[Fox Business] Today’s 30-year mortgage rates hold steady | March 29, 2024

The interest rate on a 30-year fixed-rate mortgage is 7.000% as of March 29, which is unchanged from yesterday. Also, the interest rate on a 15-year fixed-rate mortgage is 6.000%.

With mortgage rates changing daily, it’s a good idea to check today’s rate before applying for a loan. It’s also important to compare different lenders’ current interest rates, terms, and fees to ensure you get the best deal. 

Rates last updated on March 29, 2024. Rates are based on the assumptions shown here. Actual rates may vary. Credible, a personal finance marketplace, has 5,000 Trustpilot reviews with an average star rating of 4.7 (out of a possible 5.0).

When you take out a mortgage loan to purchase a home, you’re borrowing money from a lender. In order for that lender to make a profit and reduce risk to itself, it will charge interest on the principal — that is, the amount you borrowed.

Expressed as a percentage, a mortgage interest rate is essentially the cost of borrowing money. It can vary based on several factors, such as your credit score, debt-to-income ratio (DTI), down payment, loan amount, and repayment term.

After getting a mortgage, you’ll typically receive an amortization schedule, which shows your payment schedule over the life of the loan. It also indicates how much of each payment goes toward the principal balance versus the interest.

Near the beginning of the loan term, you’ll spend more money on interest and less on the principal balance. As you approach the end of the repayment term, you’ll pay more toward the principal and less toward interest.

Your mortgage interest rate can be either fixed or adjustable. With a fixed-rate mortgage, the rate will be consistent for the duration of the loan. With an adjustable-rate mortgage (ARM), the interest rate can fluctuate with the market.

Keep in mind that a mortgage’s interest rate is not the same as its annual percentage rate (APR). This is because an APR includes both the interest rate and any other lender fees or charges.

Mortgage rates change frequently — sometimes on a daily basis. Inflation plays a significant role in these fluctuations. Interest rates tend to rise in periods of high inflation, whereas they tend to drop or remain roughly the same in times of low inflation. Other factors, like the economic climate, demand, and inventory can also impact the current average mortgage rates.

To find great mortgage rates, start by using Credible’s secured website, which can show you current mortgage rates from multiple lenders without affecting your credit score. You can also use Credible’s mortgage calculator to estimate your monthly mortgage payments.

Mortgage lenders typically determine the interest rate on a case-by-case basis. Generally, they reserve the lowest rates for low-risk borrowers — that is, those with a higher credit score, income, and down payment amount. Here are some other personal factors that may determine your mortgage rate:

Other indirect factors that may determine the mortgage rate include:

Along with certain economic and personal factors, the lender you choose can also affect your mortgage rate. Some lenders have higher average mortgage rates than others, regardless of your credit or financial situation. That’s why it’s important to compare lenders and loan offers.

Here are some of the best ways to compare mortgage rates and ensure you get the best one:

One other way to compare mortgage rates is with a mortgage calculator. Use a calculator to determine your monthly payment amount and the total cost of the loan. Just remember, certain fees like homeowners insurance or taxes might not be included in the calculations.

Here’s a simple example of what a 15-year fixed-rate mortgage might look like versus a 30-year fixed-rate mortgage:

If you’re thinking about taking out a mortgage, here are some benefits to consider:

And here are some of the biggest downsides of getting a mortgage:

Requirements vary by lender, but here are the typical steps to qualify for a mortgage:

Here are the basic steps to apply for a mortgage, and what you can typically expect during the process:

Refinancing your mortgage lets you trade your current loan for a new one. It does not mean taking out a second loan. You will also still be responsible for making payments on the refinanced loan.

You might want to refinance your mortgage if you:

The refinancing process is similar to the process you follow for the original loan. Here are the basic steps:

If you need to tap into your home’s equity to pay off debt, fund a renovation, or cover an emergency expense, there are two popular options to choose from: a home equity loan and a home equity line of credit (HELOC). Both a home equity loan and a HELOC allow you to borrow against your home’s equity but a home equity loan comes in the form of a lump sum payment and a HELOC is a revolving line of credit.

These two loan types have some other key similarities and differences in how they work:

Interest rates on mortgages fluctuate all the time, but a rate lock allows you to lock in your current rate for a set amount of time. This ensures you get the rate you want as you complete the homebuying process.

Mortgage points are a type of prepaid interest that you can pay upfront — often as part of your closing costs — for a lower overall interest rate. This can lower your APR and monthly payments. 

Closing costs are the fees you, as the buyer, need to pay before getting a loan. Common fees include attorney fees, home appraisal fees, origination fees, and application fees.

If you’re trying to find the right mortgage rate, consider using Credible. You can use Credible’s free online tool to easily compare multiple lenders and see prequalified rates in just a few minutes.

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[Fox Business] Kohl’s Rewards program: Shop and save with Kohl’s Cash

Through the retailer’s loyalty rewards program, every dollar a Kohl’s shopper spends can earn them a 5% reward toward a future purchase. More than 30 million customers are enrolled in the Kohl’s Rewards program, which offers members Kohl’s Cash® for each purchase. 

The most recent rewards program was launched in September 2020 and modified in May 2022. It is an evolution from the previous Yes2You Rewards program, which offered shoppers points on purchases. 

Kohl’s is a retailer based in Menomonee Falls, Wisconsin, known for offering affordable prices on clothing, shoes, toys, home decor and more. 

Through the Kohl’s Rewards program, in-store and online customers accumulate rewards on each purchase, including transactions at the in-store Sephora. After enrolling in the program, members earn a 5% reward on all future purchases when using any form of payment and 7.5% with a Kohl’s Card, regardless of the means of payment. Membership benefits are not contingent on paying with a Kohl’s credit card. Once their rewards are converted into Kohl’s Cash and deposited into their accounts, customers have a 30-day period to use it.

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Kohl’s Cash is the currency of Kohl’s Rewards, issued as either paper or digital coupons, depending on the customer’s shopping method. Every $50 spent in-store during designated earning periods can result in a $10 reward in Kohl’s Cash, even for non-members. Beyond these periods, rewards members continuously profit as they receive 5% back for each dollar they spend at Kohl’s, distributed in $5 increments of Kohl’s Cash coupons.

At Sephora locations within Kohl’s, rewards program members can earn Kohl’s Rewards points while simultaneously earning Sephora Beauty Insider points. To make the shopping experience easier, they can also link their Kohl’s and Sephora accounts. 

For each Sephora purchase made within a Kohl’s retail store or online, members of both rewards programs earn:

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Kohl’s loyalty program members receive an additional discount on their birthday, but the savings will vary. The discount received will be applied to the existing savings, including price matching, Kohl’s Cash and any other sale price applied to the purchased items.

Kohl’s Rewards program members can track their balance in various ways. For in-store purchases, the balance is reflected directly on the shopping receipt. Additionally, Kohl’s proactively sends email reminders for any available Kohl’s Cash. 

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The free Kohl’s app offers the shopper an account overview, including a rewards balance, and also doubles as a virtual wallet for Kohl’s Cash and any available coupons. The app includes a price scanner for in-store shopping and the ability to pay through the app with stored payment methods.

Members can spend their Kohl’s Cash when available in their account. The company will email the customer when the rewards are available. The member’s existing balance is distributed in $5 increments on the first day of the following month. Once it becomes available, the member has 30 days to spend it, or they will lose it. 

Although there are a few exceptions to what Kohl’s Cash can buy, members can redeem it for almost anything they want from the retailer. The Kohl’s Cash coupons are not redeemable on Sephora purchases. It is redeemable in-store, online or through the Kohl’s app.

The company’s former version of its rewards program, Yes2You, does not exist anymore. Kohl’s Yes2You Rewards points were automatically converted into the new rewards program, and therefore, those points no longer exist as Yes2You Rewards.

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Enrolling in the Kohl’s Rewards loyalty program is a simple process that can be done in-store or online. In-store customer service staff can assist with the signup. Alternatively, online shoppers can register at the Kohls website. After joining, members can seamlessly connect their Kohl’s Rewards account with their existing kohls.com shopping account.

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[Fox Business] Key Fed inflation gauge, consumer spending rise in February

A key inflation gauge watched closely by the Federal Reserve climbed on an annual basis in February.

The personal consumption expenditures price index (PCE) headline figure rose 2.5% last month, in line with expectations. On a monthly basis, prices rose 0.3%, slightly below the estimate of economists surveyed by LSEG.

Excluding food and energy, prices rose 2.8% annually in February and 0.3% from the prior month. Both figures were in line with expectations.

Consumer spending spiked 0.8% last month, up from the 0.2% increase in January.

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