Weekly mortgage refinance demand rose 5% after a slight dip in mortgage rates

 
 

Mortgage rates are significantly higher than they were at the start of this year, but they pulled back slightly last week after several weeks of straight increases.

That was enough to spark some new demand, especially for refinances.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) decreased to 7.18% from 7.29%, with points unchanged at 0.65 (including the origination fee) for loans with a 20% down payment.

“Treasury rates and mortgage rates fell last week on the news of a slowing job market, with wage growth at the slowest pace since 2021, and the Federal Reserve’s announced plans to ease quantitative tightening in June and to maintain its view that another rate hike is unlikely,” said Mike Fratantoni, MBA’s senior vice president and chief economist.

The rate for Federal Housing Administration loans fell below 7% for the first time in three weeks, which is a welcome sign for first-time buyers, who tend to use FHA loans.

“First-time homebuyers account for roughly half of purchase loans, and the government lending programs are an important source of financing for these homebuyers. The gain in FHA activity is a sign that this segment of the market is active,” Fratantoni added.

The dip in rates caused refinance demand to increase 5% for the week, although it was still 6% lower than the year-earlier week. Rates are 70 basis points higher than they were a year ago, so there are very few borrowers who can benefit from a refinance. A basis point is one-hundredth of a percentage point.

Applications for a mortgage to purchase a home rose 2% for the week but were still 17% lower than the same week a year earlier. Affordability is hitting potential buyers hard, as home prices continue to climb. Tight supply is keeping the competition high, resulting in very few bargains.

Mortgage rates fell further to start this week. The next big piece of economic data comes next week, with the release of the monthly consumer price index. That could move rates sharply in either direction, depending on what it says about inflation.

Read more at CNBC.com

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Building a Foundation: Preparing Your Adult Child for Their First Home Investment

 
 

Picture this… Your child has reached a major milestone in their life—purchasing their first home.

This is an exciting time filled with anticipation, nerves and perhaps a little bit of stress. As parents, it's natural to want to help your child every step of the way, especially when it comes to such a significant investment. That's why we've put together this guide to help you prepare your adult child for their first home investment. Whether it's financial advice, homebuying tips,or emotional support, we've got you both covered.

Financial Preparation
One of the most crucial aspects of purchasing a home is financial preparation. As parents, you have likely already instilled good financial habits in your child, but buying a house requires a different level of planning and readiness. Here are some key areas to focus on when preparing your child for their first home investment.

Credit Score
A strong credit score is essential when it comes to securing a home loan. Advise your child to check their credit score before beginning the home buying process and if necessary, work on improving it. A high credit score will not only make it easier to get approved for a loan, but also result in better interest rates.

Savings
Encourage your child to save up for a down payment as early as possible. The larger the down payment, the lower their mortgage payments will be. Additionally, having a significant amount of savings shows lenders that your child is financially responsible and committed to making this investment.

Budgeting
Buying a home comes with many expenses beyond just the mortgage payments. Help your child create a budget that takes into account additional costs such as property taxes, insurance and maintenance. Any new homeowner needs to understand the full financial commitment of owning a home.

Home Buying Tips
As your child begins their search for their first home, here are some helpful tips to keep in mind. It isn't rocket science, but a few insider tips never hurt, either:

Location
When looking at potential homes, remind your child to consider the location carefully. Factors such as proximity to work, school districts and neighborhood safety are all important aspects to consider. It's also a good idea to research the area's market trends and potential for future growth. Even a little bit of research can go a long way!

Realistic Expectations
It's natural for your child to have high expectations for their first home, but it's also a good idea to temper those expectations with the reality of their budget. Help them understand what they can realistically afford and guide them towards homes that fit within their means.

Home Inspection
Encourage your child to get a professional home inspection before finalizing the purchase. This will ensure that any potential issues with the home are identified and addressed before they become costly problems. It's better to be safe than sorry when making such a significant investment.

Emotional Support
Buying a home can be an emotional rollercoaster, and your child may need some extra support during this time. You've most likely already experienced this, so here's how you can help:

Listen and Offer Advice
Your child may have questions or concerns throughout the home buying process. Be there to listen and offer your advice, but also allow them to make their own decisions. This is a big step towards independence, so it's good for them to feel in control of the process.

Celebrate Their Accomplishment
Purchasing a home is a significant achievement, so be sure to celebrate with your child once everything is finalized. They need to feel supported and recognized for this major milestone in their life.

Be Understanding
Don't forget to be patient and understanding. This may be a stressful time for them, so try to be empathetic and offer your support in any way they need. Whether it's a listening ear or helping out with some of the tasks involved, your presence and support will mean everything to them.

When They Become Homeowners
After all the preparation and hard work, your child will finally become a homeowner. But even after they've moved in, continue to offer support and guidance as needed. Whether it's helping with home maintenance or offering financial advice, being there for them during this new chapter is invaluable.

Give Them Some Pointers
As they adjust to homeownership, your child may need some practical advice on how to maintain and take care of their new property. Offer your years of experience and knowledge on home maintenance, gardening and other essential tasks. This will not only save them money but also help them feel more confident in their newfound role as a homeowner.

Recommend Contractors and Professional Help
Sometimes, unexpected issues may arise that require the expertise of professionals. As a homeowner, it's important for your child to have reliable contacts for services such as plumbing, electrical work, residential roofing installation and HVAC maintenance. Share any recommendations you have with them to make their life easier.

Enjoy Their Space With Them
Don't forget to celebrate and enjoy your child's new home with them. Whether it's hosting family gatherings or simply spending quality time together, their new home will be a special place for both of you.

With this guide, you can help prepare your adult child for their first home investment both financially and emotionally. Encourage them to carefully consider all aspects of the home buying process and be there to support them every step of the way. Congratulations again on this exciting milestone in both your lives, and don't forget to visit their new home for dinner!

Read more at RisMedia.com

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Best Indoor Plants for Your Health, According to Research

 
 

If some of the best indoor houseplants have taken over your interiors, seemingly sprawling across bookshelves, side tables and kitchen countertops, you're not alone.

Sales of leafy green flora have soared over the past couple of years as many spend more time indoors; they've been a hit on platforms like TikTok and Instagram, where there are more than 9 million posts tagged #HousePlants. While the greenery brightens up your space and certainly looks cute, experts believe your indoor plants may be good for your health, too.

Plants improve air quality, bring beauty into your home and boost emotional and spiritual wellbeing by giving you a chance to care for something. Plants in your bedroom could improve your sleep quality, while greenery in your kitchen helps brighten up your space if there's no window.

While any plant is good for the soul and can benefit your mental health and emotional wellbeing, here are some of experts’ top choices.

What plants are best for your health?

The healthiest houseplant is the one that matches your personal style as well as daily schedule and routine, says Alex Cromer, LPC, a licensed professional mental health counselor with Thriveworks in Richmond, Virginia. And, don’t worry too much if you don’t have a green thumb! Many of the best plants for your health are easy to care for, so you can enjoy their presence and reap the health rewards.

Spider Plant

Spider plants, or Chlorophytum comosum, are extremely easy to grow, don’t require constant attention and thrive with little investment on your behalf. The plants have narrow leaves and get their name from the “small plantlets produced on long trailing stems that vaguely resemble spiders,” according to the University of Wisconsin-Madison Division of Extension.

Spider plants are known to help purify the surrounding air. NASA research examined the leaves, soil, roots and microorganisms of several houseplants and found that plants can act as a natural air filter to reduce pollutants. The study indicates that spider plants removed 95% of toxic formaldehyde from the air in a sealed Plexiglas container over a 24-hour period.

Peace Lily

The name “peace lily” definitely evokes a sense of calm. These sturdy plants also “flower and are aesthetically pleasing” and may benefit your health over time, explains Trevor Cates, N.D, a naturopathic doctor in Park City, Utah, and author of Clean Skin From Within. A 2022 study published in Applied Sciences suggests that peace lilies have air-cleaning properties and help to remove carbon dioxide and volatile organic compounds (VOCs) from the air.

Peace lilies can live for years and continuously produce broad white flowers that resemble a white peace flag, per materials published by MiracleGro. They’re easy to take care of and don’t need much light, so they’re perfect for shady spaces. Just keep them out of reach from pets and small children, as they can cause vomiting or tongue swelling if they’re ingested.

Rubber Plants

Rubber plants — also known as rubber trees or Ficus elastica — make for great indoor houseplants. They’re generally easy to take care of and only need to be watered every week or so, according to materials shared by The Sill. Research shows that rubber plants feature air-purifying properties. Just be sure to keep them firmly away from any pets and from young children, as they're known to be highly toxic when ingested.

Elephant Ear Plants

If you want to spend a little more time with your houseplants, Cromer recommends elephant ear plants. These are organized into a group of tropical, perennial plants instantly recognizable by their big, heart-shaped leaves. They need bright light and regular watering to keep the soil moist, and they can get big and may need extra space. Some species have been grown for their edible starchy tubers, which are a food staple in certain tropical regions. Medicinally, the leaves have been noted for their use in treating insect stings.

Snake Plants

Long known as “mother-in-law’s tongues,” the snake plant, or Sansevieria trifasciata, features tall leaves that grow vertically. They’re decorative and extremely low-maintenance. The plants only need to be watered when the soil is dry, grow in any kind of light, and generally “thrive on neglect,” according to experts at HGTV. The snake plant was included in the same sweeping NASA study of indoor plants, and has been shown to remove toxins from the air over time.

Ferns

A 2022 study published in Applied Sciences showed that Boston ferns performed best when it comes to air cleaning by naturally VOCs from the air. The plants grow easily and look the best indoors in hanging baskets or on plant stands, which allow their fronds to drape. They need medium bright light and consistently moist soil, so they might require a bit more of your time.

Pothos

When you picture a houseplant, the pothos, or Epipremnum pinnatum, is likely what comes to mind. Also known as devil’s ivy or golden pothos, the plants feature vibrant heart-shaped leaves that may be green or marbled green and yellow. They’re easy to grow, needing only indirect sunlight and infrequent watering. Research shows that the plants can lower indoor ozone levels, which can make it easier to breathe and reduce your risk for respiratory ailments, as well as remove VOCs from the air.

English Ivy

English ivy, or Hedera helix, is a versatile plant that’s been shown to lower levels of carbon dioxide, formaldehyde, and toxins in the air. They can be grown outside or indoors. As a houseplant, the ivy grows well in hanging baskets or pots, and can be trained to grow along a trellis or shape, according to the Clemson University Cooperative Extension. They grow best in direct sunlight and need to be watered thoroughly once the soil dries out.

Succulents and Cacti

Succulents and cacti “thrive on little to no care,” Cromer says. These plants are drought-resistant, meaning they don’t need regular watering; only just when the soil is completely dry. They also come in many shapes and sizes to decorate your space and can help clean the air. Some varieties, including the jade plant, can increase humidity in a room. Aloe vera plants, in particular, also have medicinal properties and can help heal cuts, burns, and other skin ailments.

Herbs

Small potted herbs not only look cute in your kitchen, but they may also inspire you to cook more often and eat healthier. Growing your own basil, parsley, or mint is also cheaper than purchasing herbs from the grocery store. Several herbs, like chamomile and lavender, have been shown to reduce anxiety, per Mayo Clinic officials. Herbs also contain vitamins, minerals, and antioxidants, which are a boon for your dietary routine.

How do house plants contribute to good health?

The beauty of plants and the act of caring for them can be truly healing. “Looking at something aesthetically pleasing can boost neurotransmitters like dopamine and serotonin,” Cates explains. Keeping plants primes your brain to look forward to interacting with the plant and receiving a hit of “feel good neurochemicals,” Cromer adds.

Plants offer immediate benefits by improving mood and stress management, Cates says. They also provide long-term benefits, such as improving air quality which may reduce instances of headaches — or by adding moisture to the air, which helps with dry skin, Rothenberg says. Handling soil, which contains microbes, can promote microbiome diversity in your home, which could benefit gut and skin health.

But, having houseplants alone isn’t a recommended treatment for any medical condition, Rothenberg adds. “Encouraging my patients to consider having houseplants is one part of a broader, individualized health care plan.”

What are the best indoor plants for air purification?

Research shows that plants can help with air purification, especially in areas where air quality may be in question. Breathing cleaner air also helps you think clearer, calms stress, and reduces the risk for asthma, Cates tells Good Housekeeping.

Houseplants absorb carbon dioxide, filter pollutants and release oxygen. “This is an important idea considering how much time people spend indoors,” Rothenberg adds. “By adding more oxygen, theoretically, you might have better focus, fewer headaches, and an improved mood.”

Snake plants, spider plants, rubber plants, peace lilies, ferns, and English ivy are some of the best indoor plants for boosting oxygen levels and purifying the air.

What are the mental health benefits of caring for a houseplant?

Being around greenery offers many mental health benefits. Horticultural therapy has long been used to treat mental health and other conditions. It helps improve memory, cognition and socialization. Humans also have an innate instinct to connect with nature, known as biophilia.

Caring for plants can reduce stress and anxiety, improve mood and concentration, and boosts confidence. “Plants provide a tangible, positive result for the caretaker which can help them feel more in control of their lives, something that can reduce anxiety and promote overall wellness,” Cromer says. “It gives the caretaker a sense of pride and accomplishment—being observant of how the plant is growing, looking, and to troubleshoot ways to solve problems.”

Watching them grow can be soothing, promote peaceful feelings, and provide a meditative experience, Rothenberg adds.

“Plants benefit health holistically because they are a non-stimulating partner that is accepting and tolerant, and are good listeners,” Cromer says. “Plants thrive with simple care and attention and are very visibly thankful for your efforts.”

Read more at GoodHouseKeeping.com

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West + Main Homes Ranks No. 1 for Best Midsize Companies in Colorado

 
 

Top Workplaces 2024: West + Main keeps its focus on agent support, camaraderie

West + Main’s mantra is “the agents are our clients,” and the real estate company prioritizes retaining its salespeople.

“Real estate is hard work,” said CEO Stacie Staub. “It requires that Realtors wear many different hats, have evolving expertise, and have the skills, empathy, knowledge, and heart to help people navigate all kinds of situations.”

The company works to provide its employees with support, camaraderie, and ongoing education.

“Because our retention rate is so high, we have never had to recruit,” Staub said. “Our focus is on making things easier and better for our agents every day.”

Since opening in 2017, West + Main has continually earned a top spot on the Denver Post’s Top Workplaces list. This year, it’s the first-place midsize business. Last year, the company earned second place. In 2022 and 2021, the company earned the No. 3 ranking.

West+Main now serves nearly every corner of Colorado and is in the process of opening a new storefront in Old Town Fort Collins. It also hopes to open another location in southeast Denver and has the exclusive listing for the 18th and Glenarm condos.

Looking ahead, Staub admits the company doesn’t have a roadmap for the future.

“We love how the company operates right now; we’re surrounded by and supported by so many wonderful people, and we tend to attract opportunity. Madie (company co-founder Madeline Linder) and I like to say that part of our magic is the ability and the courage to say yes and then figure it out.”

West+Main plans to continue innovating.

“I really think that the workplace of tomorrow looks a lot like West + Main,” Staub said. “It’s a super-flexible environment with opportunities to work wherever each person can be most productive (this can look really different even for the same person from day to day), along with the space to collaborate, learn together, and, of course, celebrate. Happy, fulfilled, and recognized employees do better work.”

Staub said that working in Colorado real estate continues to be challenging and rewarding.

“Even over the past couple of years with a rough real estate environment, including higher interest rates, record low inventory, and industry threats on a nationwide level, Colorado’s housing market has sustained,” she said.

“There is still so much room for growth and innovation, which is sure to keep people moving, which in turn keeps our Realtors busy.”

No. 1

West + Main Homes

Years ranked: 6
Founded: 2017
Headquarters: Lakewood
Employees: 354
Facts: West + Main is an independently owned and operated boutique real estate company specializing in residential properties along the Front Range and mountain communities.

Read the full article here.

The Perks of Buying over Renting

 
 

Thinking about buying a home?

While today’s mortgage rates might seem a bit intimidating, here are two solid reasons why, if you’re ready and able, it could still be a smart move to get your own place.

1. Home Values Typically Go Up Over Time

There’s been some confusion over the past year or so about which way home prices are headed. Make no mistake, nationally they’re still going up. In fact, over the long-term, home prices almost always go up (see graph below):

 
 

Using data from the Federal Reserve (the Fed), you can see the overall trend is home prices have climbed steadily for the past 60 years. There was an exception during the 2008 housing crash when prices didn’t follow the normal pattern, but generally, home values kept rising.

This is a big reason why buying a home can be better than renting. As prices go up and you pay down your mortgage, you build equity. Over time, this growing equity can really increase your net worth. The Urban Institute says:

“Homeownership is critical for wealth building and financial stability.”

2. Rent Keeps Rising in the Long Run

Here’s another reason you may want to think about buying a home instead of renting – rent just keeps going up over the years. Sure, it might be cheaper to rent right now in some areas, but every time you renew your lease or sign a new one, you’re likely to feel the squeeze of your rent getting higher. According to data from iProperty Management, rent has been going up pretty consistently for the last 60 years, too (see graph below):

 
 

So how do you escape the cycle of rising rents? Buying a home with a fixed-rate mortgage helps you stabilize your housing costs and say goodbye to those annoying rent increases. That kind of stability is a big deal.

Your housing payments are like an investment, and you’ve got a decision to make. Do you want to invest in yourself or keep paying your landlord?

When you own your home, you’re investing in your own future. And even when renting is cheaper, that money you pay every month is gone for good.

As Dr. Jessica Lautz, Deputy Chief Economist and VP of Research at the National Association of Realtors (NAR), says:

“If a homebuyer is financially stable, able to manage monthly mortgage costs and can handle the associated household maintenance expenses, then it makes sense to purchase a home.”

Bottom Line

If you're tired of your rent going up and want to explore the many benefits of homeownership, talk to a local real estate agent to explore your options.

Read more at KeepingCurrentMatters.com

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