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What experts say homebuyers should do with interest rates falling

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Home concept, Home savings, Selling home, Money and house
As rates fall, there are a few things you may want to do to prepare for buying a home.

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Mortgage rates have been dropping in recent weeks, and while they’re still much higher than the record lows of the pandemic, affordability is finally starting to improve.

It should continue improving, too. The Federal Reserve just slashed rates for the first time in four years and is largely expected to make additional interest rate cuts at its November and December meetings. That should trickle down to mortgage rates as well, which could spur more homebuyers to enter the market as we get later into the year and into 2025.

Are you considering a home purchase if rates fall enough? If so, the time to prepare is now

Start comparing the top mortgage loan options available to you here.

What experts say homebuyers should do with interest rates falling

Here’s what experts say you should do to prepare for buying a home as interest rates drop:

Spruce up your credit

While waiting for rate cuts can certainly help, one way to ensure you get a lower mortgage rate is to come in with excellent credit.  

Just look at recent data from ICE Mortgage Technology: As of Sept. 24, the average interest rate on a 30-year conventional loan was 6.10% for someone with an 800 credit score or higher. For those with a 620 to 639 score, the average rate jumps to 6.84%. 

“Prepare yourself now by keeping your credit score as high as possible,” says Annie Cole, a financial coach at Money Essentials for Women.

To do this, avoid opening any new accounts or credit cards, and make sure you’re paying all your bills on time (set them on autopay if you can). You can also pull your credit report and dispute any errors you find, and work on reducing your debts. 

Find out what mortgage rates you could qualify for now.

Start saving

Having a higher down payment can often qualify you for a lower interest rate, as it means the lender has to loan you less money. You will also need cash for closing costs, moving expenses, utility deposits and other fees that come with buying a house, so start your savings efforts as early as possible.

Mike Hardy, managing partner at Churchill Mortgage, recommends setting your homebuying budget and saving at least your estimated mortgage payment every month. 

“This makes sure that what you budget in theory will work practically, and most importantly, that there are no surprises,” Hardy says. “It’s the true test of affordability to make sure you aren’t getting overextended.”

Don’t just stick the cash in your regular banking account, though. To maximize your savings, opt for a high-yield savings account, and be sure to shop around for a great rate.

“Your local bank is likely to be offering savings rates below 0.5%, while high-yield savings accounts may be near 5%,” says Jay Zigmont, a certified financial planner and founder of Childfree Wealth. “You don’t get a guaranteed return with any savings account, but a high-yield savings account may get you ten times what you are getting in your local bank.”

If you do want that guaranteed return and have a few months until you’re ready to buy, you can put the cash in a certificate of deposit (CD) account

“Locking in rates for CDs or fixed annuities could be a smart idea,” says George McFarlane, president of 7 Waters Advisors. “You can benefit from higher interest rates for a more extended period.”

Research mortgage brokers and lenders

There are hundreds of mortgage lenders to choose from, and each one has different loan offerings, fees, rates and levels of customer service. To ensure you get the best fit, start researching your options now. 

You can also look up local mortgage brokers in your area. These are like personal shoppers for mortgage loans, and they can help you compare loan options and lenders.

They also help you with your application and, as Cole explains, “can shop around to get you the best mortgage interest rate possible.”

Be ready to make a competitive offer

As mortgage rates fall, you can expect more homebuyers to jump into the market, making for a more competitive market all around.

“If rates drop, we will undoubtedly experience a resurgence in mortgage applications,” says John Aguirre, a mortgage broker at Loantown. “It’s almost as certain as gravity at this point.”

When this happens, you will need to do more to stand out with sellers — particularly if you find yourself in a bidding war. Offering a larger earnest money deposit or leaseback are options that can help, as can being flexible with your closing date. You should also get preapproved for your mortgage loan.

“Without a pre-approval letter, it can be harder to get an offer accepted,” Cole says.

The bottom line

Even if you’re not ready to pull the trigger on a home purchase right now, prepping today can help you have the best chance of qualifying for a loan, winning that dream house, and snagging a low interest rate in the process. 

Talk to a mortgage professional or real estate agent for more personalized guidance. They can help you prepare for the exact conditions of your local housing market. 



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Supreme Court denies RFK Jr.’s bid to be reinstated on New York ballot

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Washington — The Supreme Court on Friday rejected a bid by independent presidential Robert F. Kennedy Jr. to restore his name to New York’s general election ballot.

The unsigned order from the court leaves intact a lower court decision declining to place his name back on New York’s ballot ahead of the Nov. 5 contest. Kennedy mounted an unsuccessful independent bid for the White House and, after suspending his campaign last month, is working to have his name removed from ballots in more than a dozen states.

He has since endorsed former President Donald Trump, the Republican nominee.

Kennedy asked the high court in an emergency appeal this week to reinstate his name in the Empire State, arguing that his supporters “have a constitutional right to have Kennedy placed on the ballot — and to vote for him, whether he is campaigning for their vote or not.” 

“Whatever inconvenience the [state] may have in adding Kennedy to the ballot seven weeks before the election, it seems inconceivable that those difficulties or expenses could outweigh the constitutional rights of 108,417 New York voters,” his campaign told the court in its request for emergency relief.

Robert F. Kennedy Jr. before the first presidential debate between former President Donald Trump and Vice President Kamala Harris on Sept. 10, 2024, in Philadelphia.
Robert F. Kennedy Jr. before the first presidential debate between former President Donald Trump and Vice President Kamala Harris on Sept. 10, 2024, in Philadelphia.

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The dispute arose after Kennedy collected more than 120,000 signatures to appear on New York’s ballot. The signatures were submitted to the state elections board in May, which went on to certify their validity and vote to place Kennedy on the ballot.

But several individuals filed a lawsuit in state court challenging Kennedy’s nominating petition. A state court and appeals court both ordered the board to keep Kennedy off the ballot on the grounds that his nominating petition listed an invalid address for the presidential hopeful. State law requires a nominating petition to show the candidates “place of residence” which is defined as their “fixed, permanent and principal home.”

The address in Katonah, New York, that Kennedy listed on his petition belongs to a friend, whom he paid $500 a month beginning in May for a room that he and the friend both say he has stayed in just once. 

Kennedy said in a sworn declaration filed with a federal court in New York that he is registered to vote in the state and “for consistency purposes” was advised by his election law counsel to use the Katonah address on the nominating petition and other state petitions requiring a residence.

But the state appeals court concluded that the Katonah address wasn’t Kennedy’s “fixed” or “permanent” home, and determined he never lived there. New York’s top court, the Court of Appeals, declined to review the lower court’s decision.

While the state court proceedings were underway, Kennedy’s campaign challenged his exclusion from New York’s ballot in federal court, claiming the state’s residence requirement is unconstitutional. A district judge and the U.S. Court of Appeals for the 2nd Circuit, however, declined the campaign’s request to restore Kennedy to the ballot.

The Board of Elections issued a certification of New York’s general election ballot on Sept. 11 that omitted Kennedy from it.

Kennedy, the son of the late Robert F. Kennedy and nephew of John F. Kennedy, argued in a filing with the Supreme Court that the address on his nominating petition is “entirely immaterial” to voters and to New York, and said the residence requirement is not related to a qualification to run for the presidency.

His campaign also argued that disclosing a “controversial” public figure’s home address puts him and his family at risk.

“It can result in round-the-clock demonstrations outside his house, attacks on his home, and harassment of his family, including his children,” Kennedy’s campaign argued. “This is a severe burden to impose on a presidential candidate on pain of exclusion from the ballot.”

The Board of Elections urged the Supreme Court to reject Kennedy’s request, noting that not only has the ballot certification deadline already passed, but so has a federal deadline for mailing ballots to overseas and military voters, which was Sept. 21.

“The requested injunction would not only severely disrupt the state’s election processes and trigger substantial voter confusion, but also cause New York to miss federal deadlines for mailing overseas and military ballots and potentially disenfranchise voters who receive and vote the original ballot,” state officials wrote in a Supreme Court filing.

They also noted that Kennedy has already called off his own presidential campaign, endorsed Trump and is in court in other states to remove his name from their ballots.

“Kennedy’s purported concern for his petition signers’ rights is highly questionable given his attempts to remove his name from the ballots in other states,” New York officials said. “Meanwhile, voters who may not be aware of Kennedy’s suspension of his candidacy may be misled by his presence on the ballot into thinking that he remains a bona fide candidate for the presidency.”

Kennedy’s suspension of his campaign came after months of fighting to get on the ballot in every state and Washington, D.C. At the time, he said he would seek to have his name removed from the ballots in 10 states that his campaign considered competitive because it risked harming Trump’s chances of winning the election against Vice President Kamala Harris. He also endorsed Trump, but said his supporters should still vote for him in states where it would not be to the detriment of the Republican nominee. 

But Kennedy later encouraged his supporters in every state to vote for Trump and has sought to remove his name from the ballot in more states than the original 10. According to CBS News’ latest tally, Kennedy’s name won’t appear on the ballot in 18 states

His campaign website now declares “a vote for Trump is a vote for Kennedy.”

In August, a Georgia judge determined Kennedy was “not qualified” to appear on the state’s ballot, citing questions about his New York residency. Georgia was one of the 10 states where Kennedy wanted his name removed from the ballot and he did not challenge the decision.

While he fights to have his name reinstated in New York, he’s waging a separate battle in Michigan to have his name removed. The Michigan Supreme Court ruled in September to keep him on the ballot. He has appealed to the U.S. Court of Appeals for the 6th Circuit.  

Kennedy’s request for relief is the third involving the 2024 election to land before the Supreme Court, though more are expected. The justices in August revived part of an Arizona law requiring documentary proof of citizenship when registering to vote using a state-created form, but declined to allow enforcement of provisions mandating such proof in order to vote for president or by mail.

Earlier this month, it rejected a bid to put Green Party presidential candidate Jill Stein on the Nevada general election ballot.



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Preview: Chris Martin and Jonny Buckland of Coldplay

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Preview: Chris Martin and Jonny Buckland of Coldplay – CBS News


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In this preview of an interview to be broadcast on “CBS Sunday Morning” September 29, correspondent Anthony Mason talks with Chris Martin and Jonny Buckland of the rock band Coldplay about their massively-successful world tour.

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New York City Mayor Eric Adams pleads not guilty to federal charges

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New York City Mayor Eric Adams pleads not guilty to federal charges – CBS News


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New York City Mayor Eric Adams appeared in court Friday and pleaded not guilty to federal charges against him. CBS News’ Nikki Battiste was in court while the Adams’ arraignment took place.

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