Things To Do In SW Florida

Jeff Ostrowski | Bankrate.com (TNS)

As homebuyers grapple with record prices this spring, mortgage rates have also crept up. On a 30-year fixed loan, the average rate was 7.39% as of May 1, according to Bankrate’s survey of large lenders, marking three straight months of 7% rates.

Blame inflation. It’s still stubbornly elevated, rising to 3.5% in March, and that’s led to dialed-back expectations about how quickly the Federal Reserve cuts rates this year, if at all. The central bank left rates unchanged at its latest meeting concluding May 1.

Meanwhile, the unemployment rate was 3.98% in March, while economic growth slowed to 1.6% in the first quarter of 2024.

All of these factors have added up to an uncertain timeline for the Fed, prompting investors to bid up 10-year Treasury yields, the informal benchmark for 30-year fixed mortgage rates.

Mortgage rate predictions May 2024

As May ushers in peak real estate season, forecasters aren’t anticipating a break from the current spate of 7% mortgages.

“The wind continues to blow in the wrong direction for mortgage borrowers,” says Greg McBride, Bankrate’s chief financial analyst. “Rates have spiked as inflation runs hot, the Fed timetable for interest rate cuts gets pushed back and the supply of government debt rises. Expect mortgage rates to remain well above 7% in May, and maybe closer to 8% if the run of disappointing inflation data continues.” read more

Ted Rossman | Bankrate.com (TNS)

“Revenge travel” has been a big theme the past couple of years as Americans have been raring to go here, there and everywhere after hunkering down during the COVID-19 pandemic. As a result, the Transportation Security Administration screened a record-high 858.5 million passengers in 2023.

But it hasn’t been a smooth ride for travelers. In fact, if you flew in 2022 or 2023, there was a one-in-five chance your flight was delayed, according to the Bureau of Transportation Statistics.

Cancellations were an especially big problem in 2022, when the airline industry had a tough time ramping back up after the pandemic. That year, 2.7% of flights were scrapped entirely, often due to staffing and/or equipment shortages. Last year, however, the cancellation rate was a mere 1.3%. Higher prices — not cancellations or delays — were travelers’ biggest concern last summer and last holiday season, according to Bankrate research.

Still, there can be hidden costs associated with delays, cancellations and other travel snafus. For instance, my family flew from New Jersey to California last month, and both of our flights were delayed about two hours. With two young kids in tow, our nerves were strained more than our wallets, though we still ended up spending a bit extra on food (which isn’t cheap when even a basic airport sandwich seems to cost at least $15). read more