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Mortgage Interest Rates for Sept. 1, 2022: Rates Climb

Mortgage Interest Rates for Sept. 1, 2022: Rates Climb

Some important mortgage rates increased today. The average 15-year fixed and 30-year fixed mortgage rates both grew. For variable rates, the 5/1 adjustable-rate mortgage also floated higher.

Though mortgage rates have been rather consistently going up since the start of this year, what happens next depends on whether inflation continues to climb or begins to retreat. Interest rates are dynamic and unpredictable -- at least on a daily or weekly basis -- and they respond to a wide variety of economic factors. Right now, they're particularly sensitive to inflation and the prospect of a US recession. With so much uncertainty in the market, if you're looking to buy a home, trying to time the market may not play to your favor. If inflation rises and rates climb, this could translate to higher interest rates and steeper monthly mortgage payments. For this reason, you may have better luck locking in a lower mortgage interest rate sooner rather than later. No matter when you decide to shop for a home, it's always a good idea to seek out multiple lenders to compare rates and fees to find the best mortgage for your specific situation.

30-year fixed-rate mortgages

The average 30-year fixed mortgage interest rate is 5.95%, which is an increase of 3 basis points compared to one week ago. (A basis point is equivalent to 0.01%.) The most common loan term is a 30-year fixed mortgage. A 30-year fixed rate mortgage will usually have a smaller monthly payment than a 15-year one -- but usually a higher interest rate. You won't be able to pay off your house as quickly and you'll pay more interest over time, but a 30-year fixed mortgage is a good option if you're looking to minimize your monthly payment.

15-year fixed-rate mortgages

The average rate for a 15-year, fixed mortgage is 5.19%, which is an increase of 11 basis points from the same time last week. Compared to a 30-year fixed mortgage, a 15-year fixed mortgage with the same loan value and interest rate will have a higher monthly payment. But a 15-year loan will usually be the better deal, if you're able to afford the monthly payments. These include typically being able to get a lower interest rate, paying off your mortgage sooner, and paying less total interest in the long run.

5/1 adjustable-rate mortgages

A 5/1 ARM has an average rate of 4.42%, a climb of 9 basis points compared to a week ago. For the first five years, you'll usually get a lower interest rate with a 5/1 adjustable-rate mortgage compared to a 30-year fixed mortgage. But you could end up paying more after that time, depending on the terms of your loan and how the rate adjusts with the market rate. If you plan to sell or refinance your house before the rate changes, an adjustable-rate mortgage could make sense for you. If not, shifts in the market could significantly increase your interest rate.

Mortgage rate trends

Though mortgage rates were historically low at the beginning of 2022, they have been rising somewhat steadily since then. The Federal Reserve recently raised interest rates by another 0.75 percentage points in an attempt to curb record-high inflation. The Fed has raised rates a total of four times this year, but inflation still remains high. As a general rule, when inflation is low, mortgage rates tend to be lower. When inflation is high, rates tend to be higher.

Though the Fed does not directly set mortgage rates, the central bank's policy actions influence how much you pay to finance your home loan. If you're looking to buy a house in 2022, keep in mind that the Fed has signaled it will continue to raise rates, and mortgage rates could increase as the year goes on. Whether rates follow their upward projection or begin to level out hinges on if inflation actually slows.

We use data collected by Bankrate, which is owned by the same parent company as CNET, to track changes in these daily rates. This table summarizes the average rates offered by lenders across the country:

Current average mortgage interest rates

Loan type	Interest rate	A week ago	Change
30-year fixed rate	5.95%	5.92%	+0.03
15-year fixed rate	5.19%	5.08%	+0.11
30-year jumbo mortgage rate	5.94%	5.93%	+0.01
30-year mortgage refinance rate	5.92%	5.85%	+0.07

Updated on Sept. 1, 2022.

How to find personalized mortgage rates

When you are ready to apply for a loan, you can reach out to a local mortgage broker or search online. When researching home mortgage rates, take into account your goals and current financial situation. A range of factors -- including your down payment, credit score, loan-to-value ratio and debt-to-income ratio -- will all affect your mortgage interest rate. Generally, you want a higher credit score, a larger down payment, a lower DTI and a lower LTV to get a lower interest rate. Apart from the mortgage rate, additional costs including closing costs, fees, discount points and taxes might also impact the cost of your home. Be sure to comparison shop with multiple lenders -- including credit unions and online lenders in addition to local and national banks -- in order to get a mortgage that's the right fit for you.

What's the best loan term?

One important thing to consider when choosing a mortgage is the loan term, or payment schedule. The most common mortgage terms are 15 years and 30 years, although 10-, 20- and 40-year mortgages also exist. Mortgages are further divided into fixed-rate and adjustable-rate mortgages. For fixed-rate mortgages, interest rates are set for the life of the loan. Unlike a fixed-rate mortgage, the interest rates for an adjustable-rate mortgage are only set for a certain amount of time (commonly five, seven or 10 years). After that, the rate adjusts annually based on the current interest rate in the market.

One thing to think about when deciding between a fixed-rate and adjustable-rate mortgage is how long you plan on staying in your house. Fixed-rate mortgages might be a better fit if you plan on staying in a home for quite some time. Fixed-rate mortgages offer greater stability over time in comparison to adjustable-rate mortgages, but adjustable-rate mortgages might offer lower interest rates upfront. If you aren't planning to keep your new house for more than three to 10 years, though, an adjustable-rate mortgage might give you a better deal. The best loan term is entirely dependent on your personal situation and goals, so be sure to think about what's important to you when choosing a mortgage.

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Best action cameras of 2022

Best action cameras of 2022

When you think of action cameras, there's a good reason that GoPro is often the first brand name that comes to mind. GoPro cameras are compact, lightweight and built to be tough enough to withstand extreme adventures. But GoPro isn't the only game in town. If you're looking for a good high-resolution, mountable, rugged waterproof camera to take on your next incredible outing, we can help you find the best action camera for your needs. 

A good action camera offers a variety of features to help you make a great video recording of your most extreme exploits. Some features are must-haves, like image stabilization and a waterproof case. Others aren't necessarily make or break for a sports camera, such as a touch screen, 4K resolution and remote control compatibility.

With that in mind, here are the best action camera models we've tested. All of these action cams are portable, tough and, depending on the shooting mode, have solid video quality. Keep reading to find the best action camera for you. If you've had good results from an action camera not mentioned here, please share it in the comments.

This is the best single-lens action camera you can get from GoPro at the moment in features and performance. Compared with the Hero 8 Black, there are new tools for photos and videos like being able to schedule recordings or set them for a specific duration -- from 15 seconds to 3 hours -- and it now records at 5K at 30 frames per second. That might sound like overkill, but you can pull high-quality stills from the video, making 5K video good for when you can't choose between getting a movie or stills. 

However, the biggest changes are in the design of the GoPro camera. The Hero 9 Black is larger to accommodate a bigger, more powerful battery. The lens cover is also now removable so it can be replaced easily if it gets scratched. It also allows you to add lenses including the new GoPro Max Mod Lens that gives you an ultrawide view with hypersmooth stabilization. The action camera is currently on sale for $400, but if you sign up for GoPro's service, the camera price drops to $350 and that includes the service costs. 

While GoPro has long called itself the most versatile camera, the Insta360 One R takes versatility to another level. The One R's modular design lets you swap out camera modules for different features and shooting options. At the moment, the module options include a 4K video wide-angle camera for that traditional 4K action camera experience with 4K footage; a dual-lens 360-degree camera; and a Leica-engineered camera with a 1-inch sensor for the best image quality possible even in low light conditions. 

Each camera has its own unique capabilities letting you really push your creativity. However, should you get stuck, the company's mobile app and the Insta360 community are a constant source of inspiration. Speaking of the mobile app, it has superintelligent editing features that make it easy to create sharable clips. And all your footage will look incredibly smooth when you use its FlowState image stabilization. 

But one of the best parts of the Insta360 One R is that the company never stops improving it and adding features. For example, it just updated the device so it can be used as a webcam, and with the camera's WiFi you can now livestream with the 360 camera. There is no shortage of accessories for it, either, including a dive housing and a selfie stick that disappears from view when you use it with the 360 camera. 

The Hero 8 Black's image quality, stabilization and features aren't too far off from what you get with the Hero 9 Black, but its price is certainly more affordable. This 4K video camera was the company's first to feature the redesigned waterproof housing body with built-in mounting fingers to attach the camera directly to a GoPro mount. This HD video camera also has a customizable interface with shooting presets and improved video stabilization and image quality from the Hero 7 Black. The lens, while not removable like the 9's, is made with Gorilla Glass that's twice as impact-resistant as the glass on past Hero models.

For a company known for its camera drones, DJI got a lot right with its first action cam. One of its stand-out features is its front color screen. Osmo Action might be small, but it's enough to make sure you're centered in the shot when the camera lens is facing you on a selfie stick. Another great feature of the camera is that it responds to voice commands -- the view can be switched with a voice control. It's also waterproof and rugged with removable lens covers, it has great electronic image stabilization, shoots HDR video and has customizable presets so you get to control the shooting modes you want without diving into menus. This is an excellent waterproof camera for people who are looking for better control when shooting photos and videos.

Good 4K video for less than $150 and it has a front display. The Brave LE is quite the deal. The body is water-resistant but, along with a variety of mounts, two batteries, a charger and a wrist remote, Akaso includes a dive housing good to 40 meters (131 feet). A touch screen on the back lets you tap your way through its simple interface to change modes and camera settings. A long press on the Mode button on top lets you switch to the front display so you can see yourself while you shoot. 

You get several shooting options with this 4K action camera including video and photo time-lapse modes, slow motion and loop recording. It has Diving and Driving modes: the former to compensate for the lack of red light in underwater scenes, the latter will turn on and off with your car when you have the camera connected to your car for power. 

As for picture quality, you'll want to keep this budget action camera set to 4K30 with the image stabilization and video quality set to high for the best results, though. Also, while it offers a solid mix of resolutions and frame rates, not all of them have image stabilization including 1080p120 for slow motion.  

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Crypto Crash Rattles Cybercriminals, Pushing Them Beyond Ransomware

Crypto Crash Rattles Cybercriminals, Pushing Them Beyond Ransomware

What's happening

Crypto prices continue to plunge, but cybercriminals still need the currencies for ransomware attacks.

Why it matters

Some experts say the price drops might be pushing cybercriminals away from ransomware and toward other kinds of cybercrime that involve stealing traditional money.

The collapse of cryptocurrencies is rippling through the world of ransomware, security researchers say, even though bitcoin, ether and other digital tokens remain the payment of choice for cybercriminals locking up corporate computer systems.

Over the past few months, the value of cryptocurrencies has plummeted amid rising inflation, economic shocks caused by the war in Ukraine and falling global stock markets. Hundreds of billions of dollars in value has been wiped out over that period, which is starting to be known as crypto winter. On one day alone, more than $200 billion in value was wiped from the broad crypto market.

The widespread fall has forced cybercriminals to recalculate their ransoms, security professionals say, and has pushed out of business some of the services that handle their ill-gotten gains, such as dark web crypto-swapping marketplaces. It's also accelerating a preexisting shift toward crimes such as malware attacks and corporate phishing scams that target actual dollars, rather than crypto.

 Mark Lance, vice president of cyberdefense and a ransomware negotiator at GuidePoint Security, notes that ransomware demands are generally based on US dollar amounts, so cybercriminals are simply doing the math and asking for greater amounts of crypto. That makes the bitcoin demand look larger, even though ransoms haven't changed much in dollar terms. 

Lance says many ransomware attacks fly under the radar these days because the attacks aren't as novel as they once were. Many ransoms get little attention unless they have the type of consumer fallout that last year's headline-grabbing attack on Colonial Pipeline did.

"Ransomware is still as prevalent as it ever was," Lance said, "and still making a ton of money." 

Business isn't as good at the largely shady crypto exchanges that cater to small-time cybercriminals. Many of those organizations are feeling the chill of crypto winter.

Last year, a team of researchers at Cybersixgill, an Israel-based threat intelligence firm, watched the activities of roughly 30 small dark web exchanges for several months. The exchanges, which the company didn't specifically name, have all been shut down since April.

The reason: Cybercriminals act a lot like many investors. When the values of assets start to tumble, they panic and cash out as fast as possible in hopes of cutting their losses. 

"It's just like what we see when there are bank runs," said Dov Lerner, who runs Cybersixgill's security research. He says the people behind the exchanges are still active in cybercrime even though the exchanges have "just vanished."

Some observers say crypto winter has put a permanent chill on ransomware attacks. 

Not that long ago, cybercriminals could demand $1 million to $3 million in payment after locking up a corporate computer system, notes Sherrod DeGrippo, vice president of threat research at Proofpoint, an email security company.

"But I think those heydays might be over," she said, noting that criminals aren't seeing the same success they once did. She notes that many organizations, along with the US government, have stepped up their ransomware defenses recently, pushing cybercriminals toward other activities.

Her company has seen upticks in attacks involving remote-banking trojans, malware designed to steal credentials or access to financial accounts, along with phishing attacks that scam company officials into paying fake invoices or otherwise send criminals real money. There's even been an uptick in the harvesting of credit card numbers. 

With any of those crimes, the criminals make off with conventional currency, rather than crypto. 

Criminals also like trojans because the malware can sit on systems quietly siphoning money overtime. For example, an attacker might be able to scam a company into paying a fake invoice month after month, or a banking trojan could continue to harvest access to financial accounts over time without the company knowing.

"Getting an organization's payroll, pensions and retirement makes for a massive payday," DeGrippo said. "It's a lot bigger, quieter and easier than ransomware."

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Honda Teases 2023 HR-V Crossover Interior

Honda Teases 2023 HR-V Crossover Interior

Honda's next-generation 2023 HR-V crossover will not be everyone's cup of tea from an exterior styling standpoint, but that likely won't stop Honda from selling them by the boatload. That's because while people definitely care about the styling of a vehicle, they also care about how it is to drive and how it is to live with.

An essential part of a car's livability comes from its interior design and cargo capacity, especially when it comes to crossovers. Based on the teaser images of the new HR-V's interior that Honda dropped on Tuesday, it's going to be pretty nice to live with. 

Now, this is a small, affordable crossover, so we're not expecting crazy levels of refinement, but the interior looks like it will be a nice place to spend time based on the leather (or leatherette) console and its seems-big-for-the-class infotainment screen. We don't know any specifics, but Honda has said it's trying to send the HR-V upmarket a bit, and these images seem to corroborate that.

When it comes to the cargo area, we appreciate the HR-V's flat load floor once you get the back seats folded down. This makes things way more manageable if you're trying to load anything long and awkward. That said, even with the back seats up, it looks like it'll be spacious enough, with lots of room for groceries or a suitcase.

Honda expects to launch the 2023 HR-V in the US this summer.

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