Connect with us

CBS News

Why some experts say you shouldn’t wait for mortgage rates to fall

Avatar

Published

on


gettyimages-1388382712.jpg
High rates could hinder your house hunt – but they probably shouldn’t. 

Getty Images


If you’re in the market for a new home, today’s mortgage rates can hinder your efforts. After all, the higher your mortgage rate, the higher your monthly payments will typically be. So, it can be difficult to find affordable housing options in today’s high-rate environment. 

But the good news is that there are still good housing options available. And, while waiting for a lower interest rate might seem like a smart move, some experts say doing so would be a mistake. But why wouldn’t you want to wait for lower mortgage rates before you purchase a new home? 

Find out how affordable your mortgage loan can be today

Why some experts say you shouldn’t wait for mortgage rates to fall

Interest rates are a common consideration among home buyers — but should you wait until mortgage rates fall to buy? Many experts say no. Here’s why.

Lower rates could lead to lower inventories and higher prices

“Buying a home is a big decision that needs careful consideration,” says John Dustman, SVP, head of consumer lending and advisor banking at Axos Bank. 

“One common concern among buyers relates to market conditions and how changes in interest rates impact home prices and inventory levels,” says Dustman. “As most house hunters know, inventory levels in just about every community in the U.S. are very low and have been since the COVID-19 pandemic and historically low mortgage rates available in 2020 and 2021.”

“Active inventory fell to levels that were a third or less than inventory levels in 2019 during the 2021 peak in demand,” says Dustman. “Since then, inventory levels have increased but are still at levels equal to about 50-60% of available inventory in 2019.” 

Considering the low inventory levels, home prices would typically rise. However, with rates as high as they are right now, it may be keeping home values from increasing further, according to Dustman. But that may change. 

“Many buyers have been waiting on the sidelines due to high rates and challenges they are facing qualifying for mortgages with high rates and home prices,” says Dustman. As rates fall and these buyers on the sidelines flood the market, inventory could fall further and home prices could rise. 

That’s why, generally speaking, the best time to buy a home is when rates are higher and demand is lower, according to Dustman.

Find the best mortgage loan offer for you online now

You could miss out on your dream home if you wait too long

It can be difficult to find your dream home with inventories low across most housing markets nationwide. However, if you wait too long, you could miss out entirely. 

“People are always going to need to buy homes — whether they are upsizing with a growing family, downsizing as empty nesters, moving for a job or are simply ready to take the next step in their life’s journey and become a homeowner for the first time,” says Austin Niemiec, chief revenue officer for Rocket Mortgage. 

“Maybe someone’s dream home becomes available and it doesn’t coincide with the most favorable rate environment, but waiting for rates to drop could mean missing out on that perfect opportunity,” says Niemiec. “As long as they can comfortably afford the payment now, the homebuyer always has the chance to refinance if rates drop in the future to get a better monthly payment.”

It’s hard to time the market

“Trying to time the homebuying market and rates is difficult because no one has a 100% accurate crystal ball to predict what conditions will look like even in a few months from now,” says Bob Driscoll, SVP and director of residential lending at Rockland Trust Bank. “The ‘perfect time’ to buy a home is a myth.”

“Instead, prospective homebuyers should buy a home on a timeline that works best for their life and future plans,” says Driscoll. “Aligning your home purchase with your goals and values will certainly have a better return on your investment than waiting around for rates to fall.” 

Learn more about your mortgage options now

The bottom line

Interest rates could drop in the future, but you may not want to wait for that to happen to buy a home. If you wait for rates to fall, you could face higher home prices or miss out on your dream home. Rather than waiting for rates to fall, it may be a wise choice to purchase your home now and consider refinancing later. 



Read the original article

Leave your vote

Continue Reading

CBS News

New Zealand reclaims world record for largest mass haka

Avatar

Published

on


New Zealand on Sunday reclaimed the world record for the largest mass haka after more than 6,000 people performed the legendary Maori war dance, dethroning France.

The record was broken in deafening fashion at Eden Park rugby stadium in Auckland, where thousands of men, women and children combined on the pitch to complete the traditional native challenge involving vigorous movements, stamping feet and rhythmic shouting.

An adjudicator confirmed that 6,531 participants had performed the ‘Ka Mate’ haka, a rendition made famous by the All Blacks rugby team, who perform it immediately before Test matches.

France had held the world record since September 2014 when 4,028 people slapped their thighs and bellowed the chant following a rugby match in France Brive-la-Gaillarde, southwestern France.

Auckland organizers had hoped for up to 10,000 participants but were nevertheless pleased the record had been reclaimed by New Zealand, where the haka is regarded as a national treasure.

“We want to bring the mana (pride) of the haka back home,” Michael Mizrahi, director of the Auckland attempt, told AFP. “It’s not just that we want to take it off the French, it’s like a national treasure that somebody has taken from us. It’s got enormous meaning for us as New Zealanders.”

He added: “Some things should be culturally sacred.”

NZEALAND-HAKA-CULTURE-RECORD
Participants gather in a world record attempt for the largest mass Haka at Eden Park in Auckland on September 29, 2024.

DJ MILLS/AFP via Getty Images


Previous attempts involving crowds of more than 5,000 on New Zealand soil failed because Guinness World Records officials didn’t ratify them, Mizrahi said.

This time around, an adjudicator was flown to Auckland.

The Ka Mate haka was composed around 1820 by the warrior chief Te Rauparaha to celebrate his escape from a rival tribe’s pursuing war party.

Under New Zealand law, a Maori tribe, the Ngati Toa, based in Porirua just outside Wellington – are recognized as the cultural guardians of the Ka Mate haka.



Read the original article

Leave your vote

Continue Reading

CBS News

Malcolm Gladwell on “Revenge of the Tipping Point”

Avatar

Published

on


Malcolm Gladwell on “Revenge of the Tipping Point” – CBS News


Watch CBS News



Bestselling author Malcolm Gladwell’s latest, “Revenge of the Tipping Point,” builds on a familiar idea from his books: You may think you know how the world works, but you’re wrong! The provocative Gladwell talks with correspondent David Pogue about why he’s refused to change his approach, his work ethic, or his contrarianism.

Be the first to know

Get browser notifications for breaking news, live events, and exclusive reporting.




Read the original article

Leave your vote

Continue Reading

CBS News

Malcolm Gladwell’s life has changed; he has not

Avatar

Published

on


On Tuesday, a new Malcolm Gladwell book comes out. And if history is any guide, it will be a bestseller. “They’re stories about ideas,” he said. “They have characters. They have plots. I’m usually trying to say something about the world.”

His first book, “The Tipping Point,” published in 2000, established the Gladwell recipe: he explores a theme through anecdotes and little-known scientific studies. “‘Tipping Point’ was about the epidemic as an incredibly useful way of understanding how ideas move through society,” Gladwell said. “And epidemics have rules. Let’s learn the rules, right?” 

His seven New York Times bestsellers have sold 23 million copies in North America alone. His fee for corporate speeches is $350,000. His fans have downloaded a quarter-billion episodes of his podcast, “Revisionist History,” and he founded a company called Pushkin Industries to produce it. 

malcolm-gladwell-podcast.jpg
Malcolm Gladwell recording his “Revisionist History” podcast. 

CBS News


In other words, Gladwell has come a long way from the small Canadian town where he grew up, son of a British father and a Jamaican mother, whom he describes as “subversive,” someone who would write notes to excuse her son from class with a blank space. “I would just fill out the date,” said the man who skipped a lot of school.

He attended the University of Toronto, but his best education was the ten years he worked for the Washington Post. “I knew nothing about newspapers,” he said. “I was so raw. I was 23, I think, or 24. Bob Woodward was two rows away from me. I learned at the feet of the greatest journalists of my generation.”

In 1996, Gladwell joined The New Yorker. He wrote about why, in the 1990s, New York’s crime rate plummeted in an article called, “The Tipping Point.” A book followed. It introduced a recurring Gladwellian theme: hidden patterns in the way the world works.

He’s a world-class contrarian, about college (“You should never go to the best institution you get into, never; go to your second or your third choice. Go to the place where you’re guaranteed to be in the top part of your class”); about working from home (“It’s not in your best interest to work at home. … If you’re just sitting in your pajamas in your bedroom, is that the work life you want to live, right? Don’t you want to feel part of something?”); about football (“I think the sport is a moral abomination”).

Gladwell says he enjoys being provocative: “Of course!” he said. “I like poking the bear. I mean, journalists should poke the bear.”

malcolm-gladwell-1280.jpg
Bestselling author Malcolm Gladwell’s latest, “Revenge of the Tipping Point,” builds on a familiar idea from his books: You may think you know how the world works, but you’re wrong!

CBS News


Gladwell’s fans love his storytelling, and the A-ha! moments they bring. His critics, on the other hand, have described his writing as “generalizations that are banal, obtuse, or flat wrong,” and “simple, vacuous truths [dressed] up with flowery language.” “I’m with the idea that not everyone’s gonna like my work,” Gladwell said. “100% of people don’t like anything.”

In a 2021 “Sunday Morning” interview, Gladwell said, “I would rather be interesting than correct.” He called that “an overly provocative way of saying things! No, I think what I meant was, if I turn out not to be right, I’m not devastated. I accept that as the price of doing business.”

Gladwell often turns his mistakes into new chapters or podcast episodes. In “The Tipping Point,” he explained that New York’s crime drop was the result of “broken windows policing.” As he described it, “Little crimes were tipping points for big crimes.” But that philosophy led to New York’s policy of “stop and frisk.”

“Doing 700,000 police stops a year of young Black and Hispanic men is deeply problematic,” Gladwell said. “We were wrong. I was part of that. I’m sorry.”

Which brings us to the new book, “Revenge of the Tipping Point.” “The original ‘Tipping Point’ is a very optimistic, rosy book about the possibilities for using the laws of epidemics to promote positive social change,” he said. “In the last 25 years, I spent a lot of time thinking about the other side of that problem, which is, what happens when people use the laws of epidemics in ways that are malicious or damaging or self-interested?”

revenge-of-the-tipping-point-cover-little-brown-1500.jpg

Little, Brown & Co.


The book’s stories range from topics as obscure as cheetah reproduction, to stories as big as the Holocaust. He writes that almost nobody talked about the Holocaust, or even called it that, until NBC aired a miniseries called “Holocaust” in 1978. “And what changed happened like [snaps fingers]. I mean, it was just there was a tipping point in our understanding of the Holocaust,” he said.

This book arrives at a tipping point in Gladwell’s own life. In a span of five years, he got engaged, had two children, turned 61, and moved from Manhattan to pastoral Hudson, New York. “It’s a lot to handle. There isn’t a single person who ever lived whose parents did not say, ‘This is a lot!'” he laughed. “I have become the person that, you know, I once despised, and nothing makes me happier.”

He also despises Ivy League colleges, accusing them of prioritizing their own reputations over focusing on their students.

Has parenthood affected his outlook on any of the things that he’s written about before? “Well, it’s prepared me for the possibility that I will be a massive hypocrite!” Gladwell laughed. “So, you know, it’s one thing to write about what you should do with your kids when you don’t have them.”

For all his success, Malcolm Gladwell maintains that nothing has changed in his approach, his work ethic, or his contrarianism. “It hasn’t changed what I do,” he said. “I don’t farm out my research; I still go on reporting trips. It hasn’t gotten old. In fact, my great regret is I don’t have time to do more.”

     
READ AN EXCERPT: “Revenge of the Tipping Point” by Malcolm Gladwell

     
For more info:

       
Story produced by Wonbo Woo. Editor: Remington Korper. 



Read the original article

Leave your vote

Continue Reading

Copyright © 2024 Breaking MN

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.