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Average 30-year mortgage rates increased to 6.39% this week. Stubbornly high mortgage rates have kept many would-be homebuyers out of the market. See more mortgage rates on Zillow Real Estate on ZillowMortgage Refinance Rates TodayMortgage type Average rate today This information has been provided by Zillow. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control.

☆ 10 states where homeowners put the most money toward housing costs—No. 1 isn't New York or California
▼ + stars: | 2023-05-17 | by ( Mike Winters | ) www.cnbc.com time to read: +3 min

It compared median income in each state to housing costs, which included mortgages, taxes, insurance, utilities and HOA fees. The analysis used 30% since it's a common benchmark for housing costs in a monthly budget. Known as the "30% rule," financial planners typically recommend putting no more than 30% of household income toward housing costs. While the median income in these states is significantly higher than the bottom-ranked states, housing costs are also elevated. As with fourth-ranked Rhode Island, there's a limited amount of land to develop in Hawaii, which has pushed up housing costs.

It's possible to buy a house with bad credit, but you may end up with a high mortgage rate. Unlike conforming mortgages, which require a good credit score to qualify, loans that are available to those with lower credit scores typically have higher mortgage rates. You can also use our guide to the best low credit score mortgage lenders to see which lenders accept borrowers with lower scores. Get copies of your credit reportUnderstanding your credit history is key to understanding what's affecting your credit score. Review your credit report again to see what is impacting your credit score, then take steps to improve it.

☆ 2 divorced moms went halves on an $835,000 house in Maryland and now refer to each other as platonic spouses. It's part of the rising trend of 'mommunes.'
▼ + stars: | 2023-05-16 | by ( Amanda Goh | ) www.businessinsider.com time to read: +3 min

Two single moms in Maryland bought an $835,000 fourplex during the pandemic and moved in with their kids. The women support each other by sharing the burden of childcare and owning a home post-divorce. The economic linchpin of that is real estate," Hopper told the New York Times. Harper and Hopper, who refer to each other as platonic spouses, also have a tenant who rents the basement unit, per the New York Times. Harper told the Washington Post.

Many people dream of owning a home, but financial planner Nicole Morong believes homeownership is overhyped. Morong encourages people to ask what their true motivations are behind buying a home. Homeownership represents stability, security, and financial success, even though many millennials feel like they'll never reach that milestone. However, financial planner Nicole Morong of Peterkin Financial says buying a home isn't all that it's cracked up to be. It's better financially to invest that money [that I'm saving from renting] than to buy a house."

PenFed Auto Loans Frequently Asked QuestionsIs PenFed good for auto loans? What credit score is needed for a PenFed auto loan? PenFed Auto Loans CompetitorsHow PenFed compares PenFed Auto LoanNavy Federal Auto LoansPNC Auto Loans Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. How we rate auto loansWe rate all auto loan products in our reviews and guides on a 1-5 scale. See our ratings methodology for auto loans »Ryan Wangman, CEPF Loans Reporter Ryan Wangman is a reporter at Personal Finance Insider reporting on personal loans, student loans, student loan refinancing, debt consolidation, auto loans, RV loans, and boat loans.

☆ A Manhattan-based real estate investor who couldn't afford to buy in NYC breaks down 4 strategies for buying property if you live in a pricey city
▼ + stars: | 2023-05-07 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +8 min

Julia Lemberskiy realized pretty quickly after moving to New York City that owning a home was out of the question. Manhattan, New York is the most expensive housing market in the US, and Brooklyn and Queens, two of the other five boroughs that make up New York City, both cracked the top 15 priciest markets. She broke down four strategies for buying property if you live in a pricey market. Invest in a nearby, more affordable marketIf you live in a major city like Lemberskiy, starting small might be impossible. When Lemberskiy realized she couldn't afford to own in NYC, she started looking in upstate NY, where she eventually bought her first property.

☆ How much money do you need to buy a home in 2023?
▼ + stars: | 2023-05-04 | by ( Ana Connery | ) edition.cnn.com time to read: +9 min

Whether you’re looking to buy your first home or upgrade the one you already have, homebuyers often wonder how much money they really need to buy a home. And these days, the answer is ever more complicated thanks to the high interest rates and inflation. Refinance it with a balance transfer cardToday’s average homebuyerWe may see interest rates fall once rent comes down. The main culprits that everyone points to are inflation and interest rates, but many experts think interest rates have peaked. Home inventory is still low in some areasDespite high interest rates, you might still see multiple offers on one home.

☆ 66% of renters say homeownership is 'hopeless'—here's how they'd rather spend their money
▼ + stars: | 2023-05-04 | by ( Mike Winters | ) www.cnbc.com time to read: +2 min

A majority of them don't think they'll ever have enough money to buy property, recent data finds. In fact, 66% of U.S. renters say rising home prices have them feeling "hopeless" about owning a home, according to a survey by online brokerage Home Bay of 1,000 renters. With median home prices up 33% since January 2020, 77% of renters say the U.S. has an affordable housing crisis. While 51% of renters consider owning a home to be a "very important" financial milestone, survey respondents were more likely to select other achievements as priorities. Rising housing costs are an issue in the rental market too, as nearly 1 in 4 renters say they currently spend 50% or more of their income on rent.

Pros Check mark icon A check mark. Pros Check mark icon A check mark. Geoff Cudd, Owner of FindTheBestCarPrice.comKareem Saleh, founder and CEO of FairPlay AIRyan Wangman, loans reporter at Personal Finance InsiderHow to Choose the Best Auto Loan for Bad CreditTo pick the best auto loan, take stock of the factors that are most important to you. See our full ratings methodology for auto loans »Auto Loans for Bad Credit Frequently Asked QuestionsCan I get auto financing with a 500 credit score? Our Experts' Advice for Choosing the Best Auto Loan for Bad CreditCan you get an auto loan with bad credit?

☆ 'How to Get Rich' star's 'most controversial' money opinion: Renting can make you wealthier than owning a home
▼ + stars: | 2023-05-02 | by ( Mike Winters | ) www.cnbc.com time to read: 1 min

Ramit Sethi, self-made millionaire and star of Netflix's "How to Get Rich," says his "most controversial money opinion" is that homeownership is overrated. "I'm tired of the blind obsession with homeownership in America," Sethi tells CNBC Make It. Homeownership is an expensive investment that shouldn't be taken lightly, yet the idea that property is always a great investment has become a "religion" in the U.S., he says. "That simply doesn't make sense, especially now, when the price of housing has gone way up and the effect — especially on young people, people without money, minorities — is to make them feel that they are failures," Sethi says. "You're not a failure if you rent."

Ramsey's listeners call in and, after describing how they paid off their debt by following Ramsey's advice, scream, "WE'RE DEBT-FREE." With a non-existent credit score, I couldn't even get approved for a normal credit card. One family member mentioned that Ramsey's advice is to save longer and pay for a house in cash. Meanwhile, he stigmatizes legitimate paths forward, such as having a credit score built on years of responsible credit use. In my own journey to buy a home, I saw clearly that Ramsey's advice is not given with my circumstances — or my success — in mind.

Our experts answer readers' personal loan questions and write unbiased product reviews (here's how we assess personal loans). Our Experts for the Best Personal Loans With No Origination FeesWe consulted personal loan and financial experts to give their insights into finding the best personal loans with no origination fees. Personal Loan With No Origination Fees Frequently Asked QuestionsCan you get a personal loan without an origination fee? How to Choose the Best Personal Loan With No Origination FeesTo select the best personal loan for you, look at the factors that are most important to you. Methodology: How we chose the best personal loans without origination feesWe rate all personal loan products in our reviews and guides on a 1-5 scale.

Choosing whether to rent or buy has never been a simple decision — and this ever-changing housing market isn't making it any easier. With surging mortgage rates, record rents and home prices, a potential economic downturn and other lifestyle considerations, there's so much to factor in. "This is an extraordinarily unique market because of the pandemic and because there was such a run on housing so you have home prices very high, you also have rent prices very high," said Diana Olick, senior climate and real estate correspondent for CNBC. In December 2022, it was more cost-effective to rent than buy in 45 of those metros, the real estate site found. In the top 10 metro regions that favored renting, monthly starter homeownership costs were an average of $1,920 higher than rents.

☆ The housing market downturn will send home prices 5% lower and help push the economy into a recession
▼ + stars: | 2023-04-26 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

US home prices will likely decline 5% year over year in the second half of 2023, Vanguard said. Strategists said the rate-sensitive housing sector will be an early indicator of the Fed's tightening. "The housing downturn is part of the reason why we view a mild US recession in 2023 as most likely." VanguardIn the shorter term, however, the housing slump this year will likely help tip the US economy into recession. "The housing downturn is part of the reason why we view a mild U.S. recession in 2023 as most likely," Vanguard said.

☆ Changes are coming to some mortgage fees next month
▼ + stars: | 2023-04-26 | by ( Anna Bahney | ) edition.cnn.com time to read: +5 min

Broadly, the fees will go down for many with lower credit scores and will increase for many with higher credit scores. But that doesn’t mean people with lower credit scores will pay less than those with higher credit scores. The changes mean that people with higher credit scores will still pay less based on lower risk to the lenders, but having a lower credit score will now come with less of a penalty. For those with higher credit scores, more price tiers have been put in place, which in some cases may increases fees. The difference in assessed fees is about $4,000 more for a buyer with a 640 credit score than for a buyer with a 740 credit score, based on a $300,000 mortgage.

☆ Early-aughts 'It' girl Cory Kennedy entering her 'hipster Martha Stewart' era pretty much sums up how millennials are gearing up for middle age
▼ + stars: | 2023-04-26 | by ( Bartie Scott | ) www.businessinsider.com time to read: +5 min

Cory Kennedy was the internet's first "It" girl as a teenager in the early aughts. "I want to garden, like a freaking hipster Martha Stewart," Kennedy told New York Magazine. It's a reminder of her time as "the internet's first 'It' girl," as New York Magazine dubbed her in a recent profile. In her recent article in The Atlantic, Twenge said millennials have experienced "a breathtaking financial comeback" since the mid-2010s. Even Martha Stewart jumped on the teenage-dirtbag train — though she could take some notes from Kennedy on the sleaze.

The changes will update the current fee structure on the majority of loans originated by mortgage lenders in the US. Prior to these fee changes, that same borrower would been charged a fee equal to 0.75% of the loan amount. On a $300,000 loan, that's the difference between a $375 fee and a $2,250 fee. While fees have generally been reduced for borrowers with lower scores compared to the old fee structure, those with low scores will still pay higher fees than those with high scores. DTI fee changes coming August 1Another fee change is set to go into effect on August 1, after its implementation was postponed following pushback from the mortgage industry.

☆ Homebuyers hoping for better deals as prices drop are getting slammed as average payments just hit a record high
▼ + stars: | 2023-04-25 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +3 min

download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyBut homebuyers' monthly mortgage payments still soared to a new all-time high. Housing affordability is as awful as ever due to the high rates and the lack of homes for sale. However, there's no such luck: as home prices retreated, the typical US homebuyer's monthly mortgage payment soared to $2,538, a new all-time high. Higher mortgage rates are freezing current homeowners, too. "The good news is that people who already own homes have locked in relatively low mortgage payments," Marr said in a September housing report.

Ramit Sethi, star of Netflix's "How to Get Rich," still rents an apartment. Even if your potential mortgage is the same cost as your rent, Sethi recommends budgeting for "phantom expenses." Calculate the 'phantom costs' of owning a homeFirst, Sethi says it's important to understand what percentage of your income should go towards housing. Sethi recommends factoring in "35% to 50% of your mortgage to factor in all the phantom costs of homeownership, like maintenance, taxes, interest, and closing costs. Start saving for big-ticket home repairsOnce you buy a home, Sethi recommends immediately starting an emergency savings fund specifically for home repairs.

☆ Airbnb has descended on America's small cities. Now locals must decide how to contain it.
▼ + stars: | 2023-04-24 | by ( Dan Latu | ) www.businessinsider.com time to read: +11 min

In cities both small and large, some locals are calling out short-term rentals for making housing more expensive. The same question is perplexing local governments and fueling impassioned locals to weigh in: What should we do about Airbnb-style, short-term rentals? Jacob Boomsma/Getty ImagesFor Bozeman Tenants United, it's simple math: Bozeman homes should be occupied by Bozeman residents first, before out-of-towners. Formed in 2020, Bozeman Tenants United surveyed Bozeman residents on the most pressing issues in local housing and landed on short-term rentals. Fire Thunder said the increase of short-term rentals and vacation-owned properties is just one harbinger of a concerning trend.

☆ Maybe millennials didn't get screwed by the economy after all
▼ + stars: | 2023-04-24 | by ( Matt Turner | ) www.businessinsider.com time to read: +7 min

There's a common perception that millennials have gotten screwed by the economy. But a recent article makes a convincing case for why the common idea of broke millennials is a myth. By 2019, households headed by Millennials were making considerably more money than those headed by the Silent Generation, Baby Boomers, and Generation X at the same age, after adjusting for inflation." While 69% of baby boomers owned their own home at 40, the same is true for 62% of millennials, a seven-percentage-point gap. Per data from the St Louis Fed, the Millennial/Gen Z wealth is currently tracking with Gen X after initially getting off to a tough start.

☆ China doesn’t want US cars like Ford and General Motors. That’s a big problem for their futures.
▼ + stars: | 2023-04-24 | by ( Diamond Naga Siu | ) www.businessinsider.com time to read: +5 min

America has a problem: China — the world's largest car market — doesn't want its vehicles. In 2022, data shows Ford and General Motors' car sales in China each dropped more than 20% from the year before. My colleagues Alexa St. John and Nora Naughton break down how the future of US automakers hinges on China. Although Google founder Larry Page's flying car company Kittyhawk majorly flopped, it left us with some interesting vehicles. Hop aboard to see all the funky flying car models here.

☆ More Gen Zers are achieving a dream that was largely out of reach for millennials when they were young: They're homeowners
▼ + stars: | 2023-04-21 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +4 min

A Redfin report found that 30% of Gen Zers owned homes at age 25 in 2022. Gen Zers were greeted by a stronger labor market as they established their careers. So how did Gen Z gain the competitive edge? It all comes down to a healthy labor market, Daryl Fairweather, the chief economist at Redfin, told Insider. "It has a lot to do with the timing of when Gen Z entered the labor market versus when millennials did," Fairweather said.

☆ Opinion | The Power of American Capitalism
▼ + stars: | 2023-04-20 | by ( David Brooks | ) www.nytimes.com time to read: +2 min

The millennial and Gen Z generations are practically defined by a story of economic hardship. Many people believe that the coming generations will not enjoy the same living standards as their parents. “If anything, the reverse is true.”My point is not that American capitalism is perfect. For reasons deeply rooted in our culture, the American brand of capitalism has always been tilted toward dynamism, with freer markets and smaller welfare states. Between 1990 and 2019, American social spending rose from 14 percent of G.D.P.

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