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What Is Shrinkflation and What Does It Mean for Your Favorite Supermarket Items?
What Is Shrinkflation and What Does It Mean for Your Favorite Supermarket Items?
Higher grocery bills continue to plague American consumers, as the Consumer Price Index for May shows that the "food at home index" was up another 1% in May. Food prices in April were already up 10.8% from where they were a year ago, the largest 12-month increase since November 1980, according to the Bureau of Labor Statistics.
It's not just consumers, though: Manufacturers are feeling the pinch of inflation as well, with ingredients costing more and supply chain issues making it harder to get goods to store shelves.
Rather than just raise prices, some manufacturers shrink their packaging, a practice known as "shrinkflation."
Shoppers across the US have reported smaller toilet paper rolls, fewer potato chips and other reductions in supermarket staples.
"It comes in waves," consumer advocate Edgar Dworsky told NPR. "We happen to be in a tidal wave at the moment because of inflation."
Read on to learn more about shrinkflation, including whether it's legal, how to guard against it and which manufacturers are downsizing their products.
What does "shrinkflation" mean?
Shrinkflation is the practice of reducing the size or quantity of a product while keeping the same price. It can mean fewer chips in the bag, fewer scoops of ice cream in the container. Basically, the purchase price remains the same but the cost per unit rises.
Customers may not notice what are effectively price increases, John Gourville, a professor of business administration at the Harvard Business School. "We found that consumers reacted greatly to periodic changes in price, but not at all to periodic (yet systematic) reductions in quantity," Gourville said in an interview back in 2004.
Some companies disguise shrinkflation with a package redesign, according to Gourville, like adding dents to the bottom of bottles or touting claims of "lower calories."
A Gatorade representative told Quartz in March that the company redesigned its bottles to be "more aerodynamic" and "easier to grab." It also happened to reduce the amount of Gatorade in the container from 32 to 28 ounces.
Is shrinkflation legal?
Shrinking package size is not illegal so long as the product amounts are clearly labeled and "and the business is not engaging in unfair or deceptive practices," according to the Massachusetts Office of Consumer Affairs.
"This is legal -- companies can change prices of their products however they want. This way they do it and it reduces the amount of complaints that the companies receive as a consequence of this stuff," Tom Fullerton, an economics professor at the University of Texas at El Paso, told KFOX.
How can I protect myself against shrinkflation?
Consumers tend to pay more attention to product prices than package sizes. Breaking that habit is the top tip for steeling yourself against shrinkflation: learn the package sizes and per-unit pricing for your favorite products.
If you notice that a product has shrunk or reduced the number of included items, consider competitors who offer a similar product at a lower cost per ounce or item. Compare per-unit prices to see which product provides a better deal.
Charmin has reportedly reduced the amount of toilet paper in its Mega package from 266 sheets per roll to 244.
Olivier Douliery/Getty Images
Shrinkflation also offers an opportunity to wean yourself off packaged foods. Retailers might be able to make cereal boxes and granola bars smaller, but they can't shrink a pound of apples.
Dworsky, the consumer advocate, has made shrinkflation (or "downsizing," as he calls it) a major focus of his website MousePrint, which is dedicated to examining the fine print of advertising claims.
Every few months, Dworsky publishescompilations of all the products he's found that have recently decreased in size. He usually posts on Mondays and crowdsources items from his readers to get a fuller picture of which products have changed.
The Reddit message board /r/shrinkflation also serves as a good source for tracking package size changes for your favorite products. Users post instances of shrinkflation that they've found in their local stores or online, usually with screenshots or photos as evidence.
Which products have shrunk?
Consumers have reported shrinkage in all kinds of household products. A keen eye on Reddit found that Huggies Little Snugglers packs dropped from 96 diapers per box to 84.
Procter & Gamble's Cascade reduced the number of dishwashing pods in a box from 78 to 63, while Unilever's Seventh Generation liquid dish soap dropped from 25 to 19 ounces with a bottle redesign.
Charmin has shrunk its Super Mega package from 396 double-ply sheets per roll to 366, MousePrint reported. The toiler paper company also reduced its Mega package from 266 sheets per roll to 244.
Cottonelle reduced the number of toilet paper sheets in its Ultra Clean line from 340 sheets to 312 and in its Ultra Comfort brand from 284 sheets to 268.
Memories Are Captured/Getty Images
Other bath products have also gotten smaller: Pantene has rebranded its Curl Protection Conditioner and in the process reduced the size from 12 to 10.4 ounces, per Reddit. And MousePrint reports that Dove Body Wash recently shrunk from 24 to 22 ounces.
Snacks are another popular target for shrinkflation, as they often come in bags that make it difficult to spot changes. Last year, Doritos decreased the weight of its regular-size bags from 9.75 to 9.25 ounces, a loss of about five chips per bag. Redditors also noticed that Doritos' party-size bag has shrunk from 15.5 to 14.5 ounces.
A party-size bag of Fritos Scoops, which used to be 18 ounces, is now reportedly just under 16 ounces, the Associated Press reported. A tube of Pringles now carries 165 grams of potato chips, down from 200 grams.
Nabisco's Wheat Thins made its "Family Size" product smaller, too, lowering the package weight from 16 to 14 ounces, per Reddit.
A bag of Keebler's Vienna Fingers bag has shrunk from 14.2 to 12 ounces, per Reddit. And MousePrint reports that the size of the company's regular Chips Deluxe package dwindled from 11.3 to 9.7 ounces. (The "family size" package decreased from 17.2 to 14.6 ounces.)
Package downsizing has also hit fast-food chains: Domino's has cut down the number of boneless wings in an order from ten to eight, citing "unprecedented ingredient costs." Burger King is doing the same with its chicken nuggets.
And Subway rotisserie chicken wraps and sandwiches now contain less meat, Bloomberg reported.
Home equity line of credit heloc rates for september 2022 holiday home equity line of credit heloc rates for september 2022 movie home equity line of credit how does a home equity line of credit work home equity line of credit home equity loan home equity loan rates wells fargo home equity loan home equity loan requirements
Home Equity Line of Credit: HELOC Rates for September 2022
Home Equity Line of Credit: HELOC Rates for September 2022
A home equity line of credit, or HELOC, is a loan that allows you to borrow against the equity you've built up in your home and functions like a credit card. It provides an open line of credit that you can access for a certain amount of time (usually 10 years). During that time, you're only required to pay back the interest on money you've withdrawn, which means you can borrow a large amount of money for an extended period of time while only making minimum monthly payments.
HELOCs can be a good option because they have lower rates than most credit cards, personal loans, home equity loans and mortgage refinances. But HELOCs are also risky because they're secured loans, which require collateral to obtain financing: Your home serves as the collateral, so if you're unable to pay back the money you've withdrawn, you could lose your house. In addition, HELOCs have variable interest rates that mean your rate can go up or down with the market, so you won't always have a predictable monthly payment.
We'll walk you through how a HELOC works, how to decide if it's the right option for you and how it stacks up against other loan types.
Current HELOC rate trends
Right now, the average interest rate for a HELOC is 6.5%, according to Bankrate, which is owned by the same parent company as CNET. Anything below the average rate is typically considered a good rate for HELOCs.
Interest rates for HELOCs are variable and largely determined by the benchmark interest rate, which is set by the Federal Reserve. So far this year, the Fed has raised the benchmark interest rate four times and has signaled it will continue raising rates throughout 2022. Interest rates for HELOCs tend to be lower than mortgage rates and other home equity loan rates, which is one of the benefits. They also usually have introductory periods during which they offer an even lower rate for a certain amount of time.
What is a HELOC?
A HELOC is a home loan that allows you to tap into your home's equity over an extended period of time. You can find out how much equity you have in your home by subtracting your remaining mortgage balance from the house's current market value. So if your house is worth $500,000 and you have $300,000 left to pay off on your mortgage, you would have $200,000 in equity. Typically you can borrow up to 85% of your equity — in this case, that's $170,000.
A HELOC functions as a revolving line of credit that you can continually access. The time period when you can draw money from your line of credit is called the draw period, and it's usually 10 years for HELOCs. This could be a good option if you need access to money, but aren't sure how much you'll need (or when you'll need it). HELOCs also tend to have lower interest rates than other types of home loans or personal loans.
If you need cash for home improvements or to pay higher education costs like tuition, a HELOC can be beneficial because you can repeatedly withdraw money over the course of your loan term. Plus, you only have to pay interest on the money that you withdraw. So, if you're approved for a HELOC of $100,000 and only withdraw $25,000, you'll only pay interest on the $25,000.
How do HELOCs work?
Since HELOCs work like a line of credit, during the draw period you can take out money as many times as you need via check or a debit card, as long as it's below your total HELOC loan amount. You must also make minimal monthly payments, typically just for the interest that accrues during the draw period. As you repay your HELOC, this money is added back to your revolving balance (so you can continue to withdraw funds).
Once the draw period comes to an end you enter the repayment period, which usually lasts between 10 to 20 years. At this point, you cannot take more money out of your HELOC. Once you're in the repayment period, your monthly payments will go up because you must start paying back the principal (the amount you withdrew) in addition to the accrued interest.
Pros of a HELOC
Lower interest rates: HELOCs typically have lower interest rates than other home equity loans, personal loans or credit cards.
Long draw and repayment periods: Most HELOCs let you withdraw money for as long as 10 years, and then offer an even longer repayment period (usually up to 20 years).
You can take the money in installments: You don't have to use all of the money available at once, and you only have to pay interest on the funds you withdraw.
Cons of a HELOC
You have to use your own home as collateral: If you default on a HELOC or can't make your payments, you could lose your home. When you put a house up as collateral and cannot repay your loan, the bank or lender can foreclose on your home, which means they can take ownership of your house in order to make up for the money they lost.
They have variable interest rates: Your initial interest rate may be low, but HELOC rates are variable and not fixed. This means they can fluctuate depending on what's happening with the economy and the benchmark interest rate. This means your monthly payments are not predictable and can fluctuate over the course of the loan. While there are fixed-rate HELOCs, they are less common and are considered a hybrid between a HELOC and a home equity loan.
There may be minimum withdrawal amounts: Some HELOCs have minimal initial withdrawal amounts, which could lead you to taking out more money than planned (and having to pay back more than planned).
HELOCs vs. home equity loans
HELOCs and home equity loans both allow you to borrow against the equity you've built up in a home. With both, you take out a second home loan in addition to your mortgage. Your home is also used as collateral to secure either type of loan. A home equity loan, however, offers a lump sum of cash that you pay back in fixed monthly installments. A HELOC, on the other hand, approves you for a set loan amount and then allows you to withdraw only what you need, when you need it.
A HELOC has a variable interest rate, whereas home equity loans are fixed-rate loans. This means, you'll have a more predictable monthly payment with a home equity loan. HELOCs are much more flexible, but your monthly payments can be more unpredictable since your interest rate can fluctuate. With a HELOC, you need to make sure you can afford your monthly interest payments if your rate shoots up.
A HELOC is better if
You need access to credit for an extended period of time (usually 10 years)
You need more time to repay the loan amount
You want the flexibility to withdraw your money in installments and not all at once
A home equity loan is better if
You want a fixed interest rate
You want a predictable monthly repayment schedule
You want one lump sum of cash and know exactly how much money you need
HELOCs vs. cash-out refinances
A cash-out refinance is a different type of loan than a HELOC: You are quite literally cashing out the equity you've built up in your home over the years. It replaces your current mortgage with a new mortgage equal to your home's value, and allows you to cash out the amount you've built in equity. If your home is valued at $300,000 and you still owe $100,000 on a mortgage, the difference of $200,000 is your home equity. Lenders often let you cash out 80% of your equity ($140,000 in this case).
With a HELOC, you're also cashing out your equity, but you are taking out an additional loan alongside your current mortgage. So, you will have to make your monthly mortgage payments in addition to repaying your HELOC each month. With a cash-out refinance, you are only responsible for your mortgage payment every month. However, your mortgage payment will be more expensive because you added more money onto your mortgage when you cashed out your equity.
A cash-out refinance offers you this equity in a lump sum, whereas a HELOC lets you draw on your equity in installments and offers a yearslong line of credit.
A HELOC is better if
You need access to credit for an extended period of time (usually 10 years)
You need a longer loan repayment period
You want to the flexibility to withdraw your money in installments
A cash-out refinance is better if
You want to refinance your mortgage to a lower interest rate or shorter term
You want one one lump sum of cash and know the amount
You want one fixed monthly mortgage payment
FAQs
What is a good HELOC rate?
Anything below the average rate is typically considered a good rate for HELOCs. Currently, the average interest rate for a HELOC is 6.5%, according to Bankrate.
How do I qualify for a HELOC?
To qualify for a HELOC, you must have good credit, at least 15% to 20% equity in your home and a debt-to-income ratio that does not exceed 43%. (Your debt-to-income ratio is your total monthly debts divided by your gross monthly income.) So, if you make $4,000 a month before taxes and pay $1,500 in debts each month, your DTI would equal 37.5%. The lower your DTI, the better your approval chances.
If you have good or excellent credit, you could lock in a lower HELOC rate closer to 3% to 5%. If you have below average credit expect to pay rates closer to 9% to 10%. Lenders usually want to see at least a 620 credit score or higher. You can be denied for a HELOC if you don't have a high enough credit score or income. You can also be denied if you don't have enough equity built up in your home. Most lenders require at least 15% to 20%.
What can I use a HELOC for?
You can use your line of credit for almost anything, but HELOCs are typically best for people who need access to available credit over a long period of time or who will be making recurring withdrawals. For example, HELOCs are good for home improvement projects that could potentially take years or higher education expenses like tuition.
How do I apply for a HELOC?
You have to be approved for a HELOC by a bank or lender just like with your mortgage. You will need to provide financial documents like pay stubs and information about your home's value, like your loan-to-value ratio. Lenders will also run a credit check before approving you.
In some cases, you may need to have your home appraised to confirm its current market value. It's important to interview multiple lenders to compare rates and fees in order to find one who will give you the best rates. Some experts recommend starting with the bank or lender that already holds your mortgage, but shopping around can help you compare offers.
More mortgage tools and resources
You can use CNET's mortgage calculator to help you determine how much house you can afford. The CNET mortgage calculator factors in variables like the size of your down payment, home price and interest rate to help you figure out how large of mortgage you may be able to afford. Using the CNET mortgage calculator can help you understand how much of a difference even a slight increase in rates can make in how much interest you'll pay over the lifetime of your loan.
What's Wordle? Surely by now you're at least vaguely aware of the viral word game taking over our planet. But in case you want some info on its origins, here's everything you need to know.
What is Wordle?
Wordle is a daily word game you can find online here. It's fun, simple and, like a crossword, can only be played once a day. Every 24 hours there's a new word of the day, and it's up to you to figure out what it is. The site itself does a fantastic job of explaining the rules:
This game is so good.
Wordle
Wordle gives players six chances to guess a randomly selected five-letter word. As shown above, if you have the right letter in the right spot, it shows up green. A correct letter in the wrong spot shows up yellow. A letter that isn't in the word in any spot shows up gray.
You can enter a total of six words, meaning you can enter five burner words from which you can learn hints about the letters and their placements. Then you get one chance to put those hints to use. Or you can try for performance and guess the word of the day in three, two or even one go.
Simple stuff, but also incredibly compelling.
So it's a word game? Big deal...
Yeah, it's just a word game. But it's super popular: Over 300,000 people play it daily, according to The New York Times. That popularity may sound perplexing, but there are a few tiny details that have resulted in everyone going absolutely bonkers for it.
There's only one puzzle per day: This creates a certain level of stakes. You only get one shot at the Wordle. If you mess up, you have to wait until tomorrow to get a brand new puzzle.
Everyone is playing the exact same puzzle: This is crucial, as it makes it easier to ping your buddy and chat about the day's puzzle. "Today's was tough!" "How did you get on?" "Did you get it?" Which takes us to the next point...
It's easy to share your results: Once you've successfully or unsuccessfully done the puzzle for the day, you're invited to share your Wordle journey for the day. If you tweet the image, it looks like this...
Note that the word and letters you chose are obscured. All that's shown is your journey toward the word in a series of yellow, green and gray boxes.
It's very compelling. If you get it easily, maybe in the second or third try, there's a gloating element whereby you must show your followers how smart you are and share.
If you get it by the skin of your teeth in the sixth go, that's also a cool story. But most importantly, the puzzle itself isn't spoiled.
So Wordle isn't just a word game, it's a conversation starter and a chance to show off on social media. That's why it's going viral.
Tips and tricks
If you're a word game purist, you may want to avoid the following tips and rely entirely on your own instincts. For everyone else who's sick of seeing gray boxes, here are some tips that you may find helpful.
Choosing your first word: The first word is arguably the most important. To maximize the value of your opening gambit, choose a word with three vowels and five different letters. Some examples: orate, media, radio. I always use "adieu" for some reason. It's a habit and I'm refusing to break it.
I just finished reading a fascinating piece by Tyler Glaiel, a programmer and game designer who tried to figure out the best possible starting word. Apparently we should all be kicking off Wordle with the word "roate." Honestly, read this whole article, it's great.
Avoid reusinggrays: There's a keyboard at the bottom of the Wordle board that shows what letters are green, yellow and gray. Avoid reusing letters that have come up gray. Yes, this sounds obvious. But it can take time and effort to think of five-letter words that don't use letters you've already tried. That effort will pay off.
Letters can appear twice: This complicates matters, especially when you're running out of letters to try on word four or five. But letters often recur, as with words like chill, sissy and ferry having been the correct answers in the past.
Who made Wordle?
Wordle is the work of software engineer Josh Wardle, who originally created the game for his partner, a fan of word games, and tells the BBC it will never become laden with ads. Extremely online people may remember Wardle as the creator of Place, an utterly wild collaborative art project/social experiment that sent the internet into a tizzy in April 2017.
Place was a shared online space that allowed literally anyone to fight over what was drawn there. It resulted in huge, sprawling communities battling over space on this gigantic online canvas.
It ultimately ended up looking like this:
Remember Place? That was a wild time.
Reddit
Wordle got a mention in The New York Times in November, but really got traction when the share element got added.
In a Reddit post, Wardle said he wanted Wordle to feel like a croissant, a "delightful snack" that's enjoyed occasionally. This is explicitly why there's only one puzzle per day. "Enjoyed too often," he explained, "and they lose their charm," Wardle says.
Agreed.
New York Times acquisition
At the end of January, creator Josh Wardle sold Wordle to the New York Times for a figure "in the low seven figures."
Wardle noted that his "game has gotten bigger than I ever imagined" and added he's "just one person."
The game will ultimately become part of New York Times subscription puzzle service, but Wardle made sure that Wordle would remain free-to-play and that current streaks would be preserved in the move.
"It is important to me that, as Wordle grows, it continues to provide a great experience to everyone," Wardle said. "Given this, I am incredibly pleased to announce that I've reached an agreement with The New York Times for them to take over running Wordle going forward."
Wordle hasn't gotten harder since joining the New York Times
It just hasn't! Come on folks!
According to The New York Times: "Nothing has changed about the game play," the Times' communications director, Jordan Cohen, said to CNET in an email.
If you check out the game's script you can see that the New York Times hasn't made any significant changes to the game.
Wordle clones...
Since the success of Wordle, there's been clones. Lots of clones. Some have been cynical cash grabs, but a huge amount of them are unique, interesting alternatives.
Worldle invites you to guess countries based on their outline.
Squabble is a multiplayer, Battle Royale version of Wordle.
Dordle forces you to solve two Wordles at once.
That's just the tip of the iceberg. Here's a fairly comprehensive list of word games you can check out if you get tired of the original.
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Best Ceramic Coating for 2022
Best Ceramic Coating for 2022
Listen to the hype about ceramic auto paint coatings and you might get the idea that a ceramic top coat will protect your vehicle from falling tree limbs. It won't. The best ceramic coatings will give your car or truck its best defense against settling airborne chemicals and pollutants, tree sap, road and sea salt, bird poop and the sun's harmful ultraviolet rays. They'll also deliver a gorgeous sheen that's hard to beat.
Think of ceramic coating as a harder, more protective clear coat for your paint's clear coat. It's the best, most durable way to protect your vehicle's finish, short of a full transparent film wrap, and its hydrophobic (water sheeting) properties make cleaning much, much easier. A properly applied ceramic coating can last for years.
The best ceramic coatings require differing amounts of time and energy to apply, but all require some level of sweat equity and commitment (there's a reason automotive detailing shops get big bucks to professionally apply ceramic). There's a lot of white noise about ceramic coatings and literally hundreds of products to choose from. We've waded through the hype and chosen the best OTC ceramic coatings for a variety of circumstances, purposes and commitment levels based on expert knowledge and opinion, user ratings and personal experience. Click through our best ceramic coatings to understand your options, then read on for a primer on what this amazing technology will and won't do for your vehicle and how best to use it.
CarPro
CarPro CQuartz UK 3.0 is the top over-the-counter product from a Malta-based company that pioneered automotive ceramic coatings in the early 21st century. It contains 70% silicon dioxide that's 99% pure and it leaves what might be the deepest wet-look gloss we've seen. It delivers all the durably protective properties only true ceramic coatings can.
Better still, CQuartz UK 3.0 is not terribly difficult to apply, as pro-grade ceramic coatings go. It's much less finicky about air temperature during application than other serum-type ceramic liquids (anything between 40 and 100 degrees Fahrenheit will work). Its initial hardening time is longer than most, so there's more time to spread and work. Yet it fully cures in only 60 minutes, so you can take a blast by the time you clean up. Or you can build layers during a single-day session, if you want even longer protection. CarPro projects 18 to 24 months of full hydrophobic performance for each layer applied. Every bottle is labeled with its production date and it's guaranteed to remain fully pliant for one year
In short, CarPro CQuartz UK 3.0 is the best combination of quality and ease of application we've encountered and the kit includes almost everything you need. According to users (and CarPro's own math), the included suede applicator wraps will be used up before a medium to large size vehicle is coated, so you might want to order some extras.
Nasiol
Like our best overall ceramic coating product, this kit comes from a company that has been in the ceramic coating business since the beginning. Indeed, Turkey-based Nasiol manufacturers a range of nano-ceramic protectants, including coatings for countertops, marine products, wood and clothing. The chemistry in ZR53 Nano Ceramic coating is impeccable. It goes on in one coat, delivers a rich shine and 9H hardness and should last at least three years in all conditions. The kit includes ZR53 ceramic coating, application pads, gloves, two microfiber cloths and other accessories.
So what's not to like? You'd better know what you're doing when you lay this ceramic down. It needs to go on thin and even and that's easier said than done. Trickier still, it starts to harden in as little as 20 seconds. It's imperative to work small, and quickly, because if it's not buffed before it dries, it can leave streaks or uneven clouds. And the only way this stuff is coming off is with ultra-high PH detergent you won't find at your local hardware store, or with pro-skill power wheeling and enough experience to get it without going into the paint underneath.
Mothers
How difficult is applying Mothers CMX Ceramic Spray Coating? You spray it on an applicator pad, spread it evenly, let it set about five minutes and buff it lightly with a microfiber towel. Then you let it cure for 24 hours. In other words, it goes on easier than conventional "wax on, wax off" carnauba or polymer auto coatings. While it won't last as long as more expensive (and more challenging) ceramic coatings, it will last multiples longer than most of those conventional carnaubas and polys. Or a year or so, depending on how much your car sits out in the sunlight and smog.
You can also layer CMX Ceramic Spray with two or three consecutive coats, leaving those 24 hours in between, before you ever pull the car from the garage. That will extend its durability. Either way, it will provide better hydrophobic protection than most carnaubas and poly waxes, keeping your paint safer and your car cleaner and making your car easier to wash. With application this easy there shouldn't be too much trouble finding time to shine your car once a year.
Nexgen
Nexgen Ceramic Spray can leave flecks and streaks that take some serious elbow grease to buff out. That's almost certainly because you sprayed too much on the paint to begin with. Use less, work less. The eight-ounce bottle is enough for four or five mid-size cars. Once it's on, Nexgen leaves a slick shine and something you don't get in many easy-app ceramic sprays.
That would be a whole lot more silicon dioxide in the formula and silicon dioxides are what thatch the coating molecules together and bond the ceramic to your paint. Nexgen claims it has the highest concentration of SiO2 in any over-the-counter spray; at 13%, double what many have. That should mean that its liquid-shedding, chemical protecting gloss will last longer than the typical easy-app ceramic spray.
Meguiar's
Meguiar's Hybrid Ceramic Liquid Wax is more like a conventional wax formula infused with silicon dioxides to bond the molecules and build that ceramic barrier and there's something to be said for familiarity. It goes on like conventional liquid in a circular motion and dries to a haze that you buff off. To be sure, the haze is lighter than old-school wax residue and less work to remove. It's really hard to mess this stuff up.
What's left when you're finished is a deep, mellow shine and extreme water-beading action. Moreover, the haze makes it harder to miss spots and easier to gauge even coverage and Meguiar's Hybrid will not whiten non-painted trim or rubber gaskets.
Drexler
Drexler is a relatively new, small-volume company in France that warrants some of its ceramic coatings up to 10 years. Its over-the-counter ceramic for vehicles is applied in two stages: one liquid, one spray. It's time consuming (at best) to apply, but not terribly tricky and the manufacturer offers an on-line tutorial.
What you get for the trouble is a hard 9H finish that should minimize light scratching as effectively as any ceramic coating can. It's intended to last five years or more, like many of the professionally applied, detail-shop ceramics. Drexler claims that with moderate hose pressure (say, from a low-grade pressure washer), virtually anything stuck to a Drexler-coated vehicle will rinse off without rubbing.
Weiruixin
This product originates in China and delivers pro-grade chemistry for the price of good, easy-application, consumer-grade detailing products, with applicator, towels, etc. in the package. Weiruixin claims 10H Ceramic Coating 3.0 has an industry best 10H hardness rating and remains bonded at temperatures up to 1,400 degrees Fahrenheit. It guarantees its hydrophobic properties for at least two years... or your money back.
We wouldn't want to have to chase that $25, but the indicators suggest this could be a good product for not much money, if you're willing to make it work. Experience tells us that it won't be easy to use. The thick fluid will be temperature sensitive, demanding room-temperature, no-dust application conditions and you'll have to keep your car dry and shaded for seven days for it to fully cure. If you lack pro-grade skills, better to choose something like our best cheap and easy ceramic coating. You'll be much happier with the process and maybe even with the results.
Mothers
Remember the first fundamental rule of all ceramic coatings: Surface or paint preparation matters at least as much as the coating itself. The coating simply protects and shines whatever is underneath and it will last longest when its bond with the paint is strongest.
Now, you could spend thousands of dollars or a week's worth of hard work on a full paint correction for your daily-driving 2008 Subaru Impreza. Or you could get Mothers' relatively inexpensive CMX Surface Prep. CMX Surface Prep is pH neutral and biodegradable, and it strips oil, grease, wax and other chemical residue without harming the paint-as easily as cleaning the windows. Just spray CMX Surface Prep on the paint and wipe it off. It won't do much about existing swirl marks or scratches, but it will leave a chemically spotless foundation that helps ensure maximum bonding for the ceramic coating that follows.
Mothers
Like our best minimalist ceramic coating prep (Mothers CMX Surface Prep), CMX Ceramic 3-in-1 Polish & Coat removes grease, old wax and other chemical residue in advance of your ceramic coating application. Yet 3-in-1 adds a light polishing compound, so with a dose more elbow grease or a polishing wheel, it can also remove swirl marks, light scratches, oxidation and other imperfections in the paint.
Better still, Mothers CMX Ceramic 3-in-1 Polish & Coat includes mineral oxides like those in the ceramic coating itself, so it leaves a nice, hard gloss when you're finished. It's hardy enough to leave as it is, but it also provides a fantastic primer coat for a full ceramic coating on top. It won't deteriorate an existing ceramic coating, either, and that makes it a great refresher to invigorate and deepen a good coating that's a couple years old with less work (and cost) than starting from scratch.
Comparison of the best ceramic coatings for 2022
Product
Price
Best ceramic coating overall
CarPro CQuartz UK 3.0 Kit
$83
Best ceramic coating for pro-skill home detailers
Nasiol ZR53 Nano Ceramic Coating Kit
$118
Best cheap and easy ceramic coating
Mothers CMX Ceramic Spray Coating
$18
Best ceramic coating for home detailing newbies
Nexgen Ceramic Spray
$35
Best old school/new school ceramic wax
Meguiar's Hybrid Ceramic Liquid Wax
$25
Best ceramic coating for off-roaders
Drexler Ceramic Car Coating Kit
$74
Best cheap ceramic coating for pro-skill home detailers
Weiruixin 10H Ceramic Coating 3.0 Kit
$25
Best minimalist prep for any ceramic coating
Mothers CMX Surface Prep
$13
Best stage 1 upgrade prep for any ceramic coating
Mothers CMX Ceramic 3-in-1 Polish & Coat
$13
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Ceramic coatings 101
Somewhere in or under your automobile, there's almost certainly some ceramic coating. Automakers have been using it for years because it's the best protective finish for a variety of parts, including wheel hubs, interior trim bits and things you'll see if you lift the hood. You just won't have ceramic coating on your vehicle's finish paint unless you put it there yourself.
Ceramic coatings can have different names -- nano ceramic, quartz or silica coatings -- and come in various forms. There are thermal sprays, dry powder coatings and wet chemical sprays or liquids. There are different auto-detailing ceramics for different surfaces like wheels, paint, windows or trim. In this report we'll focus on the paint, though some products will work on all of the above. Some of them aren't ceramic coatings in the original form. They're hybrids manufactured like more conventional auto waxes and infused with the key ingredient that makes ceramic coatings "ceramic."
That ingredient is silicon dioxide (SiO2), which bonds the coating at a molecular level to itself and the paint underneath, then cures to form a hard, hydrophobic (impenetrable to water) layer on top of the paint. The silicon dioxide is extracted from natural materials like quartz or sand. Over the years, some ceramic coating manufacturers have added titanium dioxide (Ti02) or more complex silicon compounds such as silicon nitride (Si3N4 9) and silicon carbide (SiC) to their formulae. These can increase the performance of the coating.
Any ceramic coating worth the name will have at least 5% silicon dioxide. The best consumer-grade ceramics have SiO2 concentrates in the 70-80%range, though these can also be the most difficult to apply. Professional detailers and installers typically use ceramic coatings with SiO2 concentrations between 93 and 97%. Other things equal, the higher the SiO2 percentage, the stronger and more durable the coating becomes, and the more money it costs.
In ceramic coatings, other things are rarely equal. The overall performance and price of the product is at least as important as the amount of silicon dioxide. Every ceramic coating also has polymers (more conventional bonding chemicals), glossing agents, curing compounds and or other ingredients. While most manufacturers keep their exact formula proprietary, their products must do more than protect. They must also maximize shine and make application consistent, if not necessarily easy. While the level of silicon dioxide is important to a ceramic coating's overall durability, it's not the only thing that determines a coating's overall performance, in terms of how it looks on your car and how easy or difficult it is to put there.
Meguiar's
Ceramic coatings are sometimes rated with a number before the letter H like 8H or 9H. Contrary to published claims and popular belief, this is not a rating on the Moh scale, which is used by geologists to rank mineral hardness from 1 to 10 (the surface of a copper penny is about 3.5H on the Moh scale, while a diamond is 10H). Rather, the ratings for ceramic coatings will be based on the Wolff-Wilborn Pencil Hardness Test. A pencil hardness test drags increasingly hard graphite pencils across the surface of a coating. The resultant number identifies the softest pencil that will leave a scratch on the coating. A 9H in a pencil hardness test demonstrates about the same surface hardness as the copper penny on the Moh scale, and while that's not diamond grade, it's still pretty darn hard. By pencil hardness, the standard clear coat paint on your car or truck is somewhere between 2H and 4H. That means a 9H ceramic coating is 2.25 to 4.5 times harder to scra tch.
Over-the-counter ceramic coatings are, obviously, intended for use by DIY auto detailers. In the simplest terms, application is similar to traditional automotive wax: You spread the ceramic on in some fashion and then buff it (though not necessarily off). Yet anyone who's done much automobile waxing knows the simplest terms don't fully explain the level of energy required. The best do-it-yourself ceramic coatings and the best results demand some level of sweat equity, in both surface preparation and application. The best in terms of durability or long-term protection are usually the most demanding. If you mess a high-grade ceramic coating up, it will be really, really hard to get off.
It's no coincidence that high-end detailing shops (sometimes called auto spas) have boomed in the era of ceramic coatings. The good shops know what they're doing and they can almost certainly do it better than you can. There are nonetheless a range of great consumer-grade ceramic coatings out there, suitable for everyone from raw DIY detailers to those with pro-grade skills. Those products can leave the paint on your car or truck looking gorgeous... and a you that's proud of what you accomplished, wherever you rank in the detailing-skills pecking order.
We'll get to the details of ceramic coating preparation and application shortly, but if you plan to do it yourself you need to start by gauging how much time and energy you're willing to commit. And by not overestimating your skills. And by considering what you're willing to do if it goes wrong.
First, let's get specific about the real benefits of ceramic coatings and the myths.
Nasiol
What ceramic coatings will (and won't) do
The best ceramic coatings will give your car or truck an incredible shine and probably a better shine than it's ever had before. Professional detailers and some car geeks know that shines can be different like the deep, mellow, lusty shine of perfectly applied, old-school carnauba wax or the more aggressive, wet-look shine of subsequent polymer sealants. The best ceramic coatings span a similar spectrum, but all of them will leave you looking over your shoulder and admiring as you walk away from your vehicle in a parking lot. They'll keep your car cleaner, longer and they'll make it look like you just re-waxed it every time you wash it.
At least as importantly, the best ceramic coatings will protect your car's paint better than any conventional carnauba or poly wax can. Think of any wax or sealant as a transparent sacrificial layer that can be removed or reapplied as necessary to protect the paint underneath it. Ceramic coating is just harder and less porous than more conventional waxes, so it makes it more difficult for anything that settles on the paint to penetrate or even stick. We're talking things like airborne chemicals and pollutants, overspray of any type, tree sap, bird droppings, road or sea salt or the sun's relentless UV rays. Ceramic coating is the best chemical barrier against the harmful effects of multiple substances that can damage paint and diminish its appearance over the years, even moreso if your car lives outside. It will fill the role of sacrificial layer better than any carnauba or poly was and it can do so more economically.
That's because, thanks to silicon dioxide and all that molecular bonding, ceramics stay put a lot longer. A relatively inexpensive, easy application, ceramic spray can protect for a year or so. To maintain peak performance with a traditional wax-on, wax-off carnauba or poly coat, you'll need to lay down a new layer every three or four months. The manufacturers of some more expensive ceramic liquids warranty their product for two years. (We are not weighing in on how difficult or fruitful it might be to make a claim on those warranties.) We've known consumer-grade ceramic liquids that have lasted close to five years before their hydrophobic properties start to diminish. Detailing shops in urban areas around the country, including Motor City Auto Spas in greater Detroit, will guarantee their ceramic applications five, seven or 10 years, depending on the product used.
"We'll guarantee our top product for life, if the car is relatively new, with an annual inspection and detail," says Motor City founder and CEO Matt Lifter. "Short of the annual visits we'll guarantee seven years. Not even acidic solvents like wheel or brake-dust cleaners will take it off. It's really amazing stuff."
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Ceramic coating is more durable than wax or poly in another sense because it's much harder. That means it's more resistant to light scratches or paint swirls (those spiraling curves that can develop in clear coat after years of washing). Indeed, a ceramic-coated vehicle that's washed properly (no drive-thrus) is nearly immune to paint swirls.
We emphasize "resistant" above because no ceramic coating is scratch proof, even if some to the wildest marketing hype suggests that it might be. Drag a key along a door panel on a ceramic-coated car and the panel will definitely scratch. Throw pebbles at it hard and it will nick. Bottom line: Ceramic-coated cars are still susceptible to rock chips. Some road rash is still likely to build up over the miles and years.
If your overriding goal is preventing rock chips or road rash, better look past ceramic coating. In the current state of auto protection, that would mean looking toward transparent film or "wraps."
Not up to speed on wraps? Vinyl auto wrap is a blend of polyvinylchloride and additives that make it flexible and resistant to UV light and sometimes add color. The additives are blended, dropped onto moving sheets of PVC, then baked and cured. Transparent wrap is virtually invisible on your car's paint, except for barely perceptible edges where the wrap might end and give way to unprotected paint, and it provides an actual, physical cushioning barrier between the paint and whatever the road throws at it. Good wrap will self-heal, so if a high-velocity pebble takes a divot out of the protective barrier, light and heat will actually close and smooth it again.
Drexler
Wrap will get you closer to proofing your car from scratches, rock chips or road rash than any ceramic coating can. It is also considerably more expensive than ceramic (the product) and significantly more difficult to apply. While some brave amateurs have tried, we wouldn't think about doing this ourselves.
Before we get to the process of applying ceramic, there's one more myth to address: Yes, even with the best ceramic coating, you will still have to wash your car.
We're compelled to make this point because a lot of the hype out there seems to suggest you'll never have to wash your car again. We assure you you'll have to do it less often, but dirt, road salt and other appearance-marring substances will eventually build up on the ceramic. The good news, beyond the fact that you'll wash it less, is that your ceramic coated vehicle should be much easier to wash than it was before the ceramic coating: generally no repeated rubbing back and forth over sticky, embedded stuff (which is another reason ceramic can keep swirl marks to a minimum) and usually more like a wipe and rinse. Indeed, some ceramic manufactures promise that, with proper application and sufficient water pressure, anything on your paint will rinse off without rubbing. Finally, know that washing can still leave water spots on ceramic coated cars, depending on the mineral content in your water source. Always towel dry.
On to the work at hand.
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Layin' it down
Professional-grade ceramic coatings are usually thick, almost glue-like and often require more than one step in the curing process. Consumer-grade ceramics are generally more forgiving to apply, though the most durable can be tricky. If you've browsed our best list, you've seen that there are several types of over-the-counter ceramic coatings. Even the most modestly priced, easiest-to-apply ceramics should outperform comparably priced conventional waxes when it comes to protection and longevity.
Whichever you choose, you must understand the first rule of ceramic coatings (or conventional carnauba and poly waxes, for that matter): surface or paint preparation matters at least as much as the coating itself, and more so if the paint is in poor shape to begin with. The coating simply protects and shines whatever is underneath and it will last longest when its bond with the paint is strongest. Without any prep, you're going to make those scratches or tar flecks or bits of oxidation shine for a long time.
"I'd say on average, our prep is four to five hours," says Lifter, whose Motor City Auto Spa has been doing ceramic since the early days (ed. note: that's four or five hours from efficient, well-trained techs). "It's at least two or three times more time than the actual application. Sometimes the prep can take two full days, but we can't guarantee our product without it."
You can expect a detailing shop to undertake most or all of these steps in advance of applying ceramic coating: Washing the vehicle with an appropriate detergent and sometimes a power washer; "Claying" the paint from stem to stern, or rubbing it with soft clay slabs and a lubricating fluid to remove sap, tar and other substances from the clear coat's pores; Polishing with a compound and a power pad, which can be the trickiest part depending on the age and depth of the paint, to remove swirls, scratches and oxidation; Wiping with a chemical cleaner to remove the final vestiges of dust, grit, waxes or grease.
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Now, you can do all those things yourself, if you have the inclination and fortitude and the time. It's always worth it, even on a beater with decent paint. You have to decide what you're willing to try. If it's your baby, which only leaves the garage on nice days for car meets or weekend blasts, you probably need to suck it up and try the full Cleveland. It will pay big in the final results. If it's a car you use for track days or the 10-year-old Civic that gets you reliably and satisfyingly to work and the paint still looks good, you can get away with a clay and chemical wash.
If you lean toward the less-work end of the prep spectrum, we urge you to at least undertake the chemical wash (after a good water wash). Using a product like Mothers CMX Surface Prep is essentially like washing windows. You spray it on and wipe it off, and it leaves a squeaky, chemical-free foundation that will ensure a solid bond between the ceramic and the paint. If you're up to a little more elbow grease or have an easy oscillating buffer, try something like Mothers 3-in-1 Prep & Coat. It adds a light polishing compound, so the extra rubbing will take care of a lot of the swirls and light scratches and leave a nice, polished finish.
Given the steps in proper preparation, you might surmise that the best time to apply ceramic coating is when a car is brand new or nearly so. You'd be correct. New cars (for lack of wear) require the least amount of paint correction. Detail shops will often guarantee their ceramic coatings longest when they're applied to new vehicles. If your car is already a few years old, you've got what you got. Just remember that your final ceramic-coating results will be directly related to how well the paint is prepped.
When it's time to actually apply the coating, follow these general rules. Do not apply in direct sunlight, or to paint that's hot to the touch. Do it in a garage, if there is enough light, or borrow one of those cheap outdoor canopies, if that's the next best option. Zero dust is best, and nearly impossible to achieve short of full climate-control conditions, but keep that objective in mind as you set up to start coating. An ambient temperature of about 70 F is ideal; your specific product's instructions will give you a range of acceptable application temps.
Definitely read those instructions and watch the videos on your product manufacturer's website (if available). Time spent now will be time saved during the application, and it will likely improve the end results.
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Ceramic liquids are invariably what the pros use and typically have the highest silicon-dioxide concentration in consumer-grade coatings. Most come in kits with an applicator sponge and soft cloths to wrap it. Some come with microfiber towels for buffing. It never hurts to have extra application clothes.
To start, you'll wrap the applicator with one of the clothes and spot it with the ceramic coating, sometimes as little as several drops. Working in small areas, spread the coating as evenly as possible. Your product will have its own recommendation on "small," but it's not going to be more than two feet square. Over the next few minutes, depending on the product, the moisture in the ceramic will evaporate to a point where the surface gets a gleaming, almost oily look (sometimes called flashing). That's when you buff with a microfiber towel. When you're happy with what you see, start a new section.
Too little product will be better than too much. The typical 50 ml bottle of ceramic liquid can be enough for multiple cars and too much on the surface is a frequent cause of bad results. Change the applicator cloth and the polishing rags frequently, because if the coating hardens on the rags, it can definitely scratch the paint. If you have any hope of reusing the rags or applicators, throw them in a bucket of water to keep the ceramic from setting until you can wash them thoroughly.
Once you've made your way around your vehicle, leave it sitting out of the sun (and the rain) for as long as it takes for the ceramic to cure. Your product instructions will tell you specifically. Touch contact is typically allowed in 60 minutes to six hours. Liquid contact usually requires at least 24 hours, though it can take up to seven days.
Nasiol
"You've got to make sure the prep is good, but we already said that," veteran ceramic pro Lifter reminds home detailers. "Stay small [in the application area] as you progress, and don't think because you've successfully applied a couple small patches you can expand to bigger sections. Staying small is the best way to avoid high spots. We've had a few customers bring us messes because they lost track of that idea."
The worst-case outcome with consumer grade ceramic liquids is relatively rare, but it happens. It's usually the result of too much product applied in too big an area for the workable set time and is an uneven mess of ridges and cloudy high spots on the paint that is really, really hard to get off. Remember that this stuff is designed to last for years. The only options are looking at the mess every time you get in your car for years, or heading to a good detail or body shop, where a pro-skill polisher might get it off without wrecking the paint. That's going to cost you as much or more than what you hoped to save by applying the ceramic coating yourself.
If you're not willing to accept that risk, we suggest at least starting with one of our relatively inexpensive best ceramic sprays. The general rules are the same: Use it in the best conditions you can create, use less than you might think you need and work small. Thanks to the viscosity of the sprays, which sometimes include lubricants, and to the way they set up, they're loads more forgiving than most liquids. And they're easy enough that you can apply two or three layers in short order, as long as you respect the cure time.
Finally, whichever product you use, don't neglect your health and safety. These products are industrial-grade chemicals. You definitely want to avoid sucking the vapors into your lungs and you want to keep the liquid off your skin. Work in a well-ventilated space and wear a ventilator or a chemical mask (we should be used to masks by now). Definitely wear gloves (many kits include them); it's not a bad idea to wear a long-sleeve shirt, too.
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Are you ready?
There might be a couple big-picture questions to ponder before you tear into this ceramic coating thing. If you own multiple vehicles, which do you most want to protect as best you can? How much money do you have to spend on your cars?
If the answer to that second question is as much as you need to spend, have ceramic coating professionally applied. Or maybe think about a full wrap with transparent film. It will cost more than pro-applied ceramic, but it has advantages, as previously noted.
If you only have as much money to protect your paint as you can get away with, think creatively. Maybe you pay the pros for a limited wrap (say the front fascia, door sills and rear fender bulges) and put ceramic on everything including the wrap yourself. That might be your most efficient use of resources. Or maybe you just take a nice day and apply a relatively inexpensive ceramic spray.
Unless you have the full inventory of tools, climate-controlled car space, the right skills, years of experience and a lot of time, you will not get the same results and durability as a professional establishment applying high-grade ceramic coatings. What you can get is an awesome gloss that protects much better and lasts years longer than conventional carnauba or polymer auto waxes, for up to thousands less than you might pay the pros.
That's not bad at all.
Written by J.P. Vettraino for CNET Cars.
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Ceramic coating FAQs
What is ceramic coating and is it worth it?
Ceramic coatings, sometimes called nano-ceramic, quartz or silica coatings, were developed in the early part of the 21st century. They're applied to automobiles in very generally the same fashion as old-school liquid or paste waxes: spread on and buff. They universally contain silicon dioxide (SiO2), derived from quartz or sand. Over the years, some manufacturers have added other mineral compounds, including titanium dioxide (Ti02) or more complex silicon compounds such as silicon nitride (Si3N4 9) and silicon carbide (SiC). These compounds bond the coating at a molecular level to itself and the paint underneath, then cure to form a hard, hydrophobic layer on the paint. It's the primary reason ceramic coatings last.
Worth it? Loaded question, but yes, ceramic coatings are worth it. The least expensive consumer-grade ceramics don't cost much more than traditional waxes and don't take any longer to apply. Properly done, they'll work better and last longer.
How much does a ceramic coating cost?
It can be $1,000 or more when it's professionally applied by product-certified auto detailers. Consumer-grade ceramics can cost in excess of $100 for top-grade durability and performance and can be tricky to apply. Ultimate results are directly related to cost or time and energy invested, yet even the least expensive, easiest-to-apply ceramics (about $20) should out-perform conventional wax of a similar price.
Is ceramic coating easy to apply?
Yes, and no. Generally, the most protective and durable ceramic coatings are the most difficult or time consuming to apply and the trickiest. Experienced do-it yourself detailers shouldn't have too much trouble with any of them, but it takes work and occasionally disasters ensue. Easy ceramic sprays or hybrids are easier than traditional wax-on, wax-off sealants to apply. They'll shine at least as well as the conventional waxes, protect better and last longer.
Just remember: the ceramic coating will only shine and protect whatever is underneath it, so you can end up with some really shiny scratches and tar flecks. Final appearance and durability are directly related to the amount of paint prep that precedes the actual coating. If your paint is in reasonably good shape, we at least recommend a spay-and-wipe prep solution, which will remove old wax and chemical residue and ensure a solid foundation that maximizes the bond between the coating and paint.
How do I maintain a ceramic-coated car?
You wash it, until the coating's hydrophobic properties start to wane and that can be years. Washing will be easier than ever: You won't have to wash your vehicle as often as you did before the ceramic coating and you shouldn't need strong detergents. Ceramic coatings work partly because far fewer substances stick to them than to old-school carnauba or polymer waxes, sort of like Teflon on a frying pan. Those substances that do settle are much more easily removed.
You can use a wash detergent that's intended for ceramic coatings, or a spray refresher on the paint as you dry. Both can extend the life of the coating itself. Either way, your vehicle will look like you just polished it when you're done. You definitely don't need to wax it once the ceramic is applied. The ceramic coating replaces wax and provides all the gloss and protection you need.
How long does ceramic coating last?
Longer than conventional wax, in the worst case. Some professional auto detailers will guarantee their ceramic coatings for the life of the car. Pro-style consumer-grade ceramics can last five years or more, properly applied. Some manufacturers guarantee these for two or three years. The easiest spray-on ceramic coatings can last a year or so, depending on whether the vehicle lives outside and they're easily layered for more durability. Conventional carnauba or poly waxes typically need to be applied every three or four months.
Mortgage rates are leveling off after climbing steadily since the beginning of the year. Although rates reached historic lows during the COVID-19 pandemic, they quickly reached their highest levels since 2008 earlier this year. Interest rates have been increasing in response to surging inflation, which is at its highest point in four decades, as well as the Federal Reserve raising rates multiple times for the first time since 2018. The Fed raised interest rates by 0.75 percentage points for the second time in July, one of the largest rate hikes since 1994.
Higher interest rates have significant implications for home buyers, especially as home prices remain sky-high. Higher mortgage rates, even by a few tenths of a percentage point, can add tens of thousands of dollars over the life of your loan. Higher rates shouldn't discourage you from buying a home, however. Even though rates have escalated, it's still a great time to lock in a mortgage rate, since rates are still historically low overall. Although rates crept back up and are now hovering in the mid-to-upper 5% range, generally speaking, in a rising rate environment, the sooner you act, the better, because it can help you secure a lower rate.
"Mortgage rates have bounded more than 2 percentage points higher since the end of last year, one the largest and fastest increases ever seen," said Greg McBride, chief financial analyst at CNET's sister site Bankrate.
Here's everything you need to know about mortgage rates and how they work.
What is a mortgage rate?
Your mortgage rate is the percentage of interest a lender charges for providing the loan you need to purchase a home. The interest helps cover the costs associated with lending money -- and there are multiple factors that determine the rate you're offered. Some are specific to you and your financial situation and others are influenced by macro market conditions, such as the overall level of demand for loans in your area or nationwide.
What factors determine my mortgage rate?
The factors that most often determine a mortgage rate are your credit score, the property's location, the size of the down payment, the terms of the loan and the type of loan.
"A lot of mortgages are [paid back in 360 payments] over 30 years. Shorter-term loans, like 10, 15 or 20 years have lower interest rates," says Clint Lotz, president and founder of the predictive credit tech company TrackStar. "A larger down payment means a lower interest rate; if a homebuyer can make the 20% down payment, that's great, but if not, lenders will usually require the buyer to purchase PMI: private mortgage insurance."
In addition to the loan term, the loan type will impact your interest rate. Some loans have a fixed interest rate for the entire life of the loan, while others have an adjustable rate -- which could result in significantly higher payments down the road.
Current mortgage and refinance rates
We use information collected by Bankrate, which is owned by the same parent company as CNET, to track daily mortgage rate trends. The above table summarizes the average rates offered by lenders across the country.
What credit score do you need to get a mortgage?
Most conventional loans require a credit score of 620 or higher, but Federal Housing Administration and other loan types may accommodate lenders with scores as low as 500, depending on your down payment. If you have a high credit score, you may be offered a lower interest rate and more modest down payment. Improving your credit score before applying for a mortgage can save you money even if you already qualify for a loan.
"Credit is the biggest factor in interest rates on both mortgages and all other lending products, so making sure credit balances are below 30% is key to maximizing a credit score," says Lotz. "If a person finds errors on their credit report, they should dispute them to ensure the most accurate history."
What is annual percentage rate, and what does it mean for mortgages?
Your annual percentage rate is a key factor in choosing a mortgage. The Federal Open Market Committee lowered the US prime rate in 2020, which paved the way for today's relatively low rates: The interest rate offered to you by a lender is based on the prime rate plus whatever premium the institution decides to charge you, based on your financial situation.
How does the APR impact principal and interest?
Most mortgage loans are based on an amortization schedule: You'll pay the same amount each month for the life of the loan even though the generated interest will be highest at the beginning of the loan and will taper as the principal decreases. (Your amortization schedule will show how much of your monthly payment goes to interest and how much pays down the principal of the loan.) Ultimately, most borrowers appreciate the convenience of a fixed, predictable monthly payment.
What else can impact my rate?
Getting a good mortgage rate has to do with building credit but also managing it well, including saving for a down payment and keeping additional savings on hand to cover unexpected expenses.
In most cases, you don't want to stretch so far with your down payment that you are left without cash reserves when you move into your home, and keeping some liquid savings may help your lender's confidence in your ability to pay back the loan, potentially lowering your rate.
"Banks are very keen on making sure that borrowers have sufficient savings in reserve post-closing. A good rule of thumb is six months of mortgage/tax and insurance for loans under $750,000 and 12 months for jumbo loans," says Melissa Cohn, an executive mortgage banker at Connecticut-based William Raveis Mortgage.
Keep in mind that credit scoring services like FICO adjust your credit based on mortgage inquiries; Lotz has a good piece of advice for those who are shopping around for the best rate at different lenders.
"The FICO company allows multiple mortgage inquiries within a 10-day period to be counted as one," says Lotz. "This allows a borrower to compare offers and rates from different lenders, but borrowers need to make sure they are within that one-day window, otherwise their scores will start to go down from excessive inquiries."
Shopping mortgage rates
Mortgage lenders often publish online their rates for different mortgage types, which can help you research and narrow down which lenders you apply to for preapproval. Shopping around is an important part of the process. And it's often a mistake to rush the process.
"The best rate [should be considered] -- but as important, the best service and with a reliable lender who can close the promised rate," says Cohn. "It's one thing -- especially right now -- to get quoted a rate. It's a very different matter of closing it in a timely fashion."
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Mortgage preapproval: Everything you need to know to get preapproved
Mortgage preapproval: Everything you need to know to get preapproved
Buying a home -- especially for the first time -- is a complicated process. One of the first and most significant steps of buying a home is getting your mortgage preapproval. It's proof that you've lined up the financing you need to close on the home. Without a preapproval letter, most sellers aren't going to take your offer seriously.
Although some lenders have tightened their standards due to the pandemic, it's usually not too difficult or complicated to get a home-loan preapproval. Let's look at how it works.
What does it mean to be preapproved for a mortgage?
A mortgage preapproval is a letter from a lender indicating that you are tentatively approved for a loan. It typically includes a maximum loan amount, interest rate and any other relevant terms or information.
Significantly, getting preapproved for a mortgage doesn't guarantee you will actually get a loan -- or the specific rate and terms on offer. Rather, it's a statement from the lender stating its intention to lend and the terms involved, assuming the information you've provided about your income, employment and financial situation is accurate. It also assumes that there will be no significant changes to your financial situation or credit score -- losing your job or taking out another loan, for instance -- as these could impact the terms or even disqualify you.
"Many housing markets across the country are struggling with inventory, increasing demand substantially," said Jefferson Watters, a loan originator for AmeriSave Mortgage Corporation. "A preapproval demonstrates a commitment from the buyer and tells sellers that the buyer is completely qualified to purchase their home. In most cases, if a seller has two equal offers on the table, with the only difference being that one buyer is preapproved, the seller will almost always choose the preapproved offer."
Preapproval vs. prequalification: What's the difference?
When you start looking for a mortgage, another term you might come across is "prequalification." Though home loan preapproval and prequalification are often used interchangeably, the process and terminology varies among lenders.
In some cases, prequalification is based on your answers to a few initial questions and a soft credit check (where a lender checks your score but doesn't pull a full report that could impact your credit). It usually doesn't include details about loan amount, interest rate or terms. As such, it's less authoritative than a preapproval -- but it's a good way to get an initial idea of whether you're in good enough financial shape to qualify for a mortgage.
"A true preapproval will verify assets, income and the ability to repay the loan," Watters said. "Some lenders will offer a preliminary prequalification letter, but this only shows a borrower qualifying based off of the information they submitted in their application."
When you're ready to make an offer on a home, you'll want to have an official statement from a lender -- or, better yet, multiple lenders -- that you can get the financing and terms you need to close on the deal. Whichever term your lender uses, make sure you have it before you make an offer.
When should you get preapproved?
When you apply for preapproval, your lender will first gather some basic financial information from you and pull your credit report. In most cases, that means a hard inquiry on your credit, which could affect your credit score. Given this, you shouldn't apply for preapproval until you're serious about buying a home. This will both protect you from impairing your credit score unnecessarily and ensure that your preapproval is valid when you're ready to make an offer; a home-loan preapproval letter is typically only good for 30 to 60 days.
Having multiple preapproval letters from a few different lenders will only strengthen your hand. And if you get multiple inquiries for the same type of credit within a short period of time, the credit bureaus will usually treat those as one inquiry and avoid knocking your credit score.
How to get preapproved for a mortgage
The process for getting a mortgage preapproval is fairly straightforward, and the better prepared you are, the more smoothly and quickly it will go.
Step 1: Review your financial situation
Before you apply for preapproval, it's a good idea to assess your current financial situation.
Pull your credit report: Under normal circumstances, you're entitled to one free report from each bureau every 12 months, but you can now get a free credit report every week through April 2021. (Note that pulling your own report doesn't impact your score.) Review your credit history to make sure everything is accurate; you can reach out to lenders and the credit bureaus to make corrections if need be.
Calculate your debt-to-income ratio: A key factor in getting prequalified for a mortgage, your DTI ratio represents your total monthly debt payments as a percentage of your monthly income. Most lenders won't offer a loan that will put your DTI above 43%. So, if you currently have an auto payment of $300, monthly minimum credit card payments of $65 and a monthly income of $5,000, your lender will only approve you for a mortgage with a monthly payment of $1,785.
Step 2: Submit your documents
For an official prequalification, lenders won't simply take your word for it when it comes to your income and liabilities. You need to show proof. Each lender may have different requirements, but here are some documents and information you will usually need to submit for yourself and anyone else on the loan application:
Your employment history (and contacts for verification)
Pay stubs from the last 30 days
Bank statements from the last two months
W-2s and possibly tax returns from the last two years
Insurance agent contact information and declarations
Outstanding debt information (your lender can usually just pull this from your credit report)
Business financial statements and tax returns (if you're self-employed)
Expected down payment (this affects your loan terms, interest rate and potential private mortgage insurance)
Self-employed individuals may have to provide additional paperwork to demonstrate proof of long-term income. Additional documents required often include:
Profit and loss statements
Business licenses
Tax returns and bank statements from the past two years
Balance statements
Not all lenders will require all of this information for preapproval, but you'll need to provide it at some point before your loan becomes official. And having all of it prepared may speed up the process.
Step 3: Lender review of credit and documentation
Next, your lender will review all of your documents, pull your credit report and seek to verify all of your information. This may include calling current and previous employers to verify your employment and wages, confirming outstanding loan amounts and investigating unusual transactions on your bank statements. Normally, this process should take no more than a few days.
Step 4: Get your home loan preapproval (or rejection) letter
Once your lender has completed its review, you'll receive the verdict. If there are no serious issues, you'll receive a preapproval letter indicating your maximum loan amount, estimated interest rate, loan type and terms. You'll want to give this letter to your real estate agent so they'll have it ready to submit with any offer.
What to do if you're declined for a preapproval
There's always a chance you won't get preapproved for a mortgage. But don't be disheartened. One rejection doesn't mean you can never get a mortgage. Especially during the pandemic, some lenders have tightened their standards for credit scores, down payments and more. But that won't last forever.
"We've been seeing these restrictions starting to soften as the market starts to recover and the economy becomes more accustomed to a completely virtual way of life," Watters said.
If you do get rejected, be sure you try applying with another lender. If one lender denied you for a credit score of 690, you can probably find a lender that's still qualifying borrowers for a conventional loan at 620 and above.
If you apply with a few lenders and still can't get preapproved, don't lose heart. Under the Equal Credit Opportunity Act (PDF), your lender has to tell you why your application was denied. It may have been your credit score, or it may be that you haven't been at your current job long enough. Whatever the reason is, now you know what to work on so you can get preapproved in the future.
What are the pitfalls?
Getting approved is usually pretty straightforward, but there are opportunities for things to go sideways. Here are a few things to avoid.
Applying when you're not really ready: If you already know your credit isn't great or you have too much debt, don't waste time applying for preapproval (and hurting your credit even more in the process). Make a plan to rebuild your credit to enhance your chances in six to 12 months from now.
Assuming your terms are final: Again, getting preapproved for a mortgage is not the same as officially having your loan underwritten and secured. Your terms can change. For instance, unless your rate is locked for 30 or 60 days, your final rate may vary, albeit slightly. If any information you provided wasn't accurate, that could change your final terms, too.
Taking on new debt between preapproval and underwriting: For that matter, your own financial choices can change your loan terms or derail the loan altogether. Once you're preapproved, it's time to wait on any big financial changes. That means no changing jobs, no new credit cards, no major purchases such as a new car.
Waiting too long after preapproval: Your loan preapproval is usually only good for 30 to 60 days. Once you have a letter, it's time to start house hunting and getting ready to make an offer. Otherwise, you may have to restart the process.
