Lower interest rates will it help?

I read this article by Diana Oleck this morning thought it was really interesting and wanted to share with you!

Lower mortgage rates are helping more homeowners refinance and reduce their monthly payments, but they are not providing much incentive to homebuyers, who are finding few affordable listings.

Total mortgage application volume increased 4.4 percent last week on a seasonally adjusted basis from the previous week, according to the Mortgage Bankers Association. The gain was driven entirely by refinancings.

A drop in interest rates to the lowest level since November pushed refinance volume higher by 11 percent for the week. Volume remained 30 percent below the same week one year ago, when interest rates were even lower.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances of $424,100 or less decreased 4.17 percent, down from 4.23 percent, with points increasing to 0.39 from 0.37, including the origination fee, for 80 percent loan-to-value ratio loans.

“Homeowners took advantage of the 6 basis-point drop in rates,” said Lynn Fisher, vice president of research at the MBA. “Jumbo rates fell even more, sending the average refinance loan size up 5 percent as borrowers with larger loans, who are typically more sensitive to rate changes, moved to refinance.”

Homebuyers were not especially excited by the drop in interest rates. Mortgage applications to purchase a home fell 1 percent from one week earlier and are just 3 percent higher than the same week one year ago.

“Despite favorable rates and labor market trends, the purchase market is struggling to accelerate due to low inventories of homes for sale and rising home prices,” Fisher said.

Higher home prices sent sales of newly built homes down 11 percent in April, which was a bigger drop than most expected. Mortgage applications to purchase a newly built home were also down during the month, indicating weakness in the new home market.

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End of Daylight savings… time to fall back…

It is almost time to “fall back” into Standard Time.

Daylight Saving Time ends at 2 a.m. Sunday, Nov. 1, which means you’ll want to turn your clocks back before you go to bed Saturday night, Oct. 31. So after all the spooks and gouhls set those clocks back!

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Some exciting news and changes happening in the Foothills

Hello everyone,
I moved to Keller Williams after 18years at the same company it was time to move down the Blvd and experience some change and new energy. I’ll pass the address once it’s public.
The market has gone crazy over the summer and prices are still holding strong!
I’ll post my new listings over the next couple days… Stay tuned!

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CVHS Alumni Swim Meet Nears | Montrose-La Crescenta, CA Patch

CVHS Alumni Swim Meet Nears | Montrose-La Crescenta, CA Patch.

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TARGET TO OPEN DOORS AT 6PM

US-ECONOMY-TARGETTarget To Open Doors To Black Friday Shoppers At 6 P.M. On Thanksgiving

Target is opening its doors at 6 p.m. on Thanksgiving day, its earliest “Black Friday” opening ever, the company announced on Monday.

The big-box retailer joins several others, including Toys R Us, Kmart and J.C. Penney, in announcing earlier starts to Black Friday, the shopping bonanza that once traditionally fell on the day after Thanksgiving. As the number of retailers opening on Thanksgiving has grown in recent years, so too, have the complaints, with critics deriding stores opening on a national holiday and forcing some employees to take time away from family to work.

Retailers like Costco, Nordstrom and others have made a point of staying closed on the holiday.

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Backyard Horticulture class and it’s FREE

FREE Backyard Horticulture Class (Saturday, June 28th)
Posted by Foothill Municipal Water District , June 05, 2014 at 11:47 AM
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Vegetables Growing in Enlarged Bed
Foothill Municipal Water District, in conjunction with its Altadena retail agencies, is proud to offer a free backyard horticulture class titled “Backyard Horticulture Especially in the Wildlife Urban Interface.”

The class will be presented by Ellen Mackey, a Staff Ecologist with the Metropolitan Water District and the Council for Watershed Health. Ellen has converted her own backyard into an urban farm / orchard that provides her family with fresh, organic food and conserves water. She integrates native landscaping with organic farming because, “if it doesn’t produce food or support wildlife it doesn’t get watered.” All budding urban farmers and horticulturists are encouraged to come!

Event details are provided below:

Saturday, June 28th

9 am to 12:00 pm

Loma Alta Park

3330 Lincoln Ave.

Altadena, CA 91001

DON’T WAIT, CALL OR EMAIL TODAY! SPACE IS LIMITED!

For more information:

Call: (818) 790-4036

Fax: (818) 790-9418

Email: koblak@fmwd.com

Foothill Municipal Water District provides imported water to Crescenta Valley Water District, La Cañada Irrigation District, Mesa Crest Water Company, Valley Water Company, Lincoln Avenue Water Company, Las Flores Water Company and Rubio Cañon Land and Water Association. Kinneloa Irrigation District, another retail agency, takes no water from Foothill.

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