How Will Britain's Exit From the EU Affect U.S. Mortgage Rates?

Financial market turmoil can be good for mortgage rates. Don't forget this concept as you continue to read headlines about how a "Brexit" is wreaking havoc on markets.

Brexit is slang for Britain's vote Thursday, June 23 to exit the European Union (EU), which is a political and economic union allowing free trade and movement of people among 28 member countries.

This outcome was unexpected, and caused stock markets around the world to nosedive.

Mortgage rates approach record lows

The Brexit vote also caused U.S. mortgage rates to nosedive. Rates were down .125 percent the day after the Brexit vote, and are now approaching all-time record lows as 30-year fixed rates move below 3.5 percent.

Why? Because Brexit uncertainty is causing investors to sell riskier global stocks and buy safer U.S. mortgage bonds - which are among the safest bonds in the world because they're comprised of U.S. home loans approved using the strictest guidelines in decades.

When bond prices rise on this buying, bond yields (or rates) drop. When rates drop, it’s often a good time to refinance your mortgage.

To put it in perspective: On a $300,000 loan, if you refinanced at a rate dip of .25 percent, your payment could be lowered by $42 per month.

Mortgage rate outlook from here

When markets are driven more by politics than economics, rate movement will be especially unpredictable. If this Brexit-driven rate dip meets your financial objectives, you should work with your lender to refinance at this lower rate.

Some projections call for rates to rise gradually as Brexit concerns wane, but, conversely, there is also a growing consensus that ultra-low rates may be here to stay.

If you have the stomach to watch rate markets a bit longer, Brexit isn't the only factor driving lower rates. Forthcoming Brexit negotiations may inspire other EU countries to seek independence, which would fuel market turmoil and keep U.S. rates low.

This sentiment has already caused the Federal Reserve to pause its rate hike campaign, citing non-U.S. factors as contributing to increased risk of U.S. recession.

These conflicting predictions mean rate movement will be especially unpredictable in the coming months, so it's best to lock rate dips that meet your financial objectives. Your lender can help you with your objectives and mortgage math.

Tips for refinancers

Thinking of refinancing to take advantage of the low rates? Here are a few tips.

• Ensure your lender is quoting correctly. Rate quotes are predicated on a loan closing in a certain number of days. Longer rate locks have higher rates, and lock extensions can eat away refinance savings. If you see one rate quote lower than another when you shop, ask that lender what their rate lock period is, and make sure they can close your loan within their rate lock period.
• Ask about timing. Lenders get extremely busy during rate dips, so ask your lender to confirm that they're quoting a rate that allows them enough time to close your loan. (If they can’t, you can look into finding a new lender.)
• Don't forget your second mortgage. Your second mortgage holder must agree to the terms of your new first mortgage refinance before the refinance can close. This is required even if you have a Home Equity Line of Credit (HELOC) with a zero balance. This step will add time to the process, so make sure lenders you're shopping with know this as they're quoting rates.
• Get ready to provide documents again. Even if you refinance with a lender you've worked with before, federal laws require them to update your employment, income, asset, and debt documentation for a new loan.

When do refi costs break even? A typical refinance costs $2,000 to $4,000, depending on your market. Interest cost savings from the refi should repay closing costs within 24 to 36 months. A refinance calculator can help you estimate your breakeven time.

And don't forget that a "no-cost" refinance isn't actually without cost. You're just accepting a higher rate to enable your lender to credit closing costs. Make sure your lender compares long-term savings of cost vs. no-cost refi options.

Reminder for home buyers

A rate lock runs with a borrower and a property, so as a home buyer, you cannot lock a mortgage rate until you're in contract to buy a home.

Rate dips like the current one tipped off by the Brexit vote benefit you as a home shopper because you'll likely get to lock a lower rate when you get into contract. But until then, you're subject to daily rate market movements.

Related:

• Quiz: Are You a Savvy Mortgage Shopper?
• 4 Ways To Ensure Your Online Lender Is Credible
• What Should You Do If Your ARM Is Almost Out Of Time?

Note: The views and opinions expressed in this article are those of the author and do not necessarily reflect the opinion or position of Zillow.

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Ms. Independent: Top 10 Cities Where Millennials Are Living Alone

Kelley Libby lives in an apartment with a view of the Richmond, VA skyline from her balcony. She rides her bike downtown regularly for dinner and a show, or sometimes to take a cool dip in the river.

A top-of-the-millennial-pile 34 years old, she is among the 15 percent of millennials who live alone in Richmond, the metro area where a greater share of millennials live solo than anywhere else in the country. Others in the top 10 are Pittsburgh; Buffalo; Columbus, OH; Virginia Beach; Cleveland; New Orleans; Austin; Kansas City and Oklahoma City.

 

"With home prices and rents rising as fast as they are, it's a common assumption that young adults in many cases cannot afford to live alone," said Zillow Chief Economist Svenja Gudell. "Though that may be true in some markets, there's still a large number of amazing places across the U.S. that are prime for millennials to thrive independently. These are places where young adults can easily find jobs at a competitive salary, and where housing expenses won't eat up the majority of their income, enabling them to save more."

Low rents help

Rents are relatively easy on the budget in many of the metros where millennials live alone. In Richmond, people of all ages typically spend 26 percent of their incomes on rent, compared to 30 percent nationally, according to Zillow Research. In a place where millennials living solo make a healthy $49,500 a year (median) and employment is up 3.6 percent since a year ago, that makes for an attractive package.

“It’s a good place for young, single people, because there’s lots to do as far as cultural activities and outdoor stuff,” said Libby, who’s a public media producer working on a national project called Finding America. She pays $960 a month for her 1-bedroom, which is in a new apartment complex and has that sweet balcony.

It’s also a great place to settle down, and many of her friends are snapping up real estate. “I have so much more of a chance to buy a place here than I would in big, popular cities,” she said.

She lived for several years in nearby Charlottesville, where “I couldn’t dream of buying a house.” The median home value there is $232,700, well above Richmond’s $193,200, according to Zillow data.

‘I don’t need 100 channels on cable’

With 21 percent of millennials still living with their mothers, and 32 percent of all working-age adults living with someone else, it can be a big deal when millennials step out on their own.

Often they do it in places where rents are more affordable — areas like Pittsburgh, Kansas City and Oklahoma City, where rents take up around 25 percent of people's incomes. They also go solo in metros like Virginia Beach where they can afford to buy homes, and places like Austin with strong employment growth.

Malory Berschet has lived on her own in Columbus for a year, following stints with her parents and with a college roommate. She enjoys it, but she’s had to cut back to make her $1,125 monthly rent.

“My biggest thing was spending money like I was made of money,” said Berschet, who’s 25. “I would eat out all the time or buy lunch rather than pack it. And I don’t need 100 channels on cable.”

Millennials living alone make $38,800 a year (median) in Columbus, where people spend 26 percent of their incomes on rent.

Berschet knows coworkers at Cardinal Health, where she’s a market manager, who save money by living in Dublin, the suburb where the company is headquartered. They pay less in rent and have better commutes, Berschet said, but “they’re a good 20 minutes from downtown.” She likes being close in, where she can easily walk or Uber to visit friends and eat out.

Less solo-friendly cities

At the other end of the spectrum, she has a friend who’s moving to San Francisco and said the rent is $3,500 for an apartment smaller than Berschet’s 1-bedroom — which makes her place seem like a steal.

Only 9.4 percent of millennials live alone in the San Francisco area. It’s not the smallest share of independent millennials in the country — that’s Riverside, CA, with 6.1 percent. They make good money — $66,000 for millennials living alone in San Francisco and $72,000 in Riverside (medians) — but people who live in those places spend 46 percent and 36 percent of their incomes, respectively, on rent.

Prices like that can make roommates — and even Mom’s basement — look mighty appealing.

Related:

• Space for One: Rentals in Cities Where the Most Millennials Live Alone
• Would You Rather: Rent in the City or the Suburbs?
• Hip Suburban Living Is a Magnet for Millennials

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Space for One: Rentals in Cities Where the Most Millennials Live Alone

While a large number of millennials are finding themselves back at home with Mom and Dad, many young people prefer to set out and make it on their own.

Not everyone wants a roommate, and securing a place that is all yours signifies true adulthood for many people.

Here are 1-bedroom rentals in the cities with the largest number of millennials living on their own.

Richmond, VA

1806 E Franklin St, Richmond, VA
For rent: $1,049/mo

This impressive 1-bedroom loft brings vintage charm with its exposed wood beam ceilings and exposed brick walls. The elegant wood floors, along with the stylish kitchen, ensure that this loft is a dream first apartment. In Richmond, 15 percent of millennials live alone, and their median income is $49,500.

See Richmond rentals.

Pittsburgh, PA

1876 Parkview Blvd, Pittsburgh, PA
For rent: $1,485/mo

With a great living area featuring plush carpet, this spacious 1-bedroom boasts picture windows throughout, as well as enough room for separate dinning. The kitchen includes a breakfast bar, granite countertops, stainless steel appliances and warm wood cabinets. Millennials living in Pittsburgh have a median income of $40,000 and 14.3 percent of people are going it alone.

Discover your Pittsburgh rental.

Buffalo, NY

1502 Niagara St, Buffalo, NY
For rent: $1,090/mo

You’ll love coming home to wood flooring, high ceilings with exposed beams and concrete walls with brick accents. Large windows offer city views, as well as a glimpse of Niagara Falls, and the large living area connects to the open kitchen with an island. This 1-bedroom also comes equipped with a large walk-in closet with built-in shelving, along with an extraordinary all-glass shower. Buffalo Millennials earn a median income of $40,000, and 14.2 percent of them live on their own.

Research more Buffalo rentals.

Columbus, OH

3701 Governors Club Blvd, Columbus, OH
For rent: $860/mo

This charming 1-bedroom provides an inviting atmosphere with plush carpet, in-home washer and dryer, and large closets and picture windows. The kitchen includes dark cabinets and attractive plank flooring, along with all-black appliances. Fourteen percent of Columbus millennials live by themselves, and the median income is $38,800.

See more rentals in Columbus.

Virginia Beach, VA

205 34th St, Virginia Beach, VA
For rent: $1,005/mo

Find high-rise living at its best in this 1-bedroom apartment. With a beach-friendly color scheme and ample space for entertaining and dining, comfort abounds. Large windows introduce wonderful views and natural light, while the separate kitchen features bright paint and a buffet window. The median income for millennials in Virginia Beach is $50,000, and 13.9 percent live by themselves.

Find more Virginia Beach rentals.

Cleveland, OH

1127 Euclid Ave, Cleveland, OH
For rent: $1,006/mo

Multi-colored walls, wide open spaces and lake views await in this 1-bedroom apartment, which once served as a hotel. This vibrant home ensures comfort at every turn with carpet throughout, a bathroom offering vanity lights, and a large kitchen with counter space for dining. In Cleveland, 13.9 percent of millennials live alone, and their median income is $35,000.

View more Cleveland rentals.

New Orleans, LA

909 Gravier St, New Orleans, LA
For rent: $1,575: /mo

Soaring above the city, this 1-bedroom offers a classic feel with simple elegance and light-colored plank flooring. Crisp white walls provide an airy feeling throughout the space, which includes a galley kitchen, large windows and track lighting. New Orleans millennials earn a median income of $40,000, and 13.4 percent of them live solo.

Find your next New Orleans rental.

Austin, TX

11915 Stonehollow Dr, Austin, TX
For rent: $1,139/mo

It will be hard to pull yourself away from the private balcony connected to this modern 1-bedroom dwelling. Accent walls, plank flooring and a separate space for an in-home washer and dryer, complement the large open kitchen and dining room. Additional perks include a spacious bathroom and a walk-in closet. In Austin, 13.4 percent of millennials live alone, and they have a $40,000 median income.

View more Austin rentals.

Kansas City, MO

9300 NE 87th St, Kansas City, MO
For rent: $919/mo

A private entryway leads into this 1-bedroom apartment complete with a balcony. Plush carpet will make you feel comfortable inside the spacious home, while large windows ensure natural light. The home boasts a kitchen large enough to include a pantry, as well as the entrance to the washer and dryer closet. Kansas City millennials have a median income of $40,000, and 13.4 percent of them live alone.

See more Kansas City rentals.

Oklahoma City, OK

800 N Oklahoma Ave, Oklahoma City, OK
For rent: $1,005/mo

Picture windows, granite countertops and plank flooring await inside this 1-bedroom. Enjoy the convenience of a private balcony, stainless steel appliances, a kitchen island, and an in-home washer and dryer. In Oklahoma City, the medium income is $40,000 for millennials, and 13.3 percent of them live alone.

Find your next Oklahoma City rental.

Related:

• Lease Agreements: 5 Things You Didn’t Know You Could Negotiate
• Boston vs. Washington, D.C.: Two Historic Towns Draw New Grads
• Would You Rather: Rent in the City or the Suburbs?

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Teensy Waterfront Homes for Sale

On their own, tiny homes pack a hefty punch. They’re environmentally friendly, efficient, affordable and pretty darn cozy.

But, when paired with long summer days and the great outdoors awaiting your enjoyment, living small is a no-brainer.

Perfect for spending hot days in the water and balmy nights snuggled by the campfire, the 10 following micro homes are perched on oceans, lakes, and rivers across the United States. And considering the adorable interior designs and scenic views, a rainy day or two wouldn’t be the worst thing.

Mattapoisett, MA

2 Oliver St, Mattapoisett, MA
For sale: $549,900

Surrounded by beach roses and the cobalt Atlantic waters of Mattapoisset Harbor, this 538-square-foot beach cottage is the perfect New England summer getaway. Despite being petite, this 2-bedroom, 1-bathroom home is ready for extra guests; one bedroom is equipped with bunk beds, and the open concept living/dining area is impressively spacious.

See more Mattapoisset homes for sale.

Belmont, NH

10 Silver Lake Dr, Belmont, NH

For sale: $184,900

Nestled on Silver Lake, this 576-square-foot cottage offers 100 feet of lake frontage, complete with a wraparound deck to enjoy some stellar sunsets - and perhaps even a greeting from the nearby resident eagle. Activities like water skiing and canoeing are just steps away, while the newly renovated interior of this 2-bedroom, 1-bathroom home features hardwood floors and pleasant pastel tones.

See more homes for sale in Belmont.

Worley, ID

3001 W Cliffdwellers Dr, Worley, ID
For sale: $295,000

Encompassed by towering trees, this private, 600-square-foot cottage is perched on Cottonwood Bay on the beautiful Coeur d’Alene Lake. One hundred feet of lake frontage put countless lake activities at your fingertips, while the 1-bedroom, 1-bathroom home is fully furnished and endowed with spectacular views.

See more Worley homes for sale.

Freeport, ME

25 Shore Dr, Freeport, ME
For sale: $299,000

Located in Raspberry Cove and just minutes from downtown Freeport, this 581-square-foot oceanfront cottage is ready for your canoes, kayaks, and summer cookouts. The gorgeous, sun-drenched interior of this 1-bedroom, 1-bathroom home features huge windows, an updated kitchen and bath, and a sleeping porch.

See more listings in Freeport.

Monte Rio, CA

21604 Moscow Rd, Monte Rio, CA
For sale: $684,500

This 3.32-acre riverfront property is the ideal setting for a NorCal summer getaway, complete with a 679-square-foot home, wraparound deck, Jacuzzi, and picnic area overlooking the Russian River. The interior walls of this 2-bedroom, 1-bathroom home were painted by artist Jorge Nadal, and this location is minutes away from the Pacific Coast, hiking trails, cycling routes, and kayaking.

See more Monte Rio homes for sale.

Bainbridge Island, WA

15747 Point Monroe Dr, Bainbridge Island, WA
For sale: $619,000

Located between a 50-foot sandy beach on the Puget Sound and a 50-foot lagoon with a boat launch, this 632-square-foot home in fact has two waterfronts. The Olympic Mountains provide a picturesque background, and seafood fans will love the easy accessibility of clamming and crabbing, as well as a beautiful kitchen to prepare your bounty.

See more homes for sale in Bainbridge Island.

Prosperity, SC

1824 Lakewood Dr, Prosperity, SC
For sale: $179,000

Surrounded by foliage on beautiful Lake Murray, this whimsical, 700-square-foot home is awaiting a new family to make memories with. The completely updated interior of this 1-bedroom, 1-bathroom home has quirky pops of color and a loft with two separate sleeping areas, while the exterior features a spacious deck and waterfront dock.

See more listings in Prosperity.

Harrodsburg, KY

304 Palisades Rd, Harrodsburg, KY
For sale: $69,000

Perched atop the Kentucky River, this 570-square-foot home offers access to an array of outdoor activities, including fishing, kayaking, canoeing, or simply viewing the nearby waterfall. This 1-bedroom, 1-bathroom home features an additional loft and comes fully furnished with its timeless decor.

See more homes for sale in Harrodsburg.

Marion, MT

525 Lodgepole Dr, Marion, MT
For sale: $395,000

Located on a 1.4-acre, waterfront lot on Little Bitterroot Lake, this 690-square-foot rustic cabin comes equipped with a dock, a wraparound deck, and a stone campfire pit. Inside this 1-bedroom, 1-bathroom home, one will find wood-beamed ceilings, an antique wood stove, and a finished basement.

See more homes for sale in Marion.

Crosslake, MN

33341 Willwood Ln, Crosslake, MN
For sale: $185,000

Built to be enjoyed year-round, this 480-square-foot waterfront cabin is located on tranquil Fawn Lake, with access to superior fishing and bird-watching thanks to nearby bald eagle and loon nests. This 2-bedroom, 1-bathroom home has an updated contemporary interior, boasting stainless steel appliances, hardwood floors, wood accents, and pops of red and charcoal.

See more Crosslake homes for sale.

Curious about what it’s like to live in a tiny home? See one couple’s story. 

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Related:

• Decorating Your Vacation Home
• 7 Tips for Maintaining and Repairing Wood Decks
• Homes on the Market for $150,000 or Less

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3 Kitchen Design Tips

Create your dream kitchen with this helpful advice and decorating inspiration, including: finding the right height for the microwave, installing a sliding door to your dining area and making room for storage.

Below are 3 kitchen design tips:

1. Finding the Right Height for the Microwave

The correct height and location for a microwave oven may vary depending on the chef or the kid-friendly character of the kitchen. For adults, 15 inches above countertop level is a good microwave height. For kids, a below-countertop setup may be safer and more suitable.  There are also many options in terms of location, above the stove, above a wall oven, or built into your cabinets.

2. Installing a Sliding Door

If you do have a dining area with a smaller kitchen, it is worth installing sliding doors or some form of screen between your kitchen and dining areas. You can then reveal a beautifully laid table to guests and close the door on any after-dinner mess. Open-plan space can lead to a lack of surprise, which is a key element of good design and entertaining. With the sliding door open, the integrated dining and kitchen space will adapt perfectly to informal entertaining and weeknight family dinners. When closed, you can hide the kitchen away to create a more relaxed dinner party.

3. Making Room for Storage

The biggest mistake people make at the planning stage is not allowing for enough storage.  Use every nook and cranny. Put overhead cabinets right up to the ceiling, rather than leaving a gap on top that collects dust. Consider deep drawers for easier access to pots and pans, and include enough storage for appliances that otherwise would clutter up countertops. If you have the allowable space, add a walk in pantry to your design. A pantry not only works for food storage, but can be a great place to also store small appliances.

 

Want a professional to help in redesigning your kitchen? For more information, contact us now!

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Lao Tsu, China – 6th century B.C.

Paulo Coelho Based on my message earlier this week – about the different languages of God – I would like to share with you this week some of the prayers that point in the same direction: “For there to be peace in the world, the nations must live in peace. For there to be peace […]

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Happy Lucas Giolito Day!

We had to wait to see if this game was going to get underway to get this post up and make it official. Today is Lucas Giolito’s much-anticipated MLB debut. He just struck out his first batter in Major League Baseball. He’s going to be a good one folks.

As always, the scouting report on the newest member of the MLB fraternity:

Scouting: As Jeffrey Paternostro noted in a recent piece, in the four seasons we’ve been posting Eyewitness Reports from the prospect team, exactly five live reports have been filed at an 80 OFP, and all five were on Lucas Giolito. This accurately reflects his upside, and with the midseason recall of a tall righty with a prototypical pitching frame, clean mechanics, and an array of potentially dominant pitches, it’s hard not to be reminded of the arrival of aces like Strasburg and Noah Syndergaard.

Pitching from a high-three-quarters arm slot, Giolito will mix in both a four-seam and two-seam fastball. His velocity has recently sat anywhere from 91 to 97, and he’s topped out as high as 98 to 100 in the past. As impressive as those velocity figures are on their own, the fastball plays better than the raw velocity because of incredible downward plane that’s noted by nearly everyone who has seen him.

When needed, Giolito will cut his four-seamer and run his two-seamer; altogether, the fastball is far from a lifeless pitch showing just one look, which will serve him well at the major league level. His curveball has the single highest ceiling of any pitch thrown by a current pitching prospect—all five of those Eyewitness Reports referenced above graded it as a future 80 pitch, and I concur in that upside judgment. It’s got the potential to be the type of beautiful and dominating out-pitch that gives hitters quite a lot of trouble, but it was less consistent than that in recent viewings by Craig Goldstein and Adam McInturff. The changeup is a work-in-progress, but already flashes as a passable major-league third offering. He’ll need to rely on it more to get major-league hitters out multiple times through the order.

It’s not totally roses, twin pitches potentially peaking at an 80 grade, and comps to aces, though. Giolito’s command has always been a bit worse than you would hope for given his stuff and overall polish. Shaky command is the most common negative on a top pitching prospect and can definitely be overcome—for example, Syndergaard’s command concerns were more significant than Giolito’s, and have completely dissipated in the majors. But if there’s a skill-related factor that limits Giolito from reaching his top-of-the-rotation upside, command is probably going to be it. After reports emerged early this year that Giolito didn’t look right, sitting towards the lower band of his velocity range with diminished effectiveness, ESPN’s Keith Law noted that the Nationals had made some mechanical changes that have since been reversed. Between that and the managerial hire of Dusty Baker, there’s an easy joke to be made about the Nationals screwing up a sure thing—whither Mark Prior—though Baker’s days as an accused young arm shredder are long since in the past.

Since joining the Nationals’ system, Giolito’s workload has been handled with extreme care. He was limited to 98 innings in 2014 between skipped starts, low pitch counts, and a healthy shutdown in August. In 2015, Washington held a healthy Giolito back in extended spring training until May, and while he pitched on a regular schedule with loosened pitch counts, he only totaled 117 innings on the season. The Nationals are strong believers in innings limits, famously shutting a healthy Strasburg down in 2012 on the doorstep of the playoffs. It’s hard to see Giolito going much over 150 innings this year—he’s already thrown 71 in the minors—so even if he performs to his potential immediately, he may end up in the bullpen or inactive later in the season, playoff hunt or not. And despite his prototypical build and delivery, there’s always going to be a durability red flag on a Tommy John survivor who hasn’t approximated a major-league starting workload over the course of a full season yet.

A special thanks to Stephen Strasburg for making this all a possibility with yet another DL stint. Giolito could be up for good, and a lot of fun to watch going forward.

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