A smart gun developed by Biofire will soon start shipping to customers that pre-ordered the firearm. 

The Biofire Smart Gun features built-in fingerprint and infrared facial recognition technology that only permits use by “authorized” individuals, according to the company.

Biofire has called it the “first and only biometric firearm on the market.”

The gun is a full-sized 9mm, striker-fired semiautomatic pistol. It features magazine sizes of 10 and a double-stacked 15-round magazine. It has a 4.7-inch barrel and a total of 8.7 inches in length. The total weight of the gun, unloaded, is 2.4 pounds. 

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“We’re actually going to be shipping the first smart guns here within the next few weeks to early customers, and that’s a huge milestone for us,” CEO Kai Kloepfer told host Maria Bartiromo on “Maria Bartiromo’s Wall Street” late last week. “We’re excited to get to work at fulfilling this full backlog now that we’re fully into production.”

Biofire told FOX Business on Tuesday “wider shipments will be fulfilled throughout the remainder of the year with volume expected to continue to ramp as Biofire continues to build up production capabilities.”

The company first revealed its 9mm Biofire Smart Gun about a year ago.

Kloepfer told Bartiromo last week that Biofire has “found that many gun owners are struggling with the challenges of wanting to make sure they appropriately and safely secure their firearm, ensuring their children don’t get access to it, but also have access to that in the very, very few short seconds that they might need to get access to it in some sort of home defense emergency.” With its smart gun geared toward home defense, Biofire is looking to help solve that, he said.

Biofire’s smart gun only unlocks and becomes usable when it recognizes the biometric data of an “authorized” user holding it, according to the company’s website. At all other times, it automatically stays locked.

The gun also features electronic fire-control technology.

Biofire started fielding pre-orders for it in April of last year and, according to Kloepfer, has racked up “thousands” since then. It and its smart dock currently have a $1,499 price tag.

The company website on Wednesday afternoon listed the “launch edition” of the Biofire Smart Gun as sold out. Meanwhile, orders for Batch 4 will get filled and sent to customers in early 2025, according to the site.

FINGERPRINT-ACTIVATED 9MM HANDGUN COMING TO MARKET

The Biofire smart gun and its technology have been in the works for quite some time.

Kloepfer told Bartiromo his smart gun efforts started as a high school science fair project over a dozen years ago. Biofire itself was formed in 2016.

Past smart gun initiatives by companies like Colt and Armatix did not pan out as intended, per the Wall Street Journal. That was reportedly due to skepticism, opposition and other factors.

During his “Maria Bartiromo’s Wall Street” appearance, Kloepfer said Biofire has “many, many patents that have been filed and issued and fundamentally approaches this in a very different way that allows us to actually produce a reliable high quality product that gun owners like myself can trust with the safety of themselves and their families.”

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In 2023, the share of U.S. adults who reported owning a gun themselves or residing with someone else who did was 42%, according to a Pew Research Center survey.

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Netflix star and The Agency founder and CEO Mauricio Umansky is eager to see home sales pick up steam this spring, but the celebrity agent is warning that buyers and sellers may still be stuck in a price rut.

“Right now, consumers and sellers are just kind of stuck,” Umansky said on “The Bottom Line” Wednesday. “Even if you’re in a situation where you’ve had a kid, you’ve had two kids, you have the opportunity to grow into something bigger, the high interest rates are just not allowing you to make that move.”

“I just see clients kind of dealing with what they have, kind of hanging in there,” he continued.

Many homeowners across America have been discouraged by a high interest rate environment and not wanting to move, refinance and ultimately pay a more expensive mortgage.

‘SHARK TANK’ STAR BARBARA CORCORAN REVEALS WHEN HOUSING PRICES ‘WILL GO THROUGH THE ROOF’

As of April 17, interest rates on a 30-year fixed-rate mortgage are 7.625%, slightly higher than the previous day, while the 15-year fixed-rate remained unchanged at 6.625%.

Additionally, a string of hotter-than-expected inflation data since the start of the year has diminished the odds of an immediate interest rate cut by the Federal Reserve.

Fed Chair Powell said Tuesday that policymakers will “maintain the current level of restriction for as long as needed” until price pressures are tamed, opening the door to a higher-for-longer stance.

“Because of that, we’re seeing a lack of supply. And as long as you see a lack of supply, prices will stay high,” Umansky explained. “So we’re kind of in this rollercoaster, in this mouse wheel that we just keep going round and round and round because we’re not increasing supply, we’re not lowering pricing.”

“And all of that is happening because we’re not seeing a decrease of interest rates,” the celebrity agent added.

Despite the inflated rates and prices, this week is historically the best time to sell your home, according to Realtor.com.

“The third week of April brings the best combination of housing market factors for sellers,” Realtor.com senior economic research analyst Hannah Jones told FOX Business. “The best week offers higher buyer demand, lower competition [from other sellers], and fewer price reductions than the typical week of the year.”

“The flowers are blooming and the bees are buzzing and everything is going well. But generally speaking, everybody waits till the springtime in order to get their houses on the market,” Umansky pointed out.

“You start seeing a surplus of inventory come onto the market right now. Buyers are starting to make plans for their next school year. So they want to be [moved] into their houses during the summer so that in September, they can start being into the next school year,” he expanded. “The houses also look a lot prettier when you’re seeing the flowers, the gardens, everything is just blooming. Everything is just beautiful.”

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For those who plan to list their homes, the “Buying Beverly Hills” patriarch advises you to take advantage of the spring and summer business.

“That’s when most of the buyers are out,” Umansky said. “Lack of inventory is in your favor, which means it’s time to list your house and get it on the market.”

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FOX Business’ Megan Henney contributed to this report.

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The interest rate on a 30-year fixed-rate mortgage is 7.500% as of April 18, which is 0.125 percentage points lower than yesterday. Additionally, the interest rate on a 15-year fixed-rate mortgage is 6.625%, which is unchanged from yesterday.

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 April 18, 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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