For decades, designers called the ceiling the "fifth wall" and used it to add drama and style. Today, more attention is shifting downward, as homeowners and designers embrace the floor as the "sixth wall"—a place where craftsmanship, color, and character can shine. And at the top of that design conversation is wood flooring.

Wood floors are once again in high demand. Their natural warmth, timeless beauty, and growing variety of styles have made them a go-to choice in both new construction and remodeling. Homeowners can select from a wide range of wood species, plank sizes, finishes, and construction types to suit just about any space or style. Solid and engineered wood options provide different benefits depending on a home's needs, but both include real wood and high-end appeal.

This surge in popularity is not just about looks—it is also about value. According to the 2022 Remodeling Impact Report by the National Association of REALTORS and the National Association of the Remodeling Industry, homeowners can expect a return of 147 percent on their investment in wood flooring. That ROI makes it one of the best remodeling decisions for resale value.

However, the luxury comes with a cost. Wood sits at the higher end of the pricing spectrum, partly because it is perceived as a high-end material that retains value rather than fluctuating like a commodity. Solid wood is typically more expensive than engineered options because it offers more thickness and can be refinished multiple times. Still, some engineered wood products—depending on wear layer, length, width, and species—can be just as expensive as solid wood.

Board dimensions also play a role in today's trends. Wider, longer planks—often seven inches or more in width and up to sixteen feet in length—are in vogue for their seamless and modern aesthetic. They create a cleaner, less choppy look that feels luxurious. In historic homes, however, designers often match existing board sizes to maintain authenticity.

Color preferences in wood flooring are shifting along with overall interior design trends. Lighter tones, such as natural or white oak with tan or straw stains, are in demand. Red oak is gaining popularity, while medium browns remain a timeless favorite. Darker woods still find their place as a striking contrast to white walls, though they require more upkeep due to visible dust and debris. Painted or stained floors are also emerging as a cost-effective way to personalize spaces, especially when blending old and new flooring.

The species of wood selected often depends on location and lifestyle. Southern homeowners tend to lean toward harder, less grainy woods like maple and walnut. In the Northeast, white oak and red oak remain top choices due to their availability and versatility.

Finish choices are evolving too. The high-gloss look of years past has given way to a matte or satin sheen, which better hides dust, scratches, and daily wear. Reclaimed wood with natural patina is also making a comeback in vintage-style homes, though it can come at a premium due to its rarity and imperfections. More adventurous homeowners are embracing intricate patterns like chevron or herringbone, though these styles increase installation time and cost.

Maintenance is surprisingly straightforward. Most wood floors just need a light mop with mild soap and water. Applying a new coat of finish every few years helps maintain durability, and full sanding is typically only needed every ten to fifteen years. Like any flooring, wood can be damaged by standing water or pet stains, so some caution is necessary.

Despite the price tag and the care involved, wood flooring continues to be one of the most desired upgrades in today's homes. As designer Patricia Gaylor puts it, nothing beats the feel and richness of real wood. For those on a tighter budget, engineered options provide a stylish and cost-effective alternative that still elevates a space. In the end, wood flooring remains a classic choice that blends beauty, durability, and long-term value—setting the tone for the rest of the home.

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Even small movements in mortgage rates are creating ripples across the housing market this summer. During the week ending July 4, homebuyers jumped at the chance to lock in lower rates, driving a 9 percent surge in mortgage applications for home purchases compared to the previous week. According to the Mortgage Bankers Association (MBA), this spike also marked a 25 percent increase from the same week in 2023—a clear signal that buyers are paying close attention to rate trends.

Mortgage applications are often a preview of upcoming homebuying activity, and these numbers show just how sensitive today's market is to even slight changes in borrowing costs. Joel Kan, MBA's deputy chief economist, credits this renewed buyer demand to a mix of growing housing inventory and a slowing pace of home price growth. Meanwhile, current homeowners took advantage of the brief dip in rates to refinance, with refinance applications jumping 56 percent year-over-year.

However, the window for lower rates did not stay open for long. As of the week ending July 10, rates began climbing again following a stronger-than-expected jobs report. Freddie Mac's latest data shows the average rate for a 30-year fixed mortgage has ticked up to 6.72 percent from 6.67 percent the previous week. That is still lower than the 6.89 percent average from a year ago, but the upward movement signals volatility ahead.

Freddie Mac's chief economist Sam Khater noted that despite affordability challenges, homebuyers and those looking to refinance are reacting quickly when rates decline. This week's mortgage rate increases came after five straight weeks of drops, showing just how quickly market dynamics can shift.

One notable trend is the decreasing size of the average mortgage loan. The MBA reports that the average loan amount for a home purchase has dropped to $432,600, the lowest level since January. This suggests buyers are either opting for more modest homes or that pricing pressures may be softening in some markets.

Here's how national mortgage rates stack up this week, according to Freddie Mac:

30-year fixed-rate mortgages averaged 6.72 percent, up from last week's 6.67 percent. One year ago, the rate was 6.89 percent.

15-year fixed-rate mortgages averaged 5.86 percent, up from 5.80 percent last week. At the same time last year, the average was 6.17 percent.

While rates remain high by historical standards, even slight improvements are enough to draw buyers and homeowners off the sidelines. As we move deeper into the summer market, the key question is whether rates will stabilize, rise again, or dip just enough to keep this momentum going. For now, one thing is clear—buyers are watching the market closely and are ready to act when the numbers make sense.

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Even small movements in mortgage rates are creating ripples across the housing market this summer. During the week ending July 4, homebuyers jumped at the chance to lock in lower rates, driving a 9 percent surge in mortgage applications for home purchases compared to the previous week. According to the Mortgage Bankers Association (MBA), this spike also marked a 25 percent increase from the same week in 2023—a clear signal that buyers are paying close attention to rate trends.

Mortgage applications are often a preview of upcoming homebuying activity, and these numbers show just how sensitive today's market is to even slight changes in borrowing costs. Joel Kan, MBA's deputy chief economist, credits this renewed buyer demand to a mix of growing housing inventory and a slowing pace of home price growth. Meanwhile, current homeowners took advantage of the brief dip in rates to refinance, with refinance applications jumping 56 percent year-over-year.

However, the window for lower rates did not stay open for long. As of the week ending July 10, rates began climbing again following a stronger-than-expected jobs report. Freddie Mac's latest data shows the average rate for a 30-year fixed mortgage has ticked up to 6.72 percent from 6.67 percent the previous week. That is still lower than the 6.89 percent average from a year ago, but the upward movement signals volatility ahead.

Freddie Mac's chief economist Sam Khater noted that despite affordability challenges, homebuyers and those looking to refinance are reacting quickly when rates decline. This week's mortgage rate increases came after five straight weeks of drops, showing just how quickly market dynamics can shift.

One notable trend is the decreasing size of the average mortgage loan. The MBA reports that the average loan amount for a home purchase has dropped to $432,600, the lowest level since January. This suggests buyers are either opting for more modest homes or that pricing pressures may be softening in some markets.

Here's how national mortgage rates stack up this week, according to Freddie Mac:

30-year fixed-rate mortgages averaged 6.72 percent, up from last week's 6.67 percent. One year ago, the rate was 6.89 percent.

15-year fixed-rate mortgages averaged 5.86 percent, up from 5.80 percent last week. At the same time last year, the average was 6.17 percent.

While rates remain high by historical standards, even slight improvements are enough to draw buyers and homeowners off the sidelines. As we move deeper into the summer market, the key question is whether rates will stabilize, rise again, or dip just enough to keep this momentum going. For now, one thing is clear—buyers are watching the market closely and are ready to act when the numbers make sense.

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Lender credits are a tool homebuyers can use to lower the upfront cost of purchasing a home, especially when closing costs start to stretch an already tight budget. When you accept a lender credit, your lender agrees to pay part or all of your closing costs. In exchange, you accept a slightly higher interest rate on your mortgage. This trade-off can be helpful in the short term, but it comes with long-term financial implications.

Lender credits can significantly reduce what you owe on closing day, sometimes by thousands of dollars. For example, on a $300,000 mortgage, closing costs typically range from 2 to 5 percent of the loan amount, which means you could be paying $6,000 to $15,000 upfront. With lender credits, that entire chunk can be partially or completely covered. However, these credits can only be applied to closing costs—not to your down payment or other debts.

The number of credits you qualify for depends on the lender and your financial profile. To be eligible for a favorable lender credit and a competitive interest rate, you'll likely need a strong credit score, a down payment of at least 20 percent, and a debt-to-income ratio no higher than 45 percent. Since each lender structures these credits differently, it's important to shop around and compare at least three offers to see who provides the best value.

Lender credits are often misunderstood, especially in comparison to mortgage points. While lender credits reduce your upfront costs by increasing your interest rate, mortgage points do the opposite. With points, you pay extra at closing to lower your interest rate over time. For instance, one point usually costs 1 percent of your loan amount and reduces your rate by about 0.25 percent. Lender credits are sometimes called "negative points" because they work in reverse.

To understand the impact, consider a $330,000 mortgage. Taking a lender credit might save you $500 at closing, but you'll pay around \$10,000 more in interest over the life of the loan. On the other hand, paying two points could cost $6,600 more upfront but save you roughly \$39,000 in interest over 30 years. These numbers highlight the importance of balancing short-term needs with long-term costs.

Negotiating a better lender credit is possible, especially if you have a solid financial profile or competing offers from other lenders. Improve your credit score, lower your debt, and don't be afraid to ask your lender if they can offer more favorable terms.

Lender credits are most beneficial for buyers who plan to sell or refinance within a few years, since they won't be paying the higher interest rate for the full loan term. They can also help buyers meet a lender's reserve requirements by preserving more cash on hand. For those who are strapped for cash at closing or refinancing, these credits offer a practical solution.

However, there are drawbacks. A higher interest rate means a higher monthly payment and significantly more interest paid over time. If you plan to stay in your home for the long haul, the increased cost could outweigh the short-term benefit.

If you're unsure about accepting a lender credit, consider other options. You can ask the seller to cover some of your closing costs, which is more common in a buyer's market. Down payment assistance programs from local and state governments may also provide low-interest or forgivable loans. In some cases, friends or family might be willing to help with closing costs, provided you disclose the arrangement to your lender. Another option is a no-closing-cost mortgage, which rolls the fees into your loan amount. Like lender credits, these loans typically come with a higher interest rate or larger loan balance.

Ultimately, lender credits can be a smart financial strategy in the right circumstances. But before you commit, carefully weigh how long you plan to stay in the home, your monthly budget, and how much total interest you're comfortable paying. The best choice is the one that aligns with both your short-term needs and long-term financial goals.

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When families shop for a new home or plan a renovation, it's rarely just about the adults. While bedrooms, bathrooms and kitchens matter, the way a home works for kids—how it encourages play, learning, rest and togetherness—often drives the biggest design decisions. Parents today tend to treat the entire home, not just the bedrooms, as a canvas for raising children. This shift in perspective has given rise to kid-centric design approaches that blend flexibility, function and fun.

Children's bedrooms are no longer the all-purpose zones they used to be. Rather than filling them with toys and study desks, many parents now treat these rooms as sanctuaries—a place for calm, comfort and personal ownership. Designers favor flexible motifs over themes that can quickly become outdated. A room that works for a five-year-old should also grow with them into the tween years, with features like adjustable shelves, climbing walls or even a built-in vanity inspired by social media routines. For boys, gaming setups, sneaker displays and graffiti-style wallpaper are popular, while girls may gravitate toward bright color palettes and preppy decor. No matter the aesthetic, giving children a say in the design helps them feel more connected to their space.

As families grow and children mature, so do their needs for space. What once functioned as a multipurpose guest room might now become a dedicated study nook, craft space or music room. Some homes are being retrofitted with soundproofing to accommodate drumming or guitar practice, and new builds often plan for these needs from the start. Homework spaces are evolving too—less about desks and more about quiet corners with good lighting, comfortable seating and minimal distractions.

Shared family spaces remain crucial. Open floor plans help parents monitor younger children while giving everyone a place to gather for board games, movies or casual meals. Designers are incorporating subtle partitions or activity zones within these spaces—reading nooks, movement corners or cozy cushions for winding down with a book. Basements, once overlooked, have become go-to zones for kid lounges, basketball courts, weight rooms or even mini home theaters. These areas let kids spread out, be messy and feel a sense of independence while still being safely within reach. In homes without basements, converted garages offer a creative solution.

Outdoors, the yard becomes a playground of possibilities. From small water features to mini basketball courts and playhouses, parents are using exterior spaces to promote togetherness and creativity. Gardening, tent-building and fairy house crafting give younger kids opportunities for imaginative, screen-free fun. Even small outdoor updates can encourage children to spend more time at home and bring their friends over to enjoy it with them.

Designing a kid-friendly home doesn't mean sacrificing style or function. It means creating an environment that adapts as children grow, balances privacy and community and gives everyone a place to thrive. Whether it's a bedroom retreat, a multiuse basement or an outdoor oasis, the best family homes are the ones that feel like they were made for every member of the household—no matter their age.

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Buying your first home is a major financial milestone, and fortunately, there are a wide range of programs designed to make it more accessible. Whether you have never owned a home or it has simply been a while, you may qualify for first-time homebuyer loans or assistance programs. These offerings often include lower interest rates, reduced credit requirements, and help with closing costs or down payments through grants or low-interest loans. With the median age of first-time buyers now at 38 years old, these programs are more crucial than ever.

Each U.S. state operates a housing finance authority, or HFA, which provides resources and mortgage options to promote homeownership. These state-level programs often include down payment assistance and affordable loan terms. While details vary by location, nearly every state has initiatives to support first-time homebuyers.

Among the most popular options are low-down-payment conventional loans. These mortgages generally require just 3 percent down and include programs such as the Conventional 97, HomeReady, Home Possible, and HomeOne mortgages. Fannie Mae and Freddie Mac back these programs, and while they require private mortgage insurance, they offer favorable terms for buyers with limited savings. Some states also offer HFA Preferred and HFA Advantage loans through their housing agencies. Borrowers don't apply through Fannie or Freddie directly but rather through approved lenders including banks, credit unions, or online mortgage companies.

Government-backed loans are also a popular path for new buyers. FHA loans, insured by the Federal Housing Administration, allow for low credit scores and small down payments as low as 3.5 percent. VA loans, guaranteed by the Department of Veterans Affairs, typically require no down payment for eligible military personnel and their families. USDA loans provide similar benefits for buyers in qualifying rural areas and are designed for moderate- to low-income households.

Buyers interested in a fixer-upper might consider the FHA 203(k) loan, which bundles the cost of the home and necessary repairs into one mortgage. Other helpful federal programs include the Good Neighbor Next Door initiative, which offers 50 percent off homes in certain revitalization areas for teachers, police officers, firefighters, and EMTs. The Fannie Mae HomePath ReadyBuyer program offers closing cost assistance on foreclosed homes, and Energy-Efficient Mortgages allow buyers to finance home upgrades like insulation or HVAC improvements without increasing the required down payment. Native American veterans can benefit from the VA-backed Native American Direct Loan, and non-veteran Native American buyers may qualify for HUD's Section 184 program with a low down payment of 2.25 percent.

One of the biggest challenges for new buyers is saving for a down payment. Down payment assistance programs, or DPAs, are designed to help bridge that gap. Many states offer second mortgages with favorable terms to cover your upfront costs. These loans may carry low interest rates, be deferred until you sell or refinance, or even be forgivable after a set number of years as long as you remain in the home and keep your mortgage current.

No matter your situation, there's likely a first-time homebuyer program that fits your needs. From conventional and government-backed loans to repair financing and down payment help, the options available today can make the dream of homeownership more realistic than ever before.

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What Homeowners Should Know as Rates Dip Again

After months of fluctuation, the average interest rate for home equity lines of credit (HELOCs) has dropped again, falling five basis points to 8.22%, according to new Bankrate data. This slight decline follows a recent uptick in rates earlier in June and continues a broader trend of relative stability following the rate cuts made by the Federal Reserve in late 2024. Despite some progress, rates are still unpredictable, and homeowners looking to tap into their equity are facing an important question: is now the right time to borrow?

With home values still high in many regions, homeowners sitting on substantial equity might find this to be an appealing time to access funds—especially for large expenses. But choosing the right borrowing tool is critical, particularly as rates move in fits and starts. If you're considering a HELOC, there are three key factors to keep in mind before signing on the dotted line.

First, consider the volatility of the current interest rate climate. The Federal Reserve paused its rate-cutting campaign earlier this year but is expected to resume cuts this summer, creating uncertainty for borrowers. HELOCs come with variable interest rates, meaning your monthly payments can rise and fall as the Fed acts. If you're budgeting tightly or prefer predictable expenses, this kind of fluctuation could present challenges. While a HELOC remains one of the most affordable ways to borrow large sums of money, you'll need to account for rate shifts in your budget to avoid potential financial stress.

Second, explore whether a fixed-rate home equity loan might offer more peace of mind. These loans are currently averaging just slightly higher interest rates than HELOCs—around 8.25%—but they offer the security of predictable payments. Because your home serves as collateral in either case, it's essential to understand the risks. With a fixed-rate loan, you can calculate exactly how much you'll owe each month, eliminating surprises. The trade-off is that you won't benefit from future rate drops unless you refinance. Still, for those who value stability and need immediate funds, this might be the better choice.

Lastly, keep in mind that HELOCs and home equity loans aren't the only ways to tap into home equity. A cash-out refinance could be smart for homeowners currently holding mortgages above 7%, especially if their home values have risen significantly. This strategy involves refinancing your existing mortgage for a larger amount and pocketing the difference in cash. For older homeowners (62+), a reverse mortgage could be another alternative, allowing them to access equity without the pressure of monthly repayment obligations. Each of these options carries its own pros and cons, so it's crucial to weigh them carefully based on your financial goals, interest rate outlook, and risk tolerance.

In short, while the latest dip in HELOC rates is promising, it should be viewed with caution. Rate volatility may persist in the months ahead, and homeowners should take time to assess the full landscape before making a move. By comparing fixed-rate loans, refinancing possibilities, and other borrowing strategies alongside a HELOC, you can make a more informed and financially sound decision that aligns with both your current needs and long-term plans.

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