer job real?
No, any job offer for an Amazon envelope stuffer is a scam. Fraudulent companies use big brand names to trick people. If you see an ad for an Amazon envelope stuffer job, stay away.
Are there any real companies offering jobs for stuffing envelopes?
Yes, there are real companies that hire for these types of jobs. However, they are not very common and usually pay low wages. So, I always recommend that you check the company’s background and read reviews before applying.
Can you get paid for envelope stuffing by the government?
No, the government does not pay you to stuff envelopes. Nearly everything is automated now.
How much does stuffing envelopes pay?
The pay for stuffing envelopes varies. Some jobs may pay per envelope, for example, around $0.15 per envelope. Others may offer hourly rates, which could be up to $20 per hour, but those are rare. Most legitimate jobs pay close to minimum wage for part-time envelope stuffing jobs.
Can you make money mailing letters?
Yes, you can make money mailing letters, but don’t expect to get rich. The pay is usually low, and it won’t be enough to replace a full-time job. It can be a way to earn some extra income, though.
Is envelope writing a real job?
Yes, envelope writing is a real job. Some companies hire workers to write addresses on envelopes by hand. This job is often part of direct mail campaigns and can be a fun and easy way to make a little extra money.
Envelope Stuffing Jobs – Summary
I hope you enjoyed this article on how to get paid to stuff envelopes.
You may have come across envelope stuffing on local bulletin boards, on social media, or during an online job search. I see them all the time, in fact.
Lots of people are interested in envelope stuffing jobs because they seem like an easy way to make money. But it’s important to know how to recognize scams and understand the truth about these opportunities. Some job offers ask for money up front, which is a big warning sign. Knowing how to avoid these scams is important if you’re searching for legitimate work-from-home options.
Before you commit to an envelope stuffing job, check forums, review sites, the Federal Trade Commission, and the Better Business Bureau to see if others had bad experiences or if anyone experienced any fraud.
If you are the victim of fraud, I recommend calling the FTC at 1-877-FTC-HELP as well as the U.S. Postal Inspection Service to report it to officials. Unfortunately, you may not be able to dispute what you paid to the scammer for a refund, but it may not hurt to try if you paid via credit card.
If you’re looking for a work-from-home or remote job, there are many alternatives to envelope stuffing jobs as you learned above. Personally, I think any of the alternatives are better than falling for a work-from-home scam as a paid envelope stuffer.
Only 15 percent of U.S. adults believe the nation will be able to adequately care for its aging population, and nearly three-quarters (73%) of adults under the age of 65 are concerned that the Medicare program may not exist by the time they are able to qualify for it. This is according to survey results released this week by Gallup.
In conjunction with health care nonprofit West Health, the organizations released their 2024 Survey on Aging in America report based on data compiled from both traditional mail and web-based surveys from Nov. 13, 2023 to Jan. 8, 2024.
Concerns about the solvency of the Medicare program are growing. Nearly three-quarters of survey respondents are worried that Medicare will not be there for them when they are able to qualify for it, up from 67% in 2022. This share rose most acutely among those ages 50 to 64, according to the survey results.
But concerns over Medicare pale in comparison to the level of concern related to the Social Security program, with 80% of respondents under 62 and 86% of people ages 40 to 49 afraid it will not exist by the time they can begin taking benefits.
“Threats to Medicare and Social Security loom large, and people are worried policymakers won’t do enough to protect and strengthen them,” Timothy Lash, president of West Health, said in the report. “These safety net programs are part of the fabric of aging that millions of older Americans rely upon, so any potential disruption or question mark around them is cause for alarm and deserving of greater attention and action from policymakers.”
Despite population trends showing that the U.S. is growing older at a faster rate, most respondents do not feel that the U.S. government is prioritizing policy issues that impact care for the elderly.
“When asked in the survey how much the government prioritizes issues affecting older Americans, 74% say ‘not very much’ or ‘not at all,’” the results explained. “This sentiment is felt by 80% of those 65 and older. Over half (57%) of Americans report they are either ‘somewhat more likely’ (37%) or ‘much more likely’ (20%) to support a candidate for public office that makes issues affecting older Americans a top priority.”
Such a sentiment increases with the age of the respondent and is highest (77%) among those ages 65 or older, the results showed.
A vast majority of respondents also said that the U.S. will not be able to adequately care for its aging population. This sentiment is compounded by 2018 U.S. Census Bureau data showing that Americans ages 65 and older will outnumber those under the age of 18 for the first time in 2034 (77 million to 76.5 million). This would mark the first such occurrence in U.S. history and impacts nearly one-quarter of the country’s total population.
The full survey included a sample of 5,149 adults from all 50 U.S. states and the District of Columbia. Panelists who are 65 or older “were oversampled to increase the stability of results for this segment of the population,” Gallup explained. Qualitative interviews followed up the initial responses over a few weeks in March.
Mortgage interest rates were mixed compared to last week, according to rate data compiled by Bankrate. Read on for a breakdown of how each loan type moved.
The tune has changed around the direction of mortgage rates. The movement of fixed mortgage rates parallels the 10-year Treasury yield, which moves as investor appetite fluctuates with the state of the economy, inflation and Federal Reserve decisions. At the close of the latest Fed meeting on May 1, policymakers held firm and opted not to cut rates. The next announcement from the Fed comes June 12.
“Markets are assuming that the Fed will cut the overnight rate only one time during the rest of 2024,” says Dick Lepre of RealFinity. “Rates will be flat for the rest of 2024.”
Often, though, the decision to buy a home isn’t based on market shifts. It comes down to what you need. Depending on your situation, it might make sense to take a higher rate now and refinance later. This way you can start building equity, rather than chancing that buying a home will become more affordable.
Rates as of June 5, 2024.
The rates listed here are Bankrate’s overnight average rates and are based on the assumptions here. Actual rates available on-site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Wednesday, June 5th, 2024 at 7:30 a.m. ET.
30-year mortgage dips, -0.03%
The average rate you’ll pay for a 30-year fixed mortgage today is 7.10 percent, down 3 basis points since the same time last week. Last month on the 5th, the average rate on a 30-year fixed mortgage was higher, at 7.19 percent.
At the current average rate, you’ll pay a combined $672.03 per month in principal and interest for every $100,000 you borrow. That’s lower by $2.03 than it would have been last week.
The 30-year mortgage is the most popular option for homeowners, and this type of loan has a number of advantages:
Lower monthly payment: Compared to a shorter term, such as 15 years, the 30-year mortgage offers lower, more affordable payments spread over time.
Stability: With a 30-year fixed mortgage, you lock in a set principal and interest payment, making it easier to plan your housing expenses for the long term. Remember: Your monthly housing payment can still change if your homeowners insurance premiums and property taxes go up or, less likely, down.
Buying power: With lower payments, you might qualify for a larger loan amountor a more expensive home.
Flexibility: Lower monthly payments can free up some of your monthly budget for other goals, like saving for emergencies, retirement, college tuition or home repairs and maintenance.
Read more: What is a fixed-rate mortgage and how does it work?
15-year fixed mortgage rate stays put
The average rate you’ll pay for a 15-year fixed mortgage is 6.64 percent, unchanged over the last seven days.
Monthly payments on a 15-year fixed mortgage at that rate will cost $879 per $100,000 borrowed. The bigger payment may be a little more difficult to find room for in your monthly budget than a 30-year mortgage payment, but it comes with some big advantages: You’ll come out several thousand dollars ahead over the life of the loan in total interest paid and build equity much more rapidly.
5/1 ARM rate climbs, +0.26%
The average rate on a 5/1 adjustable rate mortgage is 6.82 percent, up 26 basis points from a week ago.
Adjustable-rate mortgages, or ARMs, are mortgage loans that come with a floating interest rate. To put it another way, the interest rate will change at regular intervals, unlike fixed-rate mortgages. These types of loans are best for those who expect to sell or refinance before the first or second adjustment. Rates could be materially higher when the loan first adjusts, and thereafter.
While borrowers shunned ARMs during the pandemic days of super-low rates, this type of loan has made a comeback as mortgage rates have risen.
Monthly payments on a 5/1 ARM at 6.82 percent would cost about $653 for each $100,000 borrowed over the initial five years, but could climb hundreds of dollars higher afterward, depending on the loan’s terms.
Jumbo mortgage rate falls, -0.01%
The average jumbo mortgage rate today is 7.21 percent, down 1 basis point over the last seven days. This time a month ago, jumbo mortgages’ average rate was above that at 7.27 percent.
At today’s average jumbo rate, you’ll pay principal and interest of $679.47 for every $100,000 you borrow. Compared with last week, that’s $0.67 lower.
Mortgage refinance rates
30-year mortgage refinance rate drops, -0.05%
The average 30-year fixed-refinance rate is 7.10 percent, down 5 basis points from a week ago. A month ago, the average rate on a 30-year fixed refinance was higher at 7.20 percent.
At the current average rate, you’ll pay $672.03 per month in principal and interest for every $100,000 you borrow. That represents a decline of $3.38 over what it would have been last week.
Where are mortgage rates heading?
The rates on 30-year mortgages mostly mirror the 10-year Treasury yield, which changes with the market, while the cost of variable-rate home loans more directly mirrors the Fed’s moves.
If and when the Fed cuts interest rates depends on evolving economic data, such as the inflation rate and the jobs market. While inflation has fallen since its peak in 2022, it’s still above the Fed’s target rate of 2 percent, and that doesn’t appear to be changing for now. When it evaluates inflation, the central bank prefers the Personal Consumption Expenditures (PCE) index. The newest PCE report is due out May 31.
“Tepid demand at Treasury auctions and an update to the Fed’s preferred inflation measure on May 31 pose the risk of rates moving up in coming days,” says Greg McBride, Bankrate’s chief financial analyst.
The Consumer Price index (CPI) is another report on inflation that the Fed keeps an eye on. The next CPI report comes out June 12 — the same day as the next Fed announcement.
While the Fed bases its decisions on rate changes due to broader economic factors, your rate is also affected by personal finances. Depending on your credit score, down payment, debts and income, you could be quoted a rate that’s higher or lower than the trend.
What today’s rates mean for you and your mortgage
Mortgage rates fluctuate daily, but it appears that, for now, they will remain above the historical lows of recent years. If you’re shopping for a mortgage, it might be wise to lock your rate when you find an affordable loan. If your house-hunt is taking longer than anticipated, revisit your budget so you’ll know exactly how much house you can afford at prevailing market rates.
Keep in mind: You could save thousands over the life of your mortgage by getting at least three loan offers, according to Freddie Mac research. You don’t have to stick with your bank or credit union, either. There are many types of mortgage lenders, including online-only and local, smaller shops.
“All too often, some [homebuyers] take the path of least resistance when seeking a mortgage, in part because the process of buying a home can be stressful, complicated and time-consuming,” says Mark Hamrick, senior economic analyst for Bankrate. “But when we’re talking about the potential of saving a lot of money, seeking the best deal on a mortgage has an excellent return on investment. Why leave that money on the table when all it takes is a bit more effort to shop around for the best rate, or lowest cost, on a mortgage?”
More on current mortgage rates
Methodology
Bankrate displays two sets of rate averages that are produced from two surveys we conduct: one daily (“overnight averages”) and the other weekly (“Bankrate Monitor averages”).
The rates on this page represent our overnight averages. For these averages, APRs and rates are based on no existing relationship or automatic payments.
Learn more about Bankrate’s rate averages, editorial guidelines and how we make money.
Inside: Learn how to save 5000 in a year by following this step-by-step guide. You’ll be able to save money for your goals – retirement, vacation, or emergencies.
I started my $5,000 Savings Challenge on February 16th and haven’t missed a day since. I’ve already saved over $3,500 so far – can you beat that?
A savings challenge is just like any other contest or competition that is designed to get people motivated into saving more than what they normally would.
It works by setting short-term goals for yourself (such as opening one additional account per month), rewarding your progress with some kind of prize at the end (in this case, a $5,000 gift card), and tracking your progress with some kind of tool.
The average person spends $1,000 per year on fast food. If you can save that money by eating out less, you could put it towards your retirement fund or any other savings goal.
There is always a reason not to save money, but once you prove to yourself you can save money, that is a gamechanger.
In this post, find out how this $5000 saving challenge works as well as tips for setting goals that will work best for you.
Why Save $5000 in a Year
One of the most common questions I get is “How do you save so much money in a year?”. The number one reason people don’t save is that they think it’s impossible. The truth is, anything in life worth doing takes time and energy to achieve.
Typically when people think about saving money they think of it as a one-time event that would only save them $50-$100, which is not worth the time or effort.
But when you think about saving money as making a small change to your daily life that will lead to long-term savings, it’s a lot less intimidating.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
Reasons to Save $5000 a Year:
I saved 5000 dollars in a year when I started to realize I was spending my money in ways that were frivolous and did not align with my long-term financial goals.
You can do the $5k saving challenge too!
You can fund any of the following by saving 5 grand a year:
You cannot afford to start saving now.
If you want to save more, then start looking at your saving percentage!
How to Save 5000 in a Year
This is how to save $5,000 in a year.
Saving $5,000 in a year is no small feat.
But if you’re feeling excited about what that could do for your future with just this one investment of time and money, you’re not alone.
No matter what your financial goals are, saving $5k in a year will help get you there faster and with less stress.
That’s why we are challenging you to the $5,000 savings challenge.
We want to help you save more and build your financial future.
1. Save a Flat Amount
Each month or week you will need to save the same amount.
This is the easiest way to save $5,000 in one year is by saving the same amount (e.g., $416.67) each month for 12 months.
If you are saving on a weekly basis, you will be saving $96.15 a week.
If you are saving on a bi-weekly basis, you will be saving $192.31 a week.
Monthly Amount Saved = $417
Semi-Monthly Amount Saved = $209
Weekly Amount Saved = $97
Bi-Weekly Amount Saved = $193
Knowing these amounts helps you to deduct these amounts straight from your paycheck into your saving account for the $5k savings challenge.
This is a great challenge for those who make 5000 a month.
2. Start Small and Save More
With this method, you will start saving a smaller amount of money and grow to save more each month.
By starting to save smaller amounts of money, you can find ways to become more frugal as you continue with the challenge. Also, this works well if you plan to make more money throughout the year.
You start by saving $120 and add an additional $50 to the previous month’s total.
Month 1 = $150
Month 2 = $200
Month 3 = $250
Month 4 = $300
Month 5 = $350
Month 6 = $400
Month 7 = $450
Month 8 = $500
Month 9 = $550
Month 10 = $600
Month 11 = $650
Month 12 = $700
At the end of one year, you will save $5,100!
The downfall to this challenge is things get more difficult. Thus, making you more likely to give up.
3. Start Big and Save Less
This will give you a buffer if something happens in your life.
You save more money upfront and then taper how much you save each month or week.
This method is preferable especially if you start with a no spend challenge.
You start by saving $600 and deduct $33 from the previous month’s total.
Month 1 = $600
Month 2 = $567
Month 3 = $534
Month 4 = $501
Month 5 = $468
Month 6 = $435
Month 7 = $402
Month 8 = $369
Month 9 = $336
Month 10 = $303
Month 11 = $270
Month 12 = $237
At the end of one year, you will save $5,022!
The upside to this challenge is you get the majority of saving completed in the first part of the year. Thus, you get a jump start on seeing progress and sticking to habits.
Savings Challenge Tracker
A savings challenge tracker is a tool that helps people with saving money.
It offers an interface to track various savings goals, such as retirement, education, and emergency funds.
These goals are set by the individual and can be changed at any time. The tool also offers a goal calculator, which allows users to predict how much they will need to save in order to meet a certain goal.
This is why you need a savings challenge tracker.
10 Simple Ways to Save $5,000
There are many ways to save $5,000 in a year. With the right strategies and preparation, it is possible to reach your goal even if you’re not financially well-off.
Here are tips and practical ways to cut expenses to help you save $5000 money.
1. Track your Spending
The first step to saving $5,000 is to track your spending.
When you do this, it will help you see where you could be wasting money and identify areas that need improvement.
Also, we highly recommend recording daily expenses so that there isn’t any confusion at the end of the month. Also, this helps identify areas where you are wasting money and adjust your spending accordingly.
2. Reduce your Cell Phone Bill
Switching to a discounted carrier can save hundreds of dollars. If you switch from one of the leading carriers to a discount carrier, you could potentially save $840 per year.
3. Save Money on Food
The most obvious way to save money is by using your credit or debit card to analyze your spending. Add up your food spending for the past three months.
If you are not careful, you could spend a lot of money on food without realizing it.
There are several ways to reduce the amount of food you spend including being more conscious of what you spend at restaurants.
To save money on food, I recommend shopping at discount grocery stores like Aldi or sales at your local stores. By shopping less often, you will not be tempted to spend more money.
Meal planning is another great way to save money by buying only what you need and planning your meals ahead of time so that you don’t overbuy.
4. Use Cash Back Apps
One of my favorite ways to save money is to take advantage of cash back apps.
There are many different websites and apps that allow you to earn cash back on purchases.
There are 3-personal favorites:
Rakuten
Ebates
Ibotta
5. Credit Card Rewards or Signup Bonuses
There are many ways to save a lot of money in a year. Credit card offers can earn you anywhere from $100 to $500 as a one-time bonus. and if you use them responsibly, this can add up over the year. This is also known as credit card hacking.
Cash Back rewards are a great way to save money. Credit card offers can range from 2% – 5% of cash back, but it will take some work on your end to make sure you categories match up to your highest spending areas.
6. Get Cheaper Insurance
If you have a lot of insurance, it’s possible that you could save money by moving to a different company or making some adjustments to your policies.
It’s easy to get quotes from multiple insurance companies.
There are lists of the best home insurers and best auto insurers when you’re ready to start your shopping.
7. Find Free or Cheap Things to Do
Fun things with friends and family are a great use of your time, but there are ways to cut back on entertainment expenses without sacrificing fun.
Things like going to the movies, sporting events, concerts, as well as trips to the bar or meals out with friends can really add up fast. So, here is a list of 101+ things to do with no money.
8. Set Limits on Fun Spending
Give yourself a hard limit on how much you can spend on entertainment
You must set limits on how much you spend each day, weekly, or monthly.
This may include how often you shop. Shopping is fun, but it’s also costly and time-consuming if you do it often.
9. Watch Out for Small Purchases
When each purchase feels so small, it’s hard to believe how quickly it all adds up.
those $10 or $20 purchases over the course of the year will add up quickly to the tune of $100-4000 a year!
Wait 24 hours to make sure you still want the item.
10. Find Side Hustles to Make Money
There are so many ways to make extra money that will speed up your savings.
Here are some ideas that will have you saving $5k in a year:
Flea Market Flipping: Buying and re-selling items for higher prices
Freelance Writer: There are many different types of services that can be offered as a freelancer.
Pet sitting and dog walking: Simple side hustle for extra cash
Freelancer: Graphic design, web design, web development, photography, and social media marketing specialists are always needed.
Drive for DoorDash: a flexible way to make money
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Learn to Invest in the Stock Market: This one should not scare you away. By investing, you are able to grow your money with passive income. This is a skill we all need.
Related Reading: 21+ Genius Ways on How to Make Money Fast
More Ways to Save Money:
Dump your cell phone plan
Cancel those gym memberships
Stop subscribing to Netflix or Hulu
Cut back on groceries by buying in bulk at Costco
Shop on Amazon for clothing and other goods (just beware of daily deliveries)
Stop paying for cable
Rent instead of buying an expensive TV
Get rid of your car
Switch to a low-cost airline
Stop buying expensive coffee
Once you’ve done all of these things, you will be impressed with how you save your money. You’ll have $5000 in just one year!
How to Save $5000 in a Year Chart:
The saving money chart shows the average amount of money that can be saved in a year by making small changes to your spending habits.
It is important to note that this figure is an average and not a goal.
It is important to set realistic financial goals and to track your progress in order to really achieve the savings you want.
Here are two how-to save $5000 in a year printable chart – one for monthly savings and another for weekly savings.
What can you do with $5,000 in Savings?
The $5,000 Savings Challenge can help you start saving more money than you thought was possible! You have to be ready to dedicate the resources and determination to make it happen.
Where are you at in your savings journey?
This $5000 saving challenge may or may not be right for you! And that is okay!
We have plenty of money saving challenges to help you succeed here on Money Bliss.
This challenge is for anyone who wants to save money and reach their savings goals.
It’s designed to help you start saving today with an easy plan.
Money Saving Challenge:
Know someone else that needs this, too? Then, please share!!
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