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Tag: trends

  • Home buyers thought mortgage rates were finally going to go down. Why hasn’t it happened yet?

    Home buyers thought mortgage rates were finally going to go down. Why hasn’t it happened yet?

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    Why are mortgage rates still so high?

    After a year of mortgage rates near 8%, home buyers are eager for good news. Some forecasters have buoyed their hopes, estimating that the rate on the 30-year mortgage will drop to 6% or lower this year. 

    But rates have not fallen by much thus far. The 30-year rate is currently averaging 6.64%, according to Freddie Mac. That’s despite the fact that the U.S. Federal Reserve hasn’t raised its benchmark interest rate since July 2023 and signaled in December that it would cut that rate in 2024. Meanwhile, economists in the real-estate sector have been anticipating a drop in mortgage rates since last fall.

    “Homebuyers may be feeling like the lower mortgage rates they’ve been promised in 2024 are not materializing,” Lisa Sturtevant, chief economist at Bright MLS, said in a statement. In a recent survey of Americans’ feelings about the housing market, 36% of respondents said they expect mortgage rates to fall in the next 12 months.

    While the Fed doesn’t set mortgage rates, it can influence them, just as it influences the overall U.S. economy through monetary policy. But even though the central bank has hit the brakes on tightening monetary policy, with the economy giving off mixed signals of strength and weakness, the timing of anticipated cuts to the benchmark rate remains unclear.

    That in turn creates uncertainty about when mortgage rates will drop enough to “unfreeze” the housing market. Home buyers are probably going to have to wait until the Fed acts definitively before they see those lower rates.

    The effect of a strong economy

    The strength of the U.S. economy is one reason mortgage rates have not yet fallen much, economists say. The job market is still hot, and inflation remains higher than the Fed’s goal, which is why the latest read on inflation, out Feb. 13, will be so closely watched. The fact that rates haven’t fallen this year is “a result of uncertainty about the economy and the timing of the Fed’s rate cuts,” Sturtevant said.

    “The strong job market is good news for the spring buying season, as higher household incomes are a necessary component, but it also means that mortgage rates are not likely to drop much further at this point,” Mike Fratantoni, chief economist at the Mortgage Bankers Association, told MarketWatch.

    Another reason mortgage rates are still high is that lenders are trying to protect themselves against lower rates in the future, Cris deRitis, deputy chief economist at Moody’s Analytics, told MarketWatch. If rates fall, lenders run the risk that a borrower will pay off a loan early by refinancing. That would limit how much in interest that lender could expect to make.

    “In an odd sort of way, then, the expectation that mortgage rates will be lower in the future can lead lenders to increase rates today to compensate for the prepayment risk,” deRitis said. 

    Lower rates, more competition among buyers

    So when can prospective buyers expect mortgage rates to fall significantly? 

    “Homebuyers should expect mortgage rates to move lower as we head through 2024,” Sturtevant said. While Fannie Mae expects rates to fall below 6% by the end of the year, other economists, like Fratantoni, expect the 30-year rate to finish the last quarter of 2024 at 6.1%.

    But even if rates do fall, that won’t necessarily mean buyers will be better able to afford a home, because a drop in rates could heat up competition for homes even as it boosts buyers’ purchasing power.

    “There is still very low inventory in the market, and buyers need to act quickly when they find the right home for them,” Sturtevant said.

    For the many homeowners who currently have a mortgage rate below 4%, rates stuck in the 6% range may be leading them to put off plans to sell their home and buy a new one.

    But it’s worth noting that since 2000, rates on 30-year mortgages have ranged from a high of about 8.62% to a low of 2.81%, averaging about 5% over that span. And compared with the historical average of the 1970s, which was 7.7%, the current rates in the 6% rage are not that high, deRitis noted.

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  • The Surprising Bathroom Accessory That Makes Any Kitchen Feel Instantly “Fancy”

    The Surprising Bathroom Accessory That Makes Any Kitchen Feel Instantly “Fancy”

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    We independently select these products—if you buy from one of our links, we may earn a commission. All prices were accurate at the time of publishing.

    Luxe kitchen upgrades, like Cafe Appliances and colorful Smeg refrigerators, are trending right now in a major way — and it’s hard not to see why. With French doors that open side by side, a sleek design, bright colors, and seemingly endless customization options, it’s no wonder they’re all the rage. However, you might not be looking to drop a few thousand dollars for the look (who can blame you?). Plus, if your current refrigerator is in great condition, why fix what isn’t broken? TikToker and DIY design expert Kelly Cousineau (@homeonarborpointe) gave her fridge a makeover to create a “DIY Cafe fridge” — all with one bathroom staple you may already have in your house.

    In the video, Cousineau thoroughly cleans the surface of the fridge to remove any grease stains, food residue, and fingerprints, then adds a coat of primer as a base before adding three coats of white paint. You might not necessarily need three coats, but because her fridge was black, the extra layers were crucial. In a subsequent video, she also mentioned using “regular flat paint,” reiterating that there is no need to spend on high-end appliance paint. And while she used white paint, you can opt for any color (think: teal, neutral beige, or even a retro orange). You can always paint over your fridge again if you don’t like it! Here are more tips on how to paint your refrigerator.

    The creator decided to build a wooden platform to fill in some space, but you can certainly skip that part. After removing the original handles from the fridge, she then attached towel racks as the new handles to mimic the design of the Cafe refrigerators. The process of removing the handles of your refrigerator may be different from fridge to fridge, but you may need some mounting fasteners or studs to install the towel racks.

    How ingenious! And I’m not the only one who thinks so. Other TikTok users swarmed the comments to express their appreciation for the hack, even offering some suggestions of their own. “Amazing!!” said one user. “I have the Cafe one and I promise yours looks better.” Another commenter shared, “I will be doing this, but I think I will use contact paper.” 

    The best part? Towel racks come in all shapes and sizes — even at the dollar store — so it really comes down to personal preference, whether it’s brushed gold or a funky red. Or maybe you’re more of a brass handle person — it’s totally up to you!

    Get creative, because you really can’t go wrong! This simple DIY hack goes to show that giving your kitchen a refresh certainly doesn’t have to break the bank — and that even the things you don’t think you can upgrade, can be totally transformed with just a few simple changes. 

    Buy: Kitchen Towel Brushed Gold Bar, $14.99



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    Emma Taubenfeld

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  • What to Buy From Nordstrom If Your Vibe Is Mob Wife But Your Budget Is $200

    What to Buy From Nordstrom If Your Vibe Is Mob Wife But Your Budget Is $200

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    Ready or not, the “mob wife aesthetic” has entered the chat. Whether you follow celebrity style or love to scroll TikTok, you’ve undoubtedly heard the term floating around as of late. And while for many, the hot take is that there are already thousands (if not millions) of people who have been dressing in this actually quite-classic style for decades, I can see how someone whose everyday vibes may be a little different could suddenly be intrigued, if not obsessed.

    I mean, it is clearly chic and a refreshingly bold departure from some of the other trending “eras” that have come before it. So with that, you know I had to dive in. Below, you’ll find my picks for someone looking to enter their mob wife era on a budget. And—because why not—I kept all my picks from our beloved Nordstrom since I know that’s where we all love to shop anyway. Whether you’re looking to channel your inner Carmela Soprano or Adriana La Cerva, simply keep scrolling for everything you’d need to get the look.

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    Nicole Akhtarzad Eshaghpour

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  • My Friend Says I Look *So Rich* When I Wear an Outfit With These 5 Key Pieces

    My Friend Says I Look *So Rich* When I Wear an Outfit With These 5 Key Pieces

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    Let’s be honest: Most of us seem to be seeking out looks that scream wealth without breaking the bank. It’s no surprise that the obsession with all things quiet luxury is still going strong, no matter how many times we’ve heard the now-ubiquitous term. There is just simply nothing like the confidence boost you get when you are wearing a great outfit that gives off a rich vibe—or the boost you get from all the compliments when you are out and about in one of these looks.

    In fact, I have noticed that when I wear certain pieces, friends start doling out comments like, “You look so rich in that,” or something to that effect. Any time this happens, I make sure I take a mental note of the key part of the outfit so I can replicate the vibe in the future. As of late, this has looked like everything from trendy scarf coats all the way to camel-hued classics. Scroll on to check out five key pieces that are guaranteed to give any outfit an instant rich-looking feel.

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    Jennifer Camp Forbes

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  • These Are the 2024 Trends I Think Princess Kate Would Adore

    These Are the 2024 Trends I Think Princess Kate Would Adore

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    Princess Kate Middleton is one of the biggest trendsetters regarding royal fashion on the global stage, ushering in concepts like slideshow dressing, colorful outerwear, and even rewearing favorite pieces with updated hemlines and accessories. As a royal family member, her fashion sense tends to be more conservative than flashy, but that doesn’t mean the princess is above trying out a few of the more eye-catching trends of 2024. 

    Middleton has already dabbled in several of this year’s most visible trends, from semi-sheer fabrics to coquette embellishments like rosettes and bows. Of course, as an alumnus of St Andrews, she has the prep-school trend down to a science and is never one to shy away from a radiant red accent. 

    Given the recent news that the princess will be abstaining from public appearances while she recovers from a recent surgical procedure, we thought it might be fun to pull some fun, on-trend pieces that might pique her interest come spring. Please join us in sending our good wishes, and keep scrolling to check out the five trends we think Princess Kate will embrace throughout the rest of the year. 

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    Drew Elovitz

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  • Active skincare ingredients are harming tweens

    Active skincare ingredients are harming tweens

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    Trends come and go for teenagers and pre-teens, but a recent surge of interest in anti-aging skincare might be harming their skin.

    The internet has been awash with videos of young girls aged as young as 10 or 11 roaming around stores like Sephora, purchasing expensive and potent anti-aging skincare products containing ingredients like retinol and exfoliating acids.

    Now, dermatologists are warning preteens and their parents that these products may actually be damaging their youthful skin.

    Stock image of a young woman looking at her skin. Young teens using anti-aging products may be damaging their skin, dermatologists say.

    ISTOCK / GETTY IMAGES PLUS

    Many of these tweens and teens have gotten into skincare after watching TikToks from their favorite creators, who have a detailed skincare regimen consisting of a cocktail of expensive brands such as Drunk Elephant or Fenty. However, using these strong products together has begun to cause damage, with many reporting outbreaks of eczema, rashes, and acne.

    “Many products have what we call “active” ingredients — like salicylic acid, retinols, peptides. They are more suitable for mature skin to target wrinkles or skin with specific concerns like acne. But for tweens and teens, these ingredients can do damage, irritate the skin and cause the reverse effects they are hoping to achieve,” Carol Cheng, an assistant clinical professor of dermatology and board-certified dermatologist and pediatric dermatologist at UCLA Health, said in a statement.

    As we get older, the amount of collagen our skin produces slowly wanes, leading to the development of wrinkles. On adult skin, retinol helps slow the process of aging by increasing the production of collagen in the skin, which reduces fine lines over time. However, before a person reaches their twenties, collagen has not yet begun to dwindle, making retinol redundant.

    “Retinols and retinoids can sometimes be a problem for young children, especially if there is not a clinical indication such as acne. Retinols can sometimes cause retinoid dermatitis, a type of scaly rash. Additionally, retinols can make you susceptible to sunburn and sun damage,” Jayden Galamgam, a board-certified dermatologist and pediatric dermatology fellow at UCLA Health, said in the statement.

    Many young people mix ingredients to create a “skincare smoothie”, which can alter the pH of the products and result in skin irritation. Additionally, using retinol improperly, i.e. in the morning or without sun protection, can result in increased sun damage to the skin.

    woman looking at acne
    Stock image of a woman looking at her skin. Young people’s skin may be being damaged by using retinol skincare products.

    ISTOCK / GETTY IMAGES PLUS

    Experts recommend that younger people interested in skincare stick to a basic routine that avoids stronger ingredients.

    “A simple and practical routine is best. Cleanse the face once or twice a day with a gentle facial cleanser. Drugstore brands (Cetaphil, for example) are fine. Apply a ‘broad spectrum’ sunscreen with an SPF of 30 or greater every morning is of utmost importance. At nighttime, add a facial moisturizer if the skin seems dry. That’s it,” Cheng said.

    Using sun protection is the bastion of skincare, the experts say, and is a way for younger people who are concerned about wrinkles to avoid premature aging of the skin.

    “The number one thing we stress is sunscreen. Kids should develop that habit early so that it becomes part of their normal daily routine. Also, they should cleanse their face with a facial cleanser. Facial cleansers are formulated to have a pH level closer to the skin’s natural pH level,” Galamgam said. “Preteens and teenagers also should avoid harsh exfoliating scrubs. These can cause dryness, redness and irritation. Other than a mild cleanser and sunscreen, people should find a facial moisturizer that works best for their skin type.”

    Do you have a tip on a science story that Newsweek should be covering? Do you have a question about skincare? Let us know via science@newsweek.com.