Mortgage rates continue to move north

 
 

Rates hit 3.14% for the week ending Oct. 28, according to Freddie Mac

The average 30-year-fixed mortgage rate continues to trend upwards, rising by five basis points to 3.14% for the week ending Oct. 28, according to Freddie Mac’s latest PMMS survey.

Rates have risen roughly 20 basis points over the past month, and market observers believe that rise will continue.

Sam Khater, Freddie Mac’s chief economist, said in a statement that the yield on the 10-year Treasury has been increasing “due to the decline in new COVID cases, increasing consumer optimism, as well as broadening inflation and persistent shortages.”

“Mortgage rates are also rising, but purchase demand remains firm, showing that latent purchase demand exists among consumers,” he added.

Last week, the average 30-year-fixed mortgage rate slightly came in at 3.09%, while a year ago today the 30-year fixed-rate mortgage averaged 2.81%. 

Rates have remained historically low in the past year thanks to the Federal Reserve’s monthly purchases of $120 billion in U.S. Treasury bonds and mortgage-backed securities. The central bank has signaled that once the labor market corrects itself, they will taper off their purchases.

With the rise in mortgage rates, refinance activity has started to wane, with refis representing 62.2% of total applications, per a report from the Mortgage Bankers Association for the week ending Oct. 22, 2021.

The refi index dipped 2% from the week prior, sitting 26% lower than it was the same week last year.

“The increase in rates triggered the fifth straight decrease in refinance activity to the slowest weekly pace since January 2020. Higher rates continue to reduce borrowers’ incentive to refinance,” said Joel Kan, MBA’s associate vice president of economic and industry forecasting.

Meanwhile, purchase activity has continued to thrive, with the seasonally adjusted purchase index increasing 4% from one week earlier, the MBA found.

“Purchase applications picked up slightly, and the average loan size rose to its highest level in three weeks, as growth in the higher price segments continues to dominate purchase activity,” Kan said.

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10 Easy Ways to Be a Good Roommate

 
 

If you’re entering a new living situation, paying rent on time is far from your only concern.

Along with managing payment arrangements comes worries about compatibility, space-sharing, and boundaries. While you may think you’re a natural neatfreak, super considerate, and an amazing home designer, your roommate might disagree. You could have different habits and tastes as they relate to, well, a lot of things.

Even with differences, a new roommate situation doesn’t have to turn into a horror story. There are several things you can do to make living with a roommate as peaceful and seamless as possible. All it takes to be a good roommate is some forward thinking and consideration. Ahead, find easy ways to be a good roommate from experts and veteran roommates. Fear unfamiliar roommate situations no more.

1. Wear Headphones

You may think ‘90s hip hop is God’s gift to mere mortals on earth, but your roommate may not. When listening to loud music, watching YouTube videos, or getting lost in a rabbit hole of TikTok trends, throw on a set of headphones when you’re in the presence of your roommate. It can save everyone from possible headaches and do wonders in maintaining peace. 

2. Develop Rules Together

Not bumping heads with your roommate means making sure you’re on the same page. That requires you to set the guidelines of living together early. Discuss what time is an acceptable time to vacuum or play music on the weekends. Decide who gets to use the shower first and when guests are allowed over. Create a chore chart to determine who cleans what in the home. Setting these ground rules early will help make the experience smoother. 

3. Manage Expectations of the Relationship

Don’t expect to become best friends with your roommate. It could happen, but it’s not necessary for having a compatible living arrangement. 

“People often confuse living with roommates as living with their friends and family. A good roommate relationship always involves living with realistic expectations,” says Navish Jain, founder and CEO of CirTru.com, a roommate finder.    

Even if you don’t hang out all the time as close friends would, you could still show you care and build trust in each other. Offer to pick up something for your roommate if you’re heading to the store, or help your roommate stick to their schedule. Just don’t come to expect it all the time or force the interaction. 

4. But Also Make Time For Each Other

While it would be great if you and your roommate became best friends, it’s not necessary to have a peaceful living situation. Friends or not, you should still get to know each other personally. 

“For the values of cooperation and tolerance to be put at the forefront of your roommate relationship, you need an insight into your roommate’s thoughts, feelings, and current struggles,” says Eric Phillip, a home repair expert and founder of Dripfina, a water purification blog. “If you don’t have a lounge, a small kitchen table can become a hub for even quick catch-ups when you meet after work. Don’t underestimate the value of this small talk in a roommate relationship. It becomes the foundation for understanding and healthy communication when tensions flare.”

5. Respect Their Lifestyle Choices

It’s rare you’ll live with someone whose life and decision-making mirrors yours exactly. So, it’s important that you’re mindful in your words and actions so you don’t offend your roommate — even unintentionally. Whether it’s a religious, sexual orientation, or racial difference, take the time to learn about it on your own, and ask about identification preferences, restrictions, and more. Knowing what microaggressions are, and what potentially offensive language and behaviors to avoid will do wonders in creating a safe, healthy and happy environment for you and your roommate. 

6. Discuss Likes and Dislikes 

Do you know if your roommate prefers the toilet paper on the roll to come from above or the bottom? It may sound like a trivial thing, but it could spare yourself from contentious moments in the new living situation. 

“One important way to prevent conflict is for roommates to communicate openly about what they need to feel comfortable,” according to relationship expert Christopher Kokoski.  “For example, it’s common that one roommate needs complete silence at night while another requires some ambient noise from a TV before falling asleep. Find a happy medium if those needs are conflicting.” Discuss pet peeves early on to make sure you don’t end up clashing in future. 

7. Clean Up Immediately

Whether it’s a large spill or a little mess of crumbs, try to clean it up immediately. It’s not fair to leave your roommate looking at your mess because you decided you’ll get to it later. Make sure you build time into your schedule so you can clean up after yourself in a timely manner without feeling rushed. 

8. Assign Areas

One of the easiest ways to ensure bad blood in a roommate situation is to use their stuff, even mistakenly. There’s nothing worse than coming home from a long day of work dreaming of your favorite beverage only to discover it’s missing, likely taken by your roommate. An easy way to avoid this is to designate specific cabinets, shelves, or closets in various rooms in the home to avoid confusion. Problem solved!

9. Be Mindful of Your Cooking

Even if you are great cook and willing to share, you should be aware of the mess you’re making both physically and aromatically suggests Andrei Kryssov, veteran roommate and owner of modernguitarhub.com

If you’re making fish, for example, you could bake it in the oven versus cooking it on an open skillet. Cooking in the skillet will not only make a mess on the stove, but it will also leave your apartment smelling like fish for hours. It’s something your roommate will likely not appreciate. “Baking instead leaves virtually no mess and very little smell and a happy roommate,” he says. 

10. Don’t Bottle It Up

“It’s natural for roommates to feel a little friction sometimes. You’re two independent people, with different ideas about how to live your lives,” says Phillips.  When frustration boils up, find an outlet for it, whether that’s a designated time to talk about things or just a kindly worded Post-It note on the fridge.

Avoiding confrontation is the first instinct for many people, but in a roommate relationship, you have to find an outlet for talking about the things that bother you. Don’t bottle up your frustrations — let them out in a healthy way.

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Just Listed: Modern Prairie New Build in Cross Timbers

 
 
 

Enjoy your view from your upstairs balcony in this Modern Prairie home by award winning builder.

Located in a cul-de-sac just steps away from the resort style pool, clubhouse and gym. The downstairs features the primary bedroom and an additional room with 2 rooms up and the bonus room. Each bedroom has its own full bathroom. Cross Timbers is conveniently located near I-35, Starbucks and the new Showbiz Theater. Estimated completion date late summer 2022. Get in early and work alongside builder's in house designer to select finishes.

Listed by Michelle Massie for West + Main Homes. Please contact Michelle for current pricing + availability.

 
 
 

Have questions?
West + Main Homes
(405) 652-6635
hello@westandmainok.com

Presented by:
Michelle Massie
(405) 361-2755
michellem@westandmainok.com


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How to Clean Hardwood Floors, No Store-Bought Spray Required

 
 

Hardwood floors are a classic feature everyone wants to uncover under the linoleum.

Still, they require a bit of babysitting to maintain their beauty. Dirt is not only, well, dirty, but it can damage the wood itself, lessening its life span. Thankfully you can totally avoid the need to refinish, repair, or—heaven forbid—replace them. You just have to know how to clean hardwood floors properly. 

In fact, “cleaning your floor is the biggest bang for your housekeeping buck,” says Stephanie Giesbrecht aka The Secret Slob—and she has the answers to every question that might pop up along the way.

How Often Should You Clean Hardwood Floors?

Consider mopping part of your weekly clean. However, once a month, plan to get down and dirty in the nooks and crannies. Scrub the corners of the room and spot clean any stuck-on grime. “I have little kids, so it’s usually noodles or jam,” says Giesbrecht, laughing. She uses Murphy Oil Soap and warm water, then gives the whole floor a once-over with a wet mop.

Common Mistakes to Avoid When Cleaning Hardwood Floors

Forgetting About Maintenance

The bad news: Dirt and debris can scratch your floors, wearing down the surface faster. The good news: All you need to do to stay on top of it is a quick sweep or vacuum every few days—read on for the full rundown on upkeep.

Stocking Up on Harsh Chemicals

“The pandemic brought a new wave of bleach-heavy, extreme cleaning and disinfecting, but it is neither necessary nor safe to use on natural wood floors,” says Giesbrecht. Most of the time, a little bit of soap with warm water does the trick. 

Using Too Much Water

H2O is wood’s worst enemy—letting it seep in could ruin your floors’ finish—which means so is a soaking-wet mop. Only get the mop damp and work in one small area at a time. Plus “if you spill liquid on the floor, even water, be sure to clean it up right away so it doesn’t discolor or warp the wood,” adds Giesbrecht.

How to Keep Hardwood Floors in Good Shape Between Cleanings

Constantly rearranging couches and coffee tables to clean underfoot isn’t realistic, but Giesbrecht does suggest sweeping, dry mopping, or using a soft-head vacuum attachment to pick up dirt and debris daily if necessary. Pay the most attention to high-traffic areas like the kitchen, dining room, and living room. 

How to Clean Hardwood Floors

The Supplies

Step 1: Get Everything Out of the Way

If possible, move all the furniture off the hardwood floors you’re tackling, or at least to one side of the room. Be sure to use furniture pads so you don’t scratch your floors. An extra set of hands would be nice, too!   

Step 2: Dust, Dust, and Dust Some More

Clear out all the dust bunnies and debris with a microfiber dust mop. If you prefer to vacuum your hardwood floors, use the soft-head attachment. (Just make sure nothing is caught on the bristles that could scratch the surface.)

Step 3: Mix Up a Cleaning Solution

Giesbrecht swears by a simple duo: “A mild dish soap and water will do as good a job as any expensive store-bought cleaner,” she says. Her go-to ratio: one teaspoon dish soap with three cups warm water, combined in a spray bottle. Do not shake—think of the bubbles! Gently stir instead. 

Step 4: Spray, Mop, Dry, Repeat

Spray a small section of your floors with the mixture and follow it immediately with the swipe of a damp mop. Dry the area with a clean cloth or dry mop, then move on to the next spot.

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Things That Could Unexpectedly Impact Your Real Estate Appraisal

 
 

Although everything in your home is essential, there are certain things that the appraiser will be looking for that don’t include the home’s position, square footage and the number of rooms in the house.

We will look at other factors involved in the house appraisal or valuation, and many of these are dictated by the market, so it will be worth trying to meet the criteria for buying a house!

1. The Floor Plan is Dark and Does Not Flow
Older-style houses were traditionally closed-off with lots of rooms, so it may be worth knocking down a few walls and opening your home up if you are doing a renovation. Homebuyers now favor an open layout for easy living. This is especially true if you have the perfect aspect of a South-facing back garden. Letting in the light could prove financially beneficial during the appraisal process.

When you knock down walls, it can be a fantastic transformation in an older home. In many cases, you move what real estate appraisers refer to as functional obsolescence. For example, walking through a dining room to get to a bedroom is not ideal.
By removing walls, you can often change the lighting patterns and the home’s flow, creating a much more desirable floor plan today’s buyers will appreciate.

If your home doesn’t need a floor plan change, there are other ways to create the illusion of light, including:

– Painting your walls a bright color or even a bright white
– Using strategic mirrors to reflect the light
– Erecting some large seascapes or other artwork reflective of light
– Arranging furniture to create an excellent open flow

When you sell your property, the REALTOR® will probably advise you to send substantial furniture to a self-storage unit, making the house look much more spacious. By doing so, you can open up the flow, which you can’t do with clutter.

Doing these things can make the home look that much more appealing to not only homebuyers but also an appraiser.

2. The Condition of Your Driveway
Before getting the appraiser in, you may have to give your driveway a quick makeover. The driveway is the first thing visitors to your home will see, so if it is asphalt, even it out to get rid of cracks. Getting a driveway seal coat can go a long way toward improving the appearance.

3. Any Strange Odors Coming From Inside
There may be a cracked sewage pipe under your house—and if there is, fix it. Get a plumber in to have a look. Mold can also smell terrible, so check for it.

If you must deodorize under the floor in your house, start with a few bags of garden lime to neutralize the odor. Throw open the windows and burn incense (sandalwood) when no one is there.

4. Outdoor Shed and Outbuildings
If your outdoor shed looks ramshackle and unpainted, get it repaired and painted before the appraiser comes over. A wooden shed will look nice painted cream with green trim and a green roof. The main thing is that it is made to look neat and clean.

You don’t want the shed to impact negatively on your property sale. Plant a small garden bed along the side of it, with a few seasonal flowers.

5. Unsightly Neighbors
When appraisal time comes, no one wants a bad neighbor. If your neighbor never mows the lawn, get the contractor in to do your yard and offer them a free mow at the same time. It will be worth it to ensure the appraiser doesn’t downgrade your property.
Get any overhanging branches cut back and generally tidy up the yard. Make sure that their rubbish bin has been taken inside.

6. A House With a Terrible Past
It’s better to not buy a house where a recent murder has occurred, as you can’t do much about the past. The appraiser could take this into account.

Final Thoughts on Factors That Impact Your Appraisal
Chat to your real estate agent about what else you should do to get more ideas on what impacts a house appraisal.

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