The best states–and the worst ones–for higher education, according to US News

March 10, 2017

Florida takes the top spot

U.S. News & World Report recently partnered with McKinsey & Company to rank the 50 states by how well they serve their citizens in seven categories, including higher education.

U.S. News assigned each state a higher education score based on metrics that included:

  • Share of citizens in the state who hold degrees;
  • Percent of students who graduate on time;
  • Average cost of tuition and fees; and
  • Average student loan debt per graduate.

The top 10 states for higher education, according to U.S. News, are:

  1. Florida;
  2. Utah;
  3. California;
  4. Wyoming;
  5. Washington;
  6. North Dakota;
  7. South Dakota;
  8. Colorado;
  9. Nebraska; and
  10. Virginia.

The 10 states at the bottom of U.S. News‘ list are:

  1. Kentucky;
  2. Arkansas;
  3. Ohio;
  4. South Carolina;
  5. Michigan;
  6. Rhode Island;
  7. Indiana;
  8. West Virginia;
  9. Alabama; and
  10. Pennsylvania.

In a related survey, respondents chose education as the No. 2 factor that mattered most to them about their state.

The higher education rankings are part of U.S. News‘ broader ranking of all 50 states according to a wide variety of metrics grouped into seven categories. Each state’s score on higher education factored into its score in a broader education category and ultimately into an overall ranking.

Assistant Managing Editor Mark Silva explains that the publication undertook the ranking to better understand and compare state performance at a time when “many balances of power [are shifting] from Washington, D.C., to the states.”

It may not be surprising to see California ranked near the top, as the New York Times praised the University of California in 2015 for contributing to economic mobility in the state (Silva, U.S. News & World Report, 2/28; Cook, U.S. News & World Report, 2/28; U.S. News & World Report rankings, accessed 3/2).


Thinking of Moving Up or Listing Your Home?

March 10, 2017

NEW YORK – March 9, 2017 – Borrowers are getting spooked by rising mortgage rates and, as a result, rushing to lock in rates before any further increases. That, in turn, is pushing mortgage application volume higher – increasing a seasonally adjusted 3.3 percent week over week, the Mortgage Bankers Association reported Wednesday.

More buyers are also turning to adjustable-rate mortgages (ARMs) to try to get more savings in their monthly payments too.

“Mortgage rates increased last week as remarks by several key Federal Reserve officials strongly signaled a March rate increase,” says Joel Kan, an MBA economist. “This was further supported by a few solid economic data releases, including GDP, inflation and manufacturing gauges.”

The 30-year fixed-rate mortgage increased to 4.36 percent from 4.30 percent the previous week, the MBA reports; and the share of ARMs reached its highest level of mortgage applications since 2014. The average loan size for purchase applications also reached a survey high of $313,000.

Refinance volume was up 5 percent last week. Applications for home purchases rose 2 percent higher for the week and, and they’re about 4 percent higher than a year ago.

The MBA says mortgage volume remains 18 percent lower compared to the same week a year ago. Volume is mostly lower from a year ago due to a significant decrease in refinance applications from a year ago when interest rates were lower. Refinance volume is down 34 percent annually.

Source: “Borrowers Rush to Beat Rising Rates, Pushing Mortgage Volume 3.3% Higher,” CNBC (March 8, 2017)

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