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The Basking Ridge Blog

Mortgage Rates Skyrocket!

12/5/2016

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President-Elect Trump's prospective plan for large-scale infrastructure is rallying the stock market to record high levels. While this is good for companies and employees in the building and industrial sectors, in order to immediately fund such projects large scale debt will be required. Contemplating these debt increases results in interest rates rising.
​If you haven't been paying attention, you might be surprised to see the change in mortgage rates this past month!

Guest contributor Michael Borodinsky, a Mortgage Broker in Edison, has written an article about the recent spike and I wanted to share it with you.
Mortgage Rates Skyrocket, Could Go Higher - 30-year fixed rates average 3.94%    

Mortgage rates shot up to the highest level since the first week of the year thanks to the election, and a further increase could lie ahead in the next week.

During October, 30-year note rates averaged 3.76 percent, up from 3.75 percent the previous month when it was the lowest it's been since May 2013.

But 30-year interest rates on residential loans have still improved compared to the same month last year, when the average note rate was 4.25 percent.

Those findings were derived from Ellie Mae Inc.'s Origination Insight Report | October 2016.

Last month's average 30-year rate was 3.82 percent on conventional mortgages, 3.74 percent on loans insured by theFederal Housing Administration and 3.53 percent on mortgages guaranteed by the Department of Veterans Affairs.

In just the week ended Nov. 17, thirty-year fixed rates averaged 3.94 percent -- the highest average since 
it was 3.97 percent in the week ended Jan. 7 -- according to Freddie Mac's Primary Mortgage Market Survey. So, the best way to look at it……………..is that rates are EXACTLY where there were at the beginning of 2016.  

The 30 year skyrocketed from 3.57 percent in Freddie's prior report and 3.97 percent a year prior.

"Last week's election fell in the middle of our survey week, making it impossible to determine how closely the mortgage rate would track the post-election sell-off in the Treasury market," Freddie Mac Chief Economist Sean Becketti stated in the report. "This week, the verdict is in -- over the last two weeks the 30-year mortgage rate jumped 40 basis points to 3.94 percent, almost identical to the 39 basis point increase in the 10-year Treasury yield. 

"If rates stick at these levels, expect a final burst of home sales and refinances as 'fence sitters' try to beat further increases, then a marked slowdown in housing activity."

The Mortgage Bankers Association predicted in its MBA Mortgage Finance Forecast that 30-year fixed rates will average 3.9 percent this quarter, 4.0 percent in the first-quarter 2017 and 4.1 percent the following quarter.

In  the week that concluded on Nov. 11, the U.S. Mortgage Market Index report from OpenClose and Mortgage Daily had jumbo interest rates 7 BPS higher than conforming rates, the same as one week prior.

Fifteen-year fixed rates averaged 3.14 percent in Freddie's survey, soaring 26 BPS from the week ended Nov. 10, 2016. Rates on 15-year loans were 80 BPS lower than 30-year rates. The spread widened substantially from 69 BPS in the last report.


EVERYTHING IS A MATTER OF PERSPECTIVE.  CURRENT RATES ARE BY HISTORICAL LEVELS, EXTREMELY LOW AND SUPPORTIVE OF HOUSING.  NOW IS THE TIME TO BUY AND FINANCE WHILE THE GOING IS GOOD

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Michael Borodinsky

Vice President/Regional Builder Branch Manager, NMLS #460228
343 Thornall street Suite 550 | edison, NJ 08837
(O)732-382-2654
(M) 908-202-7293
(F) 855-753-7379
michael.borodinsky@caliberhomeloans.com
www.michaelnewhomemortgage.com



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Ice Damming - Protect Your House This Winter!

12/5/2016

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How did it get so cold so fast?! Now's the time to think about minimizing winter's wear and tear on your house.

My guest contributor Todd Baumann of Allstate Insurance has recently written about a common winter headache - ice damming on your roof. Here's his advice:
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With winter season under way, the Insurance Institute for Business and Home Safety is offering guidance on how homeowners can protect their property from winter weather- related damage. As always, know your limitations and seek professional assistance when necessary.

When interior heat melts the snow on a roof, the water may run down and refreeze at the roof’s edge, where temperatures are colder. The resulting ice build-up (an ice dam) blocks water from draining off the roof, forcing water under the roof covering and into the attic or down the inside walls of the house. Please consider taking these actions to decrease the likelihood that an ice dam will form or, at least, reduce its size:
  • Keep the attic well ventilated. The colder the attic, the less melting and refreezing on the roof.
  • Keep the attic floor will insulated to minimize the amount of heat rising through the attic from inside the house.
  • As an extra precaution against roof leaks in case ice dams form, install an ice and water barrier under your roof covering.
I’m here to help you manage the risks in your life and to provide you with trusted advice on Allstate’s products and services. Learn more safety tips and advice by following our Allstate blog. Please contact me anytime with questions you may have regarding your coverage to help you ensure what matters to you is protected. Feel free to call or stop by my office soon for a free insurance review.


Todd Baumann
695 U.S. Highway 202-206 Bridgewater, NJ 08807
Phone: 908-429-8700 Fax: 908-429-7878


Baumann Insurance Group
9084298700
Your Allstate agent
 ​













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Business On the Move - Who's Coming to Our Area?

12/5/2016

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​Two large companies are consolidating their multiple NJ offices into one location, and Basking Ridge is the beneficiary for one!

Daiichi Sankyo, Inc. is co-locating their existing Parsippany and Edison based teams into their new Headquarters at 211 Mount Airy Road in Basking Ridge, which has housed Avaya Inc. for many years. According to their Linked-In Page, the move should be complete in early to mid-2017. Avaya will be moving its offices to Mount Kemble Corporate Center in Morristown.
Pharmaceutical company Allergan will be consolidating their Parsippany, Bridgewater and Rockaway locations into a new Headquarters at 5 Giralda Place in Madison. According to NJBiz, the move will keep 1,000 jobs and can potentially create 300 more (njbiz.com:  Lincoln Equities Group explains how it lured Allergan to 5 Giralda).

In small business news, New Jersey Academy of Music (NJAOM) is expecting to be moved into 37 Stonehouse Road in Basking Ridge late November. NJAOM is opening a world class facility for classical music instruction for individuals and groups in many musical disciplines. 
The Academy has an impressive roster of faculty and will offer private instruction, initially in violin, piano, viola, guitar, cello, and composition, with the possibility for expansion to other disciplines in 2017. The Academy will welcome beginners through advanced students and will include an ensemble class for all studio students. 

Karen's Dollhouse has re-opened a retail shop at 24 West Oak Street, housing miniatures, dollhouses and accessories. For over 25 years Karen has been involved with dollhouse miniatures and specializes in handcrafting detailed resin miniatures, featuring her creations in a twice annual Dollhouse and Miniature Show at the Somerset Hills Hotel in Warren, as well as on Ebay and Etsy.  In addition to dollhouses, the miniatures are sought after for dioramas, fairy gardens and other applications.  In celebration of her grand re-opening, Karen's Dollhouse Shop will be giving away a finished dollhouse on December 22. Stop in any time to enter the drawing - no purchase necessary!
​
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A Fun and Safe Daytime Place for Our Elderly Friends

11/21/2016

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Costs of the program will vary based on the number of days per week a member contracts to attend, usually a minimum of 2 days for continuity and contentment for the member. There are programs that can assist with costs (which are based on the members income - not their family's) and are economical when compared to Assisted Living or Home Health Care arrangements. 

​When you start to live in the land of "Mom or Dad need some help" you are introduced to a whole host of issues you never considered before. Do you need a break from the anxiety of worrying about falls or dementia or failing eyesight?  Having an incredible program like the Adult Day Center located at the VNA of Somerset Hills building on Mount Airy in Basking Ridge is a blessing and a relief!

Members of the day program (open 8:00 am to 4:30 pm) are treated to a warm and stimulating environment, with daily activities running the gamut from music therapy to visits from Morristown Museum and the Somerset Country Environmental Center to singers and crafts and more. Local residents and businesses join the members during "Days of Caring" to spend time talking and playing games, and local garden clubs bring floral projects and friendly faces, reinforcing the lively and warm-hearted environment the program staff create. Outdoor activities in the garden complement the bright and cheery interior for seasonal enjoyment.

​Conveniently located just off the 287 exit, the program is able to take advantage of the excellent nursing and caregiver staff of the VNA of Somerset Hills. Mid-day medications can be given by a VNA nurse, monthly health monitoring of blood pressure and pulse are provided, and optional services of Home Health Aid-assisted showering and podiatrist services can be added. Unburdening the family of these tasks alone to qualified professionals is a huge stress reliever!

Check out their program and monthly schedule of activities at www.visitingnurse.org or call Maria Keenan at 908-766-6164 ext 207 to see if it will be a good fit for your personal situation.

​And consider organizing a group visit from your business or club to help out our older neighbors with a "Day of Caring" of your own!
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From the Garden - November/December Gardening Tips

11/14/2016

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What is there to do in the garden in November or December? Plenty if the weather stays decent and you want to get a jump on next year!

Cleaning up the yard and garden is first on the list for the rest of us! Cut back your shrubs, pull annuals and any lingering weeds, and drop a layer of hay on tender strawberry and vegetable beds. Leave it through the spring - it makes a fine mulch as long as the layer isn't too thick! Protect vulnerable plants and trees from both cold winds and deer with wraps.

If your sprinklers have been off for several weeks, check on trees and shrubs for dryness. You might need to give them one last watering by hose before winter and frozen grounds set in.

Now is the time to clean off and store lawn furniture, pots and garden decor - before the first serious frost damages them. Take note of anything that needs repair or replacement before using next spring, you might get a bargain fixing or replacing it off-season.

If you planted cold weather veggies like kale, spinach or cauliflower in August, you are probably harvesting now. If you didn't - put a note on your calendar for next year! If you have easy access to your vegetable bed, adding a cold frame now will extend the growing season well into winter, particularly if we are lucky enough to have a mild one.

Lastly, take photos and measurements of beds or areas for future planting. You can spend many happy cold winter hours dreaming and planning for next year! 

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Basking Ridge - An Amazing Place to Live!

11/3/2016

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​I created a video yesterday with our town as the backdrop and hope you enjoy it. 

I sell approximately $23MM in sales volume each year, mostly in town, and Zillow ranks me as having the most sales of homes located in Basking Ridge regardless of company as do several other organizations. More importantly, I love our town, and bringing new faces and spreading enthusiasm to help sellers and buyers, being a matchmaker of sorts, is the ultimate measure of why I love what I do! 

Please enjoy the video!
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Creature Comfort Pet Therapy Holds Champagne Brunch

10/14/2016

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Former Basking Ridge resident Mary Beth Cooney made an exciting and meaningful change when she accepted the position of Executive Director for Creature Comfort Pet Therapy (CCPT) in January of this year.  Taking over the day-to-day operation from founders Annie Murphy and Joan Baer has been a whirlwind!

In its short five year existence, CCPT has grown from a great idea to a busy organization that certifies human/pet therapy teams and provides dependable, caring therapy volunteers to local hospitals, nursing homes, schools, veteran and disabled facilities, colleges and even Newark Airport. The therapy animals bring comfort and peace to people in need, and the non-profit provides testing and certification and insurance for practical needs.

A Champagne Brunch with Silent Auction, a major fundraiser for the non-profit, will be held this month on October 23 at Brooklake Country Club. Tickets and donations can be purchased on their website at www.ccpettherapy.org.

This is one more great charity to support in our community!
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Karen's Dollhouse Shop Retail Store Reopens in Basking Ridge

10/7/2016

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Fans of all things miniature will be happy to know that Karen Aird is re-opening her retail shop on October 22 at 24 West Oak Street!

Tiny animals, furniture, flowers and other items of daily living are expertly handcrafted by Karen and others to use in dollhouses, dioramas, and even fairy gardens. For over 25 years Karen has been involved with dollhouse miniatures and specializes in handcrafting detailed resin miniatures, featuring her creations in a twice annual Dollhouse and Miniature Show at the Somerset Hills Hotel in Warren, as well as on Ebay and Etsy. 

The new retail shop will stock house kits for Do - It - Yourself and loads of supplies made by Karen and others.  New houses that are finished will be available, and if you want, Karen can repair or refurbish your old one.  See what she has to offer at www.karensdollhouse.com.

In celebration of her grand re-opening, Karen's Dollhouse Shop will be giving away a finished dollhouse on December 22. Stop in any time to enter the drawing - no purchase necessary!
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    Marie and her Coldwell Banker office "crew"  love living and working in Basking Ridge! We bring you some of the latest and greatest news and events the area has to offer!

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BASKING RIDGE REAL ESTATE:  Search The Hills, Basking Ridge, Bedminster, Bernardsville, Bridgewater, Real Estate and Homes for Sale  Copyright Marie Young 2005-2021
  
MARIE YOUNG, SALES ASSOCIATE
COLDWELL BANKER REALTY

1 South Finley Avenue, Basking Ridge, NJ  07920.

Email:  marie@marieyoung.net
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  • Home
  • Search Homes
    • Search The Hills by Each Subdivision
    • Search Homes In NJ
    • Search Basking Ridge & The Hills Homes
  • MARKET WATCH
    • Monthly Home Sales, Trends
    • Mortgage Matters
  • BUY OR SELL
    • Home Buyer's Guide
    • Home Seller's Guide
  • Open Houses
  • AROUND
    • Commute, Get Around
    • Towns and Schools
  • Good Morning Basking Ridge
  • Marie
  • 2022 Featured Listings